which would be more profitable? Owning my own dentistry or my own pharmacy?

[giraffee]

hi I'm new here and I wasn't sure if this is the appropriate place to ask this.

I don't know if I want to be a dentist or pharmacist. To be honest, I'm interested in both. But what I really want to do is open my own business. If I wanted to own my own business, which would be more profitable? Owning my own dentistry or my own pharmacy? How much on average do they make?

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[VeeSee]

It's tough for independent pharmacy owners right now.

You will have to find a niche that you can operate out of because competing directly by only dispensing and not offering other services and products (like medical supplies) will be difficult.

 

[steveysmith54]

this is from pure hear say, but I think an average dental office owner is killing it a lot more than an average pharmacy owner. There are too many headaches for pharmacy owners: insurance audits, expensive inventories, pressure from BOP/dea. Its too hard to compete with chains and mail order bc they buy their drugs cheaper and give better deals to pts most of the time. It used to be a different game, but This is cruel reality now.

 

[giraffee]

this is from pure hear say, but I think an average dental office owner is killing it a lot more than an average pharmacy owner. There are too many headaches for pharmacy owners: insurance audits, expensive inventories, pressure from BOP/dea. Its too hard to compete with chains and mail order bc they buy their drugs cheaper and give better deals to pts most of the time. It used to be a different game, but This is cruel reality now.

I still have one year of highschool left, so I have still have some time to decide.

I came across this site where they have pharmacies for sales, and some of them says that the previous year's turnover was ~$5-7 million, but their asking price is like $5million.

assuming that I have money to buy one of these pharmacies, is it as simple as buying a pharmacy and make millions every year?

 

[rederza]

Not sure how the market is now, but my aunt is a dentist with her own practice, only works by appointment, and owns a pretty large house paid in full and drives nice cars....but what's most appealing to me is not the material stuff but that she ONLY WORKS BY APPT. Amazing. Time>>>money

 

[steveysmith54]

I still have one year of highschool left, so I have still have some time to decide.

I came across this site where they have pharmacies for sales, and some of them says that the previous year's turnover was ~$5-7 million, but their asking price is like $5million.

assuming that I have money to buy one of these pharmacies, is it as simple as buying a pharmacy and make millions every year?

Seeing how young you are, I will give you benefit of the doubt. But, are you really asking if a 5 mil dollar business is "easy" to run? Most of the pharmacies have net profit of 200k to 400k, you can see them for sale on bizben. I haven't seen too many that can net 5 mil. I'd imagine it would employ multiple employees and when you do that it always a challenge.i am guessing that You saw a pharmacy has 5 mil in gross sales.

 

[knight on horse]

Orthodontics

 

[Dred Pirate]

This is a no brainer - Dentistry - I know some dentists who own their own practice and employee several partners who make serious bank - especially if they go down the cosmetic route in a large city. Just look around - how many chain pharmacies do you see vs chain dentist offices? It is difficult for a little guy to compete with Wags and CVS - in dentistry, there is not the big business competitors. You can join up or buy into an existing practice, much much higher ceiling.