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
is the hardest thing you will ever do. Not so say it is not
immensely rewarding, but very difficult.7When is the perfect
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
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
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
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
BookBusiness Plan Pro SoftwareDr. Lisa FaastFaast Pharmacy3400
Calloway Dr. #701Bakersfield, Ca
93312www.faastpharmacy.com661-410-7979Questions? Comments?I am
happy to help you!