I want to walk you through the steps a young pharmacists without money can follow to setup a pharmacy in Nigeria. This based on the question that a young pharmacist asked me after reading yesterday article on WHAT IT WILL COST TO SETUP A STANDARD PHARMACY
So, this is what you need to do if you want to setup a pharmacy in Nigeria and you currently have no money.
Now, I want to start from the point that you are a fresh graduate and you desire to setup your own community pharmacy. I will take it step by step. you can take it from your current position
- SAVINGS – You must start with some savings. To do this, you must make up your mind to start saving all your internship, NYSC and Locum money. This means you need to cut your cost. You need to save money by living with family and friends during your internship and NYSC. In fact few years post NYSC. If you save all your NYSC and INTERNSHIP money. You will have a head start of about #1.2 million from Internship based on a minimum salary of #70,000 and about #250,000. from government NYSC based on current allowance.. This means that you need to work to get a good locum job so that the salary from your Locum job will take care of your feedings and other needs. This means you will be looking at a savings of #1.5 million after NYSC.
- WORK IN THE BUSIEST PHARMACY IN AN UPCOMING TOWN – So you have finished NYSC. The next thing you need to do is to work for at least two years in the busiest pharmacy in a surburb town. For instance, if you are in Lagos you can consider IKORODU, EPE, BADAGRY. The idea is that after two years working in a very busy pharmacy, you would get to know all the sales reps from a lot of companies. The reps that cover those suburb towns are interested in working with young pharmacists. You need the suburb because the rentage there is usually lower. And its easier to build a great reputation as a great pharmacist in a the big pharmacy of a smaller town. That way you can easily start your own and customers will follow you. You also need to be very hard working. Most importantly build relationship with the suppliers to the pharmacy where you work. Working in a busy pharmacy will fetch you a salary of at least #150,000 per month if you include your license. Save 50% will give you #1.8 MILLION IN TWO YEARS. Add it to the #1.5 from Internship and you have #3.3 or lets just say you did not save anything from internship you have now #1.8 MILLION
- GET AN INVESTOR – You need from day one after your Post NYSC to start looking for an investor. This means building great relationship with the rich customers where you work. Join your state associations. Write a proposal for investment explaining how lucrative a pharmacy business is. But what you are looking for though is a loan not an equity investment. So, lets assume that you are able to raise N500,000 from this it means you now have either #3.8 million or 2.3million .
Now, working with #2.3 million, here is how you can setup a pharmacy in Nigeria
- RENT – N500,000 – Because you are starting from a young town, rent will be low. I strongly suggest targeting the suburbs of a very developed state Like Lagos, Abuja or PH and University towns too.
- FURNITURE – #500,000. This amount can get you a decent wood shelve that a good spray will make to look very nice.
- FITTINGS – You can get a second hand A/C for 50k, a second hand fridge for N40k, A fan for N10,000. With 20K you can get good lighting and with another 30k you can get a small generator. For now, you do not need a computer. Just buy a good note book for recording your sales and expenses.
- DRUGS – This leaves you with a balance of #1.1 million. Use it and head to the open market. Buy at least the basic fast-line drugs in that community. A lot of established pharmacists might not like this but all upcoming pharmacists with limited funding need the open market.
- CREDIT FACILITIES – This is where the reps come in handy. Call the reps especially those from small companies and tell them to stock you up. You pay them as you sell their products. If you were good to their products where you were working, most of them will give you enough products. The place where you bought from in the open market will also give you some credit facility if you are introduced to them by one of their customers that is why you need another community pharmacist to show you where to buy from. This is also where relationship with the suppliers of where you worked will come in handy.
The other thing you need are management training but you can watch some YouTube or download some from free business training website like KANSELOR UNIVERSITY FREE DOWNLOAD
Now, all I just shared with you is actually how one of the biggest pharmacy in Enugu was launched in 2002. I was one of the people that was part of the Launch. All the young pharmacist had then was just enough money for shelves and rent. Reps and suppliers gave him the drugs he used to setup a pharmacy in Nigeria
Tomorrow, I will share with you on how to build a profitable pharmacy when you have spent all your money to setup a pharmacy in Nigeria. The video below will help you too. Its a training for pharmacists in Ogun State.
To contact this writer call 08023622171