Business Opportunities - Drugstores
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Large corporations take care of about 76% of the retail in pharmaceuticals. Nevertheless, drugstores provide a lucrative business opportunity. Drugstores keep items such as cosmetics, hair and skin care products, magazines or books, vitamins, contact lens solutions, diet aids, pet food and candy, apart from proprietary drugs and nonprescription medicines. All these products provide a larger customer base for drugstores and increase your profitability.
Setting up a drugstore requires some initial capital. You need to spend a large fund in setting it up and stocking up on inventory. However, you have to spend little money to maintain it. It is a good idea to have a marketing plan before going into a drugstore business. Scoping your customer base and existing competition will help you to decide the location for setting up the drugstore. You might also want to decide on a competitive pricing and analyze the growth prospects before you get into the business.
If doing all this sounds too complicated, you can explore franchise business opportunities. You could become franchisee for a corporation drugstore. Franchising helps as you utilize existing resources of the corporation. What you will require though is some training and expertise in management and business operation. Most pharmacists spend up to five years studying and have little experience of running a business. Make sure you have a good knowledge of front-end dealing to make your drugstore a good customer experience.
To get your drugstore started you must stack up on your inventory efficiently. Use professional help for this. You should keep your drugstore neat and appealing. Use white for most of its interiors. To maintain your business you must have efficient bookkeeping. You must maintain a proper record of all your expenses and receipts. If you manage it well a drugstore can make a profitable business opportunity.
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