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BUSINESS PROPOSAL FOR FISH FARMING 3
Today, I have employed four years into this venture and I have no regret living my N3m per annum job for it. I am financially better, I am a loving mother to my two children and my husband, I have three staff under my employment and that gives me a lot of joy.
The study focused on evaluation of pond fish production in Umuahia South L.G.A. of Abia State. Data for the study were obtained from 40 pond fish farmers using a random sampling procedure. Well structured pretested questionnaire was used in data collection from the sampled farmers. Statistical analysis was accomplished by means of frequency distribution, percentages, cost and returns analysis and multiple regression analysis. The result of the study showed that there is a significant relationship between total revenue and farm size, feed cost, labour cost and cost of fingerlings. The result also showed that the cost of production was N141, 461.08 with the total revenue of N 321,400.00 and the net income of N 179,938.92 per production cycle for an average farmer indicating that pond fish production is a profitable venture in the study area. Despite its profitability, there were constraints to production which included inadequate finance, high feed cost, scarcity of good source of fingerlings and transportation cost. Based on findings of the study, development of good infrastructures and provision of minimal credit by way of public utility for the pond fish farmers could help reduce cost incurred in pond fish production. Given that animal protein especially beef has continued to be expensive yet in short supply, fish production should be encouraged to guarantee meeting the protein demand of households especially the rural poor in the study area by enhanced value chain by fish farmers.
This study assessed the socioeconomic analysis of fish farming in Oyo State, Nigeria. A multi-stage random sampling technique was used to select 222 fish farmers from all the four agricultural zones in the state. Data collected were analyzed using descriptive statistics, budgetary analysis and profitability ratios. The study revealed that the mean age, household size and fish farming experience were 46 years, 6 persons per household and 9.3 years respectively. The result of the budgetary analysis show that average total cost (TC) of N 2,883, 515.08 was incurred, total revenue (TR) of N 4,873,521.29 was realized and a returning gross margin (GM) of N 2,376,616.36. The profitability ratio gave a benefit-cost ratio of 1.69, rate of return of 0.69 gross revenue ratio (GRR) of 0.59 and expense structure ratio (ESR) of 0.15. This is an indication that fish farming is profitable in the study area. Constraints perceived by most of the farmers include high cost of fish feed and market price fluctuation. Significant level of profit obtained from the study is evidence that it has the potential in alleviating household poverty in the country thus; government should provide credit facilities with small interest rate to fish farmers. Abstract-This study assessed the socioeconomic analysis of fish farming in Oyo State, Nigeria. A multi-stage random sampling technique was used to select 222 fish farmers from all the four agricultural zones in the state. Data collected were analyzed using descriptive statistics, budgetary analysis and profitability ratios. The study revealed that the mean age, household size and fish farming experience were 46 years, 6 persons per household and 9.3 years respectively. The result of the budgetary analysis show that average total cost (TC) of N 2,883, 515.08 was incurred, total revenue (TR) of N 4,873,521.29 was realized and a returning gross margin (GM) of N 2,376,616.36. The profitability ratio gave a benefit-cost ratio of 1.69, rate of return of 0.69 gross revenue ratio (GRR) of 0.59 and expense structure ratio (ESR) of 0.15. This is an indication that fish farming is profitable in the study area. Constraints perceived by most of the farmers include high cost of fish feed and market price fluctuation. Significant level of profit obtained from the study is evidence that it has the potential in alleviating household poverty in the country thus; government should provide credit facilities with small interest rate to fish farmers.
Samuel S O O Ogunmefun
Pisciculture value chain includes all steps a fishery business goes through from input sourcing and use to consumption by the end user. Value chain approach possesses numerous advantages such as quick returns on investment, creation of jobs and provision of high quality fish products to the consumers amongst others. Recent studies have shown that the inefficiencies in the pisciculture value chain are expressed in capacity under-utilization of equipment, poor quality products, low output from given quantity of raw materials, poor market information, poor technological know-how, income fluctuation, market gluts and unattractive profit incentives. Various studies have however, not fully underscored the important steps and stages in the analysis of the pisciculture value chain, and most especially in Lagos state, Nigeria, thus necessitating further in-depth analysis. This study therefore set out to analyze pisculture value chain in Lagos state, Nigeria. The study adopted the survey design and utilized mainly primary data. A structured close-ended questionnaire was used to collect information from the fish farmers, who were selected by multistage, stratified random sampling technique. Data gathered was analyzed using value chain analysis. The study therefore recommended a strengthen networks between producers to address business issues by assisting value chain players to support each other for improving market perceptions of pisciculture product. Also, improving productivity and quality through increased adherence to technically correct pisciculture methods among other things.
Asian Journal of Agricultural Extension, Economics & Sociology
Andrew V . Arinaitwe Izaara
Aquaculture sector if fully exploited has great potential of boosting foreign exchange, household nutritional and income levels. However, not much has been done regarding economic analysis of aquaculture production to attract and guide investment. This study was carried out to assess the profitability and viability of the aquaculture enterprises in central Uganda. The study focused on the socioeconomic and production characteristics, profitability indices and significant challenges experienced by the fish farmers. The fish farmers were selected using simple random and purposive method from the farmers’ lists provided by the Aquaculture Research Centre. The study was carried out in Kampala, Mukono and Wakiso districts between July and August 2015 using well structured questionnaire complemented with interview schedule. The collected data were analysed using descriptive statistics and pseudo-profit function. The results indicated that male aquaculturists owned the majority (86.8%) of the farms. On the average, a majority (77.4%) of the respondents’ cultured tilapia as the primary species. The Tilapia and African Catfish culture periods lasted for 8 and 9 months to attain an average body weight of 0.5kg and 1kg, respectively. The operational costs accounted for 2736000 and 2865960 Uganda shillings of the total tilapia and catfish production cost. A kilogram of tilapia and catfish were sold at 10800, and 9360 Uganda shillings, respectively and positive gross margins were reported for both species. The fish farmers still faced challenges of expensive fish feeds, predators and water quality problems due to increasing urbanisation. The study recommended the need for farmers to re-organise themselves into cooperatives to collectively purchase inputs, train farmers in business management skills to run aquaculture as sole business entities, stocking of monosex tilapia for easy control of tilapia populations and efficient feed utilization to reduce the current feed conservation ratios.
This study was conducted to explore the opportunities, potentials, constraints and challenges in fish farming, management systems practised in the Kumasi Metropolis, as well as innovative ways to improve fish farming. It further looked at how the address of the pertaining constraints and challenges and the effective and efficient use of the opportunities and potentials in the fisheries sector would help reduce poverty in the Kumasi Metropolis. In order to achieve accurate results for this study, purposive sampling method was employed to select the respondents (20 fish farmers). The study revealed some impeding factors affecting the smooth and efficient operations of fish farming in Kumasi. The most pressing among these inhibiting factors are; high cost of fish feeds, difficulty in securing loans, high cost of fingerlings, AEAs not visiting their farms and poor feed management. Opportunities identified were mainly from the KNUST DFWM and the Ashanti Regional Fisheries Commission. Amongst them were: Research to produce tilapia feed using local ingredients; and rolling out a tilapia-hatchery vegetable system. The fisheries commission also provide training of farmers, advisory services and extension delivery. To address these challenges hampering the growth of the industry, the author made some recommendations based on the findings of the research. Some of the recommendation were: Intensification and Privatization of Extension Services; Strategy to deal with unavailability of high cost of inputs; and increasing accessibility of farmers to credit.
The study investigate the socio-economic analysis of fish farming in Yewa and Ijebu Division Area of Ogun State The study was based on primary data collected from 120 respondents in the study area. Multistage sampling techniques were used to randomly select the communities that were visited. In terms of age, evidence on shows that majority (60.0 per cent) of the sampled fish farmers, in the study area have their falling between 31 and 40 years. As much as 3.3 per cent were aged, while youths (30 years or younger) featured less prominently (11.7 per cent) among the farmers. 70.8 per cent of the fish farmers were males: it also shows that majority (92.5 per cent) of the fish farmers were married as expected. Meanwhile, results show that all the fish farmers (100.0 per cent) possess some formal education, which is predominantly at the tertiary level; Majority, 58.3% of the sampled fish farmers are also Muslim by religion with 5-10 years fish farming experience by majority. The results also show the distribution of the budgetary analysis of fish production in the study areas. It shows that the mean of the total variable cost is positively signed (N4048275.00), the mean of the gross margin is also positive (N2657463.33), total cost is (N4187853.89), total revenue is (N 1390811.66), the net income is also positively signed (N 2797042.22) while the mean of the total fixed cost is (N 139578.89). This implies that the level of profitability of fish farming in the study area is positive, since the above table shows the net income to be positively signed. Based on the findings of this study, it is recommended that: The major constraint impeding expansion of fish production in the study area was financial problem. Therefore, credit should be made available and accessible to fish farmers at low interest rate by the government and private organizations. There should be an insurance policy that would protect the farmers against mass loss as a result of disease outbreak, pollution, predation and devastating effect of flooding. Government and non-governmental organizations should educate fish farmers on management and solutions to fish farming problems by organizing seminars, conferences, workshop etc.
This research was undertaken to examine the gender perspective of Catfish farming as a livelihood base and the issue of water quality using a case study of Lagos state, Nigeria. Primary data elicited from a sample size of 70 Catfish farmers (38 male and 32 female Catfish farmers) were employed in the data. Analysis of the data was done using descriptive statistics, gross margin analysis and Z statistic. The result of the data analysis revealed that the profitability of the male Catfish farmers was higher than that of the female Catfish famers and this implies that women with a lower profitability compared to men will tend to have a lower livelihood support from Catfish production in contrast to men who will tend to have a higher livelihood support from Catfish farming as a result of their higher profit margin. All the women catfish farmers attributed poor water quality to be the major constraints militating against their profitability in Catfish farming and invariably their source of livelihood. It is recommended that mainstreaming gender in manpower training, equitable distribution of resources and access to supportive services should be prioritized towards enhancing their Catfish productivity and improving their livelihood support.
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Fish Farm Business Plan Template
Fish farm business plan.
You’ve come to the right place to create your Fish Farm business plan.
We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Fish Farms.
Below is a template to help you create each section of your Fish Farm business plan.
AquaHarvest Fish Farm is an aquaculture business located 30 miles north of Madison, Wisconsin. The farm is owned by Jason Newcomb, a fish farm manager for over ten years, who had responsibility for all operations and customer supply in his former position. Now that Jason has garnered a sizable reputation as an experienced fish farmer, several former clients of his last employer are asking Jason if they can begin using his services to supply the fish they need. Jason plans on recruiting a team of professionals to help manage and operate the day-to-day activities found at the AcquaHarvest Fish Farm.
The AquaHarvest Fish Farm will provide high-quality, locally sourced fish to meet the growing demand for fresh and sustainable seafood in the region. By utilizing advanced aquaculture techniques and maintaining a focus on environmental stewardship, AquaHarvest Fish Farm aims to become a leading provider of farm-raised fish in Wisconsin.
The following are the products that AquaHarvest Fish Farm will provide:
- Fresh, locally-sourced, farm-raised trout and tilapia
- Fish products, such as smoked trout, fish jerky, fish for stocking ponds
- Sustainably produced farmed fish in a low-impact environment
AquaHarvest Fish Farm will target a wide range of customers, including individual consumers, restaurants, grocery stores, and seafood distributors. Additionally, we will focus on promoting our fish as an alternative to wild-caught fish, emphasizing the traceability and sustainability of our farming practices.
AquaHarvest Fish Farm will be owned and operated by Jason Newcomb. He recruited his former marketing and sales manager, Tim Olsen, to be the new marketing and sales director for AcquaHarvest Fish Farm.
Jason Newcomb holds a certification from the National Institute of Fish Farming in Sustainable and Environmental Protections. He has been working at a well-known fish farm outside Madison for the past decade. Recently, he determined that he could take the best attributes of his former employer, apply them to his new business, and add several improvements to the fish farming process that would appeal to consumers and lower the environmental toll on the land he purchased.
Tim Olsen, who will be the new Marketing and Sales Director, has been working in his former position for over thirteen years and has won the “Outstanding Sales & Marketing Promotions” award multiple times within the fish farming community groups in Madison, Wisconsin. Tim is known for his ability to strategically market and sell long-term contracts from fish buyers on both a national and international level.
AquaHarvest Fish Farm will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly-qualified team of AquaHarvest Fish Farm
- A selection of farmed fresh fish, sustainably raised and locally-sourced
- Fish products; including fish for stocking ponds, fish jerky, and smoked trout
- AquaHarvest Fish Farm will offer the best pricing in town. The pricing structure is the most cost-effective when compared to the competition.
AquaHarvest Fish Farm is seeking $200,000 in debt financing to launch its AquaHarvest Fish Farm. The funding will be dedicated toward securing the office building and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:
- Office space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
The following graph outlines the financial projections for AquaHarvest Fish Farm.
Who is aquaharvest fish farm.
AquaHarvest Fish Farm is a newly established, full-service fish farm 30 miles from Madison, Wisconsin. AquaHarvest Fish Farm will be the most reliable, cost-effective, and efficient choice for customers in Madison and the surrounding communities. AquaHarvest Fish Farm will provide a comprehensive menu of fish and fish products for multiple customer segments to utilize. Their full-service approach includes a comprehensive array of locally-sourced, sustainable fresh fish, smoked fish, fish jerky and other fish products.
AquaHarvest Fish Farm will be able to effectively provide 300 fresh fish each week, with fish products numbering 200-300 pounds per week. The team of professionals are highly qualified and experienced in the fish farming industry and the management and operations of a fish farm. AquaHarvest Fish Farm provides the perfect one-stop shop for all the fresh, locally-sourced fish customers may need, including filets, steaks, whole fish, fish for sushi, and other expanded customer uses. AquaHarvest will meet every customer expectation or offer refunds, if ever needed.
AquaHarvest Fish Farm History
Since incorporation, AquaHarvest Fish Farm has achieved the following milestones:
- Registered AquaHarvest Fish Farm, LLC to transact business in the state of Wisconsin.
- Has a contract in place at one of the office buildings, where the operations and management teams will set up office space within the 10,000 square foot area.
- Reached out to numerous former clients to include fish handlers, maintenance workers and other staff members for the new fish farm company.
- Began recruiting a staff of ten associates and office personnel to work at AquaHarvest Fish Farm.
AquaHarvest Fish Farm Services
The following will be the products AquaHarvest Fish Farm will provide:
- The fish farm industry is expected to grow over the next five years to over $202 billion.
- The growth will be driven by the increased need for regulated raising and harvesting of fresh fish and crustaceans.
- The growth will also be driven by the consumer demand for sustainable fish-farmed sources of fish.
- The growth will be driven by the increased interest by consumers in healthful eating practices, including fresh fish.
- Costs will likely be reduced as more fish farms are established and can provide fresh, locally-produced fish.
Demographic profile of target market.
AquaHarvest Fish Farm will target customers within the Madison, Wisconsin region. They will target individual consumers, restaurants, grocery stores and seafood distributors.They will also target consumer groups focused on traceability and sustainability of food, including fish.
AquaHarvest Fish Farm will primarily target the following customer profiles:
- Grocery stores
- Seafood distributors
- Individual customers
Direct and indirect competitors.
AquaHarvest Fish Farm will face competition from other companies with similar business profiles. A description of each competitor company is below.
Fresh SeaPack Fish
The Fresh SeaPack Fish Company is located in Chicago, Illinois. The company is owned by Jerome Packson, a former restaurateur who now oversees the supply of fish and seafood into the finest Chicago restaurants. The company sources locally-raised fish, vacuum-packs and seals each filet, and ships the fish to regional and city-wide restaurants. With one-day service, the fish is as fresh as when it was shipped, which offers excellent flavors for consumers.
Jerome Packson established Fresh SeaPack Fish in 2000, when it became apparent the fish supplies coming in from Alaska were being depleted by wild-caught fishermen. This created in him a drive to change the process, so his company could guarantee a “fresh fish” result in restaurants, while processing and packing up to 24 hours in advance of shipment.
Sea & Land Distributors
Sea & Land Distributors are co-owned by brothers, Dean and Dave Lancaster, who have located their distribution company in Suamico, Wisconsin. From this location, vacuum packed fish can be flown to customers within a multi-state area, typically within 4 hours. The distribution company was formed in 2004 by Dean Lancaster, a former sales manager for a fish industry networking company, and Dave Lancaster, a former seafood salesman for the large, well-known fish and fish product provider.
In addition to fish and fish products, Sea & Land Distributors began distributing fresh beef to restaurants and grocery stores. Using the same processes and techniques, the beef filets, steaks, ribs and other choice cuts are sent to regional clients within 4-hours of processing. This addition to the company has resulted in a significant increase in revenue and the addition of staff to cover the beef portion of the business.
Harris Seafood Company
The Harris Seafood Company is a certified “organic and sustainable” seafood distributor, focusing on the Madison region of Wisconsin. Trent Harris is the owner and president of the company, while six employees process and pack seafood for delivery to Madison restaurants. The company was formed in 2021 and has an estimated 100 customers or clients, who are served weekly or monthly with vacuum-packed seafood.
The Harris Seafood Company has plans to open another processing center in Chicago within three years in order to grow the highly successful seafood sales industry into high-end Chicago restaurants. With demand rising, the Harris Seafood Company plans to meet that demand and exceed current company expectations.
AquaHarvest Fish Farm will be able to offer the following advantages over their competition:
Brand & value proposition.
AquaHarvest Fish Farm will offer the unique value proposition to its clientele:
- Highly-qualified team of skilled employees that is able to provide an array of fish and fish products, including smoked trout and fish jerky.
- Fresh locally-sourced fish farmed include: trout and tilapia. These two fish are the most sought-after and easily raised fish in the species, leading AquaHarvest to recognize their prominence in the restaurant industry and provide these two fish for all customers.
- Fish that is sustainably-raised and locally-sourced. Unlike other fish farms, AquaHarvest depends on aqua hydroponic techniques to successfully bring the oxygen and nutrients needed by the fish. These are not harmful to the environment; in fact, these elements enhance our environment over all.
- Unbeatable pricing for clients; AcquaHarvest will offer the lowest pricing in the region.
The promotions strategy for AquaHarvest Fish Farm is as follows:
Word of Mouth/Referrals
AquaHarvest Fish Farm has built up an extensive list of contacts over the years by providing exceptional service and products to former clients. AquaHarvest Fish Farm will garner the former clients before they begin advertising and marketing to new clients. The former clients have already committed to referring associates to AquaHarvest Fish Farm, as well.
Professional Associations and Networking
Both Jason Newcomb and Tim Olsen are well-known in the fish farm industry and have extensive networking contacts. As such, they will work to secure long term contracts with their core target audience to raise the awareness of the new company as soon as possible.
Two weeks prior to launch, a direct mail piece will be sent to every restaurant, grocery store, seafood distributor and related fishmonger to announce the opening of the company. A discount for clients to sign contracts in the first month will be announced and special packages of service and products will be offered at that time, as well.
AquaHarvest Fish Farm will fully utilize their website. The website will be well-organized, informative, and list all the products and services that AquaHarvest Fish Farm provides. The website will also list their contact information and available fish and fish products each day. The sales and marketing director, Tim Olsen, will also manage AquaHarvest Fish Farm’s website presence with SEO marketing tactics. When someone searches in the Google or Bing search engine “fish farm” or “fresh fish near me”, AquaHarvest Fish Farm will be listed at the top of the search results.
The pricing of AquaHarvest Fish Farm will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.
The following will be the operations plan for AquaHarvest Fish Farm. Operation Functions:
- Jason Newcomb – will be the Owner and President of the company. He will oversee all staff and manage client relations. Jason has spent the past year recruiting the following staff:
- Nancy Dyce – will be the Office Manager, who will manage the office administration, client files, and accounts payable.
- Tina Stevens – whose role will be the Staff Accountant, providing all accounting, tax payments, and monthly financial reporting.
- Tim Olsen – Sales and Marketing Manager, who will provide all marketing for AquaHarvest Fish Farm and each product offered.
- John Quinten – Farm Manager, who will operate all fish tanks and facilities and provide all maintenance at the properties.
AquaHarvest Fish Farm will have the following milestones completed in the next six months.
- 5/1/202X – Finalize contract to lease office space
- 5/15/202X – Finalize personnel and staff employment contracts for the AquaHarvest Fish Farm
- 6/1/202X – Finalize contracts for AquaHarvest Fish Farm clients
- 6/15/202X – Begin networking at industry events
- 6/22/202X – Begin moving into AquaHarvest Fish Farm office
- 7/1/202X – AquaHarvest Fish Farm opens its office for business
Tina Stevens will be the Staff Accountant, providing all accounting, tax payments, and monthly financial reporting to Jason Newcomb.
Nancy Dyce will be the Office Manager, who will be responsible for the office administration, client files, and act as an executive assistant, upon request.
John Quinten, will take on the role of Farm Manager, in charge of the tank operations, cleaning, facilities oversight and all maintenance at the property buildings.
Key revenue & costs.
The revenue drivers for AquaHarvest Fish Farm are the customer fees they will charge to the target audience for their services.
The cost drivers will be the overhead costs required in order to staff AquaHarvest Fish Farm. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.
Funding Requirements and Use of Funds
AquaHarvest Fish Farm is seeking $200,000 in debt financing to launch its fish farm. The funding will be dedicated towards securing the office space and purchasing office equipment and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of Customers Per Month: 185
- Average Revenue per Month: $44,500
- Office Lease per Year: $100,000
Income statement, balance sheet, cash flow statement, fish farm business plan faqs, what is a fish farm business plan.
A fish farm business plan is a plan to start and/or grow your fish farm business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Fish Farm business plan using our Fish Farm Business Plan Template here .
What are the Main Types of Fish Farm Businesses?
There are a number of different kinds of fish farm businesses , some examples include: Inland pond fish farm, Open-net pen and cage system fish farm, and Mariculture fish farms.
How Do You Get Funding for Your Fish Farm Business Plan?
Fish Farm businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Fish Farm Business?
Starting a fish farm business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Fish Farm Business Plan - The first step in starting a business is to create a detailed fish farm business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your fish farm business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your fish farm business is in compliance with local laws.
3. Register Your Fish Farm Business - Once you have chosen a legal structure, the next step is to register your fish farm business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your fish farm business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Fish Farm Equipment & Supplies - In order to start your fish farm business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your fish farm business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Fish Farming Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business ideas » Agriculture Industry » Livestock Farming » Fish Farming
Are you about starting a fish farming business ? If YES, here is a complete sample fish farming business plan template & feasibility report you can use for FREE .
Fish farming is a very lucrative business. It has been in existence for a very long time and more and more people have found it a very good means of livelihood. One of the unique things about the fish farming trade is that you have the opportunity to rear fishes and watch them grow from tiny to big enough to be traded with.
This business isn’t so capital intensive, however it requires that one garners a good skill in the trade so that one can apply expertise in the business and not lose money at a slightest mistake. Much more than the skills to be garnered there is the business plan that needs to be written.
Business plans help you to decipher how a business is really being run. Here below is a sample fish farming business plan;
A Sample Fish Farming Business Plan Template
1. industry overview.
The agricultural industry of which Fish and Seafood Aquaculture business is a subset of is no doubt among the leading industry in most countries of the world; it is the industry that produces fish and seafood for the populace.
Because of the significant role the agriculture sector plays, the government of most countries ensures that they go all the way to subsidize seedlings, fertilizers, and farming implements and machinery for farmers and also encourage entrepreneurs to go into commercial farming (fish farming inclusive).
The Fish and Seafood Aquaculture industry comprises of businesses that farm aquatic animals or plants in controlled aquatic environments. Businesses in this industry make use of some form of intervention in the rearing process to enhance production, such as holding in captivity and protecting from predators, pests and disease.
It is important to state that this industry does not including the fishing and harvesting of wild fish and shellfish especially on the high sea. A study conducted by IBISWORLD shows that the Fish and Seafood Aquaculture industry has indeed experienced slow growth over the last five years.
Given that the vast majority of the revenue generated in the industry is derived from sales of fish, mollusks and crustaceans that will be processed into food products, this industry’s success is tied to levels of seafood consumption. Per capita seafood consumption in the united states has declined over the last five years, putting strain on businesses in this industry.
Nonetheless, increases in the price of seafood, combined with a healthy export market, have boosted the revenue growth in this industry. The revenue generation from The Fish and Seafood Aquaculture industry is projected to grow at an annualized rate of 0.3 percent to $1.5 billion over the five-year period.
The Fish and Seafood Aquaculture industry is indeed a very large industry and pretty much thriving in all parts of the world especially in developed countries such as United States of America, Canada, United Kingdom, Portugal Germany, Australia and the Caribbean et al.
Statistics has it that in the United States of America alone, there are about 2,087 licensed and registered Fish and Seafood Aquaculture company directly responsible for employing about 10,440 employees and indirectly responsible for employing roughly 1,339,900.
The industry rakes in a whooping sum of $1billion annually with an annual growth rate projected at 0.3 percent. It is important to state that there are no establishments with a lion share of the available market in this industry. If you are looking towards leveraging on the agriculture industry to generate huge income, then one of your best bet is to start a fish and seafood aquaculture business.
One thing is certain about starting fish and seafood aquaculture business, if you are able to conduct your market research and feasibility studies , you are more likely not going to struggle to sell your fish and seafood because there are always food processing companies and consumers out there who are ready to buy from you.
2. Executive Summary
St. Vincent Fish and Seafood Aquaculture, LLC is a world – class and licensed Fish and Seafood Aquaculture Company that will be based in a riverine area in Columbia, South Carolina – United States. We have done our detailed market research and feasibility studies and we were able to secure a hundred hectares of land to start our fish and seafood aquaculture business.
Our fish and seafood farm is going to be standard fish and seafood farm hence will be involved in raising and harvesting finfish (e.g. catfish, trout, tilapia and minnows), raising and harvesting shellfish (e.g. clams, oysters, crustaceans, mollusks and shrimp), raising and harvesting ornamental fish (e.g. goldfish and tropical fish), raising and harvesting aquaculture species to augment or replenish wild habitats, and raising and harvesting other aquaculture (e.g. seaweed, alligators, frogs and turtles) et al.
We are in the Fish and Seafood Aquaculture industry because we want to leverage on the vast opportunities available in the agriculture industry, to contribute our quota in growing the U.S. economy, in national food production, and also to fish and seafood from the United States to other countries and over and above to make profit.
St. Vincent Fish and Seafood Aquaculture, LLC is well positioned to become one of the leading fish and seafood farming business in the United States of America, which is why we have been able to source for the best hands and machines to run the company with.
We have put process and strategies in place that will help us employ best practices when it comes to fish and seafood farming processes as required by the regulating bodies in the United States of America. At St. Vincent Fish and Seafood Aquaculture, LLC, our customer’s best interest will always come first, and everything we do will be guided by our values and professional ethics.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
St. Vincent Fish and Seafood Aquaculture, LLC is a private registered fish and seafood farming company that is owned by Vincent Denis and his immediate family members.
The fish and seafood farm will be fully and single handedly financed by the owner – Vincent Denis and his immediate family members at least for a period of time. Vincent Denis studied Fishery and he has well over 10 years of hands on experience in the fish and seafood aquaculture industry.
3. Our Products and Services
St. Vincent Fish and Seafood Aquaculture, LLC is a standard fish and seafood farming company that is committed to raising fish and seafood for both the United States’ market and the global market. We are in the fish and seafood to make profits and we are going to do all we can to achieve our business goals, aim and objectives.
These are the areas we will concentrate on in our fish and seafood farming business;
- Raising and harvesting finfish (e.g. catfish, trout, tilapia and minnows)
- Raising and harvesting shellfish (e.g. clams, oysters, crustaceans, mollusks and shrimp)
- Raising and harvesting ornamental fish (e.g. goldfish and tropical fish)
- Raising and harvesting aquaculture species to augment or replenish wild habitats
- Raising and harvesting other aquaculture (e.g. seaweed, alligators, frogs and turtles)
4. Our Mission and Vision Statement
- Our Vision is to become one of the leading fish and seafood farm brands not just in the United States of America but also on the global stage.
- St. Vincent Fish and Seafood Aquaculture, LLC is a world class and registered fish and seafood farming company that is committed to raising fish and seafood for both the United States’ market and the global market. We want our fish and seafood to flood the nooks and crannies of the United States and other countries of the world.
Our Business Structure
St. Vincent Fish and Seafood Aquaculture, LLC is a privately owned and managed fish and seafood business that intend starting small in fishing community in Columbia – South Carolina, but hope to grow big in order to compete favorably with leading fish and seafood farming companies in the industry both in the United States and on a global stage.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.
At St. Vincent Fish and Seafood Aquaculture, LLC, we will ensure that we hire people that are qualified, hardworking, and creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Operating Officer
General Fish and Seafood Farm Manager
Human Resources and Admin Manager
- Accountant / Cashier
- Sales and Marketing Executive
- Field Employees
- Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for the planning, management and coordinating all farm activities across the various sections on behalf of the organization
- Supervises other section manager
- Ensures compliance during project executions
- Provides advice on the management of farming activities across all section
- Responsible for carrying out risk assessment
- Using IT systems and software to keep track of people and progress of the growth of fish and seafood in our ponds
- Responsible for overseeing the accounting, costing and sale of fish and seafood farm produce
- Represents the organization’s interest at various stakeholders meetings
- Ensures that farming goals desired result are achieved, the most efficient resources (manpower, equipment, tools and chemicals et al) are utilized and different interests involved are satisfied.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Oversees the smooth running of the daily office.
Accountant / Cashier:
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for St. Vincent Fish and Seafood Aquaculture, LLC
- Serves as internal auditor for St. Vincent Fish and Seafood Aquaculture, LLC.
Sales and Marketing Manager
- Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Model demographic information and analyze the volumes of transactional data generated by customer
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Creates new markets cum businesses for the organization
- Empowers and motivates the sales team to meet and surpass agreed targets
Field Workers / Contract Staff
- Responsible for feeding fish and seafood as instructed by the supervisor
- Responsible for cleaning the ponds and the entire fish farm environment
- Changes the water in the pond as instructed by the supervisor on a regular basis
- Handles fish and seafood farm implements and machines (hatchery) as instructed by the section manager / supervisor
- Responsible for raising and harvesting finfish (e.g. catfish, trout, tilapia and minnows)
- Responsible for raising and harvesting shellfish (e.g. clams, oysters, crustaceans, mollusks and shrimp)
- Responsible for raising and harvesting ornamental fish (e.g. goldfish and tropical fish)
- Responsible for raising and harvesting aquaculture species to augment or replenish wild habitats
- Responsible for raising and harvesting other aquaculture (e.g. seaweed, alligators, frogs and turtles)
- Carries out task in line with the stated job description
- Assists in transport working tools and equipment from the fish and seafood farm and back to the designated store room
- Handles any other duties as assigned my the line manager
Front Desk / Customer’s Service Officer
- Welcomes clients and potential clients by greeting them in person, online or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the creative director in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
6. SWOT Analysis
St. Vincent Fish and Seafood Aquaculture, LLC do not intend to launch out with trial and error hence the need to conduct a proper SWOT analysis.
We know that if we get it right from the onset, we would have succeeded in creating the foundation that will help us build a standard fish and seafood farming company that will favorably compete with leading players in the Fish and Seafood Aquaculture industry in the United States of America and in the rest part of the world.
We engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured fish and seafood farming company that can favorably compete in the highly competitive fish and seafood aquaculture industry in the United States and the world at large.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for St. Vincent Fish and Seafood Aquaculture, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of St. Vincent Fish and Seafood Aquaculture, LLC;
Our strength as a fish and seafood farming company is the fact that we have healthy relationships with loads of major players (agriculture merchants) in the industry; both suppliers of fish and seafood feeds and medications and buyers of fish and seafood within and outside of the United States of America.
We have some of the latest fish farming hatchery, tools and equipment that will help us raise and produce fish and seafood in commercial quantities with less stress. Aside from our relationship (network) and equipment, we can confidently boast that we have some the most experienced hands in Columbia – South Carolina in our payroll.
Our weakness could be that we are a new fish and seafood farming company in the United States, and perhaps it might take us sometime to attract big time customers in the industry. We are aware of this and from our projection will overcome this weakness with time and turn it to a major advantage for the business.
The opportunities that are available to us as a standard and world – class fish and seafood farming company cannot be quantified, we know that there are loads of households, and businesses such as hotels and fast food restaurants that can’t do without daily supply of fresh water fish and seafood. We are well positioned to take advantage of this opportunity
Some of the threats and challenges that we are likely going to face when we start our own fish and seafood farming company are global economic downturn that can impact negatively on household spending, bad weather cum natural disasters (draughts, epidemics), unfavorable government policies and the arrival of a competitor within same location.
There is hardly anything you can do as regards this threats and challenges other than to be optimistic that things will continue to work for your good.
7. MARKET ANALYSIS
- Market Trends
The Fish and Seafood Aquaculture industry has greatly benefited from campaigns advertising the health benefits of fish and seafood as a good source of protein. The vast majority of the revenue generated in the industry is derived from sales of fish, mollusks and crustaceans that will be processed into food products; this industry’s success is tied to levels of seafood consumption.
Per capita seafood consumption in the united states has declined over the last five years, putting strain on businesses in this industry.
As a matter of fact, one of the new trends is that with the recent advancement in technology, fish and seafood farmers can now comfortably predict and produce the quantities of fish and seafood they want to produce per time from their hatchery.
8. Our Target Market
Naturally, the target market of those who are the end consumer of fish and seafood and also those who benefits from the business value chain of the fish and seafood aquaculture industry is all encompassing; it is far – reaching.
Every household consumes produce from fish and seafood farms be it finfish (e.g. catfish, trout, tilapia and minnows), shellfish (e.g. clams, oysters, crustaceans, mollusks and shrimp), ornamental fish (e.g. goldfish and tropical fish), and other aquaculture (e.g. seaweed, alligators, frogs and turtles). So also almost all hotels and fast restaurants sell fish and seafood.
In essence a fish and seafood farmer should be able to sell his or her farm produce to as many people as possible. In view of that, we have positioned our business to attract consumers of fish and seafood not just in the United States of America alone but also other parts of the world.
We have conducted our market research and survey and we will ensure that we meet and surpass the expectations we set for the business. Below is a list of the people and business that we will market our fish and seafood to;
- Fast food eateries
- Agriculture merchants
Our Competitive Advantage
It is easier to find entrepreneur flocking towards an industry that is known to generate consistent income which is why there are increase number of fish and seafood farmers in the United States of America and of course in most parts of the world.
For example, Statistics has it that there are 2.2 million farms in the United States of America, covering an area of 922 million acres. These goes to show that there are appreciable numbers of farmers in the United States of America but that does not mean that there is stiffer competition in the industry.
As a matter of fact, entrepreneurs are encouraged by the government to embrace commercial farming cum fish and seafood farming business. This is so because part of the success of any nation is her ability to cultivate her own food and also export food to other nations of the world.
St. Vincent Fish and Seafood Aquaculture, LLC is fully aware that there are competitions when it comes to selling fish and seafood all over the globe, which is why we decided to carry out thorough market research so as to know how to take advantage of the available market in the United States and in other parts of the world.
We have done our homework and we have been able to highlight some factors that will give us competitive advantage in the marketplace; some of the factors are effective and reliable fish and seafood farming processes that can help us sell our produce at competitive prices, good network and excellent relationship management.
Another competitive advantage that we are bringing to the industry is the fact that we have healthy relationships with loads of major players (agriculture merchants) in the industry; both suppliers of fish and seafood feeds and medications and buyers of fish and seafood within and outside of the United States of America.
We have some of the latest fish and seafood farming hatchery, tools and equipment that will help us raise fish and seafood in commercial quantities with less stress. Aside from our relationship (network) and equipment, we can confidently boast that we have some the most experienced hands in Columbia – South Carolina in our payroll.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups fish and seafood farming companies in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
St. Vincent Fish and Seafood Aquaculture, LLC is in the fish and seafood aquaculture industry for the purpose of maximizing profits hence we have decided to explore all the available opportunities within the industry to achieve our corporate goals and objectives. Below are the sources we intend exploring to generate income for St. Vincent Fish and Seafood Aquaculture, LLC;
10. Sales Forecast
From the studies and the survey conducted, we were are able to discover that the sales generated by a fish and seafood farming business depends on the size of the fish and seafood farm, the types of fishes and seafood available in the fish and seafood farm and of course the size of their marketing network.
We have been able to critically examine the fish and seafood aquaculture industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some workable assumptions as well with respect to the nature of fish and seafood farming business that we run.
Below are the projections that we were able to come up with for the first three years of running St. Vincent Fish and Seafood Aquaculture, LLC;
- First Fiscal Year-: $250,000
- Second Fiscal Year-: $600,000
- Third Fiscal Year-: $900,000
N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown that can impact negatively on household spending, bad weather cum natural disasters (draughts, epidemics), and unfavorable government policies
- Marketing Strategy and Sales Strategy
We are quite aware that the reason why some fish and seafood farming companies hardly make good profits is their inability to sell off their fish and seafood as at when due.
Our sales and marketing team will be recruited based on their vast experience in the fish and seafood aquaculture industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall business goal of St. Vincent Fish and Seafood Aquaculture, LLC.
Over and above, we have perfected our sale and marketing strategies first by networking with agriculture merchants and businesses that rely on daily supply of fish and seafood that are likely to become our customers. In summary, St. Vincent Fish and Seafood Aquaculture, LLC will adopt the following strategies in marketing our fish and seafood;
- Introduce our business by sending introductory letters alongside our brochure to stake holders in the agriculture industry, households, hotels and restaurants and agriculture produce merchant et al.
- Advertise our business in agriculture and food related magazines and websites
- List our business on yellow pages ads
- Attend related agriculture and food expos, seminars, and business fairs et al
- Leverage on the internet to promote our business
- Engage in direct marketing
- Encourage the use of Word of mouth marketing (referrals)
11. Publicity and Advertising Strategy
Any business that wants to grow beyond the corner of the street or the city they are operating from must be ready and willing to utilize every available means (both conventional and non – conventional means) to advertise and promote the business. We intend growing our business which is why we have perfected plans to build our brand via every available means.
We know that it is important to create strategies that will help us boost our brand awareness and to create a corporate identity for our fish and seafood farming business. Below are the platforms we will leverage on to boost our fish and seafood farming brand and to promote and advertise our business;
- Place adverts on community based newspapers, radio stations and TV stations.
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook ,Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our business.
- Ensure that our we position our banners and billboards in strategic positions all around Columbia – South Carolina
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Contact corporate organizations, households, landlord associations and schools by calling them up and informing them of St. Vincent Fish and Seafood Aquaculture, LLC and the fish and seafood we sell
- Advertise our business in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and trucks and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.
12. Our Pricing Strategy
Some of the factors that will help you sell your farm produce at the right price that will guarantee that you make profits is dependent on your strategy while some of the factors are beyond your control. For example, if the climatic condition is unfavorable and if there is natural disaster in the location where you have your fish and seafood farm, then it will directly affect the prices of your fish and seafood.
Over and above, if you want to get the right pricing for your fish and seafood, then you should ensure that you choose a good location for the fish and seafood farm, choose a good breed that will guarantee bountiful harvest, cut the cost of running your fish and seafood farm to the barest minimum and of course try as much as possible to attract buyers to your fish and seafood farm as against taking your fish and seafood to the market to source for buyers; with this, you would have successfully eliminate the cost of transporting the goods to the market and other logistics.
We are quite aware that one of the easiest means of penetrating the market and acquiring loads of customers for all our fishes and seafood is to sell them at competitive prices hence we will do all we can to ensure that the prices of our fish and seafood are going to be what other fish and seafood farmers would look towards beating.
One thing is certain; the nature of fish and seafood farming business makes it possible for fish and seafood farmers to place prices for their fish and seafood based on their discretion without following the benchmark in the industry. The truth is that it is one of the means of avoiding running into loss.
- Payment Options
The payment policy adopted by St. Vincent Fish and Seafood Aquaculture, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that St. Vincent Fish and Seafood Aquaculture, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via check
- Payment via mobile money
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for fishes and seafood.
13. Startup Expenditure (Budget)
When it comes to calculating the cost of starting a fish and seafood farm, there are some key factors that should serve as a guide. The different types of fishes and seafood to be raised in the fish and seafood farms determine the total cost of setting up the business.
Besides, in setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.
As for the detailed cost analysis for starting a fish and seafood farming business; it might differ in other countries due to the value of their money. Below are some of the basic areas we will spend our start – up capital in setting up our fish and seafood farm;
- The Total Fee for incorporating the Business (commercial farm) in United States of America – $750.
- The amount needed to acquire / lease a fish farm land – $50,000
- The amount required for preparing the farm land (fish ponds and fresh water supply et al) – $30,000
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
- Marketing promotion expenses for the grand opening of St. Vincent Fish and Seafood Aquaculture, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- The total cost for hiring Business Consultant – $2,500.
- The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400
- The amount required for the purchase of the first set of fishes and seafood (fingerlings) – $10,000
- The cost for acquiring the required working tools and equipment / machines / hatchery et al– $50,000
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The Cost of Launching an official Website – $600
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,000
Going by the report from detailed research and feasibility studies conducted, we will need an average of $500,000 to start a standard fish and seafood farming business in the United States of America.
Generating Funding / Startup Capital for St. Vincent Fish and Seafood Aquaculture, LLC
No matter how fantastic your business idea might be, if you don’t have the required money to finance the business, the business might not become a reality.
No doubt raising start – up capital for a business might not come cheap, but it is a task that an entrepreneur must go through. St. Vincent Fish and Seafood Aquaculture, LLC is a family business that is solely owned and financed by Vincent Denis and his immediate family members.
They do not intend to welcome any external business partners, which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources. These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $150,000 (Personal savings $100,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $350,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting St. Vincent Fish and Seafood Aquaculture, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to retail our fishes and seafood a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
St. Vincent Fish and Seafood Aquaculture, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of six years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of farm land and building of standard fish ponds: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Compilation of our list of products that will be available in our store: Completed
- Establishing business relationship with vendors – key players in the industry: In Progress
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Fish Farm Business Plan Template
Written by Dave Lavinsky
Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their fish farms. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a fish farm business plan template step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your fish farm as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a fish farm, or grow your existing fish farm, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your fish farm in order to improve your chances of success. Your fish farm business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Fish Farms
With regards to funding, the main sources of funding for a fish farm are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for fish farms.
Finish Your Business Plan Today!
If you want to start a fish farming business or expand your current one, you need a business plan. Below are links to each section of your fish farm business plan template:
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of fish farm you are operating and the status. For example, are you a startup, do you have a fish farm that you would like to grow, or are you operating fish farms in multiple markets?
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the fish farm industry. Discuss the type of fish farm you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.
In your company analysis, you will detail the type of fish farm you are operating.
For example, you might operate one of the following types of fish farms:
- Inland pond fish farm : this type of fish farm specializes in inland artificial ponds around 20 acres in size and has an aeration system to add oxygen to the ponds.
- Open-net pen and cage system fish farm: this type of fish farm is usually located offshore and in freshwater lakes. Mesh cages are installed with the fish in it.
- Mariculture fish farms: this type of fish farm involves the use of seawater and can be done next to an ocean or in ponds that contain seawater.
In addition to explaining the type of fish farm you will operate, the Company Analysis section of your business plan needs to provide background on the business.
Include answers to question such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of customers served, number of positive reviews, reaching X amount of clients served, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
In your industry analysis, you need to provide an overview of the fish farm industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the fish farm industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your strategy, particularly if your research identifies market trends.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your fish farm business plan:
- How big is the fish farm industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your fish farm? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
The customer analysis section of your fish farm business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: restaurants, grocery retailers, and the local public.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of fish farm you operate. Clearly, grocery retailers would respond to different marketing promotions than the average citizen, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.
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Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other fish farms.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes grocery stores and restaurants. You need to mention such competition as well.
With regards to direct competition, you want to describe the other fish farms with which you compete. Most likely, your direct competitors will be fish farms located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of fish do they farm?
- What type of fish farm are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Are your fish more responsibly farmed than the competition?
- Will you provide fish products that your competitors don’t offer?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a fish farm business plan, your marketing plan should include the following:
Product : In the product section, you should reiterate the type of fish farm company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to a fish farm, will you provide delivery, shipping, gutting and/or preparation, and any other services?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.
Place : Place refers to the location of your fish farm company. Document your location and mention how the location will impact your success. For example, is your fish farm located near an ocean, a river, a large pond, etc. Discuss how your location might be the ideal location for your customers.
Promotions : The final part of your fish farm marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Advertising in local papers and magazines
- Reaching out to grocers and local restaurants
- Social media marketing
- Local radio advertising
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your fish farm, including prepping the nets, pulling in the fish, cleaning the fish,weighing and pricing the daily catch, and updating inventory and pricing.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to catch your XXth fish, or when you hope to reach $X in revenue. It could also be when you expect to expand your fish farm to a new location.
To demonstrate your fish farm’s ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in managing fish farms. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a fish farm or is an experienced aquaculturist .
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you take on one new grocer or restaurant at a time or multiple new grocers or restaurants ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your fish farm, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a fish farm:
- Cost of boats and nets.
- Cost of equipment and supplies
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your boat and equipment lease or the list of the different types of fish you will be farming.
Putting together a business plan for your fish farm is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the fish farm industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful fish farm.
Fish Farm Business Plan FAQs
What is the easiest way to complete my fish farm business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Fish Farming Business Plan.
What is the Goal of a Business Plan's Executive Summary?
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of fish farm you are operating and the status; for example, are you a startup, do you have a fish farm that you would like to grow, or are you operating a chain of fish farms?
Don’t you wish there was a faster, easier way to finish your Fish Farm business plan?
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Abbas M. Tatah
The it management specialist/guru, a business proposal/plan for fish farming.
Proposed Farm Name: ABS TATAH FISH FARM NIG. LTD.
Project sponsors: THIRD NATIONAL FADAMA DEVELOPMENT PROJECT FADAMA III (AF) FADAMA GUYS/WORLD BANK AND FEDERAL MINISTRY OF AGRICULTURE. NIGERIA.
Submitted in: July, 2017
Contact person: ABBAS MOHAMMED TATAH
Project duration: THREE  YEARS
Budget Estimate/Grants/Loan Request: NGN 8, 500,000.00 [Eight Million Five Hundred Thousand Naira Only]
About Me, the Proposer ‘Abbas M. T.’:
My name is Abbas Mohammed Tatah , hail from Toro Local Government area of Bauchi State, I was born on 11 th January, 1988 in Dass LGA of Bauchi state, Nigeria. I started my primary Education in Gymzo Central Primary School, Toro LGA Bauchi State in 1996 to 2001 and my Secondary School Education in Government College, Toro (Special School) from 2001 to 2007, and University of Jos, Nigeria to study Diploma in Law and Bachelor of Science (Management) General Business Management in 2007 to 2009 and 2010 to 2015 respectively.
I have over 7 (seven) years’ experience as an unemployed independent advanced ICT and Business professional focused on Business Management , with various professional certifications which include: General Computer Networking and Information Technology (GCNIT/CISCO) 2010, Student Member Chattered Institute of Personal Management (CIPM) 2017, the inside of you certification by poise Nigeria, the protocol School of Washington etc. I also possess small scale fish Business with operation in Toro Local Government of Bauchi State, Nigeria. I’m obsessive about endowing people to accomplish success & solving difficulties in a mountable, viable way using technology. My plan goals is to build a vibrant startup community through raising agricultural Business awareness, organizing events, holding workshops, partnering with leading global Agric-entrepreneurship communities and bringing new opportunities that would support entrepreneurship and entrepreneurs in my community and also to commit to educate, spread and root the entrepreneurial way of thinking in Nigerian community as widely as it could.
TABLE OF CONTENT:
VISION AND MISSION
OBJECTIVE OF THE FARM
VALUE OF THIS BUSINESS TO THE ECONOMY
ASSESSMENT OF PROJECT ORIGINALITY
RISKS OR CHALLENGES INVOLVED IN THE BUSINESS
- MANNING LEVEL
- HUMAN CAPITAL STATEMENT
- THE TECHNOLOGY REQUIREMENT
- AVAILABILITY OF RAW MATERIALS
- SOURCES OF FINANCE
- CASHFLOW FORECAST
LABOUR FORECAST FOR THE FIRST 6 MONTHS
INCOME REALIZATION FORECAST FOR THE FIRST YEAR
- FINANCIAL INDICATORS
Fish farming is the act of rearing fish for human and industrial use. The burning desire to rear fish started from when I was little, having practiced fish farming from then in the surrounding river. In 2015, I practiced fish farming at my Mothers small fish farm in Bauchi, Toro LGA. It was then I understood the fundamentals of fish farming and gained a lot of experience from there, and it was then I noticed that fish farming can help mankind both financially and otherwise
Having gotten all these experiences, I think it is time for me to embark on fish farming in a bigger and better way considering the high consumption of fish (fresh fish) in every nook and cranny by civil servants, businessmen and even politicians, living around the community.
Having acquired this experience, I think if I put it into work, it will go a long way to help myself and employ other youths of our great state, LGA and the country and thereby helping to boost the nation’s economy.
My vision is to run the largest fish farm in the whole of Nigeria not only Bauchi or Toro LGA, which will be capable of producing not less than 1000 fishes everyday and be able to create employment, promote the name of our dear nation and add to the growth of our economy within a short period of time.
It is my utmost dream to run a fish farm that will compete with any fish producing farm in Africa and start mechanizing fish in other forms, thereby stopping monopoly in fish production. For example, a fish company that couples fish in a tin called geisher has made it difficult for people to buy this fish in a tin because they are not competing with anybody. With my level of experience and exposure garnered in this business, I promise to put an end to such monopoly if my dreams come through.
- The major objective is to start up a workable fish farm that will be producing at least 20,000 pieces of fresh fish in every six months.
- It will help to create employment for Nigeria youths and help solve the problem of insecurity,
- Promote entrepreneurship among Nigerian youths.
- The business is going to create job opportunity for me and other youth
- The business will bring foreign businessmen to our country
- The business will reduce monopoly in the fish market. Whereby given an opportunity to the average Nigerian to buy fish as it is the best meat to consume since it does not contain any form of carcinogen
- This project originated from my burning desire to become an entrepreneur and the experience I have gotten has taught me a lot about fish farming and maintenance.
- In 2015, I managed a fish farm at Toro LGA, Bauchi State, which is owned by my mother but the fish farm is small and capable of producing 500 pieces of fish in every 3 months.
- This project originated again from the analysis conducted in Plateau State which according to my findings is dominated by civil servant and educated citizens, my findings continues that in every 10 civil servant, 7 prefer fish consumption to red meat, because red meat contains carcinogen which according medical science is one of several elements that causes cancer.
Fish farming business is not a bed of roses. There are so many risk and challenges to contend with:
- How to get a land for the fish farm
- The sources of water can be a challenge
- The fish can die
- The farm can be vandalized
- The fish can have a retarded growth
STRATEGIES TO REDUCE THIS RISKS AND CHALLENGES
- The land that will be used for the farming is ready which I have rented at the cost of nine hundred and fifty thousand naira [N950,000]. The land is situated at Toro Local Government Area of Bauchi State.
- The issue of water is of paramount importance in fish farming business. Having seen this, a long lasting borehole have been proposed for drilling at the cost of Five Hundred And Fifty Thousand Naira Only [550,000] and it can supply water both in the raining and dry season into the farm.
- The survival of the fish is the most important thing in the fish farming business. The knowledge and experience I have on fish farming is very important to help in the survival of the fish and maintenance. The adequate water which will be there will go a long way to help in changing the water as at when due. When water is changed as at when due, it helps in the growth of the fish as well and protect them from dying.
- In any business where security is not guaranteed, it stands a chance of falling. Therefore the issue of securing the farm has been taking care off because I will be employing security men that will help guard and protect the farm from being vandalized by hoodlums.
- Fish can have a retarded growth when the water change over is not properly handled. But the quantity and quality of water, put in place will be good enough to boost the growth of the fish.
- Electricity is very important in a fish farm business because the water that is used in the farm must be pumped. Therefore I have made arrangement of buying a generator which it will cost Eighty Seven Thousand Five Hundred Naira Only [87,500] that will be used in the farm as it will go a long way to help the farm attendance to pump water whenever is needed.
- Marketing is one of the most important aspects of every business even in fish farm. Because it will be of no use that one reared fish but was not able to sell them. But in this case, I have done some market survey on how it can be sold here. So far the information gotten, the hotels and restaurant people are the best buyers. Another people is the individual businessmen and women that deal on fish both fresh and dried once, and this people can be found in market no matter its magnitude because of the importance people attach to fresh fish. And I want say that, I can make a good sale of fish if given opportunity to embarked on this fish farm.
- MANNING LEVEL :
Fish farm management does not require much human resources, more especially at the early stage and in a small scale manner that I want to start from. Considering the level I am planning to put the business, it might not need much hand now. It will be accommodating up to 15 workers – that’s including me.
- HUMAN CAPITAL STATEMENT :
Human beings are highly needed so as to run an effective fish farm that will be producing a good number of fish that is not less than 20,000 piece of fish in six months (6) six months. But I have plan that before next 3 years the fish farm can employ not less than 100 youths to help actualize the dream of the fish farm company.
- THE TECHNOLOGY REQUIREMENT :
The farm will require an internet web-site which will help us communicate with our customers better. We have plans of importing fish drying machines that will enable us dry fish faster and help reduce the high coating of smoke on the dried fish, whereby making our own fish special and maintain a level of hygiene on our products.
There are some plans on how this fish farm can be sustained without collapse. Reinvestment remains the best way of growing a business and I intend to keep up in reinvesting profit made into the business.
- AVAILABILITY OF RAW MATERIALS: The raw materials to run this fish farm have been put in place, like the fish fingerling, fish feed, water and so on, how to get this thing and where to get them have been known, just waiting for a kick off.
- SOURCES OF FINANCE : It is my humble desire to use this medium to solicit for eight million five hundred thousand naira [8,500,000] Grants/Loan from FADAMA DEVELOPMENT PROJECT (FADAMA III AF/WORLD BANK .
I herby call on any citizen or bank that has wherewithal to come to my aid and help me actualize my dreams as it will go a long way to help create job opportunity for so many youths of our great nation in no distance time.
- CASHFLOW FORECAST:
COST ESTIMATION FOR THE PROPOSED FISH FARM
- The proposed land for the fish farm business is the best among all other once seen at the time of the farm survey because it’s in a secluded and calm environment. The area is also a good environment of water sources and long lasting boreholes are seen within the vicinity. I mean a borehole that cannot go dry no matter the level of the dry season.
- The construction of the fish pond is a heavy one because it will be in three segment, creating room for the over growth fish which will always occurs in fish production. As a matter of fact, I will be constructing a thirty thousand (30,000) fish capacity of concrete pond in the farm land.
- Therefore considering the plans we have at hand the business can yield a good profit that can help buy more lands to expand the farm within the space of five  years.
- The workforce in a fish farm is always minimal more especially at the early stage of the business. Therefore the security aspect is very important and farm attendant that will be in charge of feeding of the fish and changing of water.
- The management issues should be on me as I am the soul bearer of the whole ideal and initiatives that will keep the business moving, progressing and marketers will be employed to help make the sales easier.
After six (6) months of farming
When you remove the expenditures of the year, profit will still be counted in huge sum.
Therefore from the fish market analysis and the knowledge I have about fish farming in Nigeria. One hardly can record losses, because considering the profit margin as I calculated here, even if there is change in market price. Huge profit will still be counted. It can only record losses when the fish dies, which is taken care off according to my statement before now.
- LONG TERM FINANCING STRATEGY : I intend to re-invest the profit made from the business into the business, so as to help me actualize my aim of having the largest fish farm in the whole of Bauchi State and Nigeria, which is capable of producing not less than 2000 pieces of fish per week by the year 2020. That will still help me actualize my dream of employing not less than 100 of my fellow youth.
- LONG TERM TARGET / PLAN :
- My sole primary target is to have the largest fish farm in the whole Bauchi State and create job opportunity for my fellow Nigerians.
- To attract foreign investors into my business and export fish in diverse ways.
- To promote Nigeria’s economy.
- To mechanize fish in tin / can, and stop the monopoly geisher fish production is creating in the fish market here in Nigeria and beyond.
- To mechanize fish in powdered form that can be used in the production of bread and cakes.
- INTERNAL RATE OF RETURN (IRR): This indicates how I can generate my invested amount.
FIRST YEAR FINANCIAL ANALYSIS
SECOND YEAR FINANCIAL ANALYSIS
IRR = (first year profit + second year profit) – total investment
IRR=(12,480,000 + 16,240,000) – 10,530,000
IRR= 28,720,000 – 10,530,000
THIRD YEAR FINANCIAL BRIEF.
Investing 3,760,000 from the profit made in two years into the third year, I still have a profit of 14,430,000.
Therefore looking at the above tables and calculations it’s well understood that in two years I can pay back the grants/loan and still count profit of (N14,430,000).
From the tables shown above, it is clear that this business is a good one and can count a lot of profit. For the growth of the business the profit can be re-invested into the business over and over again to ascertain a maximum profit.
- RETURN ON INVESTMENT (ROI): It can be seen from the tables above, how the invested amount will return and it also shows that is difficult to count losses in fish farming business but rather the more you invest the more profit you get.
- BREAK-EVEN POINT (BEP) : This is a process whereby the profit is equal to the invested amount.
Therefore looking at the financial analysis table, which is the profit made in two years, when we have a very huge amount invested in the business at the starting point, then you will understand that in this business, you hardly can record losses. Therefore break-even point cannot occur in this business even if there is retarded growth among the fish, considering the figure at this starting point of the business which is the most critical stage of the business.
This farm has not been registered yet with Cooperative Affairs Commission (CAC) and the process will soon be in progress, we are currently on stage of company search. The suggested farm name is ABS TATAH FISH FARM Nig Ltd . Any other registration follows when the farming process starts proper.
- MARKET : Marketing is an important part in every business and it determines the growth of the business. Fish market is a larger market in Bauchi, North East and Nigeria at large due to the negligence the youth have attached to farming in this country, and this has caused a high demand of fish in the country where the farmers and the fish produced are few.
- TARGET MARKET : My most target places are the hotels and other relaxation centers such as restaurants, eateries and fast food joints in Bauchi and Toro LGA metropolis. This place has very high rate consumption of fresh fish. Having found out the high concentration of cholesterol in red meat, most educated people enjoy consuming more fresh fish to red meat. Thereby causing a very high demand of fresh fish in a city like Bauchi, Toro, where 60% of its occupants are educated.
- IDENTIFICATION OF COMPETITORS: There are not so many competitors in this business, but there are some fish farms within and around Bauchi, Toro LGA, that produces a small or little number of fish annually, and most of these fish farmers are not educated and they do not have former education on how to train fish. After interviewing some of these fish farmers, I understood that they do not make use of the internet in their marketing and it has been stopping foreign buyers from coming into the country for the fish. I also understood that I have an edge over them because of the education and knowledge I have acquired about fish farming and how to make a fish grow faster.
- FORECAST : My fish farm intends producing at least 2000 pieces of fish in every week which the profit made will be re-invested into the farm for more production.
- MARKETING STRATEGY :
I have different kinds of approaches in the marketing aspects among which are:
- ONE ON ONE STRATEGY : This is where I will go to all the hotels and restaurants/Fast Foods for our supply and convince them to buy from us.
- ONLINE / SOCIAL MEDIA : This fresh fish can easily be marketed via internet, facebook, Google, Twitter, Myspace, linkedin WhatsApp etc.
- VIA RADIO: This is where we make an open advert and publicity about the fish and its price. This is the best within Bauchi/Toro and Nigeria at large.
- VIA TELEVISION PRESENTAION : Here, we hold talk with television presenters and showcase the fish farm in the form publicity, advertisement and educate our audience about the importance of fish eating, its farming and economy importance to the nation and our body as a source of calcium.
- OPEN / DIRECT MARKETING : Here, huge effort will be taken to move the fish to the market places for sales such as Kano, Plateau and Fish Market in Abuja where people or individual families come to buy fresh fish for direct consumption.
Therefore with this and some other ways and approaches that are yet to come, we are going to make good sales of fresh fish in Toro LGA, Bauchi State and North-East and the nation at large.
- World aquaculture production of fish, crustaceans, molluscs, etc., by principal species in 2013 FAO Yearbook of Fisheries Statistics 2014
- http://www.ftai.com/article.htm#FFNsep14> ;
- Aquaculture, Office of. “Basic Questions about Aquaculture :: Office of Aquaculture”. www.nmfs.noaa.gov . Retrieved 2016-06-09 .
- Fishery and Aquaculture Statistics: Aquaculture Production 2008 FAO Yearbook, Rome.
- Stress and Physiology By Dr. BiIl Krise at Bozeman Technology Center, and Dr. Gary Wedemeyer at Western Fisheries Research Center. January 2002
- Torrissen, Ole; et al. (2011). “Atlantic Salmon (Salmo Salar): The ‘Super-Chicken’ Of The Sea?.”. Reviews In Fisheries Science. 19 (3): 257–278. doi :10.1080/10641262.2011.597890.
- Weaver, D E (2006). “Design and operations of fine media fluidized bed biofilters for meeting oligotrophic water requirements”. Aquacultural Engineering. 34 (3): 303–310. doi :10.1016/j.aquaeng.2005.07.004.
- Avnimelech, Y; Kochva, M; et al. (1994). “Development of controlled intensive aquaculture systems with a limited water exchange and adjusted carbon to nitrogen ratio.”. Israeli Journal of Aquaculture Bamidgeh. 46 (3): 119–131.
- Coxworth, Ben (June 6, 2016). “Scientists take the fish out of fish food”. www.gizmag.com . Retrieved 2016-06-08 .
- Sarker, Pallab K.; Kapuscinski, Anne R.; Lanois, Alison J.; Livesey, Erin D.; Bernhard, Katie P.; Coley, Mariah L. (2016-06-03). “Towards Sustainable Aquafeeds: Complete Substitution of Fish Oil with Marine Microalga Schizochytrium sp. Improves Growth and Fatty Acid Deposition in Juvenile Nile Tilapia ( Oreochromis niloticus )”. PLOS ONE. 11 (6): e0156684. ISSN 1932-6203. PMC 4892564 . PMID 27258552. doi :10.1371/journal.pone.0156684.
- Azevedo-Santos, Valter Monteiro de; Rigolin-Sá, Odila; Pelicice, Fernando Mayer. “Growing, losing or introducing? Cage aquaculture as a vector for the introduction of non-native fish in Furnas Reservoir, Minas Gerais, Brazil”. Neotropical Ichthyology. 9 (4): 915–919. doi :10.1590/S1679-62252011000400024 – via SciELO.
- “Offshore fish farming legislation” . Retrieved 30 January 2016 .
- Fish cage Farming
- “Lecture Notes on Composite Fish Culture and its Extension in India” . Retrieved 30 January 2016 .
- “ http://harfish.gov.in/technology.htm” ;.External link in |title= (help)
- Berggren, Alexandra (2007) Aquaculture in Sweden towards a sustainable future?” Master’s Thesis, Stockholm University.
- McLarney, William Freshwater Aquaculture: A Handbook for Small Scale Fish Culture in North America
- “Aquaculture”. Archived from the original on January 6, 2012 . Retrieved 30 January 2016 .
- F3 Fish-Free Feed Challenge, 2017 , retrieved 2017-02-07 .
- Molteni, Megan (2017-02-05), “Inside the race to invent a fish-free fish food”, Wired , retrieved 2017-02-07 .
- “Fuss over Farming Fish, Alaska Science Forum” . Retrieved 30 January 2016 .
- “Current issues in fish welfare”. Journal of Fish Biology. 68 (2): 332–372. 2006. doi :10.1111/j.0022-1112.2006.001046.x.
- Sea Lice and Salmon: Elevating the dialogue on the farmed-wild salmon story Watershed Watch Salmon Society , 2004.
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How to write a business plan for a fish farm?
Do you have a business idea for a fish farm, or are you an existing fish farm looking to grow and expand? Writing a business plan is essential in ensuring your venture is viable and grows into a healthy business.
This guide provides an in-depth look at how to write the perfect business plan for your fish farm, from why it's important and what information it should contain to exploring the tools that can help you create one.
In this guide:
Why write a business plan for a fish farm?
What information is needed to create a business plan for a fish farm.
- How do I build a financial forecast for a fish farm?
- The written part of a fish farm business plan
- What tool should I use to write my fish farm business plan?
There are several reasons to write a fish farm business plan. Below, we cover some of the most important ones.
To draw up a roadmap
Writing a business plan for a fish farm is an essential step for entrepreneurs looking to launch their venture or grow an existing one, as it helps them set objectives and goals for the next 3 to 5 years.
A well-crafted business plan allows fish farm owners like you to identify potential areas of growth or improvement while also helping them stay focused on their long-term vision.
Moreover, having clear objectives can help guide decision-making when it comes to investing capital into new projects or technologies that could be beneficial in the future.
Ultimately, writing a business plan can make all the difference between success and failure in this highly competitive industry.
To maintain visibility on future cash flows
A comprehensive fish farm business plan provides a valuable reference point to monitor the business' progress against goals and objectives.
It enables you to regularly compare your fish farm's financial performance with what was planned and to adjust your forecast accordingly to maintain visibility on your future cash flows.
This helps you stay on track towards achieving your long-term goals while allowing you to quickly identify areas where you may need additional resources or expertise.
For example, you can consider adding more concrete tanks or farm personnel to increase the output.
To secure financing
Writing a fish farm business plan is a vital step for any startup or an existing business looking to secure financing.
Banks will use your business plan to assess whether your farm has the capacity and resources to repay the money they are lending to your business.
A well-crafted, organized, and thorough business plan can also help you get financing from equity investors.
Investors will want to see that an investment in your fish farm will provide them with strong returns on their capital. Thus will meticulously assess the business plan to make sure their money will be utilised effectively on your fish farm.
Your business plan should include projections for healthy growth, profitability and cash generation; all of which are key indicators of how successful your fish farming endeavour could be.
Now that we know why it's important to write a business plan for a fish farm, let's take a look at what information is needed to create one.
Create your fish farm business plan online!
Think your fish farm could be profitable? Find out how with a business plan!
Before you can start writing your fish farm business plan, you need to have the appropriate information to ensure your financial forecast uses credible assumptions, and so that you present the business opportunity using facts.
In this section, we cover three key pieces of information you should gather before drafting your plan.
Carrying out market research for a fish farm
Carrying out market research before writing a business plan for a fish farm is key to ensuring that the forecasted revenues are accurate.
Before you can forecast revenues, you need to form a view regarding the supply and demand for the fish species your farm will be breeding.
It's only once you have this information that you will be able to plan with confidence how much of each species to produce, at what price they will sell, and who will buy them.
Market research will help you identify potential customer needs and preferences, as well as any existing competitors in the market.
Plus, it also provides valuable insight into current trends, pricing strategies and industry regulations that may affect the success of your fish farm business.
For instance, you can survey potential customers in your intended location if they can pay a premium for sustainably farmed fish.
Gathering this information will also allow you to clearly and factually explain the business opportunity for your fish farm in the market analysis section of your business plan which we will detail later in this guide.
Developing the sales & marketing plan for a fish farm
To create an accurate financial forecast for your fish farm business plan you need a well-defined budget for sales and marketing expenditures. Therefore, you need to have a clear go-to-market strategy in place before you can start drafting the plan.
The first step in creating an effective marketing plan is to identify and define your target market.
For instance, your fish farm can increase revenue streams, such as bulk fish sales to shops or restaurants and retail fish sales to customers. Additionally, you can also offer water management, pond equipment, and maintenance services.
Allowing consumers to rent a spot to fish for the day can also be another source of revenues for your fish farm.
Additionally, it’s important to research competitors in the industry and look for areas of opportunity where you can differentiate yourself and stand out.
The staffing and equipment needs of a fish farm
Thinking about the sizable human resources, facilities and equipment needed for your fish farm is a key requirement before writing a business plan.
You will need to establish how much resources are allocated to staff salaries, the recruitment plans (hiring process), and any other operational expenses.
Additionally, you need to assess what investments the farm itself requires (hatchery building, concrete tanks, POS) and the cost required for each.
Once you have gathered all the information needed to create the business plan for your fish farm, you can start creating the financial forecast which we will discuss below.
What goes in the financial forecast for a fish farm?
The financial forecast for a fish farm includes four key components:
- The Profit and Loss (P&L) statement shows all the money earned and spent by the fish farm.
- The balance sheet lists all of the assets, liabilities and equity of the business.
- The cash flow statement tracks money moving in and out of business.
- Lastly, a sources & uses table explains where the funding for the project is coming from and how the funds will be used.
The projected P&L statement
The projected P&L statement for a fish farm tells us about how much money the fish farm anticipates making and how much it’s expected to grow in future. It helps us know if running a fish farm is a good idea or not.
The projected balance sheet of your fish farm
The balance sheet shows the assets owned, liabilities, and net worth of your fish farm at a given point in time.
The balance sheet also allows stakeholders such as lenders, investors, or the business owner to gauge the solvency and liquidity of the farm.
The projected cash flow statement
A projected cash flow statement for a fish farm shows how much money the farm expects to make and spend.
The cash flow statement enables you to assess if your fish farm has enough cash to meet current and future financial commitments or if it needs to raise additional capital from outside sources.
The initial financing plan
The initial financing plan (also called the source and uses table) shows how much financing is needed at the start of the business plan, where it will come from, and what it will be used for.
Now that we understand what the financial forecast looks like, let’s take a look at what should be included in the written presentation of your fish farm business plan.
What goes in the written part of a fish farm business plan?
The written part of a fish farm plan is composed of 7 main sections:
- The executive summary
- The presentation of the company
- The products and services section
- The market research analysis
- The strategy section
- The operations section
- The financial plan
Below, we go over each section in more detail.
1. The executive summary
The executive summary of a fish farm business plan should provide an overview of the business, market, and key financials.
When writing an executive summary, start by introducing the company and its mission. Give a brief overview of the market for fish farming, including current trends in your target market and industry in general.
Explain the key financials, such as startup costs and projected profitability over the next three to five years, so that investors and banks can understand what their money is going into.
Lastly, ensure you state how much financing you are trying to secure from banks or investors.
2. The presentation of the company
When it comes to the presentation of the company in a fish farm's business plan, three important parts must be addressed: structure and ownership, location, and management team.
The structure and ownership section should include details such as the legal form of the business entity (i.e. LLC or sole proprietorship), who the owners are, and how much each person owns and has invested.
This section should also include a presentation of the location and farm’s facilities. When presenting on this topic, take into consideration factors such as access to transportation, local regulations and environmental concerns.
Finally, the management team of your fish farm should also be fully described here, including the owners, farm managers, and other important individuals who will be in charge of running the farm.
List an overview of the qualifications and experience related to fish farming as this is important to the stakeholders.
Potential investors and stakeholders should be confident that the business is being run by experienced professionals with the right expertise and resources to succeed.
3. The products and services section
The products and services section should provide detailed information about the type of fish being raised, how they will be raised, and what value-added products or services can be offered to customers.
This section should also include any unique features that may set this particular fish farming operation apart from others in the area.
For example, you can say you intend to use cutting-edge technology to monitor water quality or automate feeding to help boost the quality of fish.
It's crucial for banks and investors to have a clear understanding of the nature of the product or service they're considering, enabling them to make informed decisions
Therefore, business owners need to provide as much detail as possible when discussing their products and services in the business plan.
For instance, include any specialized techniques or processes used to raise specific types of fish or produce other value-added items such as smoked salmon or canned trout.
4. The market research analysis
In this section of your fish farm business plan, it is essential to include information about demographics and segmentation, target market, competition, barriers at entry and regulation.
This will give potential investors or banks an idea of how successful launching this business could be and that you understand the industry you are entering or already operating in.
Demographics and segmentation should provide details on the types of customers who would be interested in purchasing from the fish farm.
It should also explain what segments need to be targeted such as restaurants, retailers, food manufacturers, etc. This will help you maximize profits by focusing on customers with higher spending power or larger demand for the fish.
Furthermore, it is important to understand which competitors exist in the local area as well as any national players that may have an impact on sales.
Knowing these details can help identify areas where there are gaps in service that your fish farm can fill.
Lastly, understanding any regulatory requirements associated with operating a fish farm can ensure compliance with all applicable laws and regulations while making it about existing businesses as well.
5. The strategy section
When writing the strategy section of a business plan for their fish farm, a business owner should include information about competitive edge, pricing strategy, marketing plan, milestones and risks and mitigants.
A competitive edge is essential for any fish farm as it will help them stand out from competitors in the same industry.
For instance, you could indicate any discounts or promotions campaigns you have. Pricing strategy should also outline how the farm will remain profitable while attracting new customers by offering competitive prices.
Furthermore, a marketing plan needs to be outlined which details how you intend to keep existing customers and how to reach your target customers through various channels such as social media or promotional events, or reaching out to grocers and local restaurants.
Additionally, milestones should also be identified that mark major achievements in the coming years so that progress can easily be monitored by potential investors/banks.
Finally, risks and mitigants need to be discussed - this will allow investors/banks to understand what kind of risks are involved with investing in your fish farm but more importantly what measures have been taken (or can potentially take) to mitigate those risks if they occur.
6. The operations section
The operation section of a fish farm business plan should include information about the staffing team, their roles and the recruitment plan.
This includes how many staff members are needed, what their roles are, and how they will be recruited.
It is also important to include details about operating hours, as well as any key assets and intellectual property that the business needs to operate.
Finally, the business plan should provide details about any suppliers that the fish farm plans to work with.
By including this information in the operations section of a business plan, potential investors or lenders will be able to gain an understanding of how the fish farm intends to operate.
7. The presentation of the financial plan
The financial plan section is where you will present the financial forecast we mentioned earlier in this guide.
Once you have an understanding of the content that should be included in a fish farm business plan, it’s time to look at the tools available for creating one.
What tool should I use to write my fish farm's business plan?
In this section, we will review three solutions for creating an effective business plan for a fish farm: using Word and Excel, hiring a consultant, and using online business planning software.
Create your fish farm's business plan using Word or Excel
Using Word or Excel to create a fish farm business plan has both advantages and disadvantages.
On the plus side, using these applications is cost-effective, as they typically come pre-loaded with most computers or devices.
However, there may be better choices than Excel for a fish farm owner as it is requires a proficient understanding of accounting and financial modelling to create accurate forecasts.
Additionally, a financier may not be convinced that a financial forecast created with Excel by a fish farm owner is reliable.
Lastly, using Word to write the business plan requires starting from a blank page and spending time formatting the document manually.
Hire a consultant to write your fish farm's business plan
Outsourcing the fish farm business plan to a consultant or accountant can be beneficial in some respects, as it allows for an experienced professional to craft the plan with their expertise and knowledge of the industry.
Consultants are well-versed in writing business plans, and accountants are adept at creating financial forecasts with accuracy.
However, there are some drawbacks to outsourcing the business plan that should be taken into consideration.
Outsourcing your fish farm business plan will come with a hefty price tag. You should budget a minimum of $2,000 (or £1,500) to get a business plan from a consultant. Plus, if there are revisions required after the first version of the business plan (this is often not included in the price).
Lastly, not all consultants are experts in fish farm business plans, and even if that’s the case, they may not have the same level of expertise as an entrepreneur who is very familiar with their business. Accountants, in particular, may lack the industry expertise required to forecast sales accurately and challenge your assumptions.
Use an online business plan software for your fish farm's business plan
Another alternative is to use online business plan software.
There are several advantages to doing so:
- You are guided through the writing process by detailed instructions and examples for each part of the plan
- Already-written business plan templates can inspire you
- You can easily make your financial forecast by letting the software take care of the financial calculations for you
- You get a professional document, formatted and ready to be sent to your bank or investors
- You can easily compare your forecast against your accounting data to make sure you are on track to deliver your plan or make adjustments if needed
If you're interested in using this type of solution, you can try our software for free by signing up here.
We hope that this article has helped you to better understand how to write the business plan for your fish farm. Do not hesitate to contact us if you still have questions!
Also on The Business Plan Shop
- Mistakes to avoid in a business plan
- How to write your business plan's executive summary
- How to write the business plan for a poultry farm
Know someone in the fish farming industry? Share this article with them!
Founder & CEO at The Business Plan Shop Ltd
Guillaume Le Brouster is a seasoned entrepreneur and financier.
Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.
Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.
Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.
Published on 22 Mar 2023 , last update on 27 Jun 2023 , as per our editorial standards .
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