Starting any business venture, a pharmacy included, is an exciting time. However, there are some things you wish you knew before building your pharmacy that would have made your life easier, and may even benefit you now.
Whether you’re building a pharmacy, thinking of re-fitting out your pharmacy or looking for ways to improve your business, these things will help you take some of the unknown out of the process. As shopfitters, our team at AC Fitouts have worked with pharmacy owners and these are things we’ve heard they knew before building a pharmacy.
7 Things to Know Before Building a Pharmacy
1. Market research is key.
Before building your pharmacy, do your research. You need to find out who your target market is, what their needs are and how you can meet those needs. Conduct research on your potential competition. Find out what they offer, their rates and what makes your pharmacy stand out and more personable from theirs.
A pharmacy is a business, and market research is key for not only fitting out your pharmacy for success, but also getting your marketing right too.
An experienced shopfitter can help you with knowing what to find out from your target audience (and how to get this information) to start off on the right foot.
2. Location matters.
Location is a crucial factor to consider when building your pharmacy. Choose a spot that has high foot traffic, easy accessibility, and ample parking space. It would be best to pick a location that is near other businesses like medical offices and hospitals to attract more customers.
Sometimes it may seem like the best choice to go with the cheapest location for your pharmacy. However, this may bite you in the behind when there is no one driving or walking past to know you’re there. This will mean you have to invest more in advertising to get found.
3. Choose the right pharmacy management system.
A pharmacy management system is essential to your business’s operations. It’s crucial to pick one that suits your needs, simplifies your processes and enhances efficiency. When choosing a pharmacy management system, consider things like ease of use, customer support and security.
Knowing about your pharmacy management system before you build your pharmacy will help it be part of your initial design and fitout. Your shopfitter can help make sure any equipment, computers and security systems are where they should be to be easy for staff, not in the way of customers and secure.
4. Permits are a must.
Obtaining permits is vital when building a pharmacy. Each state has its requirements, so make sure to check with your state board of pharmacy to know which permits you need. Some of the essential permits include a state pharmacy permit, a controlled substance registration and any business registrations.
The same goes for insurances. You don’t want to only get insurance when you need it, as it may be too late. It may also be a requirement to have insurance to be able to operate.
5. Have a sound business plan.
A sound business plan is crucial to the success of your pharmacy. It should include details like your business goals, the products you plan to sell, financing and marketing strategies. A well-written business plan will help you secure financing, attract customers and monitor progress.
6. Leverage technology.
In today’s digital age, leveraging technology is crucial if you want to stay ahead of the competition. Consider using technology to streamline tasks like inventory management, customer service and record-keeping. Keeping your business technologically updated will allow you to provide better services and increase profitability.
Have a chat with your shopfitter about what technology they may be able to suggest or implement for you. This may include digital signage, point of sale systems or even customer kiosks to provide information.
7. Invest in your staff.
Your staff is the backbone of your pharmacy. Making sure they receive adequate training, compensation, and support is vital to your business’s growth. Encourage ongoing staff training to keep them updated with industry trends, invest in team building activities to foster communication and collaboration.
Frequently Asked Questions About Building a Pharmacy in Australia
What are the requirements for selling cosmetics in Australia?
Many Australian pharmacies also stock and sell cosmetics. The requirements for selling cosmetics as a retailer in Australia will depend on your state and national laws and regulations, such as registering to sell cosmetics, ensuring labelling is to regulate, registering your business name and other regulations set out by AICIS and other government agencies.
What are the requirements for establishing a new pharmacy in Australia?
There are a number of requirements for establishing a new pharmacy in Australia, ensuring, applying for approval through the Secretary of the Department of Health & Aged Care, meeting location rules, registering your business, completing registration requirements and more.
Having a project manager experienced in establishing and building a new pharmacy can help you ensure you’re meeting the requirements you need.
