Business Financing For Individually Owned Ohio Pharmacies
Admittedly, most of us feel overwhelmed with our full-time, full-speed, all-access digital age. We can label it simply harmless if it’s just an onslaught of entertainment news and it has no bearing on our lives. On the other hand, if you’re a small business owner seeking some advice on growing and operating your company but can’t navigate through the incredible amount of information, your situation can get urgent pretty fast.
For instance, if you are an independently owned and operated pharmacy, how do you simultaneously “diversify your revenue stream” as suggested in a recent article in The Independent Pharmacist AND “find your niche” as suggested by a pharmacist continuing education provider? Even though this advice seems contradictory, it is in fact possible to mesh the two together and create a burgeoning independent and strong Ohio pharmacy.
This is where Greenbox Capital comes into play. Having access to working capital allows your business to be strategic, smart and nimble. While the exact details on your journey to success will undoubtedly vary, you can rest assured that access to working capital is a proven necessity. It is your duty to fulfil your potential as a prosperous small business enterprise that dispenses much needed medications and provides patients a connection to drug therapy.
The economic forecast for independent pharmacies is bright. Independents still outnumber big chain pharmacies1, even though they are facing some of the greatest uphill battles in their history. Decreased reimbursement, exclusion by PBMs for Medicare script plans and the steady growth of chain and supermarket pharmacies makes it critical for independent pharmacies to secure their future now. As stated before, it’s true that as an owner, you need to retain your unique value to customers and strengthen who you are: a trusted community partner.
Independent Ohio Pharmacy Niche Opportunities
- Offer special clinics not only onsite but bring your flu shot clinics and blood pressure screenings to local businesses
- Add compounding services
- Invest in training for your pharmacists to become specialists such as HIV or Geriatric-certified
Next, after you focus on a strategy to discover and fine-tune your niche, you will need to add a new revenue stream to prevent dependence on any specialty that may be vulnerable to uncertainties that are in this industry.
Independent Pharmacy Diversification Opportunities in Ohio
- Capitalize on technology and launch telepharmacy services. The advantage is the ability to grow your customer base without increasing the size of your staff
- Increase your inventory offering by adding medical more and different supplies
- Add specialty drug dispensing to what you offer. Speciality pharmacies have been called a “gold rush” with over 40% of drugs in development falling within this category
How to Finance Your Ohio Pharmacy Success
Pharmacies typically have high-volume credit card transactions. This makes them suited for our Merchant Cash Advance financing. This is also referred to as “credit card receivable funding”, and it is one of the easiest and fastest ways to obtain a cash infusion for your business to grow. Business cash advances can be as small as just $5,000 as a short-term cashflow solution, to a larger working capital cash advance of up to $250,000. Whatever the amount your business qualifies for, you can receive it in as little as 24 hours.
Small businesses that average at least $7,500 a month in revenue for the past 3 months can qualify for a cash advance equal to 70% or 100% of their monthly revenue, up to quarter million dollars. Applying is quick and easy, we ask for very little paperwork with zero collateral. Qualification is based on the strength of the business. This means that poor personal credit is not an automatic disqualification for a small business loan2 or merchant cash advance3. Our goal is your success, our funding advisors and underwriters make decisions based on your company’s stability and future potential. This is where Greenbox Capital’s strength as a direct and alternative lender truly makes the difference.
Greenbox Capital: Positively Different from an Ohio Bank
No middlemen! This means no markups, so our business advances are affordable. Plus, we are not bound by strict lending requirements unlike banks that rely on your credit score, review months and months of statements and years of tax returns. Banks reject most small business loan applications due to the size of the loan, credit reasons and the vertical that the business is in.
Greenbox Capital provides personal service and takes an up-close, personal look into your business when making our decisions. We believe in small business success, and we focus on providing the financial support that companies across the US, Canada and Puerto Rico so vitally need.
If your sales or credit card volume is not strong enough for our unsecured merchant cash advance or loan, ask our funding advisors about collateral-backed or asset-backed financing options. You may qualify for a cheaper rate. Payback options are also automated and very convenient. They are designed to fit into your operations and require virtually no administrative work on your end.
For payback, you can choose between Split-Funding or Automated Clearing House (ACH). Fixed ACH payments are deducted directly from the business bank account either daily or weekly, your choice. This is perfect for owners who keep a close eye on their cash flow. Knowing how much is due greatly helps business owners manage their cash flow. Once half of the advance is paid back, Greenbox Capital may renew the advance and even increase the amount of cash available. If you qualify for our Business Line of Credit, you can renew without paying back the first half of the original amount. This keeps cash ready for immediate access.
As well as a line of credit, our other programs include Early Pay-off at 30, 60, or even 90 days from the time of funding to receive a rate reduction. For every 30 days that the advance is paid early, you can receive a discount. Our Escrow Program enables you to receive funding prior to paying off existing cash advances from other lenders.
¹ Source: 2014 National Community Pharmacists Association
² Greenbox Capital Small Business Loans may not be available in all regions of the United States or Canada.
³ Greenbox Capital Merchant Cash Advances may not be available in all regions of the United States or Canada.
For a free consultation, please complete our application or contact our Merchant Account Service Team.