How to Start a Herbal Medicine Business in Nigeria - A Stepwise Guide

Herbs are the natural cure for numerous diseases, sickness and others, it possesses no side effects and is cheaper than the conventional drugs in some cases, but that is not the only good side of this business as it doesn’t require much capital but adequate care and knowledge to make you earn lots of profits.

This is one of the main reasons herbal medicines are popular. In many health conditions that have defied conventional medicine, herbal remedies have offered renewed hope to people by providing alternative and practical solutions to health problems.

Decide on what kind of herb(s) that you will like to start, know that diversity is better in this kind of business; you should not be focused in the growing of just one type of herb, though you should start with few first and then expand it later.

Herbal medicines are relatively cheaper for maintaining good health as their formulations are naturally available, and greedy pharmaceutical companies do not control their sales.

With the growing demand, the global market for herbal medicine sales is $ billion annually, growing steadily. You can now make money from a home herbal business by setting up a lucrative herbal home-based business

The Internet has provided one of the most productive tools for businesses to grow into profitable ventures quickly. By setting up a simple website to advertise and sell your herbal products, the World Wide Web puts your home-based business before a global market with potential customers from any country. The internet is a proven platform for making money from home herbal businesses.

In most developing countries, including Nigeria, the majority of the populace lives in the rural areas, where the use of herbal medicines is common. The use of herbal medicines in the urban areas is on the increase, arising from the global inflationary trend, which hampers the sustainable supply of orthodox medicines and reduces the purchasing power of the populace. The Nigerian Government has recognized the need and shown political will by approving and adopting guidelines for the practice of traditional medicine. The regulatory authority, the National Agency for Food and Drug Administration and Control (NAFDAC), has also taken steps to protect the health of consumers by drafting the ‘Guidelines for the Registration and Control of Herbal Medicinal Products and Related Substances in Nigeria’

The first hurdle that faces most businesses in Nigeria is the difficulty in accessing funds for start-up capital. Starting a herbal medicine business removes much of this difficulty, as very little capital is needed to purchase the first units of the herbal products. Sales can begin without renting an expensive office, shop, or work from home. You can become a herbal practitioner and start making money from home today.

It is essential to know that starting a herbal medicine business requires proper knowledge and training in herbalism, product formulation, and marketing. It is vital to do thorough research and seek guidance from experienced practitioners or organizations to ensure your products and practices comply with regulatory standards.

How much profit can a medicinal herbs business make?

 Medicinal herbs businesses which re-sell bulk herbs typically charge 30% or more over their costs.

The owner of a medicinal herbs company needs to have an understanding of the proper use of medicinal herbs. This does not mean that everyone who owns this type of company needs to be a certified herbal practitioner, but this would certainly help. Owners who grow their own herbs need to have an adequate level of gardening skills and knowledge. All owners of this type of business need to know how to run a retail or wholesale operation and have some experience with marketing.

The Nigerian Natural Medicine Development Agency data has it that over 85 per cent of people in sub-Saharan Africa and about 80 per cent of Nigerians patronise traditional medicine. For most of these people, it is the only known source of healthcare delivery; IT IS AVAILABLE, ACCESSIBLE AND AFFORDABLE.

A good percentage of modern drugs is plant derived and the World Health Organisation estimates that there are about 21,000 plant species with medicinal value and a good percentage of these are believed to be available in Nigeria with our vast biodiversity and bio-resources.

Cultivation of medicinal crops as a deliberate and focused business venture is a viable foray. A specialised area of agriculture and forestry would yield good returns not only for supply to local herbal medicine manufacturers, but also for export. This is one more area where entrepreneurs can tap into to create new wealth and generate employment.

How much can you charge customers?

It depends on your product's quality, uniqueness, and where you choose to sell.

Business owners with unique products have much more flexibility on setting their own prices.

To facilitate your sales as well, you can have your own herb store where you sell those herbs from your farm so that customers can come to either the farm or the store. Make sure that the store is situated near your target market because it will make you not to be limited only to your known suppliers as the store can draw in more people or passers-by to your business, adding to sales and profits.

The moringa tree, for example, is one of our tree resources that are brimming with potential. Proceeds from a 2010 forum on moringa development, convened by the Raw Materials Research and Development Council, unearthed that every part of the tree is an economic resource with diverse applications. We simply need to package them well and sell to the world just as they are selling theirs to us.

All the present-day herbal medicine manufacturer need do is to shed the old garb of mysticism, seek information, embrace contemporary best practice rules and adopt attractive packaging. These done and we too can sell our herbal preparations to the rest of the world.

How to set up a lucrative herbal medicine business in Nigeria. The information will provide you with the essential steps and resources needed to get your business up and running. With a proper guide on how to break into the market and start a successful herbal business 

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