“Tips” for buying you own pharmacy
Being a pharmacy professional, your ultimate goal would be to buy your first pharmacy business. It will give you the freedom and responsibility you have been working towards achieving, while at the same time enabling you to bring together your interests such as:
- Your interest in the health and well-being of people;
- Your interest in the pharmaceutical industry; and
- Your interest in retail, and customer service.
There are a number of things to consider when buying your first pharmacy, here are a few tips:
Assess your Affordability and Finances
When you first start looking at buying a pharmacy, it is vital that you consider your affordability and your finances. This will involve assessing your available capital and asking yourself a number of questions such as:
- Do you have the required start-up capital?
- Do you need to speak to your local pharmacy banking specialist to help you assess your affordability?
- Will you manage your business’s finances on your own or will you employ the services of an accountant?
Your affordability assessment will give you a clear idea of how much you can afford to pay when buying your first pharmacy business.
Remember, it is always best to focus your attention towards a pharmacy business that suits your own personal financial situation.
When looking at ownership, you need to ask yourself a number of questions such as:
- Do you want to start from scratch or do you want to buy an existing pharmacy?
- Do you want to be part of a franchise?
- Do you want to be a fully independent business owner?
It is in your interests to deal only with experts who specialise in the pharmacy industry, for one thing, you will be safe in the knowledge knowing that you are getting current and relevant information on the pharmacy industry. This advice may include:
- An expert business adviser, who understands the retail pharmacy business;
- An accountant, who understands the retail pharmacy business, or at least understands small retail businesses;
- A solicitor, who understands the retail pharmacy business; and
- A tax accountant, who can explain your pharmacy business’ taxation requirements.
Staffing and Recruitment
Even if you have employed experts, make sure that you fully understand your staffing and recruitment requirements. For example:
- Will you have a fully qualified and licensed responsible pharmacist, who is in overall charge of your pharmacy or will you do this on your own?
- Will you have a fully qualified pharmacy technician?
- will you have a dispensing assistant, who is required to hold a Certificate in Pharmacy Service Skills?
Build Your Business Management Skills
Once you have purchased your pharmacy business, you will find that you need to focus your attention more on building your business management skills. With this in mind, building your business management skills can help your pharmacy business to grow and meet its potential.
Additionally, you should also consider creating a “brains trust” of people who have a broad knowledge and experience in retail pharmacy and small businesses, this may include:
- Attending management training courses that are run by experienced business owners;
- Attending industry related workshops and conferences. You may find that these workshops and conferences can provide you with the opportunity for building your networking skills.
Your planning and preparation are vital in helping you get that dream pharmacy!
If you have everything in place early, you will be ready to act quickly when that right retail pharmacy business comes on the market.
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DISCLAIMER: This blog post is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.