How much does it cost to open a pharmacy? We have been getting this question so decided to give you the best information you deserve.
Anyone who wishes to open a pharmacy store will also consider the cost of running the baby business until it stands to fend for itself.
Is ideal to know that pharmacist wears many hats and act as more of a business owner than just a pharmacist.
One characteristic that all new owners must possess is the ability to overcome the anxiety of the first year of ownership, according to Mark of Independent Rx Consulting.
Introduction on How much does it cost to open a pharmacy
“some persons can handle running a pharmacy,” he notices. “But the difficult time of opening a pharmacy store is getting through that first year. The business may be slow, and daily, you watch money leave your bank account.
keep enough money to sustain your expenses for at least the first 2 years of establishment. The pharmacy business in Nigeria is a profitable one but requires diligence and discipline to start reaping from the benefits.
How much does it cost to open a pharmacy?
Is not easy to ascertain the cost to open a pharmacy without first considering some of the factors like:
- Living cost
- Location of store
- Type of store
- Qualification and other essential factors
According to pioneerrx, Costs can range from as little as $250,000 to as much as $1,800,000. On average, start-up costs range from $400,000 – $600,000 is to be expected in the united states of America.
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How much does it cost to open a pharmacy in Nigeria?
In Nigeria, the cost of opening a pharmacy is dependent on your location either urban or rural
For a fresher with little capital, it will cost much to start up a community pharmacy in an urban area, because of some factors like:
- High cost Of Living
- Cost of Rents
- High cost of store furnishing to meet your competitors standard
- Cost of Services
- Electrical appliances like air conditioners, fridges generators and others will incur to the costs
Below is a breakdown of how much it costs to open a pharmacy in Nigeria
This depends on the location, for a location sited in a metropolitan city, it will cost an average of 1,000,000 Naira annually, whereas the cost cheaper in a rural area will be around 50,000-100,000 naira annually.
This is on a personal basis because many things are considered as the size of the store the person constructing them for you the quality of furniture you need and type. So an average of 200,000-4,000,000 can be set aside for this.
Remember proper attention is to be paid to the drugs you stock, original drugs are expensive to the inferiors one and as a pharmacy store with vision go for the best quality and never forget, the amount you put on drugs will determine the level of your pharmacy store
computer set and other Electronic Gadgets Receipts Printer And Software
Budget at least 600,000. Although as a starter you might need to have everything once you have a limited capital, you go for the most essential things and the ones you can afford.
You need to train your staff on how to grow sales. Good start-off training will cost you between #50000 to 200000 depending on the scope and duration.
You need to set aside about 900,000 Naira for other stuff that may come up or that you may think will add value to your pharmacy including your PCN fees and other unforeseen circumstances.
Below is a raw estimate of How much does it cost to open a pharmacy in Nigeria
It might cost you more or less depending on your budget meanwhile never allow the estimates to intimidate you if you are not having sufficient finance.
Don’t forget anything is too small there is always room for growth and may our year of little beginning always flourish.
Start with what you have you can start as a little drug store owner to a large pharmacy store owner
- POS retail system – N180,000
- 2 Fridges – N250,000
- Pharmacy Shelves – N600,000
- Inventory – N1,800,000
- Rent – N600,000
- Contingency – N300,000
- Cash at hand – N750,000
- Other expenses – N900,000
Start with what you have, you can start as a little drug store owner to a large pharmacy store owner
How much does it cost to open a pharmacy (conclusion)
As earlier mentioned, the cost of opening a pharmacy is not fixed considering the different factors listed above. The size of the pharmacy one intends to open would also determine the amount that would be involved.
Put every factor into consideration while making your business plan as such you will be able to avoid any setbacks.