Ready to Launch?

Ready to Launch?By Dr. Lisa FaastOwner of Faast PharmacyDiscussion Item Three When?Discussion Item One What?Discussion Item Two Where?Discussion Item Four Why?

On Starting A PharmacyTopics For Discussion1234

5Discussion Item Five Who?

What is your pharmacy going to look like?You can not be all things to all customers. You must choose a theme for your pharmacy.CheapFastPersonal ConciergeRetail or Closed DoorCash or InsuranceJust some examples

3What is your pharmacy going to look like?This is your time to dream of your perfect pharmacy.

I wanted Faast Pharmacy to be a personal relationship pharmacy. Where we pampered our customers.

Your theme will direct all other decisions.

How did I decide on which services to provide? This lead us to offer services such as Free Delivery, extra staffing to provide the fastest service. Offer immunizations and compounding4Where you plant your seed matters.Location, Location, Location!The fruits of your labor may rot if you dont have the right spot.

Match your theme to your location.

Not a good idea to have a high-end wellness pharmacy in the middle of the poorest neighborhood.

5Where you plant your seed matters.Things to keep in mind:Lease negotiationTrafficEase of findingDistance from prescribersDistance from competitorsSize matters

How did you decide on your location? I wanted somewhere where I wasnt stepping on the toes of other independents. I also wanted to be close to where I lived and spent my money.

6When is the perfect time?

No such thing as perfect timing, but there is better timing.Are you prepared?:EmotionallyMentallyPhysicallyFinanciallyProfessionallyThis is the hardest thing you will ever do. Not so say it is not immensely rewarding, but very difficult.7When is the perfect time?

You will make juggling an art form.

These are some of the things you will be doing all at once: licensing, loan process, evaluating vendors, marketing, promotions, tenant improvements, grand opening planning, budgets, business plan, meeting with lawyers, CPA, etc.8Why do you want to open a pharmacy?

Very important to answer this question.Want specialized practiceTired of corporateWealthIndependenceThere is not a right or wrong answer.You just need to KNOW your answer.What is your background and what motivated you to start your own pharmacy? I was happily working at a Kmart pharmacy. Started right out of school. Worked there for 4 years. Then a friend of mine who had his own store needed a pharmacist. I decided to leave my cushy retail job to work for him in hopes of sharing in the profits of the business and seeing more of the fruits of my labor. Eventually he wanted to sell and I was a ready buyer. The deal fell through and I needed to move on. I had worked a ton on my business plan and dreaming of my own pharmacy. I had to choose what to do: go back to retail or live out my plan. I decided to live out my plan.9Who are going to be your customers?

You need a target audience, an ideal customer.Should be a group whose wants or needs match your theme.Families with childrenDiabeticsElderlyUninsuredAnimalsDermatologyHow did you determine your target niche?How did you decide on which services to provide?10Who is going to service your customers?

Your employee is your first customer.Hire better so you dont have to fire later.Get help in this area if your can.Employees represent you and your pharmacy.Who is going to service your customers?

Your employees are your biggest asset and your biggest liability. Some things to think about are:HR solutionsEmployee handbookPayrollTrainingBackground checksEager to get going?Start your business plan NOW!This is the longest, toughest and most important step in the process. Even if you are just thinking about it then get going on it.

Eager to get going?Get a team of trusted advisors.BankersOther pharmacy ownersCPALawyerPersonal support team

Things I wish I knew beforehand. What would I do differently.What was your strategy for financing your pharmacy?What were some of your biggest challenges and how did you overcome them?14Resources

www.NFIB.comwww.pharmacyowners.comwww.ncpanet.orgwww.sba.govE-myth BookBusiness Plan Pro SoftwareDr. Lisa FaastFaast Pharmacy3400 Calloway Dr. #701Bakersfield, Ca 93312www.faastpharmacy.com661-410-7979Questions? Comments?I am happy to help you!