“Pharmacy is my passion,” you say. “All I want to do is serve people by giving them the best possible medicine for their condition.” You’ve got the heart for the job. But if you don’t have the know-how, starting a pharmacy franchise here in the Philippines can be a bit daunting.
It’s nice that you want to offer medicine for diabetes to every insulin-challenged John and Jane you know. The larger question looming over your head is: “How do I set this up?” In this article, we’ll look at 5 things you need to know about starting a pharmacy business.
The Internet is a vast resource on a LOT of things, including opening your own pharmacy. Another idea you can look into is to check out the market. If you see that there is a certain need not being met by any other pharmacy out there, you can leverage on that and make it your niche. This, then, becomes your unique value proposition to your clients. But again, you’ve got to do your homework.
When starting a pharmacy business, you have two options: create your own brand or start a franchise.
With a franchise, you are given the necessary tools to begin, plus a good location, employees and connections to keep your business afloat. While in creating your own pharmacy, you do all the legwork: from hiring, funding, finding a good location, and making connections. The choice is entirely up to you.
This is something that should not be overlooked. A legal advisor will guide you properly so you don’t break any government laws, even out of omission. As your business grows, always seek the guidance of your attorney.
Sure, pharmacies are important businesses in the sense that people go to you when they need medicine. But if you have a lousy location like, let’s say, on the outskirts of the city, don’t be surprised if business doesn’t pick up. No matter how valuable your product is, customers won’t go to your store if your location is inaccessible.
When starting up a pharmacy business, you’ve got to scout for a hot spot where people converge so it’s convenient for your customers. Ideal places to set up shop are in malls, in front of condominiums, or even right across a hospital.
Unless you have your own capital to fund your venture, a bank loan is an interesting idea. If you really want your business to succeed, you’ll need one. If your pharmacy takes off, you’ll be able to pay that debt off. You can also negotiate with the bank for a flexible payment scheme as well.
So there you have it: 5 things you need to know about starting a pharmacy business. We hope you all learned something new today. As always, let yourself be heard in the comments section below if you have any information or opinions to share.