Our latest thoughts and inspirations on buying a pharmacy, starting a pharmacy, and ongoing pharmacy operations

What to Look for When Considering a Start-up Pharmacy

What to look for when starting a pharmacy.

There is a lot to consider when starting a pharmacy but what I want to focus on today is the preliminary search. We find it best to look at starting a pharmacy as a big puzzle and each puzzle piece is one section of the start-up process. If you try to do everything at once you will make mistakes. Focus on what needs to be done first, do what you can for that step and then move on. The first step in our process is determining if there is opportunity in the target area. Below I have outlined some key areas to focus on when trying to find the best opportunity.

1. Determine if there are enough scripts being written in the target area to support a new pharmacy. You can do this in several ways, go into the pharmacies find out how many scripts they are filling per week or hire a consultant like us and we will do that analysis for you. You may also know this because a chain buys a busy independent but it is always good to do the research.
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What Licenses are Needed to Open a Pharmacy?

What Licenses are needed to open a pharmacy and how do I get them?

Can Independent Rx Consulting or anyone else help you speed up the licensing process for an independent pharmacy? Most of the time yes. The biggest factors within this is knowing what licenses are required, what you need to have prepared and where to get it. It isn't just a DEA license, you have the state board, 3rd party billing and employee ID's just to name a few.
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The Honest Apothecary Reports that Independent Rx Consulting Fills an Unmet Need in the Community Pharmacy Industry

Providing more than just connecting buyers and sellers, Independent Rx Consulting provides guidance and develops skill-sets for start-up and new acquisition pharmacy owners; providing a previously unmet need in the community pharmacy industry. One of the industry’s most renowned bloggers, The Honest Apothecary, interviews Independent Rx Consulting President, Owen BonDurant.

Chicago, Illinois - June 18, 2013 - Asking for help is okay. Isn't that what your parents always told you? It is also why Independent Rx Consulting is a business today. Jason Poquette blogger, pharmacist and founder of The Honest Apothecary is often asked by his readers for somewhere to turn for help and guidance on buying or starting a pharmacy. For Jason, it was easy to find that help for his readers through Independent Rx Consulting. A Chicago-based company with a unique approach in providing entrepreneurs of the community pharmacy industry with the skills and knowledge needed to start or expand their business, and position themselves for long-term success.
Read Jason’s entire article and interview with Owen BonDurant, President of Independent Rx Consulting.
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Marketing Advice for Community Pharmacies

Marketing your new pharmacy!

We hear it alot I have no marketing background or experience where do I even begin. Below we have outlined 5 areas to consider when trying to get the word out about your new business or location. We would like to note however this process can be more effective and simplified by hiring a marketing firm. There are a lot of them out there and tend to be well worth the dollar spend. We use one in for our pharmacies and partner with one in our consulting business.

1. Public Relations - This is the art of using news media contacts to gain publicity for your venture. Often if you reach out to local TV, newspapers, bloggers, etc you can get them to cover your grand opening or any other event. As stated above, using a PR or marketing firm will increase the performance of these efforts.
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Obtain Financing for your New Pharmacy

Tips for improving your chances of getting financing.

With the poor economic environment over the past few years many people have given up or delayed there dream of owning a pharmacy and probably for good reason as unless you were established or wealthy receiving a loan for any business venture was very difficult. But over the last couple of years the ability to obtain capital has improved and is feasible for just about anyone who really wants it. With that said we wanted to provide a few tips on what you need to have prepared to improve your chances of gaining the financing you need:

1. Skin in the game- financiers want to see that you are able to put up some cash, whether it is money you saved, money from relatives or even transferring your 401k. Companies providing loans want this for a couple of reasons, to see you’re confident in the business plan, if you have something to lose you are more likely to do what it takes to succeed and lastly they want to limit their risk the lower the cash to debt ratio the better the chance of the financier being paid back.
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