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How to setup a Pharmacy store in Nigeria



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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