The #1 Formula for Creating a Successful New Pharmacy

Research done by The Pharmacy Sage clearly discloses that 83% of all new pharmacies either fail within the first 2.5 years or continue to exist but fail to pay the owner a decent owner’s income. Basically, there are 5 blockages.

• Not knowing how to pick the best money-making location
• Lack of expertise in negotiating best lease with landlord
• Not knowing how much money you need, not only for buildout, but also for equipment, product, and covering your early months’ operating expenses before you reach break-even.
• Not having the right product that recent trends show your target audience really wants but is not generally available in your trading zone.
• The inability to market so that you magnetically attract prospective patients to your pharmacy. Also, the lack of knowledge of how to create a goldmine with a list of patients you subsequently acquire.

Most of your potential blockages can be eliminated by following this success formula:

• Invest in what you love to do. Psychologists indicate that when you do what you love, you create the foundation for your success. You enjoy your work more and become significantly more relaxed.
• The way to manage your risk is by working with someone who’s been there and done that and has a successful plan. Obviously, having a winning plan not only controls risk, but enhances your cash flow, as well as your bottom line profits.
• Create a marketing/selling system second to none for pharmacies
• Deploy “strategic marketing.” If you want to get people through the doors when you first open, then doing some pre-opening marketing is decidedly the order of the day. However, unless you deploy marketing that is going to get read, absorbed, and cause the people to come streaming to you, it is going to be a waste of time, effort and money. And not having a steady stream of people seeking you out to solve their aches, pains, and other maladies, can destroy your business all too quickly.
  
• Create your A-team and constantly build it. Recruit and hire only the best candidates.
• Grow your pharmacy consistently and surely by being goal oriented, not using a “cut my losses” approach
• Think long term. Seek long term goals and growth—spell out your VISION and your DREAMS. Then go for them. 
• Put together the right business plan. It should be marketing oriented, created as a sales presentation that includes just the right information and no extraneous information.
• Create a sound financial measurement system and get close to your numbers. Remain totally analytical. At the same time, avoid gathering inconsequential data (unaccountable accounting).
• Always have an alternative idea for each marketing strategy. Not every idea works for everyone. Always have a backup plan.
• Completely and universally practice these 3 wealth gathering tools. They will NEVER let you down.

• Know your mission— and make sure it’s the right one
• Always obey Pareto’s Law (the 80/20 rule)
• Constantly practice systematic abandonment

• Differentiate your pharmacy-- always!
• Become an information dispensing machine to your patients
• Seek the help of someone who’s been there and done that many times

 
Determine that you will become the Nike or Apple of the pharmacy industry in your trading zone. It’s not that hard: dispense health elevating information that no one else has and make sure that you are capable of doing this on a regular basis.
 
Think like a Ninja. Be mentally active and willing to take alternative courses of action on an instant notice. That creates success! The Pharmacy Sage can show you how.
 
For more information, send for my book “Build an Epic Pharmacy,” which normally sells for $39.95. I will gladly send it as a free gift to anyone who emails thepharmacysage@rxresultsnow.com requesting it between now and June 30th.