Pharmacy Business Plan Template, pharmacy business plan.

Pharmacy business plan

Putting together a business plan for your pharmacy is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the pharmacy business, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful pharmacy.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 5,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.

Don’t you wish there was a faster, easier way to finish your pharmacyr business plan?

  • Will you provide products that your competitors don’t offer?
  • Will you make it easier or faster for customers to fill prescriptions?
  • Will you provide better customer service?
  • Will you offer better pricing?

Finish Your Pharmacy Business Plan in 1 Day!

Pharmacy business plan

In addition to explaining the type of pharmacy you operate, the Company Analysis section of your business plan needs to provide background on the business.

If you’re looking to start a pharmacy or grow your existing pharmacy you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your pharmacy in order to improve your chances of success. Your pharmacy business plan is a living document that should be updated annually as your company grows and changes.

  • How big is the pharmacy business (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your pharmacy. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

The customer analysis section of your pharmacy business plan must detail the customers you serve and/or expect to serve.

Pharmacy business plan

Core financials, cash flow data, revenue breakdown, profitability forecasts

The client had a pharmaceutical background. She was aware of the weak management areas of the drugstore she was working in. She knew that there is excellent potential in this particular location and that with some additional investments in the store and professional management would lead to satisfactory performance.

  1. Currency, denominator & tax – where inputs for such metrics live
  2. Debt assumptions – that has the flexibility to input three types of debts and a grant
  3. Core inputs that contain three components:
  • Average daily traffic after the ramp-up periods for each day of the week
  • Traffic growth assumptions in percentage for the next five years
  • Customer & Purchases Assumptions such as conversion rate leads to new customers, customers that are repeat customers, number of purchases per month per repeat customer, and number of purchases by year
  1. Core financial forecast for the next five years, starting from revenue and then slowly accounting for all the expenses and finally reaching the estimate of cash
  2. A breakdown of operating cash flow, investing cash flow and financing cash flow for the next five years
  3. Revenue breakdown by category of products for the next five years
  4. Profitability trend for the next five years in comparison with revenue, and EBITDA

The next step taken by Rina was to go and search for an online pharmacy business plan. The online results were endless, but at the same time, useless and not practical to her case. Then she thought of changing approach and not following the previous owner’s mistakes and look for a professional pharmacy business plan. She was looking for a pharmaceutical business plan example that would address all her questions and dilemmas.

Supporting Visuals

Pharmacy business plan

So many opportunities are missed in business because people lack the necessary skills or tools to take advantage of opportunities given to them. Just imagine if people had access to such business models like the one designed for the pharmacy business plan.

But she lacked the business and financial planning experience and also financial means required for the additional investment. That’s why, after carefully assessing her situation, she decided to hire a professional that had previously developed pharmacy-related business ideas and how could guide her on preparing a preliminary version of a retail pharmacy business plan.

The client had a perfect understanding of the drugs sold at the pharmacy and their primary and side effects. She also would advise clients on how and when to use them, additionally to the Physician’s advice.

The above list was a few of the many issues that the client was seeking answers to. She had experienced herself that lack of proper planning and professional management from the previous owner, and she knew very well how much had that hurt the business. It was crystal clear to her that she needs a piece of expert advice before proceeding further. She required a professional that would develop a pharmacy business plan presentation for her.

Pharmacy business plan

Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp).

There is a lot of fraud to be found online, so it helps to establish your reputation as soon as possible. Many online pharmacies will unknowingly work with disreputable suppliers, so owners have to understand where their drugs are coming from and how they’re made.

  • Liability insurance
  • Legal expenses
  • Advertising costs
  • Wholesale prescription costs
  • Employee salaries
  • Administrative costs (e.g., website upkeep, etc.)

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses.

STEP 4: Open a business bank account & credit card

Pharmacy business plan

And with the popularity and profitability of prescriptions, you’ll want to be careful of potential competitors. CVS recently acquired Aetna, which has sparked rumors that Amazon may be looking to get into the prescription business. It will be difficult to compete with a juggernaut like Amazon when it comes to price, but online pharmacists can choose to establish local loyalty first before branching out.

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your online pharmacy is sued.

Pharmacy business plan

4. REGISTRATION. If plan to set up a single proprietorship, register with the Department of Trade and Industry. For corporations, register with the Securities and Exchange Commission.

In general, the seminar is well fit for aspiring building managers, administrators and similar job description. Very well balanced, and no time wasted. (Building and Property Management Seminar)

You will notice, too, that drugstores nowadays are not exclusive to medicines but have expanded to selling health and hygiene products, as well.

6. CLEARANCE. Apply for a barangay clearance before going to the city or municipal hall for the mayor’s permit. Apply for certificate of registration and other permits from the BIR. You may then use printed receipts or POS (point of sale system). Having a POS is recommended because you can easily track your inventory and purchases besides other critical control functions.

Download

*Originally published by the Manila Bulletin. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.

Click here to view details of the training program: How to Start a Drugstore Business >>>

1. CAPITAL. It is possible to start with only Php 100,000 if you own the location and if renovation would be minimal. But, this amount will only be sufficient if you will stock mostly on generic drugs. In most cases, the minimum start up requirement will be at least Php 300,000 for a small drugstore.

Pharmacy business plan

A written pharmacy business plan (template) you can use to create your own pharmacy business plan quickly. You don’t have to create your own contents from scratch since it’s a complete detailed pharmacy business plan. All you have to do is edit things as is needed for your plan. The pharmacy business plan (template) is fully geared towards the pharmacy business. Easily add data, project plans, phasing diagrams, floor plans, specific plans and more as is needed.

Our business plan, financial plan, marketing plan and media plan software and services are considered the best in 2020 by professionals around the world. We'll continue to set the standards in business plan automation, business plan presentation, financial planning and business plan writing.

A written pharmacy business plan (template) you can use to create your own pharmacy business plan quickly.

For a complete pharmacy business plan solution with retail financial projections and more, visit:
PlanMagic Retail (AE) orHire an Expert Business Plan Writer

Pharmacy Business Plan

You don't need to be an accountant to use any of our business plan, marketing plan, media plan, or financial planning products. Learn as you go with the many tooltips and the extensive guide that accompanies each program. Each business plan program covers all aspects of the business plan process.

*

Отправить комментарий (0)
Новые Старые