What’s on the market now? What can you afford? And what’s a good investment?
I often talk to pharmacists wanting to buy their own pharmacy and enter the market as a business owner. I want be my own boss, I’m sick of being employed and I’m ready to do this are common phrases. But have you done your homework?
When buying a business you need to consider firstly, can I fund this? A pharmacy is not cheap and if they are they’re probably not profitable. Speak to your bank and find out how much you’ll need as a deposit … it is the bank’s investment as well as yours.
100 hour untraded contracts are still available … at a price. I recently spoke to a pharmacist who’d put in an offer on a 100 hour contract set to expire in November. The offer was well below the asking price and was politely refused. An asking price is there to be negotiated not to be disregarded … whilst many are unreasonable, as a buyer it is not your perogative to set the price.
And while we consider 100 hours pharmacies or any new pharmacy … have you done your business plan? Have you prepared forecasts? Is the business viable? Is the location viable? There’s no use owning a business that makes a loss. You may be better off financially as a salaried employee. You may not wish to work the 100 hours per week as the pharmacist to support the business.
This topic has not been written as a deterrent … it has been written so people think about what they want from their career or from their business. This is only the tip of the iceberg of what I go through with clients when they are looking to start their own pharmacy business.
Why not give me a call to discuss … 01252 302342.