Some say engaging your business in social media marketing is just jumping on the bandwagon. Everybody’s doing it so you should, too. But what’s the real value and how does that look for us as pharmacies?Read More
The Pharmacy Ownership Guardian
Driving your pharmacy’s success is like driving a school bus on a busy back-to-school day.Read More
As we spend this month celebrating our independence, take a moment to think about YOUR independence. What is your plan for your life after pharmacy?Read More
It’s Summertime!Read More
While April 1st is the annual celebration of April Fool's day - this year, don't let your financial plan, or lack thereof, make a fool of you. While everyone is on their own unique path towards financial freedom, there are several mistakes that a lot of people make.Read More
Wishing you all an early happy St. Patrick’s Day! As we spend the day celebrating Irish heritage, the Waypoint team has come around to the discussion of luck. Are you lucky like the Irish, or do you have to work for things?Read More
Traditionally, Valentine’s Day has been reserved for couples. But this year, we want you to think of it differently. Your year-round valentine in the pharmacy is someone or something that loves you back. As an example, PBMs are probably NOT your valentines.Read More
Keeping New Year’s resolutions is difficult for everyone – especially when they revolve around your pharmacy and livelihood. The stakes are higher and the pressure to succeed is significantly greater than resolutions pertaining to yourself. So, why is it that setting and achieving goals for your pharmacy year after year is such a difficult task?Read More
Being a pharmacy owner requires a person who is not afraid to take risk. Combine the risk of just being a business owner with current dynamics of the pharmacy world and it becomes easy to see this risk can be significant. In the past 40 years of studying and working with pharmacy owners, we have discovered that the risk of pharmacy ownership varies throughout the lifecycle of the pharmacy owner and pharmacy itself.
We have discovered the two most vulnerable times are during the startup phase and the contribution phase. We discussed the contribution phase (pharmacy exit strategy) in great detail last week. This week's blog is about the startup phase of your life in pharmacy.
The startup phase applies to you as the pharmacy owner and to the actual pharmacy itself. The risks associated to the pharmacy are typical of most businesses starting up. We are interested more in the risks associated with the new owner and his or her family. These are often the most overlooked in the process. So, let's dive in to some examples.Read More