By Dr. Lisa Faast
Owner of Faast Pharmacy
On Starting A Pharmacy
Discussion Item One – What?
Discussion Item Two – Where?
Discussion Item Three – When?
Discussion Item Four – Why?
Discussion Item Five – Who?
You can not be all things to all
customers. You must choose a
theme for your pharmacy.
• Cheap
• Fast
• Personal Concierge
• Retail or Closed Door
• Cash or Insurance
Just some examples
This is your time to dream of your
perfect pharmacy.
I wanted Faast Pharmacy to be a
personal relationship pharmacy.
Where we pampered our
customers.
Your theme will direct all other
decisions.
Location, Location, Location!
The fruits of your labor may rot
if you don’t have the right spot.
Match your theme to your
location.
Not a good idea to have a highend wellness pharmacy in the
middle of the poorest
neighborhood.
Things to keep in mind:
• Lease negotiation
• Traffic
• Ease of finding
• Distance from prescribers
• Distance from competitors
• Size matters
No such thing as perfect timing, but
there is better timing.
Are you prepared?:
• Emotionally
• Mentally
• Physically
• Financially
• Professionally
You will make juggling an art form.
These are some of the things you
will be doing all at once: licensing,
loan process, evaluating vendors,
marketing, promotions, tenant
improvements, grand opening
planning, budgets, business plan,
meeting with lawyers, CPA, etc.
Very important to answer this question.
• Want specialized practice
• Tired of corporate
• Wealth
• Independence
There is not a right or wrong answer.
You just need to KNOW your answer.
You need a target audience, an ideal customer.
Should be a group whose wants or needs match
your theme.
• Families with children
• Diabetics
• Elderly
• Uninsured
• Animals
• Dermatology
Your employee is your first customer.
Hire better so you don’t have to fire later.
Get help in this area if your can.
Employees represent you and your pharmacy.
Your employees are your biggest asset and your
biggest liability.
Some things to think about are:
•
•
•
•
•
HR solutions
Employee handbook
Payroll
Training
Background checks
Start your business plan
NOW!
This is the longest,
toughest and most
important step in the
process. Even if you are
just thinking about it then
get going on it.
Get a team of trusted advisors.
• Bankers
• Other pharmacy owners
• CPA
• Lawyer
• Personal support team
www.NFIB.com
www.pharmacyowners.com
www.ncpanet.org
www.sba.gov
E-myth Book
Business Plan Pro Software
Questions? Comments?
Dr. Lisa Faast
Faast Pharmacy
3400 Calloway Dr. #701
Bakersfield, Ca 93312
www.faastpharmacy.com
661-410-7979
I am happy to help you!