Whether you’re just starting out or you’ve been handed over the reins to manage the family business, you know that owning an independent community pharmacy is tough work.
While you can’t ever fully prepare for a new business venture, it’s good to know if you have the proper skillset, budget and necessary tools required to run a successful business.
If you’ve run your pharmacy for years already, do you ever wish someone had asked you if you were ready to take on the challenges of owning and running an independent business?
Check out this list of 50 questions you should ask yourself before opening your own independent community pharmacy (or just for fun if you’re currently an owner.)
1. Are you an entrepreneur?
Not every pharmacy owner, manager or pharmacist has what it takes to build a business and make it grow. Running an effective pharmacy requires the skillset of a determined, confident and passionate entrepreneur.
2. Do you have a fresh idea?
You’ll be competing against mail order, national chain pharmacies and big box pharmacies, not to mention other local independents. So, before you open an independent community pharmacy be sure to consider what will make your business stand out.
3. Have you done your research?
You have to do a lot of studying before you’re ready to open up your own brick-and-mortar pharmacy. You’ll need to investigate your competitors and your market to acquire the information necessary to make your business a reality.
4. Have you developed a business plan?
Creating a business plan is an essential aspect in starting your independent community pharmacy. Are you prepared to think critically about what you want for your business’s future? Learn more about how to develop a proper business plan with these tips from the U.S. Small Business Administration (SBA).
5. How much financial help will you need?
Starting a business takes money. You’ll need to consider where funding for your pharmacy will come from, such as your own personal finances, loans or grants. SBA offers a variety of loan programs for small businesses to look into.
6. Do you have support from family and friends?
Most of your time will be spent working in—and on—your pharmacy, especially in the beginning stages. Having a strong support system can help you get through the most stressful phases of business development.
7. Have you selected a name for your pharmacy?
You’ll need to choose a name for your business. Don’t forget to trademark your name by registering its domain through the United States Patent and Trademark Office. Also, be sure to secure a website domain, too.
8. How will you price your products and services?
Pricing effects sales. To determine how to effectively price the merchandise in your store’s retail section, refer to a consultant like Hamacher Resource Group, a leading partner in category management, business strategy and marketing services focused on consumer health care at retail.
9. Have you secured proper licensure and permits?
Before your business becomes a reality, you’ll need to apply for licensure, such as tax registration, state licenses and other local permits to ensure your business is operating legally. The SBA has a detailed list of information you can check out when working to secure proper business licensure. Also, check with your national and state boards of pharmacy on the licensure you need.
10. Have you determined a location?
When considering where to open your new pharmacy, it’s important to make sure there’s a need for a pharmacy in that location.
For example, is it a rural town where patients don’t have a pharmacy nearby to pick up their prescriptions? Or, is the only other pharmacy in town a national chain that can’t provide the customer service your independent can?
11. Are you flexible?
Change is inevitable in the pharmacy industry. You’ll need to be ready to adjust your business to the wants and needs of your patients. Additionally, you’ll need to be on board with adopting new technology and patient care services to keep your business competitive.
12. How productive are you?
As the owner of an independent community pharmacy, you’re going to need to be more productive to make a profit, grow your business, satisfy your patients and stay competitive against larger chains.
13. Are you ready to become innovative?
As the health care landscape changes, pharmacists will have to adapt and grow. If you want your business to keep up with the times, you’ll have to start thinking like an innovator.
14. Can you be persistent?
Success won’t come easy. You’ll need to have the determination and desire to work hard to make your independent community pharmacy profitable.
15. How will you market your business?
You’ll need to incorporate an effective marketing plan and public relations (PR) strategy into your to-do list if you want people to know about your new business.
16. Do you know your competition?
Part of running a successful pharmacy includes paying attention to what your competition is doing. Look at your competitors’ stores, websites and social media profiles, and research their product and service offerings so that you can stay ahead.
17. Do you know how to network?
Networking is essential to spread the word about your pharmacy business. Build new professional relationships and get your name out there.
18. Are you willing to provide superior customer service?
Patients choose independents over other pharmacies for many reasons, but one of the most important is the personalized care and customer service that only a small business can provide. Be sure to establish a reputation for good customer service at your pharmacy.
19. Are you ready to work on an online presence?
Maintaining a website and social media accounts are a must. You’re going to have to develop an online presence to ensure your pharmacy stays relevant in today’s digital world.
20. How will you hire suitable staff?
You’ll need to hire the right employees to make your pharmacy profitable, productive and a place patients want to be. Follow these tips to hire an outstanding pharmacy team.
21. Are you comfortable with delegating?
You’ll be busy running a new business, so you’ll need to be comfortable handing over tasks to other employees. Remember that you can only grow your business so much by yourself; passing off some responsibilities will help you achieve the big dreams you have for your pharmacy.
22. Will you be energized?
You’ll put in many late nights and long days when you first start out. But, to get your pharmacy on its feet you’ll need to make sure that you’re well rested and ready for the day ahead.
23. Are you ok with always being busy?
No two days are the same in an independent community pharmacy. But one thing is certain: You’ll never have a lack of responsibilities on your plate.
24. How technologically literate are you?
You’ll need to have a knack for technology if you want your business to stay up-to-date. Are you willing to learn new things?
25. Do you know how to sell?
Running a lucrative business requires constantly striving to find new ways to boost front-end and prescription sales.
26. How do you deal with stress?
Stress will be a part of your life as an independent pharmacy owner or manager. But, you’ll need to be sure you practice habits to minimize stress to keep yourself—and your pharmacy—on the path to success.
27. Are you prepared for the worst?
Every business, including your independent community pharmacy, experiences growing pains and unexpected events. Don’t get discouraged; you’ll need to handle those moments of misfortune well to keep your pharmacy moving forward.
28. Are you up-to-date on pharmacy legislation?
Pharmacy news is making headlines. Pharmacist-provider status. The nation’s opioid epidemic. PBM clawbacks. You’ll need to take the initiative and educate yourself on the latest pharmacy updates and legislation to keep your business competitive.
29. Do you want to keep up with your education?
Continuing education (CE) is essential to your career, whether you’re a pharmacist or not. CE sessions allow you to discover what’s happening in the industry today and meet like-minded professionals. They’re also required for pharmacists to renew their state licensure.
30. How will you manage your pharmacy?
You can’t do it all alone. You’ll need to hire someone who has the skills it takes to manage a pharmacy effectively. Check out these six qualities to seek in a potential pharmacy manager.
31. What kind of business do you want?
Niche service offerings. Exceptional customer service. Timeliness. You’ll need to decide what you want your pharmacy to be known for.
32. Who is your patient base?
You’ll need to decide who your target patient base will be to attract the clientele you’ll be serving. Will it be millennials, baby boomers or another generation? Do some research into the types of people living in the area where you want to open your pharmacy.
33. Are you active in your community?
You’ll need to support your community, if you want it to support you. Make it a point to volunteer or give back to local charities.
34. Do you manage time well?
You’ll need to know how to use your time wisely if you want to bring ideas for your business into fruition.
35. Are you an effective leader?
Patients and employees will look up to you for guidance and advice. You’ll need to have the leadership skills it takes to make your independent community pharmacy business a success.
36. Are you good with money?
To maintain your pharmacy’s financial success, it’ll be essential to adhere to a budget.
37. What will differentiate your pharmacy from others?
As a small business, you’ll always be striving for new ways to make your independent community pharmacy stand out from the competition. Consider choosing a niche to specialize in.
38. Are you patient?
You’ll need to have endurance to run a pharmacy. Dealing with disgruntled patients, insurance issues and other difficult duties will require superb patience.
39. How good are your organizational skills?
Organizational skills are imperative to any business, your pharmacy included. Start by creating an agenda and maintaining a regular work schedule to keep everyone on task.
40. Are you aware of the possibility of failure?
You’ll need to be aware that the possibility of failure is there. But don’t let that stop you from implementing a new product or starting a new service at your pharmacy.
41. Do you take advantage of free resources?
Be sure to use tools from the SBA and other organizations to improve your business.
42. Are you levelheaded?
Your job as an independent community pharmacy owner will be demanding. There’ll be days you’re stressed, but you’ll need to keep your emotions in check to lead your pharmacy team.
43. Can you handle negative feedback?
When you’re just starting out you might make some mistakes. Be sure that you can handle constructive criticism from patients and your peers.
44. Are you a team player?
You’ll need help creating a moneymaking business. Being a team player and working to create a sense of camaraderie will be critical.
45. Will you outsource certain tasks?
Filling prescriptions, consulting with patients and speaking with insurance representatives won’t be the only tasks your employees will handle. You’ll need to decide whether to hire non-pharmacy employees on to the team, like an accountant or communications specialist, or to outsource those tasks.
46. Are you ready to spend money?
It takes money to make money. You’ll need to make decisions about where to spend money—and where to save money—especially in the beginning stages of your business.
47. Are you a reader?
You’ll need to keep up with the latest pharmacy news and industry trends. Be sure to subscribe to online news updates, journals and catch up on your reading if you want to make your business competitive.
48. Can you multitask?
You’re likely going to wear many hats: pharmacist, boss, accountant and entrepreneur, to name a few. Can you handle all of those roles?
49. Are you dedicated to your work?
For your business to take off, you’ll need to be passionate about your work. You’ll need to live and breathe pharmacy.
50. Do you have a goal for your pharmacy?
Whether it’s being the only pharmacy in town that provides durable medical equipment or offering discounted health screenings, you’ll need to set achievable goals for your business.
Here’s another list of questions you’ll want the answer ask yourself as a pharmacy owner. Consult them when testing out the strength of your pharmacy’s brand.
A Member-Owned Company Serving Independent Pharmacies
PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy-side of their business. Founded and owned by pharmacists, PBA Health serves independent pharmacies with group purchasing services, wholesaler contract negotiations, proprietary purchasing tools, and more.
An HDA member, PBA Health operates its own NABP-accredited secondary wholesaler with more than 6,000 SKUs, including brands, generics, narcotics CII-CV, cold-storage products, and over-the-counter (OTC) products — offering the lowest prices in the secondary market.
