Category: Featured

We’re Raising Funds to Better Serve Our Clients.

Great news for ShiftPosts supporters! In February of 2023, we launched our first phase of market development in 5 key states across the U.S. Along with the Canadian market, recruiting a loyal, high-skilled base of healthcare professionals is just the beginning. Once we recruit a vetted crew of professional pharmacists, we will open the platform for work opportunities. Much like our first market in Canada, it should only be a matter of months before wages begin to rise and operational challenges begin to fall for the retail pharmacy industry.

To accelerate our growth in the U.S., we need to grow our investor base. To leverage our great base of investors from our very successful fundraising effort on SeedInvest in 2021, we will start a new round of crowdfunding on StartEngine. StartEngine acquired SeedInvest in 2022, and finally, they are ready! Funding from this campaign will enable us to serve our clients better, grow our membership faster, and move more quickly in the market. Our goals are to provide more options for shifts that offer work when you need it and enable pharmacies to post jobs more easily. At the same time, we need to expand our staff and invest in the critical features and functions that will make it even easier to take a shift, fill a position, and process payments.

How You Can Help Us 

To be successful on StartEngine, we need your help. Crowdfunding platforms need traffic, and making our offer popular is how we get funding. Once we launch our campaign, the more people who visit the StartEngine website and search for ShiftPosts, the better! Plus, once there, you’ll find the latest news (on ShiftPosts), just how much we’ve grown, where we are heading, and how you can get involved in moving pharmacy staffing forward.

Note there are strict rules on who can invest on crowdfunding platforms, so you should check the StartEngine website for the rules. Your interest in our company and searching for us on the site adds to our success. For those who qualify to invest, think of it this way — would you have invested in UBER, AirBnB, or InstaCart when they were only in two or three cities? We are at that inspirational starting point now. You can join us at this ground level and grow your investment as we grow!

Seed investments on StartEngine have a minimum investment requirement and also short-track the opportunity for investors because they have thoroughly vetted every company. StartEngine follows SEC guidelines and does both background checks and financial reviews of every company before they launch, so once ShiftPosts launches, you’ll know that we’ve met all the regulatory requirements set by the SEC. 

We understand that many of our users (Pharmacists and Pharmacy Owners) are based in Canada, where crowdfunding is currently restricted, but there are still ways you can help us grow!

If you are in Canada, you can do the following:

1. Click the link to show your support for our efforts. We get rewarded not only for getting investors but growing our and the StartEngine brand. So, a simple link click goes a long way!
2. Share this link and spread the word with friends in Canada and the United States. If your friends are in the U.S., they have the opportunity to open a StartEngine account and invest in the ShiftPosts brand.

If you are in the U.S.

1. We want you to be a part of our growth! Becoming a Seed Investor is an excellent opportunity to get in early with our company and allow you to grow your investment more. Plus, it helps us accomplish some major goals, like implementing new and innovative features that benefit all ShiftPosts users. Click the link to learn more about this opportunity available to you!
2. You can also simply click the link and share this with your network. It goes a long way toward helping us accomplish our mission, which is nothing short of revolutionizing the way pharmacists are hired and paid and the ease by which pharmacies can hire!

We are working hard toward some lofty goals with StartEngine and have a 30-day window to accomplish them. With your help, we can accomplish these goals to open up more fundraising opportunities and allow ShiftPosts to achieve its goals more quickly.

Thank You for Joining Us on Our Journey 

We want to extend our sincerest appreciation for your help and support of ShiftPosts. You’re helping us reimagine the way pharmacy professionals connect with great opportunities, and — together — we’re creating a positive change in the healthcare industry.

Share our story!

https://www.startengine.com/investor-faq

On StartEngine, you can connect with support startups and early-growth companies that you are passionate about. This is different from helping a company raise money on Kickstarter. You aren’t buying products or merch. You are buying a piece of a company and helping it grow. In time, you may make a profit on your investment if the company grows and becomes more successful, and your investment holdings become worth more.

Standby; we are working on launching on Start Engine soon! We’re excited to give everyone a chance to support us and take advantage of the value ShiftPosts has brought to the market. Watch for upcoming updates from our team! 

We’re honored to be featured on the cover of HRTech Outlook magazine! At ShiftPosts, we’re shifting how people look at pharmacy staffing with our innovative digital platform and pharmacist-to-shift matching capabilities. Discover how we’ve balanced quality and efficiency by streamlining pharmacy staffing with an all-encompassing app that lets you find and fill shifts in minutes. You can also hear from our CEO, Elizabeth Cooper, about what makes our company unique and how we’re changing the game with our all-in-one platform and unique approach to all healthcare staffing.

Acquiring and owning a pharmacy can be a lucrative and rewarding business venture. However, it requires significant investment, commitment, and knowledge of the pharmaceutical industry to succeed. If you are interested in pharmacy ownership, read on to learn about the benefits and considerations of owning a pharmacy, including the cost of starting, potential profits, licensing requirements, and more.

Owning a Pharmacy

Pharmacy ownership involves managing and operating a business that dispenses medication and provides health-related services to customers. When acquiring and owning your own pharmacy, you become responsible for the entire operation, including complying with state and federal regulations, maintaining accurate and detailed records, employing licensed pharmacists, and training your staff properly. You also need to be aware of changing industry standards, market trends, and emerging technologies to help you provide high-quality care to your customers. 
It’s essential to understand everything that goes into acquiring and owning a pharmacy before diving in to be sure it’s something you’re prepared to take on.

Who Is Pharmacy Ownership For?

Acquiring and owning a pharmacy is a good option for individuals passionate about healthcare, serving their community, and providing quality patient care and entrepreneurship. If this sounds like you, consider owning your own pharmacy. As a prospective pharmacy owner, you should have a deep understanding of the industry, excellent managerial skills, and be willing to invest time, money, and effort into the business. 
While pharmacy ownership isn’t for everyone, you can make it happen with a strong willingness to succeed and a plan to help you do it.

Start-Up and Acquisition Costs

Buying an independent pharmacy requires high start-up costs. These funds are necessary to cover leasing or purchasing commercial space, buying equipment, stocking inventory, hiring staff, and obtaining required licenses and permits. 

On the other hand, you could consider buying an existing pharmacy, which is less costly but can be risky since you’re taking on someone else’s liabilities and assets. As you consider buying a pharmacy, research both options to decide which would be best for you.  

Funding Options

Financing a pharmacy can be challenging, but various funding options are available if you need them, including traditional bank loans, Small Business Administration (SBA) loans, and grants. You could also consider partnering with investors, joining a franchise, or seeking crowdfunding to raise capital for buying a pharmacy

Cash Flow and Profitability

As a pharmacy owner, you must maintain a positive cash flow and profitability to maintain your pharmacy and ensure you can provide quality services to your customers. To manage your cash flow and profitability, make sure you are:

• Managing expenses
• Negotiating with suppliers
• Implementing efficient inventory management systems
• Diversifying revenue streams

You can also invest in pharmaceutical technology and marketing strategies to attract customers and help you stay competitive. 

How Much Does It Cost to Start a Pharmacy?

Acquiring a pharmacy can be extremely rewarding, but it is an expensive venture. Start-up costs can range anywhere from $880,000 to $1,800,000, though the cost depends on several factors, including:

• Pharmacy location
• Pharmacy size
• Medications provided
• Services offered
• Regulatory requirements

Other cost factors could include:

• Current market — As you are considering buying a pharmacy, research the market to get insights into start-up costs, expected revenue, and potential challenges you may face. 
• Existing history — If you want to take over an existing pharmacy, assess its current revenue and expenses, profit margin, customer base, existing contracts, and insurance providers to identify any possible concerns.
• Market competition — Analyze the area’s demographics, the market’s competition, and the community’s unique needs. With this information, you can decide which services and products to offer and a pricing strategy that keeps you competitive.

How Much Profit Can You Earn As a Pharmacy Owner?

As an owner, you could earn anywhere from $400K – $700K, depending on location, and the pharmacy could profit around $4 million annually. Several factors can influence your profit, including the number of prescriptions filled, the type of services provided, overhead costs, front-end sales, and inventory costs. 

Script Count

One of the most significant factors in acquiring and owning a pharmacy is filling prescriptions, meaning the script count is critical to your profitability. The more prescriptions you fill, the more revenue you’ll bring in. 

Type of Services

If you offer services beyond filling prescriptions, like medication therapy management, immunizations, and health screenings, you can increase your revenue streams and stand out from your competitors. 

Overhead Costs

Overhead costs such as rent, utilities, and staffing can significantly impact profitability. By using effective cost management and operational efficiency strategies, you can find ways to reduce overhead costs and improve profitability.

Front-End Sales

Front-end sales such as over-the-counter medications, health and beauty products, and medical supplies can contribute to the revenue of your pharmacy. Consider offering a diverse range of products, implementing competitive pricing, and engaging in effective marketing. 

Inventory Costs

Acquiring and owning your own pharmacy means you are responsible for managing inventory and reducing costs. You’ll need to balance maintaining sufficient inventory levels and minimizing the risk of excess inventory, which can lead to spoilage and waste. 

What Are the Licensing Requirements for Pharmacy Owners?

Pharmacy ownership requires compliance with various legal and regulatory requirements, including licensing, compliance with state and federal regulations, and insurance and liability considerations. When buying a pharmacy, you’ll be responsible for maintaining all the proper licensing. 

Pharmacy licensing may vary by state but generally will include:

• Forming a business entity 
• Applying for an Employer Identification Number (EIN)
• Registering a business name with the state 
• Registering for state and federal taxes
• Registering to distribute controlled substances 
• Applying for supplemental licenses for additional services
• Applying for a National Provider Identifier (NPI) number

Compliance With State and Federal Regulations

Part of pharmacy ownership is complying with state and federal regulations that govern the handling, dispensing, and sale of medications. The regulations cover record-keeping, drug disposal, and controlled substances. Failure to comply with these requirements and regulations can result in penalties, fines, or losing your pharmacy’s license. 

Insurance and Liability Considerations

When owning a pharmacy, you must have adequate insurance coverage to protect against potential liability claims. Liability risks include errors in dispensing medications, product liability claims, and general liability claims. Adequate insurance coverage can help protect your pharmacy’s assets and ensure you can continue operating in case of a liability claim. 

How Long Does It Take to Start a Pharmacy?

The timeline for pharmacy ownership can vary based on several factors, including:

• Operational considerations
  • Securing a location
  • Obtaining permits and licenses
  • Establishing relationships with vendors
  • Setting up necessary infrastructure and systems 
• Staffing and human resources
  • Recruiting and hiring pharmacists, technicians, and support staff
  • Training your team on pharmacy operations and quality care
• Inventory management and supply chain
  • Establishing relationships with suppliers
  • Negotiating pricing and payment terms
  • Tracking inventory levels
  • Managing expiration dates 
  • Establishing a robust supply chain
• Marketing and customer acquisition
  • Creating effective marketing strategies 
  • Developing a strong online presence 
  • Building relationships with local healthcare providers
  • Offering additional services to stand out from competitors 

If you are proactive and diligent, you could have your pharmacy open in as little as six months. However, based on the above factors and allowing for probable delays, you can expect to go from buying an independent pharmacy to opening day in about a year. 

Is Acquiring and Owning a Pharmacy Right for You?

There are a lot of considerations that go into owning a pharmacy, and you’ll need to weigh the pros and cons of pharmacy ownership to determine if it’s right for you.

If you aren’t sure you’re ready to acquire your own pharmacy yet but still want to make a difference in the industry, consider joining ShiftPosts. You can cover open shifts, help reduce understaffing, and increase your earning potential with the help of our convenient staffing platform. Contact us to learn more today.