Executive Summary
The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and/or investors.
If the information you provide here is not concise, informative, and scannable, potential lenders and investors will lose interest.
Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire plan.
Pharmacy Business Overview
This is where you will describe your pharmacy. Be precise and provide relevant information. Here are some questions you must answer in this segment:
- What is the rationale and inspiration behind opening a pharmacy?
- Where will the pharmacy be located?
- What will be the physical layout of the pharmacy?
- What will be the operating hours?
- How many and what type of employees do you intend to hire?
- How many prescriptions will you fill each day on average?
- How will you describe the human resources of the pharmacy such as staff training, commitment, work ethics, etc.
- Who is your target audience? What health problems do your target audience face?
- Are there unmet health requirements that your pharmacy intends to cover?
- Will you sell non-prescription (over-the-counter) drugs and supplements?
- What is the demand for such non-prescription products?
Provide all the necessary information to make the section robust so that the potential investors get excited about the potential benefits and rewards of investing.
Pharmacy Market Analysis
Understanding your market is absolutely necessary for the success of your business. Demonstrating in-depth market knowledge in your business plan is important to attract investments for your pharmacy.
For example, if you try to sell beauty and haircare products to the high percentage of the aged population in the area suffering from problems like arthritis, Alzheimer’s, diabetes, etc., it depicts a lack of market knowledge.
Sales & Marketing
This is the segment where you outline your customer acquisition strategy. Try to answer the following questions:
- What are your Unique Selling Points (USPs)?
- What are the different marketing strategies you will use?
- How do you intend to track the success of your marketing strategy?
- What is your CAC or customer acquisition cost?
- What is your marketing budget?
- What introductory promos and offers do you intend to provide for attracting new customers?
Management & Organizational Structure
Small businesses often fail because of managerial weaknesses. Thus, having a strong management team is vital. Highlight the experience and education of senior managers that you intend to hire to oversee your pharmacy services.
Describe their duties, responsibilities, and roles. Also, highlight their previous experience and explain how they succeed in their previous roles.
Even if you haven’t already hired senior managers, sales executives, marketing professionals, billing personnel, pharmacists, technicians, and other relevant staff members, it is important that you provide a flowchart of the organizational structure defining the hierarchy of reporting.
Pharmacy Financial Plan
The financial plan is perhaps, with the executive summary, the most important section of any business plan.
Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your pharmacy is an attractive investment.