PHARMACY ENTREPRENEUR : How to Start Your New Pharmacy

Pharmacy trade is a very good thing and Starting a retail business is a very right step to take if you are looking to delve into the retail pharmacy business because of the great returns on investment that is being guaranteed. Retail pharmacy industry is known to be highly competitive in most parts of the world and the competitors ensure that they do all that lies within their powers to gain a favorable share of business available in the region. It is a fact that small retail pharmacy stores will always struggle with larger pharmacy chains when it comes to pricing power and brand recognition, which is why You will need to have strong reasons to be in business and the visions to succeed.

Every aspiring Pharmacist can establish their own retail pharmacy but achieve your goal as a successful entrepreneur you have to build your business on a solid foundation. Location of your pharmacy and design layout based on local shopping behaviours are the foundation of your business over which you can improve the strength of your pharmacy through products, services and customer care.

So now you are determined to become a pharmacy Entrepreneur, How to make your Start-Up pharmacy to be the number one choice for your community.?

Here is a short introduction and start-up Instructions

1. Feasibility studies, market survey are more than important before making the decision to set up the pharmacy, this helps you to see the potential for your business you are building.

2. Your sales forecast must be gathered during your feasibility studies along with your source of Income and structure of your business.

3. Check your region’s health care reform policies and analyze the pro’s and con’s along with your business strategy.

4. Do a SWOT analysis of your business based on the location, business opportunities available in the community and your personal capabilities and see if this can be the right decision for your future.

5. Start functioning with very limited human resources and be involved in every aspect of the functioning of your pharmacy (at least partially) this will help you to take the right decision while recruiting the suitable person for the job.

The marketing and sales strategy of your Pharmacy should be based on generating long-term personalized relationships with your customers, a Consistent offering of high-quality medicines and excellent customer service can increase the number of your customers buy more than 25% for the first year and then more than 30% subsequently.

The future of your business lies in the numbers of loyal customers, their capacity and the business structure. If all of these factors are missing from your business, then it may not be too long before the business closes shop. we know it from our working experiences with start-up pharmacy Entrepreneurs, “If things are put in place with well-proven business strategy and reliable technologies — your business will survive off its own cash flow and your life and the generations to come will prosper through it.”