For investors out there that are eager to open an independent 24 hours pharmacy in France, it would be prudent to start one from scratch. This can be faster and less expensive than buying an existing pharmacy. Buying an existing pharmacy gives the new owner tasks to deal with various problems affecting the pharmacy operations that may have been concealed during a sale. One can propel from signing a lease to the ribbon cutting in just six months. However, for this to happen effectively, the management or investors need a well thought-out and detailed business plan, legal and financial advice and consistent marketing.
Different business development executives have come up with practical processes in launching 24 hours pharmacies in France. However, they do not put it more clear and simple as the following tips elaborate.
Exploit Expert Advice
Find an attorney who comprehends the independent retail pharmacy business, or at least have experience in the establishment of small retail businesses. For most of the 24 pharmacies in France, one of the first procedures in starting a business is setting up its legal status. The investor must choose whether to establish a sole proprietorship, partnership or limited liability company will affect the finances and operations of pharmacy. The attorney will need to have vast expertise in healthcare and employment law.
In addition, an accountant and an insurance broker are needed. This is because one may need to seek advice from these experts in fields including real estate, technology and human services, and management of overhead costs. As soon as the lease negotiations are concluded, a pharmacy designer will be required on site to create the pharmacy design plan to be used in the application for a business license. In order to create a team of expert advisers, one should ask for more recommendations through networking and social platforms of pharmacy owners and practitioners.
Develop an Explicit Business Plan
Patients and potential customers are already changing their preferences and needs in medications. This makes it necessary for the business plan to be clear on dynamics facing the practice of pharmacy in 24 hours pharmacies in France. The business plan drafted will need to address issues emanating from demographic factors, customer preferences, market opportunities available, marketing strategies and public relation strategies.
Once the business plan has been written, it should be a living document that can be reviewed and updated often. That allows the management to ensure business operations are on track with laid out plans, make any alterations. Additionally, it can help in adapting to changing factors that are affecting the business and practice of pharmacy.
Choose an eminent Location.
The location of 24 hours pharmacies in France is a critical success factor especially in reference to sales volume made per day or per a projected period. To choose where to open a pharmacy, it is wise to consider: the number of people residing near the location, the visibility of the pharmacy premises, accessibility and the size of the pharmacy premises and whether there is room for expansion in the future.
Moreover, the proximity of the pharmacy to other sources of business should be considered. For example, if there is a plan to serve an assisted living facility, the pharmacy should not be so far away that the delivery costs will be high. Opening in or near a medical clinic can give a ready admittance to customers as they leave a doctor’s office. However, as an investor in the pharmacy business, one needs to think about what this might mean for refill opportunities. One can go ahead and negotiate with prescribers in the clinic to see if a special collaboration and offer services such as medication therapy management and disease state management can be properly applied.
Utilize available finances
The ability to understand one’s financial needs will enhance the determination of whom to approach for a loan; a commercial lender, Small Business Administration lender or a wholesaler. This will definitely make one to utilize the available finances to the maximum. During the formulation of the business plan, one should put into account the available types of funding and how they may enhance business development.
When preparing the business plan and financial statements, include following three types of funding:
Build-out capital- as money set aside to pay for construction of the store, renovations, fixtures and other fixed assets.
Financing of Opening inventory – as payment for initial medicines to stock the pharmacies. Whilst wholesalers may give favorable terms, remember that the pharmacy is unlikely to have a positive cash flow for at least six months. It is worth noting that it is necessary to plan the opening inventory and economic order quantity based on the size of the pharmacy. Working capital – this may be the amount set aside for day-to-day or recurrent operations.
Commence operations prior to the Grand Opening
Grand openings are great events to showcase a new pharmacy. However, the owners of 24 hours pharmacies in France should give themselves one or two months of operating to work out a SWOT analysis in the operations.
Before the grand opening, “Coming Soon” advertisements should be put up in order to raise curiosity to a potential customer. Additionally, the management should plan events that will bring in target customers. New investors should keep it in mind that as they work to open a new pharmacy, other people are also contemplating on the same. Various online marketing experts offer a marketing hub with extensive materials to customized for different 24 hours pharmacies in France. Most of them will offer a program to help promote the grand opening. Perhaps, the choice to purchase or forfeit the program may be dependent on the available finances.
In conclusion, running an independent and profitable pharmacy business can be an exciting, rewarding experience. The only challenge lurking out there would be finding the right partners can help reduce risks during pharmacy practice and expedite on presenting practicable remedies for effective operations.