Anyone who wishes to open a pharmacy store will also consider the cost of running the baby business until it stands to fend for its self. We have been getting this question on how much does it cost to open a pharmacy.
Is ideal to know that pharmacist wear 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 BonDurant of Independent Rx Consulting.
“some persons can handle running a pharmacy,” he notices. “But the difficult time of opening a pharmacy store is getting through that first year.
Business may be slow, and daily you watch money leave your bank account
How much does it cost to open a pharmacy? Is not easy to give an estimate of the cost 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 an average, start-up costs of range from $400,000 – $600,000 is to be expected in united states of America.
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How much does it cost to open a pharmacy
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 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 on how much does it cost 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 a on a personal base because many things are considered like the size of the store the person constructing them for you the quality of furniture you need and type. So an average 200,000-4,000,000 can be set aside for this.
Remember proper attention is to be paid on 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 once you can afford.
You need to train your staff on how to grow sales. A 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 stuffs 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 intimidate you if you are not having sufficient finance.
Don’t forget nothing 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