The apparent prosperity of the pharmacy business has attracted a steady stream of entrepreneurs, but the real practitioners are well aware that making money in this industry is not as simple as it seems. You only notice the new ones coming up each year, but you forget those pharmacies closing down each year silently because of losing to competitors.

This article will talk about the following common misunderstanding:

Location selection
Decoration choice
Where to find profitable medical product supplies
Secrets in selecting products to be sold

For old pharmacies, there is no way to completely avoid the risk of closure, and there is more danger new pharmacies. If your pharmacy is in its infancy, if you want to quickly get on the right track of profitability, then don’t miss it.

1

Selecting location only considering the flow of people

To ensure a sufficient potential customer after the opening, many pharmacies only focused on whether the surrounding streets ensure a large population flow, but ignored the ability to convert the flow of people outside the store into the flow of customers in the store. This is fatal.

Opening a pharmacy to do business with people is naturally important, but in addition to this, we must also consider the conversion rate of people and the needs of these people. Although there are many people near some shopping centers, how many people will buy medicine when shopping?

On the other hand, we see some drugstores located in small industrial zones are having good and steady business, because there is no competition and young people in the zones are constantly buying from the store.

2

The money spent on decoration might not worth it

The importance of decoration design of a pharmacy is self-evident. A pharmacy that has spent a lot of time on decoration is always more popular than a pharmacy that opens after a casual painting. But a hotel style luxury feeling is not appropriate. A drugstore is a place that gives confidence and security.

Before decoration, do a simple survey on the surrounding consumption level, and then determine the design style based on the survey results, rather than blindly pursuing exquisite and high-end. If the decoration is too high-end, customers will feel that the pharmacy’s products will be too expensive, and they don’t dare enter the store.

3

You own special supplies plays into your profit

One of the major differences between an experienced store owner and a beginner is that the former has established special connections to suppliers of certain products.

Human health is an ancient and complicated business. People will come to you asking for something not on your product list. You should not simply say no because this is a chance to increase bonding with your customers and a chance to expand your business.

You can try the following online markets, search them with patience:

Global market: Ebay, Amazon
Korea: Gmarket
India: Flipkart
Independent sites like cartkoo.com
Southeast Asia: Shopee
Southeast Asia: Lazada

Some independent B2B sites in China are very helpful but you have to find them first. They will act just like your personal agent and provide some interesting products. One of these websites I found is: cartkoo.com. You should collect more.

4

Some products will not give you any profit

Many newcomers who open pharmacies believe that the most important thing to attract customers is that the goods are complete enough so that customers can buy all in one place. However, after various drugs were displayed on your shelves, they found that customers did not seem to buy it.

It is of course important to have a complete range of products, but the actual situation must be considered. If a large pharmacy with an area of ​​hundreds of square meters, it’s OK to have all people need, but if it is just a small pharmacy of ten square meters, it will be counterproductive and too expensive to pursue multiple categories.