To own or not to own a pharmacy

Some people may envy your decision to start your own pharmacy and they will ask you how you came to that choice. It’s really difficult to leave a regular pay cheque and the security as an employee. However, something continues to lurk in your mind to move forward on your thoughts.

Anyone contemplating self-employment should first answer the question, “Why are you considering this?”

Don’t start a pharmacy if…

You hate your boss.
You want to work your own hours.
You don’t feel like a special part of the team.
Your relationships are not on solid foundations.

Start a pharmacy when…

You have something better to offer.
You have skills that aren’t being leveraged.
You have enough savings to sustain yourself.
You work smarter and you can calculate your risk.

If the thought of owning your own business has been floating in your head for more than three years, you are destined to give it a shot. Don’t waste time talking to people who have never put their money down. They will only have unfounded opinions on what you should be doing. Don’t ponder too long, as finding out valuable information from the right source is a good investment for the future project.

For those who want to launch a business, here’s some simple advice to follow.

1. Stockpile savings. Stop buying on impulse. Live within your means.

2. Attend networking events with peers. Confide in allies, as you will need them.

3. Start talking to smart people. Shamelessly promote yourself. Be fearless as it only takes five seconds of courage to meet someone.

4. Start broadcasting yourself and appearing in your industry functions.

5. Use every opportunity within your capabilities to write articles, be on advisory boards, conference presenter, op-eds and academic papers all help build your brand.

6. Don’t forget self-care.

7. Get your finances in order and a pre-approved loan for your project. Start meeting with your business consultant on how the process will be executed

8. You are a pharmacist so you will need to follow the codes of professional responsibility, do extra research on how you need to structure your company and what the reporting requirements are. If you have questions, there are ethics hotlines in each State and Province.

9. Keep track of business expenses. It’s useful for tracking what you need to keep your business running, and you’ll use them for taxes later.

10. Keep networking and Perfect your value proposition practice self care

11. Complete any tasks that you had promised and remember to thank the people who have help you in your career. Be kind.

12. Workout four times a week. It helps dissipate the cortisol that builds up in fight-or-flight response to stress, gives you a mood boost and helps you sleep.

13. Let your patients know where you will be setting up and build your client list from there.

14. Get your legal records in order. Licenses, vendor’s agreements and terms, bank account. Focus on the work but maintain good, simple records. Contract a bookkeeper after a few months of operation.

15. Work your plan and don’t let the plan work you. Marketing and networking is the key to your promotion.

16. Set your charge system that is in line with state and provincial legislation but do forget to have another menu of service that is all cash pay.

Finally, be kind. A good reputation is priceless and your personal brand is your most valuable asset in owning a community pharmacy.

To own or not to own a pharmacy