The Pharmacy Business Plan: A Complete Guide
You’ve made the decision - maybe even picked out the exact property - to build or buy a pharmacy. How do you sell your vision to a funder? Your pharmacy business plan is the answer.
We have been on both sides of the equation: as an independent pharmacist building a pharmacy business plan, and now, as someone who guides you through the funding process. Built based on that experience, we’ve created “The Pharmacy Business Plan: A Complete Guide” for you. This includes understanding what you need (or don’t need) to include in your pharmacy business plan:
What a funder specifically needs to know “at-a-glance”. In addition to the usual business plan items of business description, mission statement, leadership team summary, financial summary, overarching growth plans and how much you are looking to finance, you also need to include:
Having a strong summary sets the stage for potentially positive responses to a pharmacy business plan.
3. Market Potential/Location Analysis
Pharmacies serve specific markets geographically, as well as demographically. You’ll want to provide details about the depth and breadth of that local market, both in potential customers - and for existing pharmacies, current customers. Being able to answer additional questions about competition and your plans for optimizing your opportunity to earn that business is key.
2. Detailed Business Description
This is where you are going to dig in and describe your pharmacy business in detail. How your organization is going to be structured and serve your market:
4. Sales and Marketing Strategy
You outlined the competitive landscape in the prior section - now you’ll need to lay out the details for attracting, retaining and growing the wallet share of customers.
5. Funds Request and Financial Projections
Time to get down to the nitty-gritty of asking for exactly what you need for funds, how you plan to use them plus how that relates to earnings potential and capability to repay the loan. If you are building a pharmacy, what of this is to be used for the capital outlay vs operating expenses for first x # of years? If you are buying an existing business, what are you planning to acquire as part of the assets, while mitigating the risk of liabilities? Clearly defined details and documentation are the core of a successful pharmacy business plan.
6. Additional Materials
Depending on your particular opportunity, there are additional appendices you’ll want to include: