If you are thinking of providing a service to the community as embark in a rewarding and profitable venture owning a drug store would be a great idea. But if you are planning to go on this venture all by yourself it can be challenging initially. There is a lot of research you would have to do and many things that has to be done such as hiring staff and getting the necessary license.
You can either buy an existing pharmacy or build your own. While each option has its advantages of food consulting firms it has its disadvantages as well.
Before all you must analyse if the community you live in would require a pharmacy whether there is an existing one available and how much the local residents and you will benefit from it. Next decide and choose a location again considering the above mentioned facts. It is a great idea to talk to other businessmen and independent pharmacists and regulatory affairs consultants before you begin your venture as running a small business may prove challenging.
The next step would be to look for capital for your venture. You can apply for a loan or start the business with your savings and getting a good accountant is crucial to manage your finances. Next step would be developing a business plan. This will help you when you apply for a loan or meet investors. Apart from receiving a loan from the bank you can seek out private investors to fund your business. Once the pharmacy is set up it must be insured. Then after listing out how many staff you need to fulfil what kind of duties you will have to hire staff for your drugstore. Before hiring any staff, they should be investigated. A single bad employee could spoil the reputation of your budding business.
Any pharmacy would require a pharmacist and so you will have to hire one too. Make sure to check his license and background. Next you will need to hire pharmacy technicians and cashiers. You can also visit regulatory affairs consulting companies. You will also need someone to manage your stocks. Finally, you will need a manger to manage the business. If needed security can be hired.
All necessary items and equipment to run the business must be purchased. This would include computers, cash registers and phones with phone lines. Setting up a security system would prove ideal. You will also need to get licenses, permits and certifications to run your drugstore.
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