Content

• Steps
• Tips
• Warnings
• What do you need

The pharmacy business is highly profitable as well as beneficial to the community. All over the world, people buy prescription or over-the-counter drugs from pharmacies every day. Since the pharmacy business is a highly specialized type of business, various permits from the relevant government authorities may be required to conduct it. This article will guide you on how to open your own pharmacy by putting together your business plan.

Steps

1. 1 Determine the demand for drugs in your area.
   • Industrial zones and office centers are less successful for opening pharmacies.
   • In residential areas and in the city center, the demand for pharmacy products is higher.
2. 2 Find out how many competitors are operating in your area and what their prices are. It is difficult to compete with well-known drugstore chains with low prices, so other competitive advantages should be found.
3. 3 Gather the paperwork you need to open a pharmacy. The list of documents may differ for different countries, regions and cities. You will need to register your business, obtain the necessary documents from the tax authorities, health authorities and other government agencies.
4. 4 Make a business plan. Calculate rental costs, required licenses, insurance, taxes, materials, staff costs, and advertising costs. Also calculate the estimated profit for the first 2 years.
5. 5 Raise the necessary funds from private investors, use your own funds or take a bank loan.
6. 6 Find a place that is comfortable for people with high traffic and convenient parking.
7. 7 Equip the place so that your customers feel comfortable. For example, create a small waiting area, a consultation area, and so on.
8. 8 Find out what drugs are included in government plans. Find out all legal restrictions and incentives for the sale of certain drugs.
9. 9 Purchase the necessary equipment and tools, including computers, cash registers, necessary software, medicines, and so on.
10. 10 Conduct interviews and hire qualified staff to work at the pharmacy. Only a qualified pharmacist-pharmacist can deal with the sale of medicines, so be sure to ask candidates about the availability of a diploma.
11. 11 Install a burglar alarm or other security system. Pharmacies are often robbed. Having a security system will not only help you preserve your property, but also protect your employees.
12. 12 Advertise in local newspapers, health centers, and other institutions.
13. 13 Open your pharmacy.

Tips

• To keep abreast of all industry news, join professional associations and associations.
• If you find it difficult to find a suitable candidate, leave it to a professional recruiting agency.

Warnings

• Do not open a pharmacy until you have insured your business.

What do you need

• Pharmacist license
• State registration of business
• Business plan
• Initial capital
• A place
• Equipment
• Safety system