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The healthcare industry is a growing business with millions of Americans seeing doctors and receiving prescriptions. Unfortunately, many patients stick to the tried and true versus stepping out for better service or costs. For the business savvy pharmacist, opening up a pharmacy can be an economic windfall, if done well. Following a few key steps can help you stand out amongst the competition and have customers lining up outside.

Financing

As with any business, opening a pharmacy requires quite a bit of money. There are costs associated with the building whether you lease or buy one. Buying a building comes with added costs if you plan to build it from scratch. Pharmacy financing is one option to get your business off the ground and running. The financing can help cover the location costs, stock and hiring employees. To obtain financing, you should have a business plan together that includes how much money you want to borrow, the reasons why you need the money and how you expect to pay that money back. Carefully plan the business’ budget to ensure you borrow enough money until you begin to see a profit.

Location

Location is key to earning good money. Opening your pharmacy next door to a big box pharmacy may not be the best idea. Choosing high-income zip codes gives you the greatest chance of being around customers who have money to spend on your products. Once you select a general area to open the store, you need to choose a specific spot. Retail locations may offer a better opportunity for growth and profit rather than medical office buildings. A location next to where people shop offers you greater exposure to sell non-medical items. Then, they can start having their prescriptions sent to your location increasing your clientele.

Marketing

People need to find you and what easier way than through effective marketing. With the online world of today, you need a mobile-friendly website that offers an SEO advantage to your business. Running a blog with helpful, knowledgeable information on health topics is a great way to expand your exposure and introduce your business to the area. You should start marketing efforts before the location even opens. Other efforts can include a social media presence, contacting local hospitals and clinics, participating in community events and sponsoring local youth sports. The more ways you can showcase your business the better.

Running a pharmacy is a great way to earn a living. Carve out a niche, figure out what products and services the business offers and use good business sense to create a profitable pharmacy.