Partnering with advisors who have been through the process, and know it well, is invaluable. That’s where PharmSolve can help.
Starting a pharmacy will be one of the biggest and most rewarding decisions you may ever make in your lifetime. As with any business start-up, there are challenges around every corner. We’re your partners to help you through the journey; from pharmacy location analysis to opening, we’ll help ensure that your pharmacy is a success.
We will provide you with a comprehensive checklist outlining what needs to be completed prior to opening your doors. This includes all action items, timeframes for completion, vendors, and estimated costs. Our goal is to prevent any delays in opening, as that can be detrimental to cash flow and the overall success of the pharmacy.
Business Plan and Pro Forma Creation
We know what financiers look for when deciding on whether to approve a loan or not. We’ll assist you with the creation of a business plan and pro forma used to gain financing from either investors or banks.
Not sure how much you’ll need to start a business or where you’ll get the money? We do. We will work with banks familiar with the pharmacy industry who are ready to invest in you.
Local Market Analysis
We will complete an extensive analysis of the target market including demographics, revenue potential, and competition.
If you haven’t yet found a location or are unsure if the location you’ve chosen is right for you, our local market analysis, realtors and experience will provide you with data and recommendations on the viable locations available to you.
If this is your first start-up, you’ve probably never negotiated a commercial lease. Our experienced team will help you obtain a lease that has terms beneficial to you (rather than the landlord).
When starting a pharmacy, driving traffic to your business is critical. We’ll provide you with a comprehensive marketing plan and assist in the execution.
Gaining the required licenses can be complicated and difficult. Our team will help identify which licenses are required, help submit applications, and track everything until completion. This includes DEA, state, and third-party billing requirements.
Wholesale Setup and Negotiation
Cost of goods is a critical component to success in the pharmacy industry, especially with shrinking reimbursement and increasing labor costs. We’ll outline the vendors available and, when possible, negotiate terms on your behalf.
Sample Starting Inventory
Not sure how much inventory you should have on hand at opening? We’ve opened many stores for ourselves and our clients and have a recommended order that will meet your customers’ needs and keep costs in check.
When we start planning the opening of your pharmacy, you will find that you’ll need to find a lot of companies to help. Who provides shelving? What wholesalers are available? What are buying groups and should I use them? Who do I use for credit card processing? What about benefits/insurance? We’ve been in the industry for over fifteen years and we know who does what well.
Do you know what pharmacy system to use for your operation? Do you know what point-of-sale system is right for you? Do you know what security is needed? We’ll outline the needed technology, the vendors available, and discuss the pros and cons of each.
What should my labor to revenue ratio be? How much inventory should I keep? How much should I be spending on marketing? We’ll provide you with easy to understand metrics so you can run your business the right way.