How to Open a Drug Store




Opening a drugstore can be a rewarding and profitable business opportunity for any individual with an affinity for pharmacies. Across the globe, people need drugstores every day to purchase band-aids and other everyday remedies as well as have their prescriptions filled. However, because a drugstore is a highly specialized business that needs to meet many legal requirements, it's helpful to know how to open a drugstore before writing up your business plan.

Steps
1.      Determine the demand for a drugstore in your area.
o    Avoid areas like office and industrial parks, as people don't normally live there.
o    Residential areas and inner cities often have a high demand for drugstores.
2.      Find out how much competition is in the area and what their pricing is like. If there are big drugstore franchises with low prices, it will be difficult to attract customers and you'd do better to consider another area.
3.      Get all of the necessary paperwork to open a drugstore, including your pharmacist license and business registration. Some cities, states or countries may require additional licenses or permits, so contact your Chamber of Commerce to find out which you need.
4.      Draw up a business plan. Include the costs of your location, licenses, insurance, taxes, supplies, staff and marketing, as well as revenue projections for the first 2 years.
5.      Obtain the necessary capital for opening a pharmacy or drugstore from private investors or with a business loan from your local bank.
6.      Find a location that offers sufficient traffic as well as parking and easy access.
7.      Refurbish the venue to meet the physical demands of your drugstore, including a consult area, waiting area and storage room.
8.      Find out how national medical plans determine how medication is reimbursed and connect to their online databases by registering your company with them.
9.      Get all necessary equipment and supplies including computers, cash registers, software, medicine and other inventory.
10. Interview and hire qualified staff that meets all legal requirements for a drugstore. It's important to understand that most states and countries require a licensed pharmacist to be present during opening hours. If you can't be there all the time, you'll need somebody else on staff with a pharmacist license.
11. Install a sound security system with an armed response team. Drugstores are often targeted by criminals due to the medication they carry, so be as secure as possible to ensure the safety of your customers, employees, business and yourself.
12. Advertise your drug store in local publications, at medical centers and in senior housing complexes.
13. Open your drug store.

Tips
  • Always consider using a staffing agency if you're having difficulties finding qualified staff.
  • Join professional organizations and associations to stay abreast of new developments in the industry.
Warnings
  • Never open a drugstore without having sufficient insurance coverage.

Things You'll Need
  • Pharmacist license and business registration
  • Business plan
  • Start-up capital
  • Venue
  • Equipment and supplies
  • Security system with armed response team

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