Running your own business has its advantages and disadvantages. One advantage is that you can make your own decisions without consulting shareholders or board members. But the disadvantage that comes with having full autonomy over business decisions is that you alone will be responsible for the consequences of your decisions, and there is no way to foresee what all of those consequences will be.
All startups experience growing pains. Any new business owner, regardless of his or her experience, feels overwhelmed by all the steps required to start and sustain a new business. No matter how many trusted advisors and experts you are working with, some decisions will end up costing you time and money to “fix.” That’s part of running a business, and part of the learning process.
For myMTMCare, most of our first-year growing pains were a result of making decisions a little too quickly in our efforts to ramp up capacity. The decision to hire employees was one of the biggest decisions we made in our first year, and it’s one that most startups face early on. Job descriptions, hiring processes, employment agreements, and employee manuals are just a few of the things we had to think about before hiring our first employee. We also had to make many decisions related to training employees and creating systems that would enable us to keep a remote network of employees connected and motivated to do high-quality work.
Our hard work paid off. We have a high employee retention rate and, because we have robust systems in place for hiring and training employees, we are capable of ramping up our capacity at any time.
When I started myMTMCare, I was operating somewhat blindly. I was working in a fairly new niche of the pharmacy industry. So, I relied on a team of advisors and experts to guide me through various key business decisions. While none of them had specific experience in MTM, they each helped ensure that I was in compliance with health care, insurance, taxes, liability, HIPAA, security and other important requirements. I also have a business partner who plays a crucial role in helping me make decisions that will impact the future of the company.
For all aspiring MTM entrepreneurs, my strongest piece of advice is to seek out a mentor who can help you navigate critical business decisions. Unlike me when I was starting out, you have access to MTM entrepreneurs who have built successful businesses. Join my "MTM PHARMACIST ENTREPRENEURS LINKEDIN GROUP" to connect with me and other MTM entrepreneurs and find answers to common questions.
Aug 1, 2015