Start-up Finance for your Pharmacy
- Spread the cost of any equipment
- Use the latest technology
- Buy with monthly payments
- Lease with no upfront cost
- Secured and Unsecured loans
- Borrow for any purpose
- Predictable monthly repayments
- Tailored to your cashflow
Any funding need
- Deal with overheads
- Pay staff
- Fund marketing - training - development
The high street is highly competitive. Setting up a successful new pharmacy and chemist shop will depend on access to ample funding.
Any start-up business faces a funding challenge. As a pharmacist, your challenges are particularly daunting - the costs you face can be particularly high.
To set up a successful high street business, you will need premium high street premises, sophisticated shop fittings and costly stock for the retail side of your operation. You must have a well-equipped pharmacy. You will need security equipment - and working finance to pay for all your outgoings until your business is established, and you have a reliable cash flow.
However, most lenders are only interested in lending to established businesses with years of audited accounts. Even the new breed of online business lenders usually want evidence of a year’s trading. If you cannot show a record of successful trading with online accounts and VAT returns, they will not consider an application.
But there are solutions which can help you fund your start-up. At Rangewell, we can show you all the options, and we have a 5-step plan to help you to secure the finance you must have.
The types of funding for your pharmacy start-up
There are many aspects of your business you need to consider, and you may have different funding needs for each.
A Commercial Mortgage for your chemist's shop
Premises will be a major cost for your new pharmacy, especially as you will require a premium retail site.
A good high street position with plenty of passing trade will be ideal, and you will need ample display space for the retail side of the business. Leasing may be unavoidable, but buying with a Commercial Mortgage may reduce your costs. Commercial Mortgages work much like a residential mortgage and can spread the cost of buying over 20 years or more.
Commercial loans - for equipping and setting up your pharmacy business
There are two types of commercial loan - Secured and Unsecured - which could provide the funding you need for starting up your pharmacy and chemist shop business.
- Secured Loans must be supported by security, such as your home, that the lender would take and sell if you became unable to make repayments. Larger sums are available with rates that can be as low as 2% above base rate, and ten or more years to repay.
- Unsecured business loans operate much like a personal loan. The loan is repaid in monthly or quarterly instalments over an agreed term from 1 month to 5 years.
Asset Finance - providing equipment for your chemist's shop
Asset Finance covers a range of funding solutions designed to let you spread the cost of equipment:
- Hire Purchase lets you acquire equipment straight away, with a single deposit payment. It then lets you spread the costs in regular monthly repayments over up to 5 years after which you own the asset outright. You might consider HP for your shop fittings.
- Leasing works much like a rental agreement. It lets you use the equipment without having to buy it, with a monthly payment to the finance company. For technical equipment which could go out of date, leasing can be ideal. Your IT and dispensary equipment might be suitable for leasing.
REAL EXAMPLES OF WHAT WE CAN DO
Find funding to allow a new practice to acquire premises
Help find the most competitive funding to finance the first months of a new business
Source a professional loan for pharmacist ready to start their own business
Find the most competitive lender for equipment and spread the cost with HP
Help arrange ‘jigsaw’ funding for all aspects of a start-up
Getting the help you need to set up a pharmacy and chemist shop from Rangewell
Coming to Rangewell means getting a team of financial experts working for you and your new practice.
We can discuss your objectives, point out the challenges and the opportunities and help find answers that are right for you. This can include Jigsaw funding - a bespoke package made up of the most appropriate type of funding for each need. We have found that it can help many people - including pharmacists - ready to set up their business, access a higher level of funding that could be provided by a single finance option - and reduce costs.
We can help you with financial solutions that can scale to fit your business and find the most competitive rates for all types of finance, including Professional Loans, Unsecured and Secured Loans, Invoice Finance, Asset Finance, Merchant Cash Advance, Commercial Mortgages, Growth Finance and more.
To find out more about setting up the finance you need to set up your practice, simply call us. Our experts are ready to help.
Helping you build your profits
Funding to suit your plansEvery business is different, and we can work with you to find financial solutions designed around your particular circumstances.
Take your pick of the lending marketWe understand all the different types of business finance, and have mapped thousands of products from hundreds of suppliers.
Experience in the pharmacy sectorOur expert team includes people who have worked with pharmacists setting up their shops. They understand the challenges you face, and know the answers.
Jigsaw financeYou may need finance with different types of lending for specific purposes. Because we cover the entire business lending market, we can help you find tailored jigsaw funding.
Getting government supportGovernment start-up funding can help provide the investment you need. At Rangewell, we can help you secure it.
Finance that can grow with youHaving flexible funding that can grow with you could help you make the most of the potential of your practice.
Download Rangewell’s free and detailed guide to Finance for Pharmacists
What types of finance are there - which do you need?
Why not all providers are equal - finding the one that’s right for you
How we can provide an additional income stream
The downsides to finance - and how to avoid them
Do I need to use a lender who is authorised and regulated by the financial conduct authority?
What different finance packages are available for cash flow, a pharmacy purchase or partner buy-in/out?
How to arrange finance - what paperwork do you need?
Do lenders look at pharmacies' finances when making a lending decision?
Key terms explained
Find out your finance options for all your needs
Getting the right funding arrangement is essentialThere are many forms of business finance available. Getting the most appropriate type for the business needs of your pharmacy is essential to avoid excessive costs
Your key equipment could be at riskIf you are unable to keep up repayments on a hire purchase or lease agreement, the equipment your practice depends on could be could be at risk.
Long-term financial commitmentsYou may not be able to pull out of a finance arrangement once set up.
Our service is...
ImpartialTransparent and independent, treating all lenders equally, finding the best deals.
In-depthEvery type of finance for every type of business from the entire market - over 300 lenders.
In-personSpecialist Finance Experts support you every step of the way.
FreeWe make no charge of any kind when we help you find the loan you need.