Going into business for myself!

[Jerry]

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I'm taking a plunge and going into business for myself (and family). I'm buying a pharmacy in Philadelphia! I used to work for the chains, and found a niche in my area, but was terminated, supposedly for proper reasons, but I never know for sure, as I don't do corporate politics well . Luckily, one of my obsessions had been investing in the stock market and we had saved enough to be able to do this. I'm a lil nervous (of course!). I know I'm weak in social areas, but I think my aspieness allows me to have strengths to counter my weaknesses, ie I can show a remarkable kindness to people that others tend to write off. Consequently, many pharmacy patrons fit that description well! Also, my NT wife will be with me part of the day, and she, being the social animal, will hopefully build those relationships in the neighborhood we will need. Has anyone else out there undertaken any such large endeavors? I'm always open to advice!

 

[paloftoon]

Can you offer competitive rates for prescriptions too? Sometimes people shop around and depending on what it is, you don't always offer the same price as somewhere else.

 

[AspieDylan]

This is great news! It's cool to see aspies using their strengths.

 

[Mia]

Hi Jerry Congratulations

It has to be both an exhilarating and exciting time for you and your family. A new life, your own business, no boss. That's where Aspies work best, without someone looking over their shoulder. I've run two businesses on my own, one was a restaurant another a graphics studio.

 

[Nitro]

Good luck with your new venture!

I ran my own business in one form or another most of my life and even though it is not for many,it does have it's advantages for some.Work hard and give it your best!

 

[Jerry]

Can you offer competitive rates for prescriptions too? Sometimes people shop around and depending on what it is, you don't always offer the same price as somewhere else.

I plan to, where I can. Everyone does that, tho, it comes naturally with the competition. I am hoping to continue that neighborhood feel. Although, I'm not from Philly, I get that they love and are very proud of their neighborhoods. This place, in particular, is in South Philly (Pennsport if anyone is familiar). I just hope an Alabama boy can rate!

 

[Jerry]

Hi Jerry Congratulations

It has to be both an exhilarating and exciting time for you and your family. A new life, your own business, no boss. That's where Aspies work best, without someone looking over their shoulder. I've run two businesses on my own, one was a restaurant another a graphics studio.

A pharmacy would be a little closer to restaurant than a studio... any advice or pitfalls to avoid from your experience?

 

[midlife aspie]

Are you going to hire employees? This will likely be a headache if you are. My in-laws ran small businesses in New Mexico for a while, and finding good help really is hard. They had one woman file a fraudulent work comp claim.

 

[paloftoon]

If you like board games or Magic, just north of Pennsport on Fabric Row, 4th St, is a place called Dark Depths Games. They probably have rpgs too.

 

[Nitro]

no boss.

No boss? Everyone who does business with you is your boss

In the Commonwealth of Pa.,worker's comp can be bought from a private broker or from SWIF. I would contact both the Commonwealth of Pennsylvania and private brokers to ask about worker's compensation rates and inquire how much of a rate change it would add after a claim was filed. Different occupations carry different risks,so it is imperative to know where you stand if an employee is necessary.

SWIF link: http://www.dli.pa.gov/Businesses/swif/Pages/default.aspx


I should have added that all of my businesses were in the Commonwealth of Pa

 

[clg114]

Nitro is right, now you have lots of bosses. If you are in business for yourself, no matter what you do, you have but one objective. Keep your customers happy and coming back.

 

[The Penguin]

I did tried business many times focused in the IT industry. I always hard trouble marketing my services and keep turning back to employment. However I'm determine to have a successful business one day.

Some advice I can share it good to have a business bank account and keep personal and business transactions separate. Make life easier should the government wants to audit you. Good bookkeeping is important and having your receipts organized in a safe place.

I don't know about for your country but in Canada by law, you must keep business records for 7 years.

If your required to collect taxes, file on time especially if your expecting a refund as they will keep contacting you and if you don't get back to them in reasonable time, they will take you to collections.

Ensure to engage with your local business networking events and build good relationships with people.

I advise to have access to one or more mentor if possible.

 

[Jerry]

Are you going to hire employees? This will likely be a headache if you are. My in-laws ran small businesses in New Mexico for a while, and finding good help really is hard. They had one woman file a fraudulent work comp claim.

We've hired one so far. (My wife does the interviewing, cause I know she's better at judging people than me!). In a few months, if our cash flow looks good, we'll hire two more. Hopefully, we get some good honest people... It's a risk I know we have to take.

 

[Mia]

A pharmacy would be a little closer to restaurant than a studio... any advice or pitfalls to avoid from your experience?

My first thought when you mentioned this would be to find out who your customers are, and what they want, I don't mean the numbers for the income generated by the business. Although that will take time, and you'll have to do it while you're there.

What will you be focusing on, will pharmaceutical sales be enough? As with many pharmacies, they sell other items to generate income to keep staff and clientele coming back. Noticed in my area, that almost all the cashiers at the pharmacies are older women, likely because they have an 'old-fashioned' work ethic.

I've seen several businesses fail when new owners bought the business and misjudged what their clientele wanted. Staying with what already generates income for the time being of at least a few years is likely the best policy. You probably already have a client base of guaranteed sales for medication. And you most likely know this about business ownership already, just getting it out there in the open.

Where I live, Pharmacists can renew scrips, prescribe, (for minor complaints such as colds and flu and infections) is this something that occurred in the US? Because if it is, it's now generated a huge amount of income for pharmacies.

Another thing that's occurred, is this area a poverty-stricken area? If it's a deteriorating area, that will make it dangerous and it will be difficult to hire staff who want to work there.

My graphics studio was in a poor 'artists' area of town, and was scary to be in at night, we had to be careful coming and going after dark. And that particular area had more crime than other parts of the city. But its low rent for that amount of square footage was enough to keep us there. Guess you have to weigh the pros and cons, but you can't know everything ahead of time, as much as aspies want to.

 

[Jerry]

Thank you! Some I knew, but some was helpful. I agree with your idea of keeping things the same for a while. Walgreens bought the small chain I worked for and messed everything up! It took them years to grow businesses back... some locations never recovered. The neighborhood is really good and seems to be improving, from the signs I can tell... but it's always a risk, things can change quickly (ie a murder or some scandal). I wish we could prescribe... would be nice. I'm not sure the liability insurance would be worth the increased business, tho, in our litigious society. I love your reminder that I can't know everything ahead of time... I do need to settle up with that. I've driven myself crazy with all of my planning and burned up much energy. I am able to talk myself down, though. I say that I'll never be satisfied if I don't at least try! Thanks for your well wishes!

 

[paloftoon]

Pennsport is a decent neighborhood. I'd guess a mix of working class and decent to do. Might be some well to do hidden in the bunch too.

 

[Mr Allen]

A few years back I had an idea for a Business in IT, I even thought of a name for it, RACE (Rich Allen Computer Enterprises) and a catchy slogan "Let Rich Allen help you win the RACE for good IT solutions!" (catchy, direct and to the point innit?)

Sadly I never went ahead with it, what straight up Bank would give a Business loan to an Aspie, on benefits, who's never worked apart from voluntary?!

 

[The Penguin]

Sadly I never went ahead with it, what straight up Bank would give a Business loan to an Aspie, on benefits, who's never worked apart from voluntary?!

There many people used GoFundMe and other crowdfunding & fundraising services to raise money for their business.

 

[the antique autistic]

Congrats! Everyone is nervous at something so life altering! Even NTs'. This is so incredible. Please keep us filled in with every step you take in this!

 

[Jerry]

Will do (unless I'm too busy!)
Can't sleep now... happening a lot... just nerves. I'm watching documentaries (Cosmos). I love them. I feel so small, yet so special when I behold the majesty of our universe and existence. I don't trust anyone who doesn't feel that way. I do hope I can get some sleep, tho!