Chemist business is one of the thriving businesses that can make you a millionaire in few months. Chemist store also known as patent medicine store is different from a Pharmacy drug store. However, both deal on drugs and medications.
One of the major challenges, this chemist business has been facing is the issue of fake drugs and counterfeit medicines. A lot of campaign has been going on against counterfeit drugs and medications by The National Agency for Food and Drug Administration and Control (NAFDAC). So, if you’re venturing into this business you must ensure you don’t get yourself involve in sale of fake drug and counterfeit medicines.
Getting the capital required to start as well as the necessary license to operate the business can be huge task sometimes, however, if you can take the right steps to obtain the entire necessary requirement; I bet you, you will enjoy it at last.
So if you are looking to own a chemist store soon, following these steps below would save you a lot of stress. Here is a step by step guide on how you can start your own chemist business in Nigeria from the scratch.
How to open and run new Chemist Drug store in Nigeria (with requirement)
- Undertake Apprenticeship on patent medicine – An apprenticeship is a system of training a new generation of practitioners of a trade or profession with on-the-job training and often some accompanying study. Undergoing an Apprenticeship in patent medicine will able you acquire necessary knowledge to practice as a chemist. You might serve as either an intern or a trainee. This is so that you can become conversant with things like where the suppliers are, basic information on how sales are determined, pricing, as well as the various markets for the products to be supplied.
- Carry out proper feasibility study – You have to carry out proper feasibility studies before investing in chemist business. Undertake the necessary research by browsing the internet to get the knowledge needed. Read books patterning to chemist business. You can also ask people who are already into the business on how they have managed over the years of operation and existence.
- Register your business with Corporate Affairs Commission (CAC) – This is the next step for you to follow and it would entail registering with corporate affairs department. This is so that you can get the necessary documents to be completed, as well as get the necessary law backings before you start out in business.
5. Register your chemist with regulatory body – The Chemist just like Pharmacy has to be registered with their association before the start of operation. The Association governing all chemist business in Nigeria is the National Association of Proprietary Patent Medicine Dealers (NAPPMED).
6. Put down a detailed plan – Before kicking off operation, it would be business-wise to draw up a business plan. This will serve as a blueprint for your business. In the business plan, you will the mondus of operadu, the type of services and drugs you would be providing, how the business would be operated, as well as the problem it would help solve for the community and society you serve. You may include all costs associated with starting the chemist, such as the rent, electricity bill, the salaries, and cost of furnishing the space, your profit potential as well as the type of items that would be sold. If this seems too technical for you, then you may need to consider getting an expert to draw this plan for you.
7. Rent a store – Once, you have acquire the necessary training and license, then you’re good to go. Rent get space for your business. This is never a type of business you want to start from your home. So, like earlier mentioned get an office space or store good enough for your business. Be sure it is in a busy, accessible and profitable area.
8. Contact Drug and Pharmaceutical Companies – Your next step would be contacting the various drugs and pharmaceutical companies. At this juncture you would be required to establish a rapport with them by describing your pharmaceutical needs. This is so that you could determine early enough the best deals, as well as the best suppliers to procure the goods from at a friar price.
9. Employee staff – Hire qualified candidates who will work with you. You may consider putting up an advert on the local directories as well as the newspapers for the various vacant positions. These posts would include the post of a clerk or attendant/sales person, a cashier, as well as stock takers/store keepers. If you think you need an expert to help you in the recruitment process, then you should seek for one.
10. Put up strong promotional and marketing Strategy – the next thing to do would be to draw up a good marketing strategy on how to attract consumers. Print handbills/flyers and brochures and share to people. By words, tells people about your chemist business and the quality of products you sell, you may also want to give out free drugs to a particular sect of people telling them that you have commenced operation.
11. Improve your store design: You can consider improving your chemist store design to attract the attention of potential customers.
The above are 10 great steps on how you can start your chemist drug store business. Above all, have at the back of your mind that you must ready to please your clients at all time if you must succeed in this business.
Cost of starting a chemist drug store in Nigeria
The cost for opening a new chemist drug store depends on you. You can chose to enter the business in small scale, medium scale or large scale depending on your financial capacity but with N3000,000; you can start on a small scale.