Pharmaceutical Entrepreneur: Career in Pharmacy Ownership
As a pharmacy student, it is easy to see yourself working behind the counter at a major chain store when you think about your future. While this option puts many graduates on a path toward success, a pharmacy degree can offer graduates a variety of opportunities, including the chance to own and operate their own pharmacy.
Independent pharmacy ownership can be challenging, yet rewarding, and enables you to have a significant impact on your patients and the local community. Pharmacy owners are passionate and resilient; they’re determined to go above and beyond for their patients, and deeply care about the individuals who come through their door.
Are you an aspiring pharmacist with an entrepreneurial spirit? As you prepare to walk across the stage with your diploma in hand, consider these tips on how to one day buy your own pharmacy:
Identify Your Target Location
First and foremost, you should identify where you’d like to open a store. The breadth of your target area and willingness to relocate will impact how long it takes to acquire a pharmacy. Create a list of independent pharmacies within your locations of interest. If you’re not sure where to begin, you can find local pharmacies by reaching out to state pharmacy associations or by doing a quick search online. Here are a few questions to ask yourself as you think about your target location:
In addition to determining your ideal location, begin establishing a connection with professionals in the field who can help you lay the groundwork for acquiring your business.
Get Ready to Sell Yourself
If you have your eyes set on a pharmacy, it’s never too early to start building your credibility and making yourself known within the community. Prepare a one-page overview of your accomplishments, niche services expertise, and personal goals for the future. Similar to a resume, this should be something that you can leave with an owner to help them remember you and your plans for the success of the store.
It’s also helpful to surround yourself with likeminded students, professionals, and coaches who will motivate you throughout the process. By joining an organization or networking with individuals you can relate to, you’ll feel more inspired to pursue your goal of pharmacy ownership. For example, Cardinal Health offers a Women in Pharmacy program that empowers female pharmacists to believe in their ability as a business owner and reach for their dream of being successful, independent pharmacy owners. The program also provides the business resources needed to build your portfolio and enhance your professional experience.
Connect and Build Relationships
Once you finish school, it may be beneficial to work full time for at least a couple of years at either a chain or independent pharmacy. During this time, you’ll gain valuable experience and expertise to position yourself as a future pharmacy owner.
As you improve your knowledge and skillset, focus on fostering a relationship with a pharmacy owner. Introduce yourself to the pharmacist and their staff and ask them about their story, their challenges, and their successes. In addition, you can inquire about employment to work in their store or shadowing opportunities to experience the owner’s day-to-day routine. You should also consider getting involved in a special project that the owner hasn’t had time or resource to invest in yet. This will give the owner the opportunity to get to know you, see your work ethic in action, and build trust.
By building this type of relationship, you’ll not only gain a valuable resource to help you grow, but you’ll also become a trustworthy connection to whom the pharmacy owner may see themselves selling their store one day.
Think Ahead
It’s important to bear in mind that independent pharmacists have a strong connection to their community; they value one-on-one interaction with their patients and strive to have a meaningful impact on their lives. If a pharmacist is interested in selling their store, they’ll want to ensure their patients will be left in good hands.
As you enter the workforce, focus on building a credible portfolio. Think about why the current pharmacy owner should consider you to continue their pharmacy’s legacy.
Independent pharmacy ownership can be challenging, yet rewarding, and enables you to have a significant impact on your patients and the local community. Pharmacy owners are passionate and resilient; they’re determined to go above and beyond for their patients, and deeply care about the individuals who come through their door.
Are you an aspiring pharmacist with an entrepreneurial spirit? As you prepare to walk across the stage with your diploma in hand, consider these tips on how to one day buy your own pharmacy:
Identify Your Target Location
First and foremost, you should identify where you’d like to open a store. The breadth of your target area and willingness to relocate will impact how long it takes to acquire a pharmacy. Create a list of independent pharmacies within your locations of interest. If you’re not sure where to begin, you can find local pharmacies by reaching out to state pharmacy associations or by doing a quick search online. Here are a few questions to ask yourself as you think about your target location:
- How many people live in the town?
- What is the age distribution?
- What is the standard income level?
- How large is the pharmacy’s customer base?
- What service does the pharmacy offer?
- What is their competition?
- Is there potential for growth?
In addition to determining your ideal location, begin establishing a connection with professionals in the field who can help you lay the groundwork for acquiring your business.
Get Ready to Sell Yourself
If you have your eyes set on a pharmacy, it’s never too early to start building your credibility and making yourself known within the community. Prepare a one-page overview of your accomplishments, niche services expertise, and personal goals for the future. Similar to a resume, this should be something that you can leave with an owner to help them remember you and your plans for the success of the store.
It’s also helpful to surround yourself with likeminded students, professionals, and coaches who will motivate you throughout the process. By joining an organization or networking with individuals you can relate to, you’ll feel more inspired to pursue your goal of pharmacy ownership. For example, Cardinal Health offers a Women in Pharmacy program that empowers female pharmacists to believe in their ability as a business owner and reach for their dream of being successful, independent pharmacy owners. The program also provides the business resources needed to build your portfolio and enhance your professional experience.
Connect and Build Relationships
Once you finish school, it may be beneficial to work full time for at least a couple of years at either a chain or independent pharmacy. During this time, you’ll gain valuable experience and expertise to position yourself as a future pharmacy owner.
As you improve your knowledge and skillset, focus on fostering a relationship with a pharmacy owner. Introduce yourself to the pharmacist and their staff and ask them about their story, their challenges, and their successes. In addition, you can inquire about employment to work in their store or shadowing opportunities to experience the owner’s day-to-day routine. You should also consider getting involved in a special project that the owner hasn’t had time or resource to invest in yet. This will give the owner the opportunity to get to know you, see your work ethic in action, and build trust.
By building this type of relationship, you’ll not only gain a valuable resource to help you grow, but you’ll also become a trustworthy connection to whom the pharmacy owner may see themselves selling their store one day.
Think Ahead
It’s important to bear in mind that independent pharmacists have a strong connection to their community; they value one-on-one interaction with their patients and strive to have a meaningful impact on their lives. If a pharmacist is interested in selling their store, they’ll want to ensure their patients will be left in good hands.
As you enter the workforce, focus on building a credible portfolio. Think about why the current pharmacy owner should consider you to continue their pharmacy’s legacy.
- What is your vision that will drive the pharmacy forward?
- What ways can you help the owner build their business today?
- Is there a particular niche or service you could propose that would be of value to their customers?
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