New pharmacy owners

[Aznfarmerboi]

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For independent pharmacists out there, can you guys give me tips and what I need to know before opening up a pharmacy?

After thinking about it for a while, I decided to be my own boss and open up one by 2011. I have about 300k capital and my state board of pharmacy's "opening up a pharmacy packet".

What hours do you go by? How do you compete with the chains? How much capital do you need (I know in NYC, it is going to be a lot)? How much profit or loss are you looking at in the first month? six months? one year? What long term goals should I have? What are the tax advantages of LLC versus LLP? etc. What is your front end sales?

I am also interested in niches but have no experience with that. Any suggestions? What niche can I go into besides compounding?

 

[PumpkinSmasher]

Couple independents in my area have contracts with local LTC facilities. You could also do on site vaccinations for large local companies and schools. Good luck! Compounding and infusion seem to be the more obvious niches though. Travel clinic is an idea also. Go steal some key stone tech from a chain, I would imagine having a great lead tech would be key in a startup pharmacy.