Develop a Business Plan

First Steps

Buy or Build

Develop Business Plan

Select Business Advisors

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Set your course for long-term success.

Among the most important first steps are developing a business plan and financial projections for your pharmacy. Don’t worry if you don’t have all of the answers, know the best format for your business plan, or have clear financial projections. Just start putting your thoughts down on paper.

Your business plan will evolve as long as you are in business, so start now. Elements of your business plan could include the following:

• Financial plans and projections
  • Real estate: purchase, lease, build, tenant improvements, and so on
  • Pharmacy systems
  • Automation
  • Initial inventory
  • Décor
  • Staffing
• Competitive analysis
• Demographic analysis
• Anticipated competitive advantage: what will differentiate you from the competition?
• Pharmacy offerings, such as diabetic management/counseling, home healthcare, compounding, DME, nutriceuticals, and so on
• Front-end offerings, such as cards, gifts, general merchandise, and so on
• Contingency plans
• Marketing plan

If you are purchasing an existing pharmacy, you may want to work with our Ownership Consultant to arrange for a profitability analysis. This will help you understand how your pharmacy’s financial performance compares with industry benchmarks, as well as providing you with suggestions for improving performance.