Advancing The Profession of Pharmacy

My Experience in a Magical, Profit-Focused Mastermind: A Steroid-Pak for Your Business

by | Jul 23, 2018 | Consulting Pharmacist Education

“I started my own pharmacy last year and would love to hear other female owners thoughts, hardships, etc.”

Today, I want to tell you about one of my secret weapons for building a successful consulting business: a Mastermind group.

I can’t even begin to tell you how big an impact it has made on me personally and professionally, but I’m going to try.

Imagine having a brilliant group of peers who meet every month to focus on helping you meet your business goals…  It is kinda like putting your business on a whopping dose of steroids.

A formal Mastermind group is something that I feel so passionate about, I’ve decided to offer it to a small group of pharmacy owners!

First, let me ask…

  • Do you ever wish you had a few confidants you could talk to about your business, good and bad?
  • Do you ever feel you have ideas that get you really excited, but you tend not to act on them because you don’t have anyone holding you accountable?
  • Do you feel you don’t have anyone who truly understands your business to turn to for advice and support?
  • Do you struggle to find the time to work ON your business, instead of IN your business?

If you are a female pharmacy owner, sharing revenue goals with your gal pals probably isn’t on top of your list of interesting discussions.

However, it doesn’t mean it isn’t important to find a small group of like-minded entrepreneurs who share your challenges, wins and goals.

I’ve been participating in formal Business Masterminds for the past two years.  In 2016, I participated in one that lasted six months and had a big impact on my business.  Spurred on by the group, I published a book, grew the Pharmapreneur Academy, started podcasting and transitioned my coaching program into a monthly membership Community.

In 2016, that investment help me grow my side-business from $0 to $40,000 in revenue.

In 2017, I invested in a nine month Mastermind program for women in more advanced businesses generating over six figures in revenue.  With their encouragement, I have set goals for my small business to earn over $100K in revenue and then to grow that into profit.

Plans for 2017 included building the first ever virtual pharmacy conference (ElevatePharmacySummit.com), speaking at several national pharmacy meetings, doing some corporate consulting and even publishing another book!

In fact, my Mastermind directly had an impact on the Elevate Pharmacy Summit.  It was their ideas and encouragement that led to me creating the written transcriptions of each interview to offer as a Bonus to All-Access Passholders.

Therefore, the 2017 Elevate Pharmacy Virtual Summit Program Workbook would not even exist if not for their idea!

At some point, it was mentioned the cost to hire all the members of our group (all professional, highly educated women) would be tens of thousands of dollars in total.

​But as part of a Business Mastermind, each member is committed to the success of the other members and does whatever they can to support the individual.  The sum of the whole group’s expertise is part of the magic of masterminding.

Brain power x 10 is just another perk of membership!

This is truly the power of having a diverse group of minds “coordinating and functioning in harmony”.

Each member makes an investment because they know they’ll see a return on their investment.

The value of my personal Mastermind is immeasurable, so I have decided to facilitate a Mastermind program for female pharmacy owners!

How does a Mastermind work?

  1. The group is usually composed of 5 to 8 owners, plus a facilitator.
  2. This group connects virtually and a few times each year in person.
  3. Each call will have designated “thought seats” where members will have the chance to ask a question and receive feedback from the group.  Thought seats will rotate depending on the size of the group.  Usually, at least 2 people take the thought seat at each meeting.
  4. Our Mastermind has private Facebook group that allows up to get to know each other better and connect between calls.
  5. A Mastermind is a sacred, confidential space where you can feel comfortable sharing your fears, challenges, successes and ambitions.
  6. The group will set annual, monthly and quarterly goals to get you in to the habit of looking forward and creating a vision and plan for your pharmacy.

What are the core benefits of a Mastermind?

  1. Momentum – Each week we will begin our meeting by sharing our “wins” for the week.
  2. Idea Generation/Challenges – Next we will move into our “hot seat” portion of the meeting.  The hot seats will be rotated each week giving each member a chance to ask for the advice and collective wisdom of the group.  During your hot seat, you will have a chance to bring up a challenge or opportunity in your business that has been on your mind.  This will help the group learn more about your business and to share their insights on the issue.
  3. Accountability – No Mastermind would be complete without goal setting.  As the old saying goes, what gets measured, gets improved.  We will set measurable, achievable goals and hold each other accountable to them.  This is what will really help you up-level your business.

How will you benefit?

  • Being part of a group of ambitious owners invested in making their pharmacy’s successful using new strategies in marketing and social media will help you up create and grow your own brand (including all the free tools I use to manage my social media).
  • Setting goals and overcoming challenges will lead to your best year ever.  Maybe, for you, this means finally streamlining your business so that you will have more time to work ON your business, instead of IN it!
    • ​We’ll come up with your 2019 plan, so all you’ll have to do is EXECUTE!
  • Having a go-to support system and colleagues who understand your business and the industry.  Plus a sharing of resources so you don’t have to start from scratch (collaborative practice agreements, marketing programs and other “swipe files” such as email/social media marketing).
  • Learning how other owners are building their teams and expanding their practices so can grow your services, team and revenue.
  • Identifying trends in the industry and insider details about new opportunities so you can get excited about your business again (point of care testing services, collaborative practice, pharmacogenomic testing, chronic care management and much more!)

Ready to join a group of women and invest in growing your business?

Email me today blairthielemier@btpharmacyconsulting.com to see when our next Mastermind meets!

Remember, an investment in a Business Mastermind is a promise to yourself to spend two dedicated days per month working ON and growing your business, instead of working IN your business.

Take the time to strategize and grow!

The number one piece of advice I heard from interviewing successful pharmacy owners on the Elevate Pharmacy Summit was how hiring a business coach was one of the things they wish they’d have done sooner.

Don’t wait until you have:

  • More time
  • More money
  • More patients

Because you’ll never get to the “enough point” without a strategic plan to get you there…

Basically, you’ll never have “extra time, money or resources” unless you make an intentional commitment to do so!

In the Female Pharmapreneur Business Planning Workshop and Mastermind, we’ll help you create plans to streamline processes, add revenue and get to your goals more quickly that you had dreamed.

Click here to apply for the first in-person Pharmapreneur Academy Workshop and Mastermind!

If you have any questions or would like more details email me at blairthielemier@btpharmacyconsulting.com before August 31st, 2018.

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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