At O’Connell Store Fixtures, installing store fixtures is the smallest part of what we do. Our team is here to launch your new pharmacy on the path to success — and that begins with proper planning.
Our new blog series, “Did You Do Your Due Diligence?”, will showcase real life stories of pharmacy owners in Ontario who failed to plan properly. Read our blogs to learn how to avoid their mistakes and develop strategies for doing ‘due diligence’ when building a pharmacy!
The topic of the eight “Did You Do Your Due Diligence?” blog is a big one: financing for your new pharmacy. Many pharmacy owners fail to secure sufficient funding for their pharmacy. They underestimate the costs of construction and go over budget in this area. Or their store doesn’t take off as fast as they had hoped… You should plan for these situations when you decide to open a new pharmacy.
So what’s the first step in financing your pharmacy properly? Simple. Make sure you secure financing upfront. Talk to banks or credit unions who can provide you with a loan. Budget contingency funds for unforeseen expenses, based on the total projected cost of your pharmacy build. This advice may seem obvious to some people, but you would be surprised how many people ignore it.
Here’s the second step: find contractors and store fixture providers who will quote you what you will actually be paying. As we mentioned in our blog on contractors, you should beware of hidden costs — and you should find someone who knows the building codes and will adhere to them in their pharmacy design.
What’s the takeaway? Secure proper financing for your new pharmacy build upfront and include a financial buffer. Find contractors and suppliers who will provide accurate quotes. Do your due diligence!
To get a quote for your new pharmacy build, contact the team at O’Connell Store Fixtures in Ontario today.
