First Steps

First Steps

Buy or Build

Develop Business Plan

Select Business Advisors

Select a Location

An introduction to becoming a pharmacy owner.

Whether you’re just starting to think about pharmacy ownership or you’ve made the decision to become an owner, you have much to consider before you open the doors of your pharmacy business.

Your first steps may include the following:

• Understand the economic landscape that you’re entering into (for example, analyzing financial trends, evaluating your personal financial ability, talking to current independent owners)
• Start thinking like an entrepreneur by gaining a thorough understanding of general business principles; our Business Basics section is a good place to start
• Select a pharmacy location based on such factors as population demographics, local competition, costs of doing business, and so on
• Assemble a team of trusted advisors, including accountants, attorneys, financial consultants, brokers, and insurance agents

The steps you take at the beginning of this process will go a long way toward determining your success as a pharmacy owner.