Non-pharm side businesses

[D5WwithNSS]

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Hi all,

I was wondering if anyone here has ever set up a side business while working as a pharmacist. I was kind of interested in the retail estate aspect or maybe opening a restaurant/ coffee shop. Has anyone ever tried this....😕

 

[Sparda29]

Hi all,

I was wondering if anyone here has ever set up a side business while working as a pharmacist. I was kind of interested in the retail estate aspect or maybe opening a restaurant/ coffee shop. Has anyone ever tried this....😕

Restaurants require too much time unless you're willing to hire a manager to run the place for you which means having to pay someone to manage the place.

Personally, I do some eBay stuff where I buy car parts for cheap from a friend who owns a warehouse, and resell them on eBay.

 

[joetrisman]

Hi all,

I was wondering if anyone here has ever set up a side business while working as a pharmacist. I was kind of interested in the retail estate aspect or maybe opening a restaurant/ coffee shop. Has anyone ever tried this....😕

I more or less literally grew up in a convenience store/gas station/pharmacy that my father owned in a very rural area. Performing both roles of business owner and pharmacist, it was rare for my father to not be working. I wouldn't recommend it from what I've seen.

 

[rph3664]

Hi all,

I was wondering if anyone here has ever set up a side business while working as a pharmacist. I was kind of interested in the retail estate aspect or maybe opening a restaurant/ coffee shop. Has anyone ever tried this....😕

I used to work with two pharmacists who, when I started there, had just opened a self-service car wash. One of them, the one who still owns it more than 15 years later, had grown up in the business (he's still licensed but isn't practicing) and the other one, who viewed it as an investment, has since sold out. He still practices, although he's not far from retirement age by now. I've known a few who had rental properties, usually inherited, and another who baked wedding and other custom cakes, mostly for events at her church.

I'm currently getting a non-pharmacy business started (combining several of my hobbies all into one nice neat little package) and considered opening a storefront but didn't want the risk or responsibility. Instead, I rented a booth at an antique/craft mall. I don't expect to earn enough from this to make a living, but you never know.

 

[Momus]

I'm currently getting a non-pharmacy business started (combining several of my hobbies all into one nice neat little package) and considered opening a storefront but didn't want the risk or responsibility. Instead, I rented a booth at an antique/craft mall. I don't expect to earn enough from this to make a living, but you never know.

Store front merchandise is so 2000. Operating expenses will eat you alive. Target audience is also too small. Be an Amazon.

 

[rph3664]

Store front merchandise is so 2000. Operating expenses will eat you alive. Target audience is also too small. Be an Amazon.

This city actually needs another storefront enterprise of the type I had in mind, but like you said and I'm all too aware, it's very expensive and would take up all my time, much more than the hours the store would be open. I'll let someone else do that.

 

[Muse600]

I'm also looking....having tax deductions helps out when you only take home 57% of your income 🙁

I started a thread here:

http://forums.studentdoctor.net/showthread.php?t=949294

 

[SoylentGreen]

A pharmacist I worked with did pretty well with storage units. They don't require a lot of work like running a restaurant.

 

[pezdispenser]

I'm also looking....having tax deductions helps out when you only take home 57% of your income 🙁

I started a thread here:

http://forums.studentdoctor.net/showthread.php?t=949294

Have you considered moving to a state with no income tax like AK, FL, NV, NH, SD, TN, TX, WA, WY? My take home pay is 71% of gross in FL.

 

[Kwiz]

If you Google "Supercuts franchise" and click on one of the first links, one of the three people of the homepage to the website is a pharmacist ad former pharmacy owner from Texas. He now owns ~28 hair salons (Supercuts, Procuts, etc.). Started making so much money with so little investments tied up when compared to pharmacy (I.e., pharmacy inventory/stock meds) that he stopped owning a pharmacy. Makes ~ $250k a store. I don't know how to multiply, but I know $250,000x28=BANK

 

[Kwiz]

http://supercutsfranchise.com/

 

[Unchained]

In order to break even on a Supercuts franchise you need around 4k per week in sales.

Franchisors are allowed to hold back much of their financial info regarding the success of their units.

The requirement to be on a path to own three units indicates you don't make much from just 1.

 

[Kwiz]

4K in sales isn't difficult unless you got some fuglies workin. Jk, but seriously though

 

[Momus]

4K in sales isn't difficult unless you got some fuglies workin. Jk, but seriously though

I ran a crappy ass math... average supercut opens 74.5 hour/week.

1. $4000/74.5 = $53.6/hour.
2. Average customer will bring in at least $17/cut sale.
3. Come out to be 3 customers/hour or ~2ish customers spending more than minimum to break even

I don't think it's that difficult to get 3 customers/hour spending minimum money. Normally there are 2 people working in the store. Average customer time spent in the store is 15-20 mins/cut. If 2 hairdressers each bring in just 2 customers/hour (4 customer/hour), you will make profit.

4 customers/hour X 74.5 hours/week = $5066 gross sale - more than break even. So each store you will make $1000 net income, if you have 20 stores - $20k profit/month.

 

[rph3664]

It would most likely happen if the salon was in a high traffic area and they hired personnel who already had an established clientele from another salon.

 

[Unchained]

Four customers per hour is 280 customers per week or 1200 per month. It takes a very long time to build a customer base like that. You are broke by the time you get there.

 

[Momus]

Four customers per hour is 280 customers per week or 1200 per month. It takes a very long time to build a customer base like that. You are broke by the time you get there.

Maybe you should own the building outright and be the only hairdresser for a while + get a graveyard job to cover the bill to float

 

[rph3664]

Last week, I met a man who for many years has done the same thing I'm doing WRT the business enterprise, and he told me that I'm doing everything right.

😎 👍

 

[Kwiz]

You can do whatever math you like, I'm speaking about reality though. Like it or not, that's what he makes and it's not uncommon. I'm not trying to convince anyone here to go into it. I'm saying for that one guy it is true, and based off of sales at my gf's old store, it's not uncommon. You can always email the guy if you want and ask him.

 

[Kwiz]

That's also why you hire stylists with clientele. Not everyone has clientele you say? Exactly my point. It also helps being close to the border, since about 50% of customers are tourists. The most expensive thing at a salon like that isn't the haircut, its the hair product. And if you think paying 30-50 bucks for a bottle a shampoo is ridiculous I agree, but it is a fact that people do it all of the time. Daily. Multiple times a day.