5 Things to Evaluate Before Starting Your Own Business
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In reference to my first article, I believe that starting my own business will serve the purpose of achieving my passions. According to Blair Thielemier (my virtual business coach), however, owning a business is not for the faint of heart. Therefore, reevaluate the following to determine if you are in the mindset to be an entrepreneur (or a pharmapreneur – as Blair would probably say):
1. With great flexibility and freedom comes great fluctuation in income - To avoid the stress of inconsistent income, make sure to have an emergency fund and only spend money when absolutely necessary.
2. Are you ready to be an extrovert, who attends networking events – Although you decided to start your own business, you might not be as sure about your services or target audience. Network with a variety of healthcare providers to help you assess and address their needs. Make sure to also network with non-healthcare professionals to develop mutually beneficial relationships, which could result in both of you helping with each other’s businesses.
3. Do you have a relatable elevator pitch – Once you are sure of your services and target market, develop an elevator pitch that allows the inquirer to ask additional questions and make comments. You are now a relatable salesman; so, make sure to have the courage to get out of your comfort zone and regularly practice your pitch.
4. How thick is your skin – In order for your business to thrive, you will need to ask for assistance; and with that help, comes constructive criticisms. Remind yourself that the critiques are to aid in your future success; but like the edits on your essay, you can choose to follow some of the editor’s advice and disagree with other suggestions.
5. Are you being good to yourself – Although you will be busy, remember the reasons for wanting to start your own business – to fulfill your passions. Solely focusing on your business and nothing else is unhealthy. Therefore, make sure to regularly participate in your enjoyable hobbies.
As you can deduce, compared to my first article, the objective of this entry is to increase your awareness of a few of the potential challenges of starting your small business. Although “every great dream begins with a dreamer,” being an entrepreneur also requires practicality, organizational skills, and innovative problem-solving abilities. To learn more about the pros and cons of entrepreneurship and the different options of building a pharmacy consulting business, I recommend Blair’s Pharmapreneur Academy. As always, stay tuned for more entries about my laughs and tears as I journey through the adventure of business ownership!
ABOUT THE AUTHOR:
Ross is a graduate of The University of Texas at Austin - College of Pharmacy. She is also the Off Script Consults founder with years of experience as a board certified independent pharmacist, who strives to improve the quality of life and financial outcomes of patients and their caring providers through the delivery of enhanced pharmacy services, such as interpreting genetics testing results and assisting providers in achieving star ratings that aim to improve patient outcomes.
Ross currently resides in the beautiful state of Colorado with her husband and two dogs. When she is not personalizing medication regimens, Ross enjoys reading and writing. She also loves to paint, hike, rock-climb, and travel.