Patent Medicine Store in Nigeria: Guide on How to Start (2020)

Before opening a patent medicine store to start selling over the counter drugs in your community, you should be aware that patent stores are similar to chemist stores but have no pharmacist running its operations. Usually, patent medicine stores are found in villages and rural communities, and they are managed by people who stock over the counter (O.T.C) drugs and sell them.

patent medicine stores in Nigeria

Patent stores can also be found in streets of cities where pharmacy/drug stores are limited. Aside complementing the services of pharmacist in bigger towns, patent medicine stores help make drugs accessible to people of the vicinity easily. Starting a patent medical store in Nigeria has been dully approved by the Pharmacists Council of Nigeria (P.C.N) and can only function within states of the country.

Who Can Manage A Patent Medicine Store

Not everyone is permitted to run or open a patent medicine store in Nigeria. According to the Pharmacists Council of Nigeria, only individuals who has undergone training about drugs and their uses can manage a patent medicine store. Those who are knowledgeable also can also be allowed to do same. PCN, through National Association of Proprietary and Patent Medicine Dealers (N.A.P.P.M.D) made sure that the requiremets to start a patent medicine store are dully obeyed because of its delicate nature.

How Lucrative Is Opening A Patent Medicine Store

Since medicines and drugs are essential to the human health, starting a patent medicine store is very profitable just like food business. One can earn over N500,000 or N1, million as profit per month depending on the stock available and patronage received at your store. You should know that running a medical store of any sort is subtle, as it involves the lives of people you are administering the drugs to.

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How To Start A Patent Medicine Store in Nigeria (2020)

The following are tips and steps to opening your own medicine store in Nigeria today:

Step 1: Draw up a business plan

This is the first step to owning your patent store. You have to have a business plan detailing how you want to run the store, the amount you want to invest in registration and renting of a shop. You might also want to include employing staff in your business plan, such as a pharmacy technician to aid in managing the medicine store.

Step 2: Obtain license from PCN

Its very compulsory to obtain valid license from the Pharmaceutical Council of Nigeria before starting your patent medicine store in any state in Nigeria. Note that there are laws which must be obeyed in order to start a patent store. Its PCN that regulates and issues certificates via the ministry of health in every state of the federation. Without this license, you can’t operate your patent business or join other proprietary medicine vendors and distributors in Nigeria.

Step 3: Register your patent medicine store

There are requirements you must meet to join the National Association of Proprietary and Patent Medicine Dealers (N.A.P.P.M.D). This is the regulatory body legally approved by the Pharmacist Council of Nigeria to regulate and control patent medicines stores in the country.

To join, you would submit your certificate of proof and license from the PCN, after which you make compulsory payment for registration to be a member of the body. Aside this fee, a yearly amount is collected by all member of the National Association of Proprietary and Patent Medicine Dealers (N.A.P.P.M.D). This amount varies on location and area where you want to set up your store.

Step 4: Find a reliable drug supplier

The next step is to look for a credible supplier of drugs to your store. To achieve this, you must have registered with NAPPMD, the body in charge of patent medicine dealers. Its here you might have connections to meet retail/wholesale drug suppliers that would sell original and not fake sub-standard drugs.

Step 5: Register business name with CAC

Since you are independent and would run the patent business with a unique name, its important to register your business name with the Cooperate Affairs Commission (C.A.C). The process of registering a business name in Nigeria isn’t difficult as they would require that you provide two unique business names, provide evidence of license from Pharmacist Council of Nigeria, proof of payments to the CAC, and other documents to identify your business.

Step 6: Rent a suitable shop

You have to rent a store in the vicinity you wish to start a patent medicine store business. Target areas that lacks access to primary health care services. This would increase the demand for your business. Also make sure that the environmental condition is conducive for customers by making your store is neat. Try to observe the necessary hygienic practice. Do not situate your patent medicine store at unhygienic locations where garbage are dumped.

Note that patent stores should not be in close proximity to one another. The minimum distance of 200 meters must be observed from one store in busy areas to another. While 400 meters is permissible for less busy areas.

Step 7: Advertise your business

Unlike other businesses, there are strategic laws guiding patent store adverts. Although, getting people to know about your business is key for higher patronage, you have to know these laws guiding patent stores and apply them so that you will have more customers to patronize you.

Step 8: Attend orientation programs

The Pharmacist Council of Nigeria has in its yearly schedule to organise orientation programs for patent medicine dealers on a biannual basis. Always attend to gather more knowledge.  These programmes is vital to keep patent dealers up to speed with latest trend and findings in the drug industry.

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POS Business in Nigeria: Guide on How To Start (2020)

With the modern mobile cash banking business, POS thriving in Nigeria, a lot of people are intrigued in setting a business in this area. This article explains how to start a POS business any where in the country, the requirements, guidelines, cost and subsequently the benefits of venturing into POS business in Nigeria.

hoow to start pos business in Nigeria

What is POS?

Often times, you’ve been hearing about POS for a long time now. Point of service or sale, abbreviated as POS is a banking service that allows local debit cardholders make payment for goods and services mostly in a retail location. This service makes use of a POS machine in doing the transactions.

POS service is a very good automated product because it mitigate the stress and bulk of carrying cash around, and it helps in transacting directly with cash, etc. The service is also fast and reliable as it gives instant notification of payment and transactions. This is seen as customers receive alert whenever they do cash transfer with a POS agent.

POS service is not just only for payments and bank transfers, but it is also customized for bill payment such as airtime (recharge card printing), DSTV, GOTV, School fees, Rent, and Tax payments, etc.

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How Profitable is POS Business in Nigeria

This business is a lucrative one to delve into. This is due to increase in the number of constomers who are patronizing the services on a daily basis to carry out their transactions and transfers. Why people are inclined to using this business is that it reduces bank stress. If you have ever gone to ATM post and queue for a long time extending to hours, it should tell you that this business is thriving well in transactions. People now see it as a good substitute to banks cash withdrawal and transfer.

The POS business is a business that have provided jobs to thousands of people especially young entrepreneurs and business people who venture into it. Another advantage of the POS business is that it requires less capital and will swiftly grow if you put all measures in place to start the business. Below are the steps to take in order to set up a successful POS business that will sequel be profit-driven.

Guide on How to Start a POS Business

POS Services, like any other business, involves proper preparation, capital, location and the business environment. If you have been looking for how to establish a POS business or you want to do a mobile ATM cash banking business in Nigeria, then this article will give you the guide to start.

Step 1: Having a Shop

In any enterprise, the business place is very consequential, due to the fact that it gives your business precision and easy recognition. One good thing about this business (POS) is that it doesn’t require large space, a vendor or small place is just enough to start the business in. When locating your POS shop, it’s best to situate it in a business and commercial area, so as to increase patronization and profit.

Step 2: Location

The location is very important in the POS business. You need to go for a business area that will increase in the number of your patronizers which will subsequently increase in your business profit. I prefer it should be an open vendor and should be visible and accessible for customers.

Step 3: Start Up Fund

Before venturing into a POS business, you need to have a considerate capital, which should be about N50,000. This money will cover for the shop, and will be for withdrawal payment and also for miscellaneous such as point of sale purchase.

Step 4: Getting The POS Machine

Of course, you can’t start this business without this infinitesimal machine. There are two ways of getting a POS machine, which is through banks or other financial agencies. The requirements a business or individual must meet before being given the POS machine is that they must have;

  • A registered business name
  • A sales point (i.e. the business location)
  • A passport photograph
  • Account number
  • Business email address and phone numbers
  • And some other essential details.
  • Once all this criteria is met, you will be directed to the bank account officer, and your application will start processing within 72 hours from applying.
  • The POS machine will be delivered to you under 14 days, and you will be required to sign a POS agreement document with the bank before handing over the device to you.

Cost Of POS Machine in Nigeria

The prices of POS machine varies depending on the agent, company or bank you are buying from and the type of the machine in question. Though there is no specific price for POS, but the price range in Nigeria falls around N45,000, N65,000, N75,000, to as high as N200,000 depending on the specification of the machine. Such variation may be like having 2G, 3G and 4G, so the higher the price, the more compactible it is and better the service.

Where to Get POS Machines

POS machines are only issued by banks and other financial institutions. Below are list of some prominent banks which offers POS services, to get the machines;  First Bank, Access Bank, Ecobank, Zenith Bank, Skye Bank, Fidelity Diamond bank etc.

It is important to note that Banks charge you certain percentage for every transaction you make. Hence, POS machines offered by banks are issued out for free in line with the bank’s terms & condition and their mode of operation. For instance, some banks can only give you when your customer base is from 1,000 and above, and other condition may be if you can sale your products up to one million Naira a day.

Where to Setup a POS Business

These are good places where you can establish your POS business in Nigeria;

  • Remote Rural Communities – where there are an iota of banks and financial institutions.
  • Near Schools – University and college campuses will be a good advantage in establishing your POS outlet, because of lot of school transaction students engage.
  • Places Where ATM are always crowded or in places where there are shortages of banks/ATM post.
  • POS business thrives well close to markets and banks because of the much transactions carried out in these places.
  • In populous business premises like supermarkets, malls and large vendors.

Benefits of POS business in Nigeria

POS business have a lot of positive advantages which it gives to the individual business and the patronisers as a whole, they include:

  1. Creation of jobs.
  2. Helping in Bank decongestion by creating a medium for transfers.
  3. Opening business opportunities for entrepreneurs.
  4. Reducing bank costs and extending banking services to a wider range for customers.
  5. POS services also help to increased account acquisition for the banks.

This and many more are the benefits of POS to businesses and also banks.

Conclusion

POS business is a new modern way of doing cash transactions, and it has become a very lucrative business option for entrepreneurs to opt to. This article covered how to start a POS business in Nigeria,  the costs and subsequently the benefits.

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How To Become a Pepsi Distributor in Nigeria

Starting a business in Nigeria might prove tedious due to limited information about the business. Well if you want to become a Pepsi distributor in Nigeria, then this article is for you. Pepsi is one of the major soft drink brands in Nigeria. There is a lot of financial advantage that can be accrued by working with this renowned brand.

Pepsi distributor in Nigeria

From the start-up, you can be facing a lot of stiff challenges. If you have a lot of perseverance like me, you would have a lot of great rewards in the end. The bottling company is known as seven-up (7up) is the producers of the Pepsi brand.  To become a distributor, you would have to contact the company and inform them of your business interest.

The ownership process can be challenging at the onset, but if you persevere, chances are that the rewards will be great. 7Up Bottling Company are the makers of the Pepsi soft drink. Becoming their distributor implies that you contact and inform the company of your interests. Now let’s go through the application process.

Application Procedure To Apply As A Pepsi Distributor in Nigeria

As a Nigerian, you can become a Pepsi distributor of products that are popular amongst Nigerians. If you want to accomplish your aim of becoming a Pepsi distributor, you have to visit the company as stated earlier and request information on the actual process involved.

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Another fast, yet reliable procedure would be to visit the company’s contact us page and use the online contact form to reach out to them.

How it Works

There are a lot to distributorship with the Pepsi company. Here, 7up supplies its products to you at a discounted rate. The amount of supplies you get depends on the initial financial commitment you made. In this case, your fiscal power speaks for you. 7up places a cap on the selling price of the Pepsi products.

This entails that when you are making sells of Pepsi products, your profits are made mainly from the margins that they allow. The margin here is enough to return on investments. Being a Pepsi distributor also entails that most of your customers will be retailers. These retailers would, in turn, sell to consumers.

How Much You Make As Pepsi Distributor

The profit margin as a Pepsi distributor is very high and really rewarding. This is because of consumer behaviour. In Nigeria, 7up products are widely accepted by the populace. Since it is a self selling product, the market niche is very broad. There is also room for everyone who wants to be part of success in the business. Why not become a distributor today?

Because of the high demand for Pepsi products, there is a proportionally high-profit yield.

Market To Distribute Pepsi Products

As stated earlier, there is a broad market niche for Pepsi products. Be it a naming ceremony, a meeting, party, marriage etc, there is a very high demand for the product.

Whether it is a party, a naming ceremony, meeting, marriage etc, there is always a high demand for these products. It is on this note that I would infer that owning Pepsi distributorship rights has gross financial rewards.

Taking Your Time to Understand the Business

Being a distributor of one of the biggest brands in Nigeria entails that you take out a lot of time to understand the business. Anything less, would or might lead to the loss of your investments. So far a start, endeavour to make a lot of inquiries about the ins and out of your business. You can ask any friends of yours that have started the business. Better still, visit a consultancy and tire yourself out with questions.

In so doing, you are getting yourself ready for whatever comes your way after establishing the business.

The best option in this scenario would be to make inquiries from the company directly.

The scale of the Business

You need to have a clear picture of what you want. In fact, a clear mental picture of how you want the business to turn out is more important than any other thing.

As a plus to having a good plan for your distributorship, the company has lots of distributorship offerings. This information is very important to the planning process.

Big distributorship would attract high commission fees.

The opportunity provided by festive seasons

During festive seasons, the demand for Pepsi soft drinks by consumers is bound to be very high. We all would agree that at a lot of homes, relaxation centres and organizations spend their money on Pepsi drinks for relatives, guests, individuals, and friends.

This opportunity cannot be exploited as a distributor in Nigeria. In the festive seasons in Nigeria, there is a lot of wealth to be share as a distributor.

Frequently asked questions

What was Pepsi originally made for?

As of August 28, 1898, Bradham gave his drink the name “Pepsi-Cola.” He had a predisposition that the drink was more than a drink for refreshment. He saw it as a“healthy” cola that aids digestion. The word Pepsi has its root from the word dyspepsia which means indigestion.

What soft drinks are Pepsi products?

Here is a list of soft drink owned by Pepsi;

Pepsi, Pepsi One, Pepsi Max, Pepsi Throwback,  Diet Pepsi, Caffeine Free Diet Pepsi, Diet Pepsi Wild Cherry, Pepsi Wild Cherry, Pepsi Natural, Caffeine Free Pepsi, Diet Pepsi Lime and Diet Pepsi Vanilla.

How does the Pepsi company distribute their soft drinks?

There are three channels through which their products reach the market. The channels are namely; direct store delivery (or DSD), third-party distributor networks and customer warehouse. PepsiCo makes a choice on any relevant distribution network that would serve their customers well.

What does the 7 in 7 Up Stand For?

The most logical explanation is that seven stands for seven ingredients.  While the “UP” is related to the rising bubbles we see with soda. This inference is supported by an early 7UP tagline: “Seven natural flavours blended into a savoury, flavour drink with a real wallop.”

Is Pepsi good for health?

Taking drinks with very high amounts of sugar is not good for health. It can have various adverse effects on your health. This could range from the increase in the possibility of tooth decay, metabolic disorders and who knows, a heart disease.

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