December 2017
©Copyright 2017 Kennedy Pharmacy Innovation Center. All Rights Reserved.
Community Pharmacy Business Plan Writing Guide
Introduction – Why write a business plan, uses for the business plan
Community pharmacy ownership can be a rewarding, but challenging career opportunity.
This entrepreneurial opportunity does carry risk to the individual(s) involved with the
venture. Pharmacists many times find the business and financial management component
of pharmacy ownership to be the most challenging due to their limited amount of training
in this area. The process of completing a business plan will assist the pharmacist owner
with formalizing the details and projections of the pharmacy venture they wish to develop.
This is just one valuable outcome of the business plan. The other key uses of the business
plan are to share the owner’s vision and strategy with potential financial lenders and with
the business employees. Most banks have a requirement that a thorough business plan be
included with a business loan application. Ideally, the business plan is a regularly visited
document that will help guide and benchmark the business as the operations come to life
and grow. Future updates are needed in order to continue to plan for future expansion and
changes that may be needed to keep the business viable.
Parts of the Business plan
The business plan document consists of the followings components (with the final
document containing them in this order):
1 Cover Page
2 Table of Contents
3 Executive Summary/Loan Summary Request
4 Mission Statement
5 Business Description & Vision
6 Product and Service Description
7 Management/Organizational Leadership
8 Market Research/Analysis
9 Financial Projections
10 Appendices
Helpful Templates and Examples:
Example Community Pharmacy Business Plan Document
U.S. Small Business Administration: How to Write a Business Plan
Community Pharmacy Business Plan Financial Template
SCORE Business Plans & Financial Template Gallery
December 2017
©Copyright 2017 Kennedy Pharmacy Innovation Center. All Rights Reserved.
The Plan Writing Process (sections of the business plan are typically prepared
in the following order)
a Mission Statement
b Business/Service Description
c Market Research/Analysis
d Location Analysis
e Financial Projections
f Management/Organizational Leadership
g Appendices
h Executive Summary
i Table of Contents
Table of Helpful Resources
Name:
Section:
Description/Notes:
Intro and Overview of
Writing a Business
Plan
Overview
Recording providing an overview on how to write a business plan –
recorded by Dr. Bryan Ziegler, owner of Moss Compounding Pharmacy
NOTE: You do not need to enter credentials/log-in information to
access recording. If asked, hit cancel and it should take you to the
recording.
Financial Template
Overview
Financial
Recording to provide instruction on how to use the spreadsheet.
NOTE: First 52 minutes are overview of the financial section and guide
of how to use the NCPA Digest to estimate financial figures.
Instructions on how to use the spreadsheet, start at minute 53.
You do not need to enter credentials/log-in information to access
recording. If asked, hit cancel and it should take you to the recording.
2019 NCPA Digest
Business/Service
Description
Provides industry data specific to patient care services, technology use.
Also highlights select pharmacy businesses in US. Could be helpful with
business/services model idea generation.
Cardinal Health –
Independently
Healthy 2019
Business/Service
Description
Highlights select pharmacy businesses in US. Could be helpful with
business/services model idea generation.
Independent
Pharmacy Shoppers
Business/Service
Description;
Market Research
Helpful consumer survey data related to OTC products
Floor Planner
Business
Description
Free Floor planner software that may be helpful
December 2017
©Copyright 2017 Kennedy Pharmacy Innovation Center. All Rights Reserved.
NACDS Rx Impact
Report 2012
Business/Service
Description;
Market Research
Info on practice model ideas, chain drugstores, disease specific
statistics on health care spending
Hands on Health –
South Carolina
Market Research
Health statistics focused on South Carolina
Census.gov
Market Research
Population statistics
Epodunk.com
Market Research
Market research statistics
State Government of
SC
Market Research
SC Health statistics
State Government of
SC
Business
Description,
Financial
Guides for business establishment, taxes, other requirements for
employers
LoanAmortizationSch
edule.org
Financial
Loan Amortization calculator to determine loan payment amounts
South Carolina Small
Business Tax
Workshop Manual
Financial
Information about taxes
