PDA

View Full Version : An absolute beginner's question



Dmeds42
05-25-2017, 08:25 PM
Hello to all:

I am a pharmacist in NY. I am looking to possibly partner with a colleague of mine in purchasing an existing pharmacy. Without even getting into those details, my primary question and issue is financial. I would like to get informed opinions on this one primary issue for me at this very preliminary time: I dont currently have money saved nor do I really have any liquid funds that I could use to support my family at the early stages of a business venture. Even with getting a small business loan, my biggest fear is having funds to support my family while I get into business. Can anyone tell me if they have ever started a business in such a circumstance? If so, can you provide some direction on this issue. I would appreciate it.

zdkformations
06-01-2017, 07:58 AM
I think this is not a right time to start up a business as you are having no money for even your own family and you might be very familiar with the fact that starting up a business requires some amount apart from your expenditure. So, i think your loan might be able to pay your daily expenses but you will be left with no money to start your business. So, i think you should invest first a little bit or your family then think of starting a business as a startup business is like a game of gambling there are chances of failures as well as success. So, if we take the negative aspect there is a dire need to secure your family by having a small amount for daily expenditure.

Andrewb1990
07-04-2017, 03:57 AM
I got lucky starting my company, no kids, no wife no dependents. That allowed me to take a risk and dive in head first because if it failed I knew Id be fine.

I'd say until you have like 6 mo's minimum in the bank the risk reward isnt there

Est cost to start up a pharmacy? Projections?

I'm not some rich vc or anything, just an entrepreneur with a little cash always looking for the next source of income.

I'd be interested to know the business end of it.

JSturgell
09-02-2019, 08:57 AM
I agree with z k formations. Apply budgeting and accounting to your personal life like it is a business and get some savings. You'll know when you are ready to step out there with the winner. What about your partner? Any possibility that they can bear a greater portion of the financial burden?

speeduser
12-23-2020, 06:34 AM
I really love looking at the origins of my family. I would definitely love exploring things like this one. - Steven C Wyer (http://stevewyer.me/)