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    An absolute beginner's question
    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.


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    #2
    Join Date
    May 2017
    Location
    London, E14 8RJ United Kingdom
    Posts
    67
    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.


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    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.


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    Last edited by Andrewb1990; 07-04-2017 at 05:01 AM. Reason: Add more info
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