If you are somebody who actually want
to provide valuable service to a community starting a pharmacy can be very
rewarding. Without been told opening an independent pharmacy can be very
challenging, because there is really a market research to do, also financial
arrangements to make, the acquiring of license, the hiring of staff, etc.
There is need for you to educate
yourself extensively on what this business entail before you venture into the
business.
Furthermore, one of the major reasons
why most start-up businesses fail in Nigeria is because of lack of proper
planning and execution about the proposed business, its target market and also how
it will make sales and gain profits after deducting all the expenses. Like I
said earlier starting a pharmacy business in Nigeria requires carryout a proper
market research/feasibility study if you actually want to make huge profits
from the business. The following are the things you should really consider when
conducting market research;
1. You need to consider whether you
should build a new pharmacy or open an existing one.
2. You need to consider the location, having
it in mind the competition in the environment, and also its visibility,
accessibility, etc.
The following are things
to do in order to set up a successful pharmaceutical business in Nigeria;
1. Draft out a manual for employees: Without
been told running a small business can be very unpredictable, it is really very
important to have procedures in place so that employees can adhere accordingly
or appropriately.
2. You need to investigate staff before
employing them: Actually this cannot be over-emphasized, make sure your staffs
have guarantors before hiring them.
3. You need to hire a Pharmacist: In
Nigeria all pharmacies need a licensed pharmacist. If you yourself is a licensed
pharmacist you also need to have a few backup pharmacists to call if by
peradventure you get sick or you need a day off.
4. You need to hire Pharmacy
Technicians: These Pharmacy technicians will help in the area of counting
pills, also typing out prescriptions and making phone calls.
The following are the steps
on how to start Pharmacy Business in Nigeria:
1. Write a business plan: Doing this will
really help you plan the business. This business plan will entails the
financial and non-financial projections of your proposed business.
2. Acquire a license: Try as much as
possible to get the license to operate.
3. Capital to start the business: You
can apply for loans from any commercial banks.
4. Look for a good location: Make sure
you look for a good and viable location to set up the business.
5. You need to get an insurance policy
for your Pharmacy: Make sure you get an insurance policy for the pharmacy business
in case of fire outbreak, theft, etc.
6. You need to hire employees: In this
business you need managers to oversee
other employee’s activities, you also need stock workers that will make sure
the shelves are neat and well-stocked and store clean, you also need cashiers
or accountants that will handle the finances of the business.
7. You need to acquire all the necessary
equipment for the business: Some this equipment are like; cash registers, computers
with all the necessary software, chairs for waiting areas, phones, you also
need to install a good security system.
8. Promotion and marketing of the
business: Before you officially open your store you can hang a large coming
soon banner, and also send out circulars. You can also sponsor a large
celebration for your grand opening. Try and join local community organizations,
also try and partner with other medical professionals within your area.
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