Going from retail pharmacy tech to retail store owner (college degree, companies, insurance)
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I was talking with my step father, and he said if I'm looking to make money, I could open my own retail store, then hire a pharmacist, and eventually start a chain. This idea intrigues me, and I was wondering if there are any good books I can read so I know what I'm getting myself into and give me a chance to closer study strategies. I've already gotten a college degree, and if it taught me anything, its that you don't learn anything new in college you didn't already know from middle school or maybe high school, so I think I'd prefer to teach myself business than go back and get another bachelors in something. I have a rudimentary understanding of retail business from working as a pharmacy tech, and even know some of the laws and regulations, but what I know is just a drop in the bucket compared to what I need to know.
i appreciate your persistence in trying to find something that works for you.
opening an independent pharmacy is a heavy lift when it comes to competing with the big chains. besides all the issues of creating a viable retail business you have the added regulatory issues related to having a pharmacy in your store.
if you're on reddit i'd suggest posting your question in the r/pharmacy subreddit.
i appreciate your persistence in trying to find something that works for you.
opening an independent pharmacy is a heavy lift when it comes to competing with the big chains. besides all the issues of creating a viable retail business you have the added regulatory issues related to having a pharmacy in your store.
if you're on reddit i'd suggest posting your question in the r/pharmacy subreddit.
Well, one step at a time, I guess.
What about JUST retail?
(by the way, my fallback is getting that MSW just so I have a better shot at a sweet, sweet federal job)
Are you aware that retail is collapsing right now? More stores have closed in 2017, generally regarded as a decent economy, than in 2008, the height of the recession.
To start discussing retail, you need to determine a few facts.
What is your product? That will roughly determine gross margin and inventory turn.
Expected gross sales? That, along with your gross margin will tell you how much you can spend on expenses, such as rent, labor, marketing, etc.
How will you capitalize the business? Will you have to pay back a loan or partners?
Those are very broad retail questions. Drilling down to pharmacies, which I know very little about, other questions arise.
How will you get a contract with insurance companies? It seems most prescriptions are partially paid for by insurance, so if you don’t have the ability to take a variety of plans you are restricting your market.
Looking at Walgreens and rite-aid (now owned by Walgreens), they seem to be stores filled with snacks, beach balls, liquor, and other stuff. The pharmacy itself is a minor portion. I suspect that they cannot survive on the pharmacy alone. What products other than prescription drugs will you sell?
Get a food cart or something. It can be a good starting point. Sounds more up your alley at this point. Then as time goes on keep learning and move up to bigger and better things.
It can be done. IF you offer free delivery you're already halfway to being competitive with the "big chains."
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