What are some things new pharmacy business owners should definitely know?
Victoria Paesano (Tori) has been in pharmacy for 18 years. Here, Tori shares her tips for new pharmacy business owners!
Have a speciality
Find a speciality within pharmacy that you want to focus on. Doing the same thing as everyone else won’t set you apart. Do you want to focus on deliveries? Long-term care? Franchising? Tip: it’s best to choose what you are passionate about!
Networking doesn’t stop once you open your own business. It’s good to maintain relationships with other business owners (and this doesn’t have to just be in pharmacy!). Some ideas: doctor offices, dentists, retail shops, even restaurants!
Hire an assistant (really!)
You will not have time to do everything. Remember that your time is valuable! Every minute or hour that you spend on small tasks that can be delegated to others is time that you can spend on higher level tasks. Owning a pharmacy goes beyond filling prescriptions: you will have to manage scheduling, payroll, inventory, and more.
Be ready for bad days – a lot of them!
Most of your days will have problems. Some days you will face problem after problem. Be mentally prepared that this journey isn’t easy. If you plan ahead for problems, it will be easier to tackle them as they come up. But, remember why you chose pharmacy to keep you going.
Try new ideas
It is always better to fail when trying a new idea than have never tried before. Doing the same thing over and over will put your business at risk for stagnation – giving your competitors a chance to move in!
Build your team with different personalities
You may find that you default to hiring people who are similar to you. While this isn’t bad, it is good to hire many different personalities to comprise your team. With different personalities comes different ideas and perspectives.
Be prepared to work a lot
When you first start, you are likely going to be working 24/7. It takes some, dedication, and effort to find your flow and get things running smoothly.
You might be tempted to continually put all profits back into the business. Remember to pay yourself and take a cut: this will give you a sense of achievement and growth.
Hire someone to do marketing and sales
Focus on what you are good at: pharmacy! Hiring someone else to take care of your marketing and sales (whether that is one separate role or two) will give you more time to focus on your own tasks. A marketing expert will definitely have more insight and knowledge for marketing best practices than you will.
Do market research
Do research on your area. What are the customer demographics? What are the needs in your area?
Have a branding strategy
What makes you special? Think about why you would choose one business over another. Be unique in your branding and stand out from everyone else!
Preston’s Pharmacy is the oldest independent pharmacy in Arlington, Virginia! Since 1934, we believe that providing the highest level of customer service and care is the pinnacle of healthcare; that’s why we value the trust that you give us with all of your pharmaceutical needs.