It’s not uncommon for us to run into a student at a pharmacy convention or trade show that has thought about being a community pharmacy owner.  Their questions usually flow along the lines of the positives and negatives of ownership versus working in a chain or at a hospital.  We typically give them three major things to consider before  taking the plunge into pharmacy ownership.  These things are listed below:

1. Think about the lifestyle you want to live:  Pharmacists are in a great position with many different options that all provide high earnings potential.  Independent community pharmacists can have incomes significantly higher than what chain stores or hospitals are paying their pharmacists.  The trade off is that owning a pharmacy brings along some more responsibilities.  There is also the rewarding feeling of knowing you are your own boss and that are building something that you own.  However, some people are more than willing to have a lower income with fewer headaches.
2. Think about how much control you want of patient care:  Independents tell me that one of the main reasons they chose the route of independence is because they can give their patients the type of care they want.  They are typically not bound by the corporate or institutional red tape that is evident in large chains or hospital environments.
3. Think about what it will take to become a pharmacy owner:  It takes a lot of money to purchase a pharmacy.  That’s just the nature of the beast.  There are several options for coming up with the money, from pharmacy junior partnership, borrowing from a bank or owner financing.  That doesn’t change the fact that there will be a lot of money flowing in and out of your door.  The reason they are expensive is because the reward can outweigh the price several times over.  Starting a store does not take as much capital, but it may bring a time period where you are underpaid or not paid at all.  Be prepared to sacrifice in the short term for long term rewards.

Independent pharmacy can be rewarding in many ways more than financially, but it is not for everyone.  The more work you put in before you make this decision, the happier you will be in your career choice, whether independent or not.