The drug store business has become an
integral part of today's economy. Medicine
industry has grown in leaps and bound through
the years. Read this article if you want to join
in on the action and open your own medicine
store business.
In a nutshell, drugstores are described as retail
establishments that market drugs, be it prescription,
proprietary, or non-prescription medicine.
To cater to the general consumer public, some
drugstores also sell goods like: batteries, beverages,
blank videotapes, candy, cigarettes and cigars,
contact lens solutions, cosmetics, diet aids,
disposable diapers, film/film developing, fragrances,
greeting cards, hair care/skin care products,
magazines/books, novelty items, oral hygiene
products, pet food, small art and crafts items, snack
foods, vitamins and more.
If you are interested in starting your own drugstore,
here is list of information that may prove to be useful
along the way:
A drug store marketing plan is essential for a
startup. With it, you will be able to determine
whether or not the area you are considering is
already saturated with competition. And whether or
not the populace is substantial enough and is
earning sufficiently enough to support your
drugstore.
Prescription medications is said to be the top seller
among all the items sold. Studies reveal the
following ranking in terms of sales generated: (1)
Prescription Medication (2) Proprietary Drugs (3)
Toiletries (4 ) Tobacco Products (5) House ware (6)
Cosmetics and (7) Others such as: candy, general
merchandise, grocery items, liquor, stationery, toys,
and other miscellaneous goods. In light of this, it is
therefore imperative to focus or concentrate on this
section of the pharmacy.
The forecast for growth of this industry is positive.
A vastly improved hospital and health care resulted
to a marked increase in the percentage of aging
Americans. Subsequently resulting to an increase in
the sales of prescription and propriety medications.
Take advantage of this trend by stocking up on this
product line.
The more shelf space you have, the better. If the
bulk of your products are displayed and visible for
the browsing patrons to see, then chances they
might be enticed to buy.
This industry is a competitive industry. Aside from
brick and mortar drugstores, there are also online
pharmacies to contend with. Other establishments
such as supermarkets and discount stores have
stocked up on proprietary drugs, some even set up
their own pharmacy within their store. It is
important to know this fact so you won’t walk into
the drug business blind.
When looking for a place to set up your drug store,
pay attention to the zoning requirements of the
area. A lot of localities have restrictions when it
comes to the type of businesses they allow in the
area.
You must allocate funds for your initial medical
store startup investment which includes
advertising, supplies and equipment, remodeling/
building expense. Also allocate a portion of your
funds for operating cost (until projected break-even
period). This includes lease payment, employee
wage, and unforeseen expenses etc.
Your medicine shop must have a licensed
pharmacist present at all times. If you are not a
licensed pharmacist, then you should hire the
services of one. On average, a person in with this
credential earns approximately 30K to 40K per
annum. You must also hire one to two sales clerks
to assist your customers plus an office clerk to deal
with the paperwork associated with running
drugstore like credit card billing, inventory,
accounting etc.

This is a nice one Op.
U have done well.


In order to have a standard store, how much will such cost?

I thought you need a pharmacist only when you want to open a pharmacy store?
You mean all those people that have medicine stores have pharmacy licence?
CC: Back2seder

leo1234:
I thought you need a pharmacist only when you want to open a pharmacy store?
You mean all those people that have medicine stores have pharmacy licence?
CC: Back2seder

yes they do plus you need to register the business with CAC

Any idea how much start-up capital is?

Good education OP. I'm reading with keen interest.

get our Pharmacy Business Plan In Nigeria
https://businessplanhub.com.ng/pharmacy-business-plan-in-nigeria-latest-edition-feasibility-studies-pdf/

How much did you say it cost to hire a pharmacist?