It’s a goal of so many pharmacists – owning your own store. The ways to get there are as varied as the communities you serve. Some pharmacists step immediately into well-established family businesses, some work first in corporate pharmacy, and some buy stores from veteran pharmacists ready to pursue retirement hobbies. And a successful store is often followed by a second pharmacy (or third, or…).
Although these scenarios have unique considerations, questions about finance, real estate, merchandising, and legal requirements top the list. Just like any entrepreneur, you should contact your state’s Small Business Development Center. As creator of the first pharmacy management system, QS/1 is proud to be a resource for pharmacy owners.
Opening a pharmacy is undeniably complex and doing it from the ground up for the first time is compounded by all the unknowns of something new. There are loans, licenses, business plans, shelf layouts, purchasing agreements, and so much more. Happily, support for new owners is out there.
Taking Over an Existing Pharmacy
Whether you buy from a retirement-age colleague or take over for a family member, becoming an established pharmacy’s new owner is a big deal. What should you keep? What should you modernize? How do you bring your values to ownership? Here are just a few sources of guidance and inspiration. Read more about becoming the new owner of an existing pharmacy.
Opening Another Location
You’ve done it – you’re successfully managing a thriving pharmacy, and you know your services could help patients in other locations. Becoming a multi-store owner brings its own unknowns, but it also connects you with a community of fellow pharmacy owners to learn from. Read more about becoming a multi-store owner.