Are Independent Pharmacies Still Profitable?

Independent pharmacies are often looked at as a thing of the past. Though corporate names litter the industry today, private locations were once considered a place to speak with friends and neighbors while getting medications or other necessities. Is there room for an independent pharmacy in today’s economy? That’s an interesting question and one that has several aspects to consider.

Is it more than just medication?

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One of the bi-products of the McWorld mentality is being multifunctional. Businesses have been forced to adapt to the ever-changing demands of the consumer. For pharmacies, this has included an overhaul to their curb appeal. Products designed for a homeowner’s outdoor space are now being sold in many pharmacies across the United States, particularly in Ohio.

Mangrove Awnings sells retractable awnings Columbus Ohio and it is products like these that independent retailers are relying on to help keep them afloat. Not only are pharmacies trying to mimic their award-winning success, but they are also looking for products like awnings to increase sales. Independent drug retailers are also trying to stay humble like Mangrove by keeping their clients as their primary focus. If small business owners can promote patio furniture like a retractable awning in the store, they will be on their way to turning a profit.

Do you offer reasons to come?

Another key element to generating business comes from coupons or a discount price tag. Nearly everywhere you turn, you can get a discount for any number of reasons. Gas stations have a cash price. Nearly every service call comes with a free estimate. In a pharmacy, it’s no different. A common area to offer reduced rates is with medication such as a Sildenafil coupon. Honoring internet coupons can go a long way in building rapport with your clientele and showing them you care. These online sites often are geared towards people with insurance or Medicare. Working with their insurance plan to make sure they don’t receive any extra charge for their prescriptions is equally as important. With the simple addition of coupons, there can often be an increase in sales and profits.

Have you remembered it’s a business?

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An area that many people, who are passionate about what they do, can tend to forget is the business side of the company. This can be especially true for people who run a business that helps people, like a pharmacy. It’s easy to get caught up in giving people a discount on a canopy or Viagra. However, when this happens, you can lose sight of the numbers that allow your business to thrive. You need to make sure you are aware of the business aspects of the company, and that you run it needs to make money. This includes making appropriate phone calls, have marketable logos, and getting trademarks on any materials that are your creative thought. At the end of the day, it’s important to help people, but you can’t help anyone if you run your business into the ground.

Are you watching the market as well as competitors?

All good business owners need to be aware of market trends and competitors. Not only will this help you identify what trends are popular, but you’ll also get further information on how to run your own pharmacy. Perhaps retails are shifting to a custom design for blood pressure medication signage and you want to follow suit. Watching what the markets are doing will also give you an understanding of what medical advice is being promoted. This could give you an inclination of what over-the-counter remedies might be popular. Keeping up to date on trends and competitors’ moves can give you the chance to keep your business competitive.