5 Factors to Consider When Picking The Best Location For a Pharmacy
- Dixie K. Swanson
- on Aug 25, 2022
Creating any successful business requires an effective strategy. In the case of a pharmacy or a dispensary, location is one of the most important factors to consider. Unlike other larger pharma entities like pharma third party manufacturing companies, the location you choose directly affects the performance of your pharmacy.
So here are some tips that you may find useful in finding the perfect location for your pharmacy:
Visibility and Accessibility
One of the most important factors that influences the income of a pharmacy is access. Can your customers easily access your pharmacy? Are you visible to customers? Most people do not have the time and energy to go looking for a hidden grocery store let alone a pharmacy. Especially when they can easily find another one with the same services you offer.
You may want to avoid locating your pharmacy or dispensary behind another building. It is advisable to place it where any passerby can clearly see it. Probably where a lot of traffic passes through. That way, travelling customers can easily access your pharmacy. If possible, you may want to provide parking as well.
When deciding the best location for your pharmacy or PCD pharma franchise company in India, you also have to consider the business opportunities that you get from the place. For instance, locating near a clinic may help increase the number of customers.
You also have to consider factors like partnership. You may want to partner with other entities. For example, partnering with a prestigious PCD Pharma Franchise Company like Vivaceutical can help boost your business in many ways. Stable product supply and business resources.
3. Customer Base
To make profits, you need a lot of customers. Therefore, try to pick a place with a lot of customers. For example, a place that is near a high density residential area. Why a high density residential area?
Most upscale residential areas have poor housing systems compared to low density areas. Poor water supply system, bad garbage disposal and horrible sewer maintenance. Well, studies show that poor housing may have a negative impact on the health of the residents. With a pharmacy nearby, sick people can easily access medication. Furthermore, you might want to locate your pharmacy near hospitals and clinics.
Some people think locating your business away from competition is an advantage. Actually, the opposite is true. Once in a while, a business needs motivation. You need something that forces you to become better. Competition can be a charm.
Some experts also agree that locating your business near competition attracts customers. All you have to do is try and be the best of all the other pharmacies in the area, and you scoop all the customers.
Although this is not quite a big issue for a small entity like a pharmacy, it has to be considered. Will you find the necessary expertise you need for your pharmacy in that area? Finding the best employees can have an effect on the sales you make. It is important to find employees who live near the location you choose to launch your business. That way matters like transport and punctuality are easy to address.
These are some of the most important factors, but there are probably more factors to consider. For instance, you have to consider if the capital you have matches the expenses that come with the place you choose. In addition, you also have to consider factors like space and area rules.