As the owner or manager of your independent community pharmacy, it’s important for you to stay on top of trends and consistently strive to differentiate your business.
The first step to make your business stand out is to come up with a new idea that separates your pharmacy from others. But, before you decide to implement a new idea in your business it’s critical to test its potential for success.
Here are five ways to test a new business idea, adapted from ideas by the U.S. Small Business Administration (SBA).
1. Ask yourself questions
To determine the market success of a new idea, it’s important to ask yourself questions.
A few examples include:
- Do my patients need this new product/service?
- Will my product/service be useful to patients?
- How does my new product/service differ from competitors’ offerings?
- At what price point can I, or should I, charge for my new product/service offering to make a profit?
Asking yourself questions such as these should be the first step before implementation. If you have the answer you like, all signs are a go for your new idea.
2. Market your idea
One simple, effective way to test a new business idea is to promote it. Let patients know you’re starting a smoking cessation service, offering diabetes education classes or introducing curbside pick-up.
Whatever your new idea may be, you can market the idea for free. Advertise the new idea on your pharmacy’s social media accounts or website to start.
3. Get feedback
Assess your new idea’s potential for success by asking for honest and direct feedback.
You can do this through patient surveys, pitching your idea to professional partners or attending a continuing education (CE) session that gives you the opportunity to discuss your ideas.
Negative feedback can be a red flag for you to nix or adjust your idea, while positive feedback can give you the confidence to go ahead with the implementation.
4. Experiment with your idea first
Test the waters with your new idea before you fully commit. A trial run may give you just the amount of research you need to decide if you want to forge ahead with your new business idea.
For example, if you’ve decided to implement a delivery program, try the new service for a month. If it’s successful you may decide to keep the program as a part of your pharmacy’s services. If not, you’ll know to drop the idea.
5. Take a risk and go for it
Although testing and researching whether your new business idea is going to be successful or not is a critical step, what’s the harm in taking a risk? You may not be able to properly gauge the potential success of your idea through a trial, but instead, must test it by trial-and-error. Do your research. If you feel like you have a good idea, go for it.
Does your pharmacy need a new idea? Here are four signs your pharmacy needs a change.
