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Thinking about starting an independent Mini Pharmacy? Starting one from scratch is cheaper than buying an already existing one. However, it takes a couple of months before the pharmacy turns into a profitable one. Generally, businesses need to be operational for at least 6 months before the owners can start seeing a positive cash flow.
To grow a successful mini pharmacy, one needs to organize his/her time, efforts, and activities around different aspects so as to enjoy running a pharmacy that delivers the financial freedom they desire. They need to be guided by the right:
- Vision
- Goals
- Strategies
- Business model
- Marketing
- Analytics
Things to do
- Tap into expert advice
Find other people who have been in the industry for longer. These have more experience and will give advice on what’s needed to set up a similar business. One should also consult with professionals in other fields such as attorneys, accountants, real estate agents, and IT specialists. Ask for recommendations from other pharmacy owners or look up information online.
- Develop a business plan
Potential customers already have a place where they go to get their OTCs, prescriptions, and other pharmacy needs. What should be done differently to attract them to the new venture? The business plan has the answer to this question and more. Treat the plan as a living document that should be reviewed and updated often. These adjustments ensure that everything is going as it should.
The plan analyzes the population, assesses the market opportunity, and helps in understanding the customers’ needs better.
- Choose the right location
For all businesses, location is an important factor that ought to be put into consideration. Find a location that provides good retail exposure. When choosing the location for the mini pharmacy consider the visibility, ease of access, traffic, and opportunity which refers to other nearby businesses such as hospitals.
Things not to do
Here are some mistakes that most people make and should be avoided:
- Failing to clearly define the niche. This way, there’s nothing that sets the business apart from other businesses and customers don’t have a compelling reason to come. Being friendly isn’t enough. Other things that can be done to make the mini pharmacy stand out include offering free delivery and employing staff who can speak multiple languages.
- Undercapitalization the venture by not having enough cash to run the pharmacy before it starts giving a profit. Plan in advance and do all the necessary math to ensure that there’s enough capital to run the pharmacy for a couple of months.
- Not doing enough marketing. The business requires a marketing strategy. If all this work seems too much for one person, get a team to help.
Conclusion
Running a mini pharmacy is exciting and rewarding. However, there’s a lot that goes into getting it up and running. One has to do so much such as planning checklists, analyzing locations, and looking for vendors. Following this guide can go a long way in helping startups minimize risks and expedite the profitability of the venture.
