Setting up an indepdent pharmacy

[jzd4rma]

Hey guys I have a question I've recently qualified as a pharmacist and I guess I have 3 aims for the moment; to enjoy life (after 5 years of education), learn as much as possible from my job and to save money to set up my own pharmacy. But my question is, is this a feasible option i know there is doom and gloom over our economy but Vijay Patel CEO of Waymade set up his pharmacy in the 70s when the british economy was in the brink of collapse because inflation and recession and his worth approx £400 million. I want peoples opinion whether thats something encouraged? or is this no longer an option? PLease give advice, like i said I have no notion to set up shop now, but to learn the skills to do so in a few years :-)

[johnep]

The 60s/70s saw a lot of independents up for sale as the post war qualified owners died/retired. The Property boom had not started and no control over entry. A lot different now. Waymade rode to fortune on Parallel Imports at a time when the major wholesalers did not offer PIs.
I wish you luck.
johnep

[jzd4rma]

Yeah its true waymade company grew from PI, but it started as a independent that grew to a small chain which lead to the development of its own ware house and etc. And I was thinking that if this man was able to grow and thrive a company from 70s when UK was under much economic duress, is it feasible to build a successful retail pharmacy now, everyone I meet says retail pharmacy is finished but but people also say stuff when they can't do it themselves so i was wondering whether is it not really feasible any more or it means now days one needs to be innovative to develop, grow and run a successful retail pharmacy both in terms of profit and service wise?

[Shop Designer]

There are still so many wonderful opportunities in pharmacy for you to forge a 24K gold career path, It is the norm on a forum of any description to focus on the doom and gloom, but it is my experience that I have met and become good life friends with more Pharmacists than I care to think about. Plan well save a nest egg ready for you to use at a moments notice, and plan as far ahead as possible.

Remember the 100Hr process is going to become very much tougher in the months ahead, but equally goodwill in Pharmacy aquisition has dropped to almost a 1:1 ratio again now, so, with a solid business plan and a cash deposit your plan is possible.

This time in the economic climate is a perfect one and I can say like you, we are making our push now, right when the market is quiet and no one expects expansion, so my advice is be ready and GO for it.

As for setting up a Pharmacy, this is relatively simple once you line up a few duck's don't let anyone tell you that part of it is hard it is the pre-set up research that put's many off, but if you recruit a decent Shop fitter and one that has an ounce of entrepreneurial flair, you would be perfectly fine.

I am happy to share the experiences I have seen if you have any questions.

[jzd4rma]

There are still so many wonderful opportunities in pharmacy for you to forge a 24K gold career path, It is the norm on a forum of any description to focus on the doom and gloom, but it is my experience that I have met and become good life friends with more Pharmacists than I care to think about. Plan well save a nest egg ready for you to use at a moments notice, and plan as far ahead as possible.

Remember the 100Hr process is going to become very much tougher in the months ahead, but equally goodwill in Pharmacy aquisition has dropped to almost a 1:1 ratio again now, so, with a solid business plan and a cash deposit your plan is possible.

This time in the economic climate is a perfect one and I can say like you, we are making our push now, right when the market is quiet and no one expects expansion, so my advice is be ready and GO for it.

As for setting up a Pharmacy, this is relatively simple once you line up a few duck's don't let anyone tell you that part of it is hard it is the pre-set up research that put's many off, but if you recruit a decent Shop fitter and one that has an ounce of entrepreneurial flair, you would be perfectly fine.

I am happy to share the experiences I have seen if you have any questions.

Hi thanks I envision my self go that route in 2-3 years down the lane I heard it takes at least year to purchase a pharmacy business, so I was wondering if someone could give me advise how do you prepare a business plan and what kind of things you have to consider when you buy a business esp bank wise.I hope to buy a run down pharmacy and turn it around in couple of years!