The Discount Pharmacy is a proposed retail business that will provide discount prices to cash-only customers for prescription medications. The pharmacy business plan focuses on self-paying customers, which will prevent the problems associated with insurance payments and provide a steady cash flow for business operations. The pharmacy sample business plan calls for only one pharmacist on staff and utilization of pharmaceutical techs for most of the customer service functions. Profitability is expected by the second year, with increases in the customer base by 30% each year. DP expects to maintain a high number of repeat customers in the over-55 age bracket who take regular maintenance medications. The substantial discounts and absence of superflous services will enable these customers to pay in cash, thus eliminating cash flow problems.
The Discount Pharmacy's main goal is to provide prescription medications for our customers at the lowest prices on the market. We will be able to sell prescriptions at reduced prices by carefully maintaining efficiencies in our operations and by targeting a specific segment of the market - those customers who pay for their prescription medications themselves. By focusing on this segment it gives us additional efficiencies - we avoid disruptions in cash flow often associated with insurance payments and we can eliminate unnecessary services for the type of knowledgeable, repeat customer taking maintenance-type medication.
The Discount Pharmacy will operate from one store that will serve both mail order customers and those who visit in person. We will thrive by employing friendly and knowledgeable personnel, which, along with our great prices, will drive the repeat business that we will rely upon. We only expect that as the price of medication continues to skyrocket, The Discount Pharmacy will appeal more and more to the customer's sense of value and convenience.
Our advertising, mainly through ads in magazines targeted at the over-55 crowd, will be targeted at those who are looking to save money on a pricey but necessary and regular expense.
The Discount Pharmacy will be led by John Reeleaf, an MBA with experience in the pharmaceutical industry. Costs will be minimized by maintaining only one pharmacist and filling the void with pharmaceutical techs. We expect to reach profitability by our second year and will generate substantial sales by year three.
The objectives for the first three years include:
Exceed customer expectations with superior pricing
Increase the number of customers by more than 30% per year
Develop a business that survives off its own cash flow
The Discount Pharmacy's mission is to provide our customers with the best prices for their prescription medications. Our convenience and services will exceed the expectations of our customers.
1.3 Keys to Success
The keys to success are:
Satisfy our customers so they will return again and again
Maintain low overhead and operating costs
Provide better prices than all our competitors
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