Nigeria is full of diverse business opportunities for those who are willing and able to work hard towards achieving their goals. in Nigeria, there is a ready market for virtually everything legal you can think of.
this should assure you that whatever legal business you start and nurture well will surely grow into a lucrative business within a short while. speaking of lucrative businesses in Nigeria, the pharmacy business is definitely one of them.
So be ready to learn all you can from this article as i take you through the journey of how to start a pharmacy business in Nigeria.
First, why you should start a pharmacy business?
Nigeria is a country of more than 206,139,589 people and still increasing daily. though this sounds interesting but the sad fact is that a high percentage of the population is suffering from one disease or the other and more saddening is the fact that the health centers which include pharmacies are not enough for the ever-increasing people.
Therefore more pharmacies and hospitals are needed in order to take care of the sick and to prevent others from falling sick. Now this is where you come in, your services as a pharmacist is needed by the people and on the other hand, you need to make money, so the more people visit your pharmacy, the more medical solutions are proffered to their problems and that simply brings more money to you.
as you follow the steps below, you will be able to start up your own pharmacy, attend to the needs of the people and earn yourself good money.
Step 1: Get Your Business Registered
In starting any legal business in Nigeria, this is the first step you are meant to take as a responsible business owner. Much more because you will be dealing with lots of people in the society so you can’t afford to put your business at a great risk by not following due process. So do you have a great vision for your pharmacy business, GET IT REGISTERED.
So, locate the governmental bodies in charge of regulating the operations of pharmacies in Nigeria, register your business with them, and find out the necessary laws you must abide by in the business. Also, get your business registered with the Cooperate Affairs Commission.
It is important that you keep one thing in mind: if you starting a pharmacy business you need to have a qualified and certified pharmacist in your pharmacy. If you are already a pharmacist, then you have nothing to worry about but if not, you definitely need to employ one for the smooth running of your business and to be on the safe side with the Government and your clients.
Step 2 – Decide on how you want your business to take off
First, you can decide to start up your pharmacy from the scratch with your desired brand name and begin to build your customer base gradually.
The second option you have is to look for someone who wants to sell out a pharmacy with a good reputation in the community and buy from that person or agent. The benefit of this is the existing customer base
Your third option is to buy a franchise. The benefit of this is also like that of the second option but the benefit bigger and better here. Under franchise, you will automatically enjoy the trust of the already existing customer base of the brand.
It is important you know that you will be giving some terms and conditions that you must abide with.
Step 3 – Where should you set up?
This is another major factor that can determine if your business will be successful or not. A wrong choice of location can bring a good business down because the main reason for establishing the business in the first place is to render services and get paid but when you are wrongly located, you won’t be making good sales and that can be really frustrating for any business owner
So we will advise you to locate your business close to a hospital or health in your community, that way you will easily get customers.
On a second option, you can situate your pharmacy in a residential area or a business area, just ensure that there are lots of people where you are opening your store and if it’s possible, ensure that you are close to the main road in that area for easy visibility and accessibility.
However, keep in mind that whatever location you choose will be inspected by the official body regulating pharmaceutical operations in Nigeria PCN.
Lastly, on location, it is advisable that you don’t locate your pharmacy close to a bigger pharmacy, that will attract natural competition and it may be unhealthy for your small business unless you feel you have a better strategy that you want to put in place in your own pharmacy.
Step 4 – Purchase All The Required Tools
The next step is for you to visit the market and buy all the things you will be needed for the safe running of the business.
Some of the things needed are
Phones and tabs
Ensure that you arrange your store in a way that people can easily move around.
Also, maintain a clean, organized, and neat surrounding and work environment always
Step 5: Stocking Up
This is also very important, in the real sense there can be no pharmacy without drugs. Ensure you get your drugs from sources that are approved by NAFDAC and NDLEA so that you don’t eventually get into trouble. Also, make your findings and be sure that that supplier is reliable and will be able to supply you drugs whenever you ask for new ones.
If you want your pharmacy to be reputable in your community, you must ensure that the goods you are buying are of good quality, that way more customers will be referred to your store and that definitely means more money for you.
Step 6; Hire The Right Set Of People
When looking out for new staff for your store, do proper interviews for those who apply and be sure that they are qualified, reliable, and trustworthy before you employ them. It is really important because the conduct of the staff in an organization goes a long way in determining if the business will be successful or not especially if the owner is not always around.
So what should your staff base look like? Well, it all depends on the size of the store you are opening. For a standard store, you should have the following working in your store:
- A qualified pharmacist by academic standard and by years of experience
- A Cashier who will be receiving payment for drugs sold
- An accountant
- A manager
- A security guard
In conclusion, ensure you inform your staff that the main goal for you in this business is customer satisfaction.
Also, a record of goods sold, goods left in the store and the overall daily expenses should be kept always