Business Plans and Entrepreneurship in Community Pharmacy Heather Lyons-Burney, Pharm.D. UMKC School of Pharmacy Take Control of your Destiny It all starts with a plan…. Entrepreneurship “.. defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire” Wikipedia.org Entrepreneurs… “..Leaders willing to take risk and exercise initiative, taking advantage of market opportunities by planning, organizing, and deploying resources, often by innovating to create new or improving existing products or services.” Deakins & Freel, 2012; Johnson DPM, 2005 Paul Reynolds, Founder of Global Entrepreneurship Monitor "by the time they reach their retirement years, half of all working men in the United States probably have a period of self- employment of one or more years; one in four may have engaged in self- employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers." Veterinary Pharmacy? Research? Compounding? Innovation? You have an idea and see a need … What next?? Purpose of a Business Plan “Blueprint” for your pharmacy Detailed description of how you want to run your business Provides owners with a clear path to follow Essential in obtaining a loan Assists in decision making Learning about Business Plans in Pharmacy School Good Neighbor Pharmacy NCPA Pruitt- Schutte Student Business Plan Competition NCPA Business Plan Basics Team effort! Four Person Team: Designate a Team Captain Divide up sections based on individual interest Marketing, Finance, Product and Service Development, Business, Physical Layout Deadline May 15th to NCPA Finalists announced in July Live Top 3 Presentations in October Business Plan Components – Cover Sheet Cover Sheet Company name / demographics Company logo Owner’s names Date of anticipated plan development Table of Contents Outline of business plan Follow along NCPA rubric Business Plan Components – Mission and Vision Statements Vision Statement Clear and concise statement describing the inspirational long-term desired outcome of the pharmacy’s existence Mission Statement Clear and concise statement describing how the vision will be achieved Business Plan Components – Description of Business Legal Structure Products & Services (clinic services too) Organizational Chart / Management Insurance Policies Security Measures Physical Description Floor Plan / Blueprints Business Plan Components – Financial Summary of Loan Request Amount / Collateral / Statement of Personal Guarantee / Estimated Market Value / Debt-to-Equity Ratio Financial Documents Projected Sales and Expenses / Cash Flow projection / Inventory / Pro Forma Income and Balance Statement Business Plan Components – Marketing Marketing Plan Market Description Product Analysis Marketing Materials Marketing Activities Marketing Budget Why participate? Jumpstart your future… Opportunities for business plan development in a team setting Feedback from advisors, mentors, professionals Experience in a low-stakes setting Confidence builder! Questions? Heather Lyons-Burney, Pharm.D. Clinical Assistant Professor UMKC School of Pharmacy [email protected].