Job market in Cali + 300k debt

[_windwaker]

Hoping to discuss strategies to live a single life in Cali as a pharmacist with 300k worth of debt. End goal is to have a beach house and practice pharmacy in a small beachside community where I own my own independent pharmacy on the coast and could close up shop and walk upstairs and go to sleep. Requesting assistance, all input and constructive criticism is greatly appreciated.

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[PharmDBro2017]

With the current job market, the HCOL areas in Cali, and 15 or whatever ridiculous number of PharmD schools there....this sounds like a pipedream.

edit: Good luck though OP. A different state would probably be easier to achieve said goals.

 

[_windwaker]

Not disagreeing, but thinking if through strategizing with the bright minds on this forum we could put together a solid plan to make this into a reality.

 

[mentos]

LoL at owning a successful beach front independent pharmacy in California with separate living quarters upstairs! Man this board is hilarious.

 

[Advance]

Can’t tell if this is a troll or not

 

[mentos]

Can’t tell if this is a troll or not

If this is what prepharms think their future holds, then no wonder people are still enrolling in pharmacy schools now.

 

[PharmtoCS]

It could work if:
1) You set up a tent on the roof of your independent pharmacy
2) You set up your independent pharmacy on Bombay Beach

 

[_windwaker]

I’m totally not trolling, are you sure you guys are just not trying hard enough. Let’s start here, how much do you think it would cost to 1) get started? 2) keep the doors open?

 

[King2440]

I’m totally not trolling, are you sure you guys are just not trying hard enough. Let’s start here, how much do you think it would cost to 1) get started? 2) keep the doors open?

You know anything about 5 Star ratings? Medicare contracts? Medicaid reimbursements?

You being in $300k debt have really no options to make this happen unless you earn some type of inheritance. Who would give you the loan? Why would people go to your independent than another pharmacy? Where would you go that you would have minimal competition?

Find a WalGreens located near a beach. Apply and work there if you are lucky. Take your naps in your car in the parking lot.

 

[lord999]

I’m totally not trolling, are you sure you guys are just not trying hard enough. Let’s start here, how much do you think it would cost to 1) get started? 2) keep the doors open?

The nontroll answer that you should pick up in your Entrepreneur cost:

1. Pharmacy is a low-margin business, somewhere between 6% and 11%.
2. Inventory turns are lower than other industry averages with 12-18 common (contrast grocery with a 28-36 turn inventory)
3. Capital loans to start a new pharmacy minus real estate are in the $400-$700k.
4. There is around a six month or so startup time from initial planning to legally opening the pharmacy, this can be lower if you know exactly what you are doing, but usually takes longer.


Making the inventory turns and margins work in independent pharmacy is fairly difficult with legitimate work, especially to earn enough return on capital to make it worth your while. Now, if you are doing the defraud CMS, DoD route, you can more or less print money, but you take the risk of getting caught. For most, it is worth it.

Also, consider this matter. CVS, Walgreens, and McDonald's have extensive real estate and market research departments. If you do not see a McDonald's within three miles of the area, you need to ask yourself whether or not there is enough of even a potential customer base (not to mention conversions) that you can take on. Even in "rich" and "exclusive" districts, the presence of fast food and gas stations are indicative of supportable customer bases for a price insensitive industry.

I know of no pharmacist who has a single practitioner business who can afford the coast. I know quite a few pharmacists who own a string of pharmacies or one super pharmacy, owns exclusive beach front property, and gets others to do the work for him as he is the capitalist. It worked wonders for OnePoint Pharmacy which one single guy owns and personally flies from Paradise Valley Airfield to Pebble Beach every other day as he can afford to.

So, it is probably more realistic to be a capitalist pharmacist, and offload the day-to-day work to others while living on the beach rather than operate a beach pharmacy. This is not an occupational hobby like bookstores or curio shops that you see at the beach.

 

[_windwaker]

The nontroll answer that you should pick up in your Entrepreneur cost:

1. Pharmacy is a low-margin business, somewhere between 6% and 11%.
2. Inventory turns are lower than other industry averages with 12-18 common (contrast grocery with a 28-36 turn inventory)
3. Capital loans to start a new pharmacy minus real estate are in the $400-$700k.
4. There is around a six month or so startup time from initial planning to legally opening the pharmacy, this can be lower if you know exactly what you are doing, but usually takes longer.


Making the inventory turns and margins work in independent pharmacy is fairly difficult with legitimate work, especially to earn enough return on capital to make it worth your while. Now, if you are doing the defraud CMS, DoD route, you can more or less print money, but you take the risk of getting caught. For most, it is worth it.

Also, consider this matter. CVS, Walgreens, and McDonald's have extensive real estate and market research departments. If you do not see a McDonald's within three miles of the area, you need to ask yourself whether or not there is enough of even a potential customer base (not to mention conversions) that you can take on. Even in "rich" and "exclusive" districts, the presence of fast food and gas stations are indicative of supportable customer bases for a price insensitive industry.

I know of no pharmacist who has a single practitioner business who can afford the coast. I know quite a few pharmacists who own a string of pharmacies or one super pharmacy, owns exclusive beach front property, and gets others to do the work for him as he is the capitalist. It worked wonders for OnePoint Pharmacy which one single guy owns and personally flies from Paradise Valley Airfield to Pebble Beach every other day as he can afford to.

So, it is probably more realistic to be a capitalist pharmacist, and offload the day-to-day work to others while living on the beach rather than operate a beach pharmacy. This is not an occupational hobby like bookstores or curio shops that you see at the beach.

Beautiful reply, I know this is possible as is anything. Thank you! My thought now is to use pharmacy as a stepping stone and fly between multiple pharmacies of which I can be like a district manager in a sense. I need to put more thought into this definitely. I want to have this done in as little time as possible... any thoughts on a realistic timeframe to have maybe 3 or 4 successful locations open?

 

[mentos]

I recommend working as a Rph, paying off your loans, then saving up 100k+ to open up a taco shop. Seriously, there are many successful taco shops at the beach but I've never seen an independent pharmacy.

 

[Momus]

A commercial building lease near the beach runs around $3-5/sf/mo here. With average pharmacy size around 1500 sq, you'll need about $6000/mo just for rent. Good luck trying to afford rent, pay off your loans and do everything you want to do bro... I'll be cheering on you on the side lines.