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):
Great flexibility and freedom come with 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.
Be ready to be an extrovert and attend 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.
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.
Have thick 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.
Be 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.
In summary
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 earned her doctorate in pharmacy (PharmD) at The University of Texas at Austin (UT Austin). Her years of experience practicing in various pharmacy settings also lead to multiple board certifications, including ambulatory care, geriatrics, and pharmacotherapy. She currently serves as the director of the PharmacyChecker international verification program.
Ross also founded Off Script Consults, a pharmacy consulting business. She strives to combine her passion for pharmacy, education, and writing to improve the quality of life and financial outcomes for people with chronic medical conditions, caregivers, and healthcare providers.
She particularly enjoys creating relatable and helpful content for her readers and viewers. For writing samples, please visit her Muck Rack portfolio. For videos, please visit her “Off Script Consults” YouTube channel.
Ross currently resides with her husband and two dogs in her home state of Texas to be closer to family. She also tries to find time for hobbies, which include rock climbing, running, and playing pickle ball.
Find out more about Ross via phone, e-mail, or social media (LinkedIn, TikTok, Instagram, Twitter, Facebook, and Pinterest).