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    I intend on applying for medicine but, like most graduates, I've got to have a backup plan just in case. My backup plan is starting a business as a pharmacy owner so it'd be great to hear from someone with a similar plan or experience in the sector to tell me if this is how to go about it.

    Is it plausible to:

    Do a PhD in pharmacy

    Work for a pharmaceutical company (e.g. GSK) for a temporary amount of time

    When funds are sufficient for a deposit buy a pharmacy with a business
    mortgage

    Work as the pharmacist for a while, taking on staff.

    Maybe, if enough money is made from the first pharmacy, opening another pharmacy and employing a pharmacy grad. to work in it for me and employ more staff etc.

    Obviously this is simplistic, but it's just a rough idea of events.

    Thanks!
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    Uhm that's generally what businesses do...

    But a pharmacy grad probably won't have much experience- i'd stick with employing people who have experience. Maybe headhunt a manager of a chain pharmacy or something. I'm sure they would like a new challenge.
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    (Original post by Runninground)
    Uhm that's generally what businesses do...

    But a pharmacy grad probably won't have much experience- i'd stick with employing people who have experience. Maybe headhunt a manager of a chain pharmacy or something. I'm sure they would like a new challenge.
    I don't really have any idea about business. Medicine has always been a focus, but seeing friends who have been predicted 4 A*s get rejected has made me think I ought to start educating myself about my backup choice.

    I figured it would be a primarily retail role, and as long as someone is qualified in Pharmacy they could buy/sell/prescribe to a degree etc. Grads could probably fulfil the role while being on a slightly lower salary than someone with lots of experience. Plus if the acting manager left to go onto somewhere else it shouldn't be too hard to find someone else to fill in.
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    (Original post by JayHancock)
    I don't really have any idea about business. Medicine has always been a focus, but seeing friends who have been predicted 4 A*s get rejected has made me think I ought to start educating myself about my backup choice.

    I figured it would be a primarily retail role, and as long as someone is qualified in Pharmacy they could buy/sell/prescribe to a degree etc. Grads could probably fulfil the role while being on a slightly lower salary than someone with lots of experience. Plus if the acting manager left to go onto somewhere else it shouldn't be too hard to find someone else to fill in.
    Yeah you could use grads to fill roles, but you'll need to get someone who knows what they're doing to manage/lead the team if you stand any chance. It'll be a huge learning curve if you do it yourself and (in my opinion) you can't afford to get it wrong at the start where medicine is involved.

    Plus you'll need quite a bit of cash, as banks won't even look at your business plan, let alone give you a loan. You should get a good deal on the rent as landlords are struggling to find people who want to start retail businesses. You'd also need to make sure you have a short term lease to start with, so if it all goes wrong you aren't tied in to a 5 year contract.
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    That isn't really a backup plan, if anything it would require more work than your initial plan!

    Concentrate on one or the other.

    If the pharmacy route, you would need a lot of experience in the field before venturing on your own.
 
 
 
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