Owning a drug store can be a rewarding and profitable endeavor for someone who wants to provide a valuable service to a community. However, opening an independent pharmacy is a challenging process. There is market research to do, financial arrangements to make, licenses to get, staff to hire, and much more. Before trying to open a drug store, make sure you educate yourself extensively on what this will entail.
Decide whether you will build a new pharmacy or buy an existing one. When opening an independent pharmacy, you have two choices: either build one from scratch or buy an existing one. There are different opinions on which option is better. Each choice has unique challenges and advantages that you should weigh carefully before making a decision.
Buying an existing pharmacy: With this option, you'll get a pharmacy that has already been established and has a consumer base. You may also be able to keep some of the staff that worked in the previous pharmacy, which will save time searching for employees later. However, it will most likely be more expensive to buy an existing pharmacy. You'll have to get a bigger loan, find more investors, and wait longer before you start turning a profit from your business.
Building a new pharmacy: This option is often cheaper than buying an existing business. With fewer financial arrangements to worry about, you can open the store faster. However, you'll be starting from scratch with customers, so earning a profit may take longer. You'll have to advertise extensively, preferably before your store opens, to make sure you have enough customers to keep your business afloat. It may take a while before enough people know your store to give you a consistent profit.