Owning a pharmacy is not easy. Why? Because the industry is at a time where retail is under serious pressure (most retail sales we see are going backwards), rents and nasty landlords are a big problem, competition is increasing, and values in a lot of pharmacies are under pressure.
There is a reason why you decided to become a pharmacy owner. You had goals, dreams and aspirations. Amid running a business day to day it is often easy to forget about why you started. However, to run a profitable pharmacy you must understand why it exists and how you’re going to leverage that into success.
Rental properties are one of the ATO’s favourite areas to target when it comes to auditing tax returns. The deduction claims are what the ATO mainly focuses on so keep reading to find out common items we come across with investment rental properties and how you can stay compliant with the ATO when disclosing your rental property activities.
With another financial year coming to an end, it is a good time to stop and reflect a little on what you have achieved this year.
Personally for me it is the most innovative time of the year. I take the time to reflect on what we achieved, our successes and our failures. Nothing is ever perfect in the world. But it allows me to identify what went wrong. Then what strategies we can employ to reverse our failures and what we can do to progress towards our goals. So with this in mind, I would strongly suggest you take the time to review and reflect.
Pharmacy Partnerships, what should I consider?
Following on from my blog “You want to Buy a Pharmacy, why would you want to do that?” one of the most common entry points into pharmacy ownership is partnerships.
Quite often the first entry point for most talented young pharmacists is being offered to buy into the pharmacy where they work. This is the entry point where many ownership dreams have been created.