Opening a Start-Up Pharmacy: Your Step-by-Step Process
There are many factors to consider to make your start-up pharmacy successful. Pharmacy CPA, Ollin Sykes, discusses the importance of a business plan and market analysis. This plan should include sales, profit and cash flow projections. Once this is complete, make sure …
Financing During a Pandemic Part 2
Financing options during a pandemic are more complex, but also more numerous for small business owners, including independent pharmacy owners. In this recorded webinar with hosts Ollin Sykes, CPA.CITP and Scotty Sykes, CPA, CFP®, you will learn about government subsidies available for …
Pharmacy Start-Up Costs: Biggest Mistakes in Year One
Start-up pharmacists must pay full attention to getting patients and customers in the door and building relationships with prescribers. Keeping cash flow positive is job one, especially in the first six months of your start-up. The start-up pharmacist can achieve this by …
Pharmacy Start-Up Costs: Operations
Start-up pharmacists have a lot on their plate to run a successful operation, but some daily duties and responsibilities are critical. From setting up a perpetual inventory system to confirming bank deposits and monitoring refunds at the register, details matter when managing …
Pharmacy Start-Up Costs: Financing
There are significant financing requirements to start a pharmacy business. Ollin Sykes, CPA and Bonnie Bond, CPA of Sykes & Company, P.A. discuss the minimum investment needed and why a pharmacy niche bank is important to the success of your pharmacy. Pharmacy …
Pharmacy Start-up Costs: Leases/Facility Planning
Pharmacy start-up costs can mount quickly if not carefully monitored. It is important to carefully consider the terms of the lease and conduct thoughtful facility planning when opening a new independent pharmacy. In this video, Ollin Sykes, CPA and Bonnie Bond, CPA …
Pharmacy Start-Up Costs: Entity Selection and Timing
There are several steps to opening a start-up pharmacy, the first one being entity selection. The entity must be chosen before the owner can obtain a federal ID number. For most start-up pharmacies, the go-to entity is an LLC with an S …
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