Advancing The Profession of Pharmacy

7 Steps to Validating Your Business Idea: Step 2

by | Jun 30, 2016 | Consulting Pharmacist Education

We discussed the best way to find out what your “passion” is, if you happen to not already know.  Go back and check it out!

Step 2 of identifying and validating your business idea is just as actively-passive.  Let me explain.

You see, I didn’t just sit down one day and decide to make spreading information about MTM my life’s work.  But, I was very curious about its possibilities.

When I began to explore those possibilities, I found very little good information to help me build my business.  So I took and step back and asked, “Why?”

That is when I decided to start sharing all the information that I was gathering during my “research phase” here on my blog.  Eventually, I started sharing it on LinkedIn and more and more pharmacists started contacting me for advice.

I didn’t necessarily plan it, though I didn’t hide from those that were seeking help.  I put my information out into the universe (active), then waited to see how the universe responded (passive).

What I didn’t realize was that I was filling a need in a market know as a “niche”.

2. Zero in on a Niche
I never dreamed being a business coach for pharmacists would be my “business”.  However, where I could find no existing information or help, I saw an opportunity; there was a lack of information about consulting on the market.

Such a specific business as mine could not exist without the internet, the market would simply be too small.  

However, it proves my point; there is almost no such thing as too niche.

When starting your business, you will be tempted to broaden your audience to reach more potential customers, but it is likely a mistake.

Key Takeaway:

  • Think about your specific target audience.
  • Your ideal customer (aka. your “avatar”) that you want to serve.
  • If you can’t describe this person, go back to the drawing board until you can.
  • Zeroing in on your specific customer is step number two in validating your business idea.

If you are ready to explore your curiosity about entrepreneurship and want to build a pharmacy consulting business of your own, I invite you to the join the E-course and Community at PharmapreneurAcademy.com   In the self paced video E-course Lessons, I will guide you through the steps you need to build and market your business quickly and help you to side-step any roadblocks that you encounter on your journey.  In the Forum, I provide group coaching and answer your individual questions.  The Community is a place to find support and inspiration for building your Dream Career.

Still exploring?  Listen to my latest Pharmacy Podcast episode with Pharmapreneur Academy member Paula Belle and hear how she built her consulting business from one client to eight and counting!  

And when you are ready to join, just go to Pharmapreneur Academy.  Sign up and get INSTANT ACCESS to all 7 Lessons.  Also check out all the great discussions going on in The Academy Forum!

About the Author

Blair Thielemier, PharmD, is an MTM consultant pharmacist specializing in pharmacy billing models. She consults on and produces e-learning programs for state and national organizations, pharmacy wholesalers, payers, technology start-ups. She has books and online courses available for individuals looking to leverage their pharmacy knowledge into monetized clinical programs at PharmapreneurAcademy.com. She speaks internationally about trends in leveraging pharmacists to improve value-based care.

 

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