You’ve made the decision – maybe even picked out the exact property – to build or buy a pharmacy. How do you sell your vision to a funder? Your pharmacy business plan is the answer.
We have been on both sides of the equation: as an independent pharmacist building a pharmacy business plan, and now, as someone who guides you through the funding process. Built based on that experience, we’ve created “The Pharmacy Business Plan: A Complete Guide” for you. This includes understanding what you need (or don’t need) to include in your pharmacy business plan:
1. Summary/Proposal
What a funder specifically needs to know “at-a-glance”. In addition to the usual business plan items of business description, mission statement, leadership team summary, financial summary, overarching growth plans and how much you are looking to finance, you also need to include:
Whether you are buying an existing pharmacy, OR building a new pharmacy
High-level demographics/market potential summary
Licensing status
Having a strong summary sets the stage for potentially positive responses to a pharmacy business plan.
2. Detailed Business Description
This is where you are going to dig in and describe your pharmacy business in detail. How your organization is going to be structured and serve your market:
- Leadership team and respective biographies
- Type of tax entity (single proprietor; LLC; etc.)
- Number/types of employees (and if buying an existing business, which ones are you inheriting/ keeping – or not)
- What types of products / services you are planning to offer on both the pharmacy and non-Rx sales sides
- Who will be (or in the case of an existing pharmacy, who are) the customers
- Paint a picture with details that can help the funder see your vision realized.
3. Market Potential/Location Analysis
Pharmacies serve specific markets geographically, as well as demographically. You’ll want to provide details about the depth and breadth of that local market, both in potential customers – and for existing pharmacies, current customers. Being able to answer additional questions about competition and your plans for optimizing your opportunity to earn that business is key.
