Starting A Chemist Shop In Nigeria – Everything You Need To Know About Starting A Chemist Shop In Nigeria

Starting A Chemist Shop In Nigeria – Everything You Need To Know About Starting A Chemist Shop In Nigeria

Have you been thinking of starting a chemist shop in Nigeria? Or are you wondering how much it costs or the very requirements needed for a start? Well, look no further because, in this article, we will be discussing everything that has to do with starting a chemist shop anywhere in Nigeria. 

But, What then is a Chemist shop?

A chemist shop, as is popularly known, is a patent medicine store where over-the-counter(OTC) drugs are sold. The Pharmacists Council of Nigeria(PCN) approves this store to operate in areas where there is a scarcity of pharmacies in the localities.

What is The Difference Between A Chemist Store And A Pharmacy

A chemist store is different from a pharmaceutical store in the sense that a chemist store is run by a trained chemist, not necessarily a medicine-inclined person, but both stores deal with the stocking and selling of drugs. A pharmacy must be run by health-inclined personnel who see to clinical matters of health.

This is a very lucrative business in Nigeria as many are making millions in the chemist business over time. And for you who want to start a chemist shop in Nigeria, it is the right choice. 

Who Can Start A Chemist Store In Nigeria 

As I said earlier, anyone who has undergone training can chemist shop in Nigeria, but certain professionals can venture into this field. Professionals such as 

• Nurses
• Microbiologists 
• Biochemists 
• And other health-inclined personnel who have knowledge of the use of drugs 

But aside from the above-listed, anyone who has gone through adequate training can be a chemist. Next, we’ll look into starting a chemist shop in Nigeria. 

How Much Does It Cost To Start A  Chemist Shop In Nigeria 

The cost of starting and running a chemist shop varies according to location and the cost of purchasing drugs. Some locations may be cheaper than others, while sometimes the cost of purchasing the drugs and certain other things may change. However, with 1 million to 5 million naira, you can be able to cover all the expenses of starting your new store on whatever scale you plan on starting with. 

How To Start A Chemist Shop In Nigeria

For those who may have been wondering how to start a chemist shop in Nigeria, here are step-by-step procedures to follow to open one. They include the following:

1 Undertake Apprenticeship In Patent Medicine

2. Do Your Market Research

3. Write Your Business Plan

4. Get Your Startup Capital

5. Register Your Business

6. Get A Good Location

7. Trusted Suppliers

8. Staffing

9. Promote Your Business

1. Undertake Apprenticeship In Patent Medicine: You cannot just dive into the chemist shop business without getting the required training from a chemist. You have to be trained to know what works in the line of drugs. So that when you start your own store, you won’t lack any knowledge of drugs or give out the wrong drug to people.
2. Do Your Market Research: You must be aware of what works, where, and when. For instance, During COVID-19, everyone used nose masks and sanitisers as of then, and many chemists stocked their shops with them. As someone who wants to succeed, you have to research the market to know what sells and what does not. All this research makes it possible for you to plan your business properly.
3. Write Your Business Plan: Writing your business plan makes it easy for you to know which direction you want your business to go to and at what pace. So make a plan. Draft out the things you want to see in your business and how everything should be done. Only with a plan can your business be in order and run smoothly.
4. Get Your Startup Capital: After the planning, you have to get the startup capital ready so that you can make payments when needed and purchase drugs. Capital is very important because it is what makes your plan come to life.
5. Register Your Business: It is important that you register your business as it concerns health and must be handled delicately. Register your business with the authorized agency and be licensed to start. 
6. Get A Good Location: Location is another crucial thing if you want your business to boom. When looking for a location go for a safe environment where your products are in high demand and there is relatively low competition around.
7. Trusted Suppliers: Another thing is having a reliable supplier who supplies you with good drugs. Oftentimes, chemists get supplied with fake drugs, but getting a trusted and verified supplier saves you a lot of trouble. 
8. Staffing: You have to ensure you employ adequately trained people who can handle the work in your chemist store. Poor staffing affects your business’s growth, so you have to make sure you employ the right people. 
9. Promote Your Business: Promote your business on social media. deploy strategic plans that can help increase your customer base.

Once you’re done with the above-listed steps, you will be sure to have a stable chemist shop running. 

 Problem Of Chemist Shops in Nigeria

In as much as the chemist stop business is seen as a very, very lucrative business in Nigeria, it still has certain challenges which face those who are new and old in the business, and they include the following:

1. Financial Problems: Chemist stores have a lot of problems, and financial problems are one of them. Unavailability of how to source money due to the constraint of getting credit loans from different agencies.
2. Management problems: Mismanagement on its own is a big problem. Lack of adequately well-trained manpower is the cause of this.  When you are not able to give accounts of how your business is run and where most funds go. It could lead to a whole lot of problems for the chemist.
3. Poor Accounting System
4. Strategic Planning Problems: Most of the time, chemist stores do not strategically plan on how to create awareness. Which is wrong, it is advisable to create different strategies which will be used to create awareness for your store and to increase your customer base.
5. Socio-cultural Problems 

As a newbie in the chemist stop business or a struggling person, it is important that you follow the above-listed steps in order to succeed. Remember that this line of business is more like a service to humanity, so treat it with care. 

Having been through this article with us, we hope it was helpful to you. Till Next Time.