Do you need to learn more about what a community pharmacy business plan should look like in order to be presented to an angel investor or banker? A community pharmacy benefits from a feeling of connection between the establishment and its patrons and marketing to a defined customer base makes the task of fostering loyalty a little easier -- but it's still a pharmacy, and therefore heavily regulated at both the state and federal levels. Your pharmacy business plan should make it clear that you understand the risks involved and have prepared to absorb the various fees, permits, legal, and regulatory expenses that a drug vendor will encounter in the US. Other topics to hit:
• Define your target customer in the community and make it obvious that you know what their needs are.
• Look at competitive comparables nearby and talk about what will set your pharmacy apart.
• Review industry trends and market statistics that support the idea that you can run a profitable pharmacy.
• Show the amount and intended use of capital and give a repayment or equity share description.
You'll also want to address issues of security, location marketing, service suite, and likely break-even point. The financial pro forma needs to show 3-5 years of expenses and revenues and should show an adequate Y3/Y5 net profit so that reviewers know the undertaking can be profitable. Also make sure that the model's assumptions are laid out clearly and that the cash balance remains sufficiently positive over the life of the model. If you want support, MasterPlans has written business plans for pharmacies (start-up and expansion phase) from Washington state to Florida. Call us today to speak with a consultant: 877-453-2011.
