Fashion trends come and go, but care for health never fades. If you notice keenly, every industry has a trend to follow, which rises and falls in a matter of time. But this has never happened with the pharmaceutical industries. Also, we do have a competition in our industry too, but the rule of thumb is to never compromise with the health of our species. So, if you are looking for a stable business, you can prefer opening up a generic drugstore at a place where it is needed the most. Although, you will not be allowed to operate a drugstore without a licensed pharmacist to accompany you at all times at your store. This is the topmost priority to hire one as you may not possess the knowledge and/or license related to any kind of pharmacy. But nonetheless, it does not revoke you to manage or operate a generic drugstore like a boss. Here’s how you can begin.
- Choose a perfect location – Medicines are preferred to be bought only when the location of the drugstore is the most convenient. When the location is not convenient, it might affect your sales a bit. Hence it is crucial to find an excellent location.
- Buy generics directly from the source, but branded meds from the wholesalers – Here’s the trick of the trade. The nearer you are located to the source, the cheaper the generics cost. However, branded meds are quite expensive, so to save yourself some cost, prefer buying them from a wholesaler.
- Invest in a Point of Sale System – Albeit, it might add to your cost, but it will add gold to your store management. Investing in a good POS with additional modules you can monitor your staff, manage your accounting and other operative functions like a pro.
- Get your drugstore designed by a professional – When your generic drugstore is designed by a professional, it makes it look appealing and it attracts more customers. You should also consider the cost of renovation.
- Do not be afraid to experiment with practising the right product assortment – In order to boost the sales and attract the customers, your drugstore must possess both branded and other products. Albeit your major income will be derived from the generic meds, but buy branded items with a limit and make sure they are popular over-the-counter items.
- Planning of pricing should be done strategically – The only way you can earn high profit from your drugstore is when your pricing is processed strategically. Also ensure that your major earnings are derived from generic meds—which are hence priced reasonably whereas branded items, according to the competition in the market.