Drug stores business which can be classified as a pharmaceutical business in Ghana is one of those lucrative business an individual can invest in.
Today we will be elaborating on and draw your attention to the pharmaceutical enterprise and outline the necessary requirement that is needed to establish a drug store.
Ghana has quite an enormous population,with a porous health system we have a corresponding large number of ill people. Truth be told, in Ghana, the drug store is one of the most visited places, this is because there are always people in ill health. The sick needs medication and we all know the higher the demand on a commodity the more money an individual will make.
HOW TO START A DRUG STORE IN GHANA
Starting a drug store there are a couple of measures that needs to be implemented. The following are the various steps;
Step1 – Registration of the Business
The first and most important step is to register the business. There are rules guiding the sales of drugs, implemented by the pharmaceutical council of Ghana (PCG). It is therefore important to seek the requirement that is needed for the registration with the council. We must also state that according to the PCG requirements, there has to be a Pharmacist present to start and direct the pharmacy daily.
Step 2- Choose the Right Location
As part of the requirement, the requirements, the PCG will carry out an inspection of your location and decide whether it is suitable for operation. You have to do a thorough research into the most appropriate location. Ideally the drug store should be closer to a big hospital, here patients who need drugs will come over to buy them. The drug store could also be located in a residential area or a business community which is usually a good option.The location of the drug store should be obvious and easily identified.
Step 3- Research Your Pharmacy Niche
A.Should the pharmacy be built from the ground up?
- Should you buy an already existing pharmacy?
- Should you start with a franchise?
B and C both have the benefit of an already established customer base.
With C, the name is already known, so there is a customer base already created, people will visit because they already know the brand. In case you want to enter into a franchise it important to pick a good profitable pharmacy to franchise with.
B could cost the most depending on the state of the business you are buying. With that in mind, you can retain all the same customers, with a business that is already making profit.
Step 4- Items You Need to Buy
Depending of the drug store some of these equipment will be needed.
- Cash register
- CCTV cameras
The drug store should be arranged in a way that arrangement will be easily done and conveniently done. Ensure that the drug store is always neat and well organized.
Step 5- Stock up Drugs of Different Brands
This one of the important things to do, it is best to work with a reputable, reliable supplier, who will always supply you regularly with drugs that carry no question mark. You must be known for quality products and customer service. The people you employ must be credible, qualified and trustworthy.
Depending the drug store, you need all or some of these individuals;
A stock worker
A security guard
Ensure to keep good records, everything should always tally. Stock keepers should keep track of the amount of drugs remaining, reload the shelves and keep them well organized and neat. It is important that you make it clear to your employees that keeping the customer happy is a top priority.
Step 8- Look for additional Funding
This is one of the vital steps to take, raising of capital for the establishment of a drug store is very important. You could take a loan from a bank, from friends and family. Or seek an investor.
Which ever alternative you choose,one of the key things to a successful money raising is a well organized business plan. Investors and banks will be willing to do business with you knowing what they stand to get doing business with you.