Lester Nathan, MS
A powerhouse in the world of independent pharmacy, Lester offers free business resources for Pharmacy Owners on his website, ThePharmacySage.com. Offering insight, wisdom, and strategy, Lester is an esteemed voice in pharmacy business. Lester helps his clients increase patients and profits in spite of the 3rd party payment fiasco.
That was then, and this is now.
Today, it is far more difficult to get people to change their habits, to leave their current pharmacies, to transfer their business to a new pharmacy... even to drive past all the competitors, and especially to bring all of their health needs to someone new.
The following steps cover the 6 most important basics to be mastered in the process of creating a pharmacy:
- Choose a high-income zip code in which to locate. Base it on demographic studies. Being close to 'money' is vital to success.
- Select a location within that zip code that provides good retail exposure. A medical arts building where doctors have their offices once did the job. No more! Locate in a retail center where the targeted audience shops.
- Know the correct amount of money needed. It should cover the cost of construction, acquisition of products, and any other knowledge or education that is needed, plus the operating expenses for the months before the business starts making a profit. As such, a carefully thought-out operating budget also is needed.
- Determine what the store is going to look like from the viewpoint of the patient walking through the doors for the first time. In fact, no matter how many times they come in, you want to impress them with your products, and your services. With products, and services that are different, and superior, so should the look of your store be different, and superior. It is that combination that will get you talked about in your community. Lines, color, and design are decidedly of great importance, and can be researched. Make certain that a store designer who knows all about pharmacy is chosen. Complying with rules and regulations, as well as specifications, are all important. The business will not pass state inspection nor DEA requirements unless your entire pharmacy is built to spec.
- Negotiate with the landlord for an optimum size store. It may be smaller than previously thought, especially if the right business model.os picked This process, when properly done, can quickly save a renter as much as $30,000 to $40,000.
- Before you open the doors, introduce prospective patients, especially the affluent, to the business becoming a source of unique health information.
Develop some creative marketing. Use the newspaper, direct mail, and social media to announce the impending arrival, and to be certain it can be differentiated.
A few dollars invested here can pay handsome dividends.
The Pharmacy Sage can be reached at (518) 346-7021 or email@example.com