Pharmacy business is among these businesses that are yet to optimally satisfy its market here in Nigeria. Why is that? Because only few of these ventures exist. It’s understandable that one needs to be a Certified Pharmacist in other to be able to run such a lucrative business, but that isn’t a hurdle. You can actually employ a reliable pharmacist and have him or her paid at the end of every month while you, the real entrepreneur takes the lion share.
Before writing this article, I conducted a research and 0the result was intriguing. Everyday, workers from all walks of life return home, with headaches, stomach ache, cough, cold, etc and they need a place to buy drug and stay fit. Trust me, majority of them don’t even consider hospitals which is one of the factors that have made pharmacy business very profitable.
In fact, the existence of a hospital around your business location isn’t a disadvantage but a goldmine. Why? Because you’ll be getting a lot of referrals, especially when the hospital is out of stock. In this article, let me guide you on how you can start a lucrative pharmacy business in Nigeria. Remember, you don’t need to be a doctor or a pharmacist to do this business. But if you’re a pharmacist, it’s a huge edge.
HOW TO START PHARMACY BUSINESS
1. REGISTER YOUR BUSINESS
Before you can start a pharmacy business, or a chemist as it’s popularly called, you’ll need to register your business with relevant bodies. You might be asking, “Why do I need to register the business?” Mind you, there are lots of rules guiding the sale of drugs. If you dare start a pharmacy business without first registering the business with the Pharmaceutical Council In Nigeria (PCN), you might wake up in the morning only to find yourself in jail.
Not only that, there’s also a need to register with the Corporate Affairs Commission (CAC). The benefits of doing that can’t be overemphasize. When all legal paperwork have been handled, you can then forge ahead and establish your pharmacy business.
2. GOOD BUSINESS LOCATION
A good business location is what you need if you must witness the optimum profit potentials in pharmacy business. You need a location where there are hospitals. Places of high human traffic is also a good choice. If you stay in a community where there’s no pharmacy store, you can go ahead and start-up this business. By solving a problem, you receive monetary rewards.
I’ve seen a lot of people start lucrative businesses but because their business location was inappropriate, they end up frustrated at the end of the day. It’s not because they weren’t presentable or experienced, it’s because they made the first mistake in business which is situating your business where the target market aren’t present. Don’t make this mistake.
3. TOOLS AND MATERIALS
When you’ve gotten a space, the next is furnishing your outlet into something neat and classy. It’s very important that you get a huge space so that customers can walk around freely. Below are most of the tools you’ll need to successfully run a pharmacy business.
- Cash register
- Phone etc…
Above are just the basic tools needed. If you’re financially capable, then get an air-condition, a Wall Television with lots of medical to stickers, calenders and standa to make the outlet look professional and reliable.
4. STOCK UP YOUR PHARMACY
You need to get connected to a reliable drug supplier who is known to supply genuine drugs that are NAFDAC and NDLEA approved. Having quality drugs is the first step in keeping existing customers and attracting more potential customers. Pharmacy business is best when it’s highly trusted. That’s why many pharmacist prefer to buy a franchise. With that, they are working under a brand that’s already trusted with huge customer base.
If you’re starting from scratch, make sure you try your best to stock up your store with good drugs. Before you settle for a drug supplier, do your homework well to avoid regrets later.
5. EMPLOY STAFF
If you’re not a pharmacist, I will advice employing someone who’s certified with years of experience. If perhaps you are a pharmacist, you also need someone who will be able to stand in the gap whenever you’re not around.
Not only that, you might also need to employ people to fill the position of an;
– A pharmacist
– An accountant
– A cashier
– A stock worker
– A manager
– A security guard
CREATING AN AWARENESS FOR YOUR PHARMACY BUSINESS
You need to utilize a lot of advert and promotional strategies to stay afloat and make reasonable income from your pharmacy or chemist business. If there are some hospitals around, you can actually make them an offer for a referral in return.
Having an attractive sign post is an advantage cause it leads new and potential customers to your location. Don’t overlook its important.
Pharmacy business is a lucrative business that anyone can do in Nigeria or anywhere in the world. If you want a more detailed article business plan, CONTACT ME and it will be provided for a little fee. If you’ve any question, use the comment box and I will respond immediately. Don’t forget to subscribe!