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1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)

9 Replies Last post: Dec 20, 2007 11:42 AM by BDS INC

how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business?

Dec 9, 2007 12:41 AM

henryp 2 posts since
Dec 8, 2007

how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business?
thank you for your help

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LUCKIEST 7,933 posts since
Aug 6, 2007

1. Re: how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business? Dec 9, 2007 7:41 AM

henryp, Tell us more. I am a SCORE Counselor and as such, try to find out more about you and your plans.
Maybe you want to share your background (like education and work experiences).
Why an independent pharmacy?? Do you have a Business Plan?? How about a Location??
How much money are you looking for?? The more you share with this forum, the better
the members can answer your questions and help you.
Good luck, LUCKIEST

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DomainDiva 1,732 posts since
Oct 10, 2007

2. Re: how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business? Dec 10, 2007 1:17 PM

First you will need on staff a licensed and registered pharmacist. If you are independent are you also going to advertise and perform compounding?

You will need an Executive Summary, a business plan, and some ideas about product other than pharmaceuticals. For example will you carry only organic compounds? Nutri-ceuticals? Big Pharma? Health and wellness adivce? Skin Care?

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CorpCons08 1,128 posts since
Nov 14, 2007

3. Re: how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business? Dec 10, 2007 2:03 PM

in response to: DomainDiva

I would hope they are a registered pharmacist...

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Lighthouse24 2,396 posts since
Oct 10, 2007

4. Re: how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business? Dec 10, 2007 2:12 PM

Are you a registered pharmacist and/or do you have experience managing a pharmacy operation? Will this be a standalone brick-and-mortar store, or co-located inside another retail business? We really need some more basic information about your plans and objectives to offer a helpful next step.

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henryp 2 posts since
Dec 8, 2007

5. Re: how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business? Dec 13, 2007 1:52 AM

Hi everyone,
Thank you for all your input so far. My wife will be the registered pharmacist but she doesn't want the pharmacy under her name. I already found a very inexpensive lease but worry about the financial part. I found a lender that will give us a loan for $50-100k requiring we must have 20% of the loan amount as liquid asset in the bank. The interest rate is 5% plus prime, so total is about 12.25%, is it about right now? We can try to borrow money to get 20% ($10-20K)of the loan amount in the bank but before we do this, is there any loan that doesn't require this much money and lower rate? Thanks again. Have a good day!

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DomainDiva 1,732 posts since
Oct 10, 2007

6. Re: how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business? Dec 13, 2007 11:49 AM

in response to: henryp

Prime PLUS 5%????? They see you coming. Start shopping the rates.

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CorpCons08 1,128 posts since
Nov 14, 2007

7. Re: how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business? Dec 13, 2007 12:46 PM

in response to: DomainDiva

Prime + 5% is a rate they often give to exception based approvals..
If you contact me henry, I will look into fixing things for you.

CC08

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Unsecured 4 posts since
Dec 19, 2007

8. Re: how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business? Dec 20, 2007 10:31 AM

in response to: henryp

Yes, Henryp , I have financing that will definitely fit your needs. Please refer to: www.ezunsecured.com

contact me at: joevasallo@yahoo.com

so I can send you full disclosures of all our products. Thanks.

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BDS INC 131 posts since
Jul 20, 2007

9. Re: how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business? Dec 20, 2007 11:42 AM

Henry.

An unbiased opinion - have you looked into a franchise? The Medicine Shoppe is a pharmacy franchise. All independently owned and operated. You don't have to be a pharmacist to own the shop. What is great about the Medicine Shoppe is its only medicine, none of the other stuff you'll find in places like Walgreens or CVS.

As a franchiser, they'll be able to help you find suitable financing if indeed that is what you plan to do.

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This Question is Answered

how do I start an independent pharmacy? Is there a start-up business loan suitable for this type of business?

Dec 9, 2007 12:41 AM

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