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: 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 …