Are you happy with your current employment?
Are you saving the right amount of money to secure your retirement?
Are you building equity in something or are you just living to pay the bills?
Here is the reality in todays marketplace for pharmacist labor. Historically about 84% of pharmacist jobs have been either in retail pharmacy or hospital pharmacy. Right now mergers and acquisitions are causing both of these key employers to need less pharmacists. Add to this the fact that the schools of pharmacy are graduating over 14,000 new pharmacists per year and it isn’t difficult to see that the short term outlook is not great for overall job growth.
That’s the bad news what’s the good news?
The market for great pharmacists is outstanding. The market for mediocre pharmacists is shrinking. The key is figuring out how to become a great pharmacist. And then you have to learn the business skills to turn that excellence in to a pathway to financial independence. Because this is not easy the average pharmacist won’t make the effort. Therefore if you do make the effort you will have an incredible opportunity to achieve your wildest dreams.
The Bar of Mediocrity
By definition most people are mediocre, that is their performance lies within + or- one standard deviation of the average performance. The key to success in the 21st century is going to be that you must be in the top 15% of your specialty in order to be viable in the marketplace. Therefore you must be more than one standard deviation above average to be in the top 15%.
In human terms that means that you must be good at something people are willing to pay for and you must be considered better than average if you hope to earn a living. This means you must learn some basic business skills to identify a an area in which you can become an authority, you must develop and market that authority, and you must deliver value above what you charge, or else your income may dry up.
For the past 25 years we have been spoiled by a market condition in which employers were willing to overpay pharmacists in order to keep their business open and growing. It was foolish to think this trend would continue forever. Now it has reversed allowing employers to reduce wages and benefits. If you want to buck the trend you need to re-establish yourself as a valuable resource for a target market. That market must be big enough for you to make a living and yet small enough for you to become an authority in that space.
Are you prepared to be successful over the next 10-15 years? Can your current employer even guarantee that you will have a job in 5 years?
The reality is this, this is one of the most volatile times the profession has been through in the last 50 years. But there is also more opportunity to make a great living using your pharmacy training than there has ever been. Do you feel like you have the business skills you need to build out your own financial independence?
Are you tired of working your fanny pack off to make other people wealthy?
Are you tired of working nights, weekends and holidays?
Are you tired of non-pharmacist bean counter bosses telling you how to treat your patients?
I want to help you succeed by building out a set of tools to help you learn the skills you need to successful. After 40 plus years of owning and operating businesses and working with thousands of pharmacists I have developed some amazing resources to help mentor you on your path to financial freedom. But I need your help to let me know what you think.
Please complete this survey so I can find out exactly what you think you need to know to become successful. Once I get some good feedback I promise you that I will figure out a way to get you what you need. I can share with you things that I have learned but I also keep in touch with hundreds of other pharmacists that doing some really interesting things in todays marketplace. Just by sharing their stories with you I hope you will see that truly anything is possible.
Possible Pathways
- Buy a Pharmacy
- Start a part-time Business
- Use your existing job as a springboard for promotion or a lucrative job change
- Use your pharmacist income to purchase income producing assets
As a free gift for taking the survey I will send you a PDF copy of my new book, Own Your Value the Real Future of Pharmacy Practice once I get your results.
Please Take the Survey Today and Let’s Get started building you the career of your dreams.
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