Advancing The Profession of Pharmacy

How to Start a Business the Least Risky Way

by | Dec 26, 2016 | Consulting Pharmacist Education

Now that I’ve been running my own business for over a year, I think I pretty much have everything ALL FIGURED OUT…

Here’s what I’ve figured out:

  1. EVERYONE is interesting in some way
  2. Money is ABUNDANT and directly proportional to the value you bring to others
  3. Negative attitudes will keep you in a negative space and HOLD YOU BACK
  4. Confidence is a skill that can only be acquired with PRACTICE
  5. No one really knows WTH they are doing at first

Now, obviously I am kidding when I say I have it all figured out, but I do feel that I am  making personal, professional and spiritual PROGRESS.

Though, I do feel I am drawing closer to finding my purpose, I’m on a path that makes me happy, and I’m genuinely having fun everyday.  Working on my business feels like a treat!

I’ve been honored by your support over the past year. Through the e-course at the Pharmapreneur Academy, I’ve coached over 80 pharmacists this year!

Take that imposter syndrome. Yes, I still have feelings of not being “expert-enough” or worthy to give advice to colleagues.  Less often do I feel this way, but I think its always going to be there, lurking.

Do you ever have symptoms of “imposter syndrome”?

What helps me fight those feelings is 100% your support.  Seriously, I would’ve quit writing after the first 3 months if it hadn’t been for you and your kind words.  Your emails about the inspiration you’ve gleaned and the hope you now have in the ability to transform your career are what keep me going.

Support from like-minded colleagues is ESSENTIAL to achieving your business goals.  In order to provide a way to support and engage with one another in the Academy, we’ve added monthly Mastermind video conference calls.  In addition, there are written Forums where members post questions and share information.

There are currently 40 amazing pharmacists actively participating in the membership community. I never would have dreamed it 3 years ago when I lost my job…

 

Above all, I hope to have made progress in helping advance the profession of pharmacy.  It is my main motivation for sharing information through business coaching.

In addition, my “business-coaching business” has enhanced my life in the following ways and made 2016 a year I will never forget:

  1. Networking: I’ve met a TON of people I never would have met otherwise. This includes meeting attendees at NCPA annual convention and ASCP annual convention.  Colleagues and new friends, as well as all the female entrepreneurs in the Bizchix Community.
  2. Serving Others: Working with other pharmacists has made me a better pharmacist. The Academy members challenge me each day with their questions (in a good way!)
  3. Business Skills: I have learned how to learn new things. This includes, but is not limited to: building a website, social media secrets and how to be on camera.  Plus the intricacies of cold emailing. A very helpful life skill in general.
  4. Writing Skills: I’ve written over 127 articles in 2017 for my blog, Pharmacy Times, CommonBond and LinkedIn. The work that I’ve put in to these articles has drastically improved my writing skills.
  5. Money: What I didn’t reinvest in my business I used to pay off ALL my student loan debt. This gives me priceless peace of mind. Next year I plan on saving up for another bucket list trip and paying down other loans. My husband and I plan to be debt free by 2023.

Building the Academy has been one of the most rewarding experiences of my life.  I am beyond proud of it and the results our members are getting.

If you really want to build a profitable business, there are ways to validate your ideas and do so with less risk.  In 2016, my coaching business has been profitable from day one. It first started out as a service-based business (one-on-one coaching), I very little overhead.

I built a free website, designed a logo myself, and launched my services for a total of less than $50. (Cross my heart, hope to die, stick a needle in my eye.)  Read the entire 8,000 word recount of My First 12 Months in Online Business here.

I do believe the one-on-one coaching model is THE BEST WAY to start an online business.  Maybe even ANY service-based business.

Let me repeat, before you build an e-course, start a podcast, invest lots of money, make sure there are at least a few people interested in paying you.

Of course, with one-on-one work the limiting factor is always time. Now I have digital services available in order to make my services more affordable, thus reaching a broader audience, but I didn’t start there.  I had a very wise business coach advising me to think MVP (minimum viable product).

It takes TIME to build a business and you should always make sure you’ve done your due diligence and tested your business model as best as you can.

 

Without a doubt, the FASTEST WAY to profitability is to hire an experienced coach.

No exaggeration, I would probably still be stuck in the process of naming my business, had I not hired a coach. She was light-years ahead of me in the business world and I gladly paid for her expertise and guidance.

 

One thing I can say for sure that has helped my business succeed is I’ve surrounded myself with incredibly brilliant people.

My goal in 2017 is to double the number of pharmacists in the Community and reach 10,000 pharmacists.

How am I going to do it?  You won’t have to wait long, but you will have to wait and see!

If you have a BURNING DESIRE to start a business, I’d love to work with you.  The Pharmapreneur Academy is again open, but only for a short time.  If entrepreneurship is calling you, the FASTEST way to profitability is to work with an experienced coach.

If you are ready to invest in yourself, I would love to work with you!  Click here to join and get instant access to the e-Course, Forums and our next live Mastermind call.


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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