The pharmaceutical business is quite demanding and requires a lot of training and capital to start. They are considered very important especially in an area where the hospitals are far and one has to seek medical attention or in case of an emergency. The business is very lucrative as the demand for medicine keeps on the increasing day in day out.
How much capital to start a pharmacy business in Uganda?
To start a pharmacy there are things that one has to put into consideration such as the cost of renting a shop, the cost of advertising, the cost of stocking the pharmacy with drugs, and wages if there will be employees.
Steps to start a pharmacy business in Uganda
To start a successful business in Uganda there are things one has to do and necessary permits one has to acquire. Some of the steps are as below;
- The first step is to know the type of business you want to start and acquire a unique business name.
- The next step is to register your company with the Register Company and later be issued with the certificate of registration.
- Acquire all the necessary licenses from the Ministry of Health and Fire Department. This ensures the safety of your employees as well as yours and also the consumer’s safety especially businesses that deal with food.
- Register with the local authorities to get a trading license or operating permits.
- For Tax, purposes register with the Uganda Revenue Authority. Once you register your pharmacy business in Uganda you will be given a Tax Identification Number that will be like your account number.
Tips to start a pharmacy business in Uganda
- Have a business plan that you will follow to the latter. It will help you manage your finances and not overspend.
- Advertise your business using posters and even on social media platforms. Tell your friends to tell other friends so that your business can grow.
- Study the strengths and weaknesses of other businesses in the same field as yours and get to know how they work with them.
- Look for a location with the target market. Urban places, near town centers, and shopping malls are some of the best places to start almost any business.
- Hire competent employees who will deliver quality work and follow all the rules put in place.
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