Kingfishers will offer a variety of products and services to leverage all aspects of outdoors fly fishing and hunting activities, to include:
Studies conducted by the U.S. Fish and Wildlife Service show very positive market trends in the nation and in our area. Fishing industry expenditures increased nationally from $53 billion in 1991 to $70 billion in 2001. In our state, there was a 6% increase in the number of Anglers who fished in the state, a 55% increase in the number of days that each Angler fished, and an incredible 118% increase in the total dollars spent by Anglers from 1991 – 2001, representing the 2nd largest increase in the nation. This means that there are more Anglers fishing here, they are staying longer, and they are spending more money while they are here.
The same USFWS report shows that the same is true for hunting in the state. 229,000 hunters hunted in this state for a total of 2.4 million days. This includes 59,000 non-resident hunters who hunted for 390,000 days, an average of 6.6 days each. This is a 46% increase in the number of hunting days in the state, and a 46% increase in the total dollars spent ($206 Million on expenses and equipment) from 1991 – 2001.
The breakdown of 2001 Hunting and Fishing Statistics looks like this:
# of Anglers | 349,000 |
Resident Anglers | 212,000 (60%) |
Non-resident Anglers | 138,000 (40%) |
Days of fishing | 4,100,000 |
Resident days | 3,500,000 (85%) |
Average days per Resident | 16.5 |
Non-resident days | 554,000 (15%) |
Average days per Non-resident | 4.1 |
Total Expenditures | $292,000,000 |
Trip-related | $149,000,000 |
Equipment | $109,000,000 |
# of Hunters | 229,000 |
Resident Hunters | 170,000 (74%) |
Non-resident Hunters | 59,000 (26%) |
Days of hunting | 2,400,000 |
Resident days of hunting | 2,100,000 (87%) |
Average days per Resident | 12.4 |
Non-resident days of hunting | 390,000 (13%) |
Average days per Non-resident | 6.6 |
Total Expenditures | $238,000,000 |
Trip-related | $107,000,000 |
Equipment | $99,000,000 |
Demographics:
Our target customers consist of 6 target groups. The American Sport Fishing Association has conducted studies that show that Anglers are an average age of 42, 70% are married, and 33% have college degrees. In our state, 28% of all Anglers are female, and 97.5% of them are white. Based on these numbers, we have concluded that the best target audience will be out-of-state white males between 35 and 70. We also have smaller target market segments in out-of-state white females between 30 – 50, in-state single white males between 18 and 25, in-state married white males between 25 and 60, and in-state white females between 25 and 55, as well as large companies with large employee bases.
Our market segmentation defines the target customer segments most likely to visit the area of our state that we service. This way we can then tailor our advertising specifically to those target segments, thus minimizing advertising expenses and maximizing the effect of investment dollars.
Primary and secondary segments deal with non-resident Anglers and Hunters, one female group and one male group. These two segments consist of married men and women between the ages of 35 and 70. This is the age group that is most likely to have the means to afford the cost of traveling to a different state for fishing or hunting excursions. These segments travel specifically to hunt and fish as their end goal, or enjoy travel as the satisfaction goal and like to include hunting or fishing as enhancement activities. In either case, this group accounts for 33-40% of all fishing/hunting expenditures according to state-gathered statistics. In our state alone, this group spent an estimated $116,800,000 in 2001.
The fourth segment consists of single females 25 to 35 years of age. Females account for 30% of the anglers in our state and, by national average, do not marry until their 30’s. By targeting this segment of 30% of the market, we will earn their business and loyalty before they settle into family lives with incumbent responsibilities that may slow their outdoor activities. Pattern studies indicate that purchasing patterns and business loyalties formed within this segment are the most likely to endure through the life changes of marriage, family and personal maturity. This group makes up about 9% of the Anglers in our state and is responsible for about $16,254,000 spent here in 2001.
The fifth and sixth market segments consist of married residents, both male and female, between the ages of 25 and 60. This group is by far the largest group of hunters and anglers, from the casual to the avid sportspersons. This group makes up 70% of the Hunters and Anglers in our state and is responsible for $223,224,000 spent in Montana on Fishing and Hunting in 2001.
The seventh market segment targets large companies. The purpose of this including segment is to gain market share through direct advertising to companies that are large enough to send groups of people on trips as part of their own PR campaign, as company bonuses or as executive gifts. Billions of dollars are spent every year by large companies on advertising, bonus plans, and public relations. Our goal is to tap into this by offering guided trips and lodging (premium service at premium rates), to companies who don’t mind spending the money and can largely write-off the expense.
Market Analysis | |||||||
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
Potential Customers | Growth | CAGR | |||||
Non Resident Married Males | 80% | 5,597,989 | 10,076,380 | 18,137,484 | 32,647,471 | 58,765,448 | 80.00% |
Non Resident Married Females | 38% | 1,679,396 | 2,317,566 | 3,198,241 | 4,413,573 | 6,090,731 | 38.00% |
Resident Married Males | 2% | 129,400 | 131,988 | 134,628 | 137,321 | 140,067 | 2.00% |
Resident Married Females | 2% | 38,160 | 38,923 | 39,701 | 40,495 | 41,305 | 2.00% |
Resident Single Males | 2% | 26,000 | 26,520 | 27,050 | 27,591 | 28,143 | 2.00% |
Resident Single Females | 2% | 25,000 | 25,500 | 26,010 | 26,530 | 27,061 | 2.00% |
Large Corporations | 10% | 2,000 | 2,200 | 2,420 | 2,662 | 2,928 | 10.00% |
Total | 71.65% | 7,497,945 | 12,619,077 | 21,565,534 | 37,295,643 | 65,095,683 | 71.65% |
Our target market strategy focuses on groups who most closely resemble the average Hunter and Angler, and who have the means and desire to trave, fish and hunt. These are the groups that are most significantly contributing to the state’s revenue figures and are therefore the groups that will most significantly contribute to our revenue figures.
Our goal is to use the least amount of money on the most effective type of advertising so that we can have as large a return on our advertising investment as possible. To do this we will wage an advertising campaign aimed at all of our targeted segments, using a large percentage of the budget to focus on as large of a percentage of each market as possible, and to use a small amount of the budget to single out certain segments at certain times of the year.
Kingfishers will be competing in the Hunting, Fishing, and Lodging industries in our state. The business will provide services specific to certain segments of those industries, and will be doing so in a specific geographic market area. Though there are dozens of businesses offering similar products and services across the state, we are not in direct competition with all of them. Direct competition is represented by five other Fly Shops in the market area that service the same waters we do, and as many as 10 businesses that offer lodging in the market area. There are few businesses offering products for the hunting industry in the area that we service.
Most of the industry competition that we face lies in the large department stores or chain stores located in the major cities, or “jumping-off points” of Hunters and Anglers. This is where a majority of resident anglers purchase their equipment and accessories, because this is where they live. Non-residents, however, tend to have specific destinations and limited time. This means that they normally travel to where they are going to hunt and fish, and then purchase any gear that they need from the local shops that their guides recommend, or that they have come to know from previous trips or advertising.
Competition varies greatly within the three industries that we conduct business. Discussed below are the general issues germane to competition in those three industries.
Fishing Industry :
The fishing industry is broken up into different categories. Fly Fishing is by far the most popular fishing sport in our state, and also the category with the most nuances. Catering to these nuances is the key to success in the Fly Fishing business. It is also an industry in which brand recognition and quality are of the utmost importance. For this reason, chain stores that sell fly-fishing equipment are not strong direct competitors. Chain and department stores do not carry the top-quality brand name equipment and accessories that Fly Shops do, for the most part. The larger stores do not specialize in a sport that requires a major amount of specialization. One of the biggest reasons that chain stores or even bigger department stores can’t compete well with specialty stores, such as fly shops, is that they do not have the staff with the product knowledge, or breadth of knowledge about the sport in general, to adequately sell the products. The vast majority of fly anglers recognize this fact and avoid chain stores for anything but general purchases. Competition in the chain store/department store arena usually revolves around price, convenience and availability.
Competition with other fly shops is a different story. Campaigns in this competition are waged over location, ambiance, advertising, name brands, quality service and relationships. Fly anglers are known to be loyal. When they find a fly shop that they like they will usually go back year after year. So in competition with other fly shops, the objective is to get the customer into your store and make them want to come back. This is where our “Keys to success” and “Objectives” come in.
Hunting Industry:
The Hunting industry is different from the Fly Fishing industry in that Hunters have a huge number of stores to choose from to purchase the products that they need. Most of these stores are located in the major cities and bigger towns. Our objective is not to compete with these stores directly, but to pick up where they leave off. Most hunters will forget something when they leave for a trip, or will lose or break something while they are out. This is the market share that we want to gain. Our location makes us a convenient stop to pick up an item or replace a piece of equipment. More than that, though, because the business is one of the few in the area to offer hunting and fishing Licenses, the Hunters are already coming into the store. This is a perfect opportunity to sell impulse items, or items that someone realizes they forgot or need.
Lodging Industry:
Kingfishers’ strategy and implementation are simple. We aim to capitalize on our state’s natural beauty and wildlife resources, and the revenue that those two assets bring into the state every year. We will do so by promoting our location, unique marketing edges, and our quality services. By staying ahead of the competition, and creating the leading edge of marketing, we can draw people to our business where we will keep them as customers for life with our belief in customer service and sound business practice, as well as unique products and services.
Kingfishers is a company with a competitive edge. The most important aspect of the business is the location. Located on highway frontage on the main highway that connects five of the best trout rivers in our state, and serves as the main route between two national parks, we have a huge exposure to potential customers and a great marketing scheme. Whether they are staying in our rustic cabins, renting a boat from us, using one of our guides, or shopping in our store, the customer is centrally located to everything in the area. This means that if one river is not fishing very well for some reason, the customer is just as close to the four other rivers that will be. We make an excellent base camp and meeting place.
The opportunities for unique and exclusive advertising with our company are huge. Kingfishers can advertise the largest collection of flies in the state. We can advertise that we have one of, if not the oldest, Fly Shop in our county (our building was built in 1943). We can advertise the true rustic spirit of our shop, a log building that has been remodeled to be beautiful inside yet rustic at the same time. Our Lodging is among the nicest and most rustic available, with prices that can compete with even the run-down hotels. We have an Outfitters License that has a very large number of client days on it, and we can advertise that fact.
Finally, our competitive edge also lies in our attitude. Our Company Mission Statement says it for us. This is the reason people will come back year after year, tell their friends about us, and recommend us to acquaintances. It is what makes our company different than most others, and why we will build a solid business with a solid reputation.
Three principle items are sold by every business that sells products. They are the product itself, warranty and service. We are very aware that in today’s ultra-productive global society, product quality and name brand only go so far, and warranties are all almost identical. The one thing that is left is service. So above all else, Kingfishers focuses on selling Relationships, built on the piers of unequaled service, industry knowledge and business commitment.
Our marketing strategy is directed to twin fronts, the local market and the out-of-state market. Marketing efforts will be divided equally between the two, with tactics specific to each.
Guide trip bookings are an important part of the business, and most bookings comes from out-of-state. Guide trips are important for several reasons, the first being that they are very profitable. Second, clients do not just purchase the trip but also spend money in the store. Third, those clients are a very important part of our advertising plan in the form of word-of-mouth advertising that is invaluable to the success of our business. To reach the out-of-state market we will use several approaches:
Local business is very important to us as well, and is why we are using the 2nd half of the marketing budget to reach it. Our local marketing strategy is very different than our out-of-state strategy. While our website will include information for local markets, most of our local budget is going to be spent on the last two forms of media discussed below.
The objective of our sales strategy is simply to sell something to everyone who comes through the door, and to maximize the traffic flow in the shop. Anglers enter a shop with the idea that, at the very least, there is a possibility that they will make a purchase. To help realize our goals we will do the following:
The sales forecast shown here is based on conservative estimates and could turn out to be underestimated substantially. These estimates do not take into account any Internet sales as the Internet portion of the retail sales plan is new to the operation and competing in an unknown market. We expect that due to the ease of use and sales-friendly structure of the website, our Internet sales will be effective. Therefore, the Internet sales will be used initially as re-investment funding rather than as a substantial part of our financial plan. We will use it to boost the funding of things such as advertising, shop/lodging atmosphere and/or to increase revenue generating services like the number of cabins, or adding boats to the rental fleet.
The fist part of our sales forecast deals strictly with retail sales from the shop. Based on the 2003 Profit and Loss statement of the former owner, by merely increasing the traffic flow by 10%, the closing ratio by 12%, and by increasing the amount of each sale by 12% we can increase overall sales by a total of 35% ($88,500 to $119,218). We believe that new ownership could make these increases with fresh enthusiasm alone. However, coupled with a remodeling of the store which would double the sales space, brightening the interior with lighting and renovation, and fresh merchandise, the sales could easily double.
The forecast also deals with our available services. We have used conservative numbers here as well, and have information from the competition that suggests our actual sales could be higher. Our two main services are common to the industry and include professionally-guided float and wade trips on the local rivers, and boat rentals to anglers who do not need or want a guide but need a boat. We have forecasted the boats to rent at about 68% (86 out of about 127 days) of the season. We expect 100 to 120 guided float and wade trips the first year, including 50 trips conducted by the owner, and 50 to 70 contracted out to independent guides in the area.
The third service we offer is Lodging to the Hunters and Anglers in the area. The businesses offering lodging similar to ours report occupancy rates of 95%-100% from mid-spring to late autumn. We believe that we would have a competitive edge in the lodging market, but have forecast our first year at 75% occupancy rate. Even at a 75% occupancy rate, we still show a substantial profit from the lodging, and expect it to grow dramatically. If we see occupancy rates above 80% in the peak seasons, we will increase the number of cabins that we have available at a rate of one per year, which will increase our profit margins even more. Direct inventory costs for lodging (shown below) include soap and toiletries, firewood, and propane; related direct costs for cleaning services and repairs are shown at the top of the Profit and Loss table.
One of the major services that we offer is as a licensing agent for the state. This plays a major role in the business as it draws large numbers of people to the shop. License sales in 2003 topped $29,000. This is an estimated 1,000 people, or about 40% the number of estimated sales in 2003. Capitalizing on this service and increasing it is a key issue to our forecasts and growth.
In addition to the Fishing products and services we offer, we will also offer a variety of hunting equipment, accessories, and apparel to the hunters in the area. We estimate that the store sold 250 hunting licenses in 2003, but stocked no product to sell to those hunters. Our forecast shows what we believe to be an accurate representation of the revenue we can generate in the first 1 to 3 years by providing these products. Once the word of mouth advertising grows and it becomes widely known that we carry these types of items, we will be able to service not only the local resident market, but the state-resident area and non-resident out-of-state hunters as well. By tapping into this revenue source we will be able to accomplish two goals: increasing revenues from sources not taken advantage of by the former owner, and working our way into the Hunting Guide business in the coming years.
The table below shows both projected sales revenue and direct inventory costs for those sales. Direct costs for services (guided trips, boat rentals, cabins) are shown at the top of the Profit and Loss table.
Sales Forecast | |||
Year 1 | Year 2 | Year 3 | |
Sales | |||
Fishing Equipment | $82,816 | $95,238 | $109,523 |
Guide Services | $37,400 | $68,000 | $85,000 |
Drift Boat Rentals | $18,840 | $19,000 | $21,000 |
Licenses | $26,800 | $28,500 | $30,000 |
Lodging | $63,000 | $63,000 | $72,000 |
Hunting Equipment | $1,350 | $1,200 | $1,500 |
Hunting Apparel | $1,350 | $850 | $1,200 |
Flies | $41,269 | $43,000 | $46,000 |
Misc. | $2,700 | $3,000 | $3,500 |
Total Sales | $275,525 | $321,788 | $369,723 |
Direct Cost of Sales | Year 1 | Year 2 | Year 3 |
Fishing Equipment | $45,548 | $52,380 | $60,237 |
Lodging | $315 | $315 | $360 |
Hunting Equipment | $743 | $600 | $750 |
Hunting Apparel | $743 | $400 | $600 |
Flies | $17,743 | $18,490 | $19,780 |
Misc | $1,080 | $1,650 | $1,925 |
Subtotal Direct Cost of Sales | $66,172 | $73,835 | $83,652 |
The Milestones Table shows the milestones that are important to the operation of the business. Our goal is to get all of our projects completed as soon as possible, but we will use this timeline as a maximum deadline. This will give us time to do the jobs correctly without making the mistakes that rushing can cause while still allowing us to be ready in plenty of time for the main season to begin.
Milestones | |||||
Milestone | Start Date | End Date | Budget | Manager | Department |
Close on Business | 1/1/2005 | 1/2/2005 | $0 | ABC | Owner |
Implement Web Site | 1/1/2005 | 1/2/2005 | $500 | ABC | Owner |
Purchase Additional Inventory | 1/3/2005 | 1/4/2005 | $30,000 | ABC | Owner |
Purchase Log Cabins | 1/5/2005 | 1/6/2005 | $25,000 | ABC | Owner |
Retail Space Remodel | 1/1/2005 | 2/28/2005 | $10,000 | ABC | Owner |
Take Possesion of Business | 2/27/2005 | 2/28/2005 | $0 | ABC | Owner |
Start Lodging Lot Prep | 3/1/2005 | 3/15/2005 | $10,000 | ABC | Owner |
Recieve Log Cabins | 3/15/2005 | 3/16/2005 | $75,000 | ABC | Owner |
Purchase Boats | 3/20/2005 | 3/21/2005 | $14,000 | ABC | Owner |
Recieve Total Merchandise | 4/1/2005 | 4/2/2005 | $0 | ABC | Owner |
Finish Cabin Furnishing | 4/30/2005 | 5/10/2005 | $15,000 | ABC | Owner |
All Projects Complete, Ready for Business | 5/15/2005 | 5/15/2005 | $0 | ABC | Owner |
Out-of-State Marketing Campaign | 1/1/2005 | 12/31/2005 | $2,250 | ABC | Mktng/Sales |
In-State Marketing Campaign | 4/1/2005 | 12/31/2005 | $2,750 | ABC | Mktng/Sales |
Finish Cabin Install | 3/15/2005 | 04/31/05 | $10,000 | ABC | Owner |
Totals | $194,500 |
The World Wide Web is an extremely important asset to our business. By providing a storefront available to the entire world that is open 24 hours, we are able to reach unprecedented numbers of potential customers. This source of advertising will help us realize significant gains in both potential customers and revenue.
We have developed our website to accomplish two missions. The first is to draw customers from out-of-state to our company for Professional Guiding. The second is to provide an online store where customers who can not visit our physical store may purchase Fishing and Hunting products. By giving people an online store, an easy method of purchase, and fair prices on items that they need or want, we can gain market share where we would never have known it even existed in the past.
To entice people to reserve trips with us, to buy on our online store, and to convince them to visit us in person, we have developed the website to do several things at once when a customer visits the site:
After we have made our initial impression, we have convinced our visitor to stay on the site and look at what we have to offer. To keep the visitor browsing and convince them to either buy products or contact us to reserve a fishing trip, our site must do several things:
Our website is geared to the casual Internet user who is looking for us, or more precisely, looking for information about fishing and hunting in our state, or about products and services we offer. This gives us several marketing strategies to use to put our website and name in front of as many people as possible.
The website will be developed in house by the business owner. Costs will be kept to a minimum and the only projected expenses will be the cost of having the site hosted on a server, and those costs usually associated with accepting credit cards online. The site should be mostly completed and online by the closing date of the business sale.
Kingfishers is owned and operated by Ausable Wulff and Brassie Nymph. Ausable is an Army Veteran and comes from a background in Federal Law Enforcement. He brings his motivation for success, ability to lead people, and knowledge of the industry to this venture where he feels he can be very successful. Ausable has started one company in the industry where he has invented products for the hunting and fishing industry, applied for and received patents, and wholesales the products to Fly Shops and Hunting stores around the state. He accomplished this with limited capital and in his spare time during nights and weekends. He will use this “can do” positive attitude to expand Kingfishers, and make it a great place where both customers and employees want to be.
Brassie Nymph is Ausable’s sister, a fly fishing enthusiast and former manager of The Lodges at Creek X. She brings 15 years of management and financial experience to the business, and will be in charge of the Kingfishers cabins.
We are basing our personnel table below on the historic season and guiding dates of the area. The owner (and other independently-contracted guides) will guide clients on the river while one employee will be needed to assist customers and watch the store while the owner is gone. The additional employee will be especially beneficial during the extremely busy months of July, August and September. We are estimating that the employee will increase revenue enough to more than pay for the salary being paid to him. Independently-contracted guides are not employees – expenses for their payments can be found in the Profit and Loss statement.
Brassy Nymph will not draw a salary in the first year, but will have access to at-cost fly fishing equipment during the trout season, when we will need her help as manager of the lodging cabins. She will begin to draw a salary in the second year.
After the first year, we will evaluate how many employees will be needed to staff the store for the upcoming season. Based on projected growth rates we are estimating that hiring two employees the second year would be prudent.
Personnel Plan | |||
Year 1 | Year 2 | Year 3 | |
Owner Operator | $15,600 | $17,000 | $20,000 |
Cabin Manager (Brassie) | $0 | $10,000 | $15,000 |
Part Time Employee | $12,600 | $25,200 | $25,200 |
Name or Title or Group | $0 | $0 | $0 |
Total People | 3 | 5 | 5 |
Total Payroll | $28,200 | $52,200 | $60,200 |
The $513,000 loan that the company expects to secure shortly will help cover the start-up expenses and provide operating cash. The following sections show in detail that Kingfishers will be profitable from the beginning. Its healthy profits will be sufficient to pay back the loan and provide return to the owners with room to grow.
Our start up funding table shows a start up requirement of $577,000, which includes $556,800 of non-cash assets, $5,200 of expenses and $15,000 cash. The owners will contribute $50,000 and $14,000, respectively, to the business. As shown in the table, Kingfishers only needs $513,000 in lending to get the business going. We will repay this loan over ten years at an 8% interest rate. We would like to defer initial repayments until April of the first year, when trout fishing picks up, in order to maintain a positive cash balance. We will make up these first three months of repayments with double payments for three months in the 3rd year. The major use of loan funds will be to buy the property of the former fly fishing business we plan to revive.
Start-up Funding | |
Start-up Expenses to Fund | $5,200 |
Start-up Assets to Fund | $571,800 |
Total Funding Required | $577,000 |
Assets | |
Non-cash Assets from Start-up | $556,800 |
Cash Requirements from Start-up | $15,000 |
Additional Cash Raised | $0 |
Cash Balance on Starting Date | $15,000 |
Total Assets | $571,800 |
Liabilities and Capital | |
Liabilities | |
Current Borrowing | $0 |
Long-term Liabilities | $513,000 |
Accounts Payable (Outstanding Bills) | $0 |
Other Current Liabilities (interest-free) | $0 |
Total Liabilities | $513,000 |
Capital | |
Planned Investment | |
Owner-Ausable | $50,000 |
Owner-Brassie | $14,000 |
Additional Investment Requirement | $0 |
Total Planned Investment | $64,000 |
Loss at Start-up (Start-up Expenses) | ($5,200) |
Total Capital | $58,800 |
Total Capital and Liabilities | $571,800 |
Total Funding | $577,000 |
The financial plan depends on important assumptions. The key underlying assumptions are:
General Assumptions | |||
Year 1 | Year 2 | Year 3 | |
Plan Month | 1 | 2 | 3 |
Current Interest Rate | 8.00% | 8.00% | 8.00% |
Long-term Interest Rate | 8.00% | 8.00% | 8.00% |
Tax Rate | 30.00% | 30.00% | 30.00% |
Other | 0 | 0 | 0 |
For our break-even analysis, we assume running costs which include our full payroll, loan principal repayment, and utilities, and an estimation of other running costs. Total direct costs for the first year average include inventory, payments to outside guides, cleaning and maintenance of the lodging, and credit card fees.
The table shows that we will surpass the break-even point in the second half of the first year. As the Fishing, Hunting and Tourism business is seasonal, we plan on making the majority of our revenues during the summer and fall months, which will carry us through the beginning of the next year until the next summer season starts.
Break-even Analysis | |
Monthly Revenue Break-even | $16,291 |
Assumptions: | |
Average Percent Variable Cost | 49% |
Estimated Monthly Fixed Cost | $8,236 |
Our Pro Forma Profit and Loss statement was constructed from a conservative point-of-view, and is based in large part on past performance of the business under its former owner. By improving on the retail store and adding fresh ideas and spirit to the sales floor we can dramatically increase sales beyond our conservative estimates. By adding other services that are not highly labor intensive, such as lodging, to the business we can greatly increase revenue without greatly increasing costs. By strengthening our service position, and rebuilding our customer relationships, we will widen our customer base and increase sales.
Non-inventory costs of sales listed below include payments to the independently-contracted guides, license fees, credit card fees, and cleaning and maintenance on the cabins.
Despite the seasonal nature of the business, we expect to generate a small profit in the first year, based on the past performance of the business, as backed up by tax statements, and on a modest increase in sales from the remodeling and new revenue streams. We expect second year profits to dip slightly as we increase payroll to include Brassy Nymph and hire additional part-time employees. Month-to-month projections for Profit and Loss are included in the appendix.
Pro Forma Profit and Loss | |||
Year 1 | Year 2 | Year 3 | |
Sales | $275,525 | $321,788 | $369,723 |
Direct Cost of Sales | $66,172 | $73,835 | $83,652 |
Independant Guide Cost | $21,840 | $40,800 | $51,000 |
License Funds going back to state | $26,600 | $28,200 | $29,700 |
Credit Card Fees | $1,460 | $2,011 | $2,311 |
Lodging – cleaning and maintenance | $20,160 | $20,160 | $23,040 |
Total Cost of Sales | $136,232 | $165,006 | $189,703 |
Gross Margin | $139,293 | $156,782 | $180,020 |
Gross Margin % | 50.56% | 48.72% | 48.69% |
Expenses | |||
Payroll | $28,200 | $52,200 | $60,200 |
Marketing/Promotion | $10,600 | $12,000 | $15,000 |
Depreciation | $15,060 | $15,060 | $15,060 |
Utilities | $3,200 | $3,200 | $3,200 |
Insurance | $2,400 | $2,400 | $2,400 |
Payroll Taxes | $0 | $0 | $0 |
Other | $900 | $900 | $900 |
Total Operating Expenses | $60,360 | $85,760 | $96,760 |
Profit Before Interest and Taxes | $78,933 | $71,022 | $83,260 |
EBITDA | $93,993 | $86,082 | $98,320 |
Interest Expense | $39,758 | $35,882 | $31,209 |
Taxes Incurred | $11,753 | $10,542 | $15,615 |
Net Profit | $27,423 | $24,598 | $36,436 |
Net Profit/Sales | 9.95% | 7.64% | 9.85% |
The cash flow table and chart, below, shows our cash position during the first 6 months of the year until the summer tourist and fishing season starts, based on receiving the full amount of funding requested. The table also shows our planned repayment of the loan principal, on the terms outlined in the Start-up Funding table. May shows a near shortage of cash, but we believe that this is more due to our conservative forecasting than a real danger. The beginning of summer shows a decisive increase in cash, and is typical in a business such as this, where the total year’s earning are made in a season of about 5 months.
We have projected to end the year with enough cash to make it through the winter and spring of 2006 and to start the season in a good position. Based on this, we project our cash flows will increase steadily over the coming years, allowing us to improve our inventory, and increase our revenue-producing assets, such as cabins for lodging. We believe these cash flow projections are realistic, if not slightly conservative.
Pro Forma Cash Flow | |||
Year 1 | Year 2 | Year 3 | |
Cash Received | |||
Cash from Operations | |||
Cash Sales | $275,525 | $321,788 | $369,723 |
Subtotal Cash from Operations | $275,525 | $321,788 | $369,723 |
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 |
Subtotal Cash Received | $275,525 | $321,788 | $369,723 |
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $28,200 | $52,200 | $60,200 |
Bill Payments | $205,669 | $214,251 | $241,745 |
Subtotal Spent on Operations | $233,869 | $266,451 | $301,945 |
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $38,475 | $52,000 | $64,825 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
Subtotal Cash Spent | $272,344 | $318,451 | $366,770 |
Net Cash Flow | $3,181 | $3,337 | $2,953 |
Cash Balance | $18,181 | $21,518 | $24,471 |
Our Balance Sheet shows that we have planned for and expect steady growth in the business. Notice that our net worth is growing year by year, and that even in the first year we can show a profit. We fully expect to be able to fulfill all debt obligations easily. We will continue to take a conservative approach in our expectations and reinvest any profit that is above and beyond our forecasts. By doing this, we will be able to not only expand our holdings and improve our position, but we will be able to attract more customers and clients, leading to more revenue and a continued cycle of growth.
Pro Forma Balance Sheet | |||
Year 1 | Year 2 | Year 3 | |
Assets | |||
Current Assets | |||
Cash | $18,181 | $21,518 | $24,471 |
Inventory | $101,829 | $107,994 | $114,342 |
Other Current Assets | $6,400 | $6,400 | $6,400 |
Total Current Assets | $126,410 | $135,912 | $145,213 |
Long-term Assets | |||
Long-term Assets | $452,400 | $452,400 | $452,400 |
Accumulated Depreciation | $15,060 | $30,120 | $45,180 |
Total Long-term Assets | $437,340 | $422,280 | $407,220 |
Total Assets | $563,750 | $558,192 | $552,433 |
Liabilities and Capital | Year 1 | Year 2 | Year 3 |
Current Liabilities | |||
Accounts Payable | $3,002 | $24,846 | $47,476 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 |
Subtotal Current Liabilities | $3,002 | $24,846 | $47,476 |
Long-term Liabilities | $474,525 | $422,525 | $357,700 |
Total Liabilities | $477,527 | $447,371 | $405,176 |
Paid-in Capital | $64,000 | $64,000 | $64,000 |
Retained Earnings | ($5,200) | $22,223 | $46,821 |
Earnings | $27,423 | $24,598 | $36,436 |
Total Capital | $86,223 | $110,821 | $147,257 |
Total Liabilities and Capital | $563,750 | $558,192 | $552,433 |
Net Worth | $86,223 | $110,821 | $147,257 |
The company’s projected business ratios are provided in the table below. The final column, Industry Profile, shows significant ratios for the Retail Fishing Equipment and Supplies Industry, with the Standard Industry Classification (SIC) Code of 5091.03.
Please note the comparisons with our Gross Margin ratios as ours are significantly higher than the industry standard, as is our Profit before Interest ratio. Our high gross margin comes of an intimate knowledge of the inventory needs of a fly shop in this town, based on our own expertise and the advise of the previous owner, and on our plan to increase sales with high-margin items like the cabins, and food and beverage options.
Our Debt to Assets ratio is showing higher than the industry standard, but we expect that to level out and then surpass the standard in 6-7 years.
Ratio Analysis | ||||
Year 1 | Year 2 | Year 3 | Industry Profile | |
Sales Growth | 0.00% | 16.79% | 14.90% | 2.44% |
Percent of Total Assets | ||||
Inventory | 18.06% | 19.35% | 20.70% | 29.25% |
Other Current Assets | 1.14% | 1.15% | 1.16% | 27.04% |
Total Current Assets | 22.42% | 24.35% | 26.29% | 90.39% |
Long-term Assets | 77.58% | 75.65% | 73.71% | 9.61% |
Total Assets | 100.00% | 100.00% | 100.00% | 100.00% |
Current Liabilities | 0.53% | 4.45% | 8.59% | 36.23% |
Long-term Liabilities | 84.17% | 75.70% | 64.75% | 9.00% |
Total Liabilities | 84.71% | 80.15% | 73.34% | 45.23% |
Net Worth | 15.29% | 19.85% | 26.66% | 54.77% |
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 50.56% | 48.72% | 48.69% | 33.14% |
Selling, General & Administrative Expenses | 40.60% | 41.08% | 38.84% | 19.58% |
Advertising Expenses | 0.00% | 0.00% | 0.00% | 1.07% |
Profit Before Interest and Taxes | 28.65% | 22.07% | 22.52% | 1.83% |
Main Ratios | ||||
Current | 42.11 | 5.47 | 3.06 | 2.11 |
Quick | 8.19 | 1.12 | 0.65 | 1.14 |
Total Debt to Total Assets | 84.71% | 80.15% | 73.34% | 52.38% |
Pre-tax Return on Net Worth | 45.44% | 31.71% | 35.35% | 3.78% |
Pre-tax Return on Assets | 6.95% | 6.30% | 9.42% | 7.95% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | 9.95% | 7.64% | 9.85% | n.a |
Return on Equity | 31.80% | 22.20% | 24.74% | n.a |
Activity Ratios | ||||
Inventory Turnover | 0.83 | 0.70 | 0.75 | n.a |
Accounts Payable Turnover | 69.52 | 9.50 | 5.57 | n.a |
Payment Days | 27 | 22 | 50 | n.a |
Total Asset Turnover | 0.49 | 0.58 | 0.67 | n.a |
Debt Ratios | ||||
Debt to Net Worth | 5.54 | 4.04 | 2.75 | n.a |
Current Liab. to Liab. | 0.01 | 0.06 | 0.12 | n.a |
Liquidity Ratios | ||||
Net Working Capital | $123,408 | $111,066 | $97,737 | n.a |
Interest Coverage | 1.99 | 1.98 | 2.67 | n.a |
Additional Ratios | ||||
Assets to Sales | 2.05 | 1.73 | 1.49 | n.a |
Current Debt/Total Assets | 1% | 4% | 9% | n.a |
Acid Test | 8.19 | 1.12 | 0.65 | n.a |
Sales/Net Worth | 3.20 | 2.90 | 2.51 | n.a |
Dividend Payout | 0.00 | 0.00 | 0.00 | n.a |
Sales Forecast | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | |||||||||||||
Fishing Equipment | 0% | $1,730 | $1,730 | $2,730 | $4,000 | $2,730 | $7,166 | $16,000 | $16,000 | $16,000 | $8,000 | $2,730 | $4,000 |
Guide Services | 0% | $0 | $0 | $1,000 | $4,500 | $0 | $3,740 | $7,480 | $8,460 | $7,480 | $4,740 | $0 | $0 |
Drift Boat Rentals | 0% | $0 | $0 | $0 | $1,440 | $0 | $2,000 | $4,320 | $4,320 | $4,320 | $2,440 | $0 | $0 |
Licenses | 0% | $0 | $0 | $0 | $5,400 | $0 | $200 | $5,400 | $5,400 | $5,400 | $5,000 | $0 | $0 |
Lodging | 0% | $0 | $0 | $0 | $0 | $0 | $4,500 | $13,500 | $13,500 | $13,500 | $9,000 | $9,000 | $0 |
Hunting Equipment | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $250 | $500 | $600 | $0 |
Hunting Apparel | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $250 | $500 | $600 | $0 |
Flies | 0% | $0 | $0 | $635 | $2,000 | $500 | $1,567 | $15,000 | $12,000 | $8,000 | $1,567 | $0 | $0 |
Misc. | 0% | $0 | $0 | $0 | $0 | $0 | $400 | $600 | $600 | $600 | $300 | $200 | $0 |
Total Sales | $1,730 | $1,730 | $4,365 | $17,340 | $3,230 | $19,573 | $62,300 | $60,280 | $55,800 | $32,047 | $13,130 | $4,000 | |
Direct Cost of Sales | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Fishing Equipment | $952 | $952 | $1,501 | $2,200 | $1,501 | $3,941 | $8,800 | $8,800 | $8,800 | $4,400 | $1,501 | $2,200 | |
Lodging | 1% | $0 | $0 | $0 | $0 | $0 | $23 | $68 | $68 | $68 | $45 | $45 | $0 |
Hunting Equipment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $138 | $275 | $330 | $0 | |
Hunting Apparel | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $138 | $275 | $330 | $0 | |
Flies | $0 | $0 | $273 | $860 | $215 | $673 | $6,450 | $5,160 | $3,440 | $672 | $0 | $0 | |
Misc | $0 | $0 | $0 | $0 | $0 | $160 | $240 | $240 | $240 | $120 | $80 | $0 | |
Subtotal Direct Cost of Sales | $952 | $952 | $1,774 | $3,060 | $1,716 | $4,797 | $15,558 | $14,268 | $12,824 | $5,787 | $2,286 | $2,200 |
Personnel Plan | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Owner Operator | 0% | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 |
Cabin Manager (Brassie) | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Part Time Employee | 0% | $0 | $0 | $0 | $1,800 | $1,800 | $1,800 | $1,800 | $1,800 | $1,800 | $1,800 | $0 | $0 |
Name or Title or Group | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total People | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 3 | |
Total Payroll | $1,300 | $1,300 | $1,300 | $3,100 | $3,100 | $3,100 | $3,100 | $3,100 | $3,100 | $3,100 | $1,300 | $1,300 |
Pro Forma Profit and Loss | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | $1,730 | $1,730 | $4,365 | $17,340 | $3,230 | $19,573 | $62,300 | $60,280 | $55,800 | $32,047 | $13,130 | $4,000 | |
Direct Cost of Sales | $952 | $952 | $1,774 | $3,060 | $1,716 | $4,797 | $15,558 | $14,268 | $12,824 | $5,787 | $2,286 | $2,200 | |
Independant Guide Cost | 60% | $0 | $0 | $0 | $2,700 | $0 | $2,244 | $4,488 | $5,076 | $4,488 | $2,844 | $0 | $0 |
License Funds going back to state | $0 | $0 | $0 | $5,400 | $0 | $0 | $5,400 | $5,400 | $5,400 | $5,000 | $0 | $0 | |
Credit Card Fees | 1% | $9 | $9 | $23 | $92 | $17 | $104 | $330 | $319 | $296 | $170 | $70 | $21 |
Lodging – cleaning and maintenance | 32% | $0 | $0 | $0 | $0 | $0 | $1,440 | $4,320 | $4,320 | $4,320 | $2,880 | $2,880 | $0 |
Total Cost of Sales | $961 | $961 | $1,797 | $11,252 | $1,733 | $8,584 | $30,096 | $29,383 | $27,327 | $16,681 | $5,236 | $2,221 | |
Gross Margin | $769 | $769 | $2,568 | $6,088 | $1,497 | $10,989 | $32,204 | $30,897 | $28,473 | $15,366 | $7,894 | $1,779 | |
Gross Margin % | 44.47% | 44.44% | 58.83% | 35.11% | 46.34% | 56.14% | 51.69% | 51.26% | 51.03% | 47.95% | 60.12% | 44.47% | |
Expenses | |||||||||||||
Payroll | $1,300 | $1,300 | $1,300 | $3,100 | $3,100 | $3,100 | $3,100 | $3,100 | $3,100 | $3,100 | $1,300 | $1,300 | |
Marketing/Promotion | $1,500 | $1,500 | $1,000 | $700 | $700 | $700 | $700 | $700 | $700 | $700 | $700 | $1,000 | |
Depreciation | $1,255 | $1,255 | $1,255 | $1,255 | $1,255 | $1,255 | $1,255 | $1,255 | $1,255 | $1,255 | $1,255 | $1,255 | |
Utilities | $300 | $300 | $300 | $300 | $275 | $275 | $200 | $200 | $200 | $250 | $300 | $300 | |
Insurance | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | |
Payroll Taxes | 15% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other | $75 | $75 | $75 | $75 | $75 | $75 | $75 | $75 | $75 | $75 | $75 | $75 | |
Total Operating Expenses | $4,630 | $4,630 | $4,130 | $5,630 | $5,605 | $5,605 | $5,530 | $5,530 | $5,530 | $5,580 | $3,830 | $4,130 | |
Profit Before Interest and Taxes | ($3,861) | ($3,861) | ($1,562) | $458 | ($4,108) | $5,384 | $26,674 | $25,367 | $22,943 | $9,786 | $4,064 | ($2,351) | |
EBITDA | ($2,606) | ($2,606) | ($307) | $1,713 | ($2,853) | $6,639 | $27,929 | $26,622 | $24,198 | $11,041 | $5,319 | ($1,096) | |
Interest Expense | $3,420 | $3,420 | $3,420 | $3,392 | $3,363 | $3,335 | $3,306 | $3,278 | $3,249 | $3,221 | $3,192 | $3,164 | |
Taxes Incurred | ($2,184) | ($2,184) | ($1,495) | ($880) | ($2,241) | $615 | $7,010 | $6,627 | $5,908 | $1,970 | $262 | ($1,654) | |
Net Profit | ($5,096) | ($5,097) | ($3,487) | ($2,053) | ($5,230) | $1,434 | $16,358 | $15,463 | $13,786 | $4,596 | $611 | ($3,860) | |
Net Profit/Sales | -294.59% | -294.61% | -79.90% | -11.84% | -161.91% | 7.33% | 26.26% | 25.65% | 24.71% | 14.34% | 4.65% | -96.51% |
Pro Forma Cash Flow | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Cash Received | |||||||||||||
Cash from Operations | |||||||||||||
Cash Sales | $1,730 | $1,730 | $4,365 | $17,340 | $3,230 | $19,573 | $62,300 | $60,280 | $55,800 | $32,047 | $13,130 | $4,000 | |
Subtotal Cash from Operations | $1,730 | $1,730 | $4,365 | $17,340 | $3,230 | $19,573 | $62,300 | $60,280 | $55,800 | $32,047 | $13,130 | $4,000 | |
Additional Cash Received | |||||||||||||
Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Investment Received | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Received | $1,730 | $1,730 | $4,365 | $17,340 | $3,230 | $19,573 | $62,300 | $60,280 | $55,800 | $32,047 | $13,130 | $4,000 | |
Expenditures | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Expenditures from Operations | |||||||||||||
Cash Spending | $1,300 | $1,300 | $1,300 | $3,100 | $3,100 | $3,100 | $3,100 | $3,100 | $3,100 | $3,100 | $1,300 | $1,300 | |
Bill Payments | $111 | $3,320 | $3,327 | $3,805 | $11,659 | $2,609 | $9,555 | $26,035 | $26,150 | $24,585 | $19,321 | $75,193 | |
Subtotal Spent on Operations | $1,411 | $4,620 | $4,627 | $6,905 | $14,759 | $5,709 | $12,655 | $29,135 | $29,250 | $27,685 | $20,621 | $76,493 | |
Additional Cash Spent | |||||||||||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Principal Repayment of Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Liabilities Principal Repayment | $0 | $0 | $0 | $4,275 | $4,275 | $4,275 | $4,275 | $4,275 | $4,275 | $4,275 | $4,275 | $4,275 | |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Spent | $1,411 | $4,620 | $4,627 | $11,180 | $19,034 | $9,984 | $16,930 | $33,410 | $33,525 | $31,960 | $24,896 | $80,768 | |
Net Cash Flow | $319 | ($2,890) | ($262) | $6,160 | ($15,804) | $9,589 | $45,370 | $26,870 | $22,275 | $87 | ($11,766) | ($76,768) | |
Cash Balance | $15,319 | $12,429 | $12,168 | $18,327 | $2,524 | $12,113 | $57,483 | $84,353 | $106,628 | $106,715 | $94,949 | $18,181 |
Pro Forma Balance Sheet | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Assets | Starting Balances | ||||||||||||
Current Assets | |||||||||||||
Cash | $15,000 | $15,319 | $12,429 | $12,168 | $18,327 | $2,524 | $12,113 | $57,483 | $84,353 | $106,628 | $106,715 | $94,949 | $18,181 |
Inventory | $98,000 | $97,049 | $96,097 | $94,323 | $91,263 | $89,547 | $84,750 | $69,193 | $54,925 | $42,102 | $36,315 | $104,029 | $101,829 |
Other Current Assets | $6,400 | $6,400 | $6,400 | $6,400 | $6,400 | $6,400 | $6,400 | $6,400 | $6,400 | $6,400 | $6,400 | $6,400 | $6,400 |
Total Current Assets | $119,400 | $118,768 | $114,926 | $112,890 | $115,990 | $98,470 | $103,263 | $133,075 | $145,678 | $155,130 | $149,430 | $205,377 | $126,410 |
Long-term Assets | |||||||||||||
Long-term Assets | $452,400 | $452,400 | $452,400 | $452,400 | $452,400 | $452,400 | $452,400 | $452,400 | $452,400 | $452,400 | $452,400 | $452,400 | $452,400 |
Accumulated Depreciation | $0 | $1,255 | $2,510 | $3,765 | $5,020 | $6,275 | $7,530 | $8,785 | $10,040 | $11,295 | $12,550 | $13,805 | $15,060 |
Total Long-term Assets | $452,400 | $451,145 | $449,890 | $448,635 | $447,380 | $446,125 | $444,870 | $443,615 | $442,360 | $441,105 | $439,850 | $438,595 | $437,340 |
Total Assets | $571,800 | $569,913 | $564,816 | $561,525 | $563,370 | $544,595 | $548,133 | $576,690 | $588,038 | $596,235 | $589,280 | $643,972 | $563,750 |
Liabilities and Capital | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Current Liabilities | |||||||||||||
Accounts Payable | $0 | $3,209 | $3,209 | $3,406 | $11,579 | $2,309 | $8,687 | $25,162 | $25,322 | $24,008 | $16,732 | $75,089 | $3,002 |
Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Subtotal Current Liabilities | $0 | $3,209 | $3,209 | $3,406 | $11,579 | $2,309 | $8,687 | $25,162 | $25,322 | $24,008 | $16,732 | $75,089 | $3,002 |
Long-term Liabilities | $513,000 | $513,000 | $513,000 | $513,000 | $508,725 | $504,450 | $500,175 | $495,900 | $491,625 | $487,350 | $483,075 | $478,800 | $474,525 |
Total Liabilities | $513,000 | $516,209 | $516,209 | $516,406 | $520,304 | $506,759 | $508,862 | $521,062 | $516,947 | $511,358 | $499,807 | $553,889 | $477,527 |
Paid-in Capital | $64,000 | $64,000 | $64,000 | $64,000 | $64,000 | $64,000 | $64,000 | $64,000 | $64,000 | $64,000 | $64,000 | $64,000 | $64,000 |
Retained Earnings | ($5,200) | ($5,200) | ($5,200) | ($5,200) | ($5,200) | ($5,200) | ($5,200) | ($5,200) | ($5,200) | ($5,200) | ($5,200) | ($5,200) | ($5,200) |
Earnings | $0 | ($5,096) | ($10,193) | ($13,681) | ($15,734) | ($20,964) | ($19,529) | ($3,172) | $12,291 | $26,077 | $30,673 | $31,283 | $27,423 |
Total Capital | $58,800 | $53,704 | $48,607 | $45,119 | $43,066 | $37,836 | $39,271 | $55,628 | $71,091 | $84,877 | $89,473 | $90,083 | $86,223 |
Total Liabilities and Capital | $571,800 | $569,913 | $564,816 | $561,525 | $563,370 | $544,595 | $548,133 | $576,690 | $588,038 | $596,235 | $589,280 | $643,972 | $563,750 |
Net Worth | $58,800 | $53,704 | $48,607 | $45,119 | $43,066 | $37,836 | $39,271 | $55,628 | $71,091 | $84,877 | $89,473 | $90,083 | $86,223 |
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chimaobi john
dauda salifu
IJAERS Journal
Currently, the planning management of any company linked to the agricultural environment is directly related to the formation and development of market relations. Within this perspective, this work proposed the use of a simplified business plan with the reality of a small producer in aquaculture-production of aquatic organisms. Thus, after the implementation of the proposal, the benefits achieved were: the empirical demonstration of the theory of business plans; providing support for planning reproduction by other producers in this expanding market; and strategic gains for the entrepreneur, who now has a tool that enabled him to design medium and long-term scenarios. It is worth mentioning that this proposal, despite being based on the literature, allows the entrepreneur to review and parameterize it from new horizons. The results of this work can, therefore, help researchers, professionals and entrepreneurs to improve their practices and prescriptions, in addition to providing suggestions for new paths for the development of entrepreneurial methods.
Kate Svishcheva
This project proposal pertains to newly evolving studies dealing with business planning for startups and is intended to investigate essential issue of business plan characteristics that increase probability of getting funds for startup development. The general purpose of this project is to analyse and develop general tendencies in existing business plans for startups that succeeded in attracting financing. The aim of this issue scrutiny is to formulate general guidance for elaborating business plans for nascent entrepreneurs and structure common criteria set by investors.
Journal of Business & Economics Research (JBER)
Entrepreneurship - Development Tendencies and Empirical Approach
Amélia Brandão
csupomona.edu
Jerry Kirkpatrick
Son Ca Bui Chuoi
Mustapha Momoh
This chapter provides a synthesis of planning small-scale entrepreneurial skills to guide the current and prospective micro investors to harness wide ranges of agribusiness value chains in Nigeria. This initiative considered alternatives in business strategic options to harness the potentials therein, which involve production, distribution, processing of agricultural products and services integration for converting agricultural outputs for regular and timely supply of domestic and international needs. The current outcry for economic diversification couple with high rate of unemployment in Nigeria requires concerted efforts to boost the agriculture sector as a viable alternative for growth and development. Suffices to say, most agribusiness investors more often than not, experience failure because of the dearth of requisite business skills for planning the survival and growth of small-scale agribusinesses in the face of modern realities. In this wise, the chapter brings the benefits such as risk mitigation, cost savings, and income generation through combination of known production planning and business management skills. The chapter adopts discursive taxonomy, interpolating elicited facts from available literature plus the knowledge of 'on-the-job-experience' to promote and support the development of agribusinesses strategy for the transformation of the agriculture sector to generate employment, income, and promote food security, and competitiveness in the marketplaces.
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International Small Business Journal
Colin Mason
Vincent Amanor-Boadu
SME Business Plan
Adeola Temitope Aina
David Dearman
The International Journal of Academic Research in Business and Social Sciences
kevin wachira
RePEc: Research Papers in Economics
Ward Nefstead
Fariba Azizzadeh
Federico Navarro
International Journal of Professional Business Review
South African Journal of Economic and Management Sciences
Marius Pretorius
Wanlee Putsom
Strategic Management Journal
Dmitry Tolok
Saeed Ur Rehman
Sarah Milliken
delight bobo
The Service Industries Journal
Lorenzo Revuelto Taboada
Franz Ramskogler
too hueyiie
Marine Policy
Diego Naziri , John Linton
Valerie Spitaels
IRJET Journal
The Journal of Engineering Entrepreneurship
Jacob Wheadon , Nathalie Duval-Couetil
The fish shop business plan template, $3.33, per month - paid 3 monthly.
The commercial fishing industry is growing, especially off the coasts of emerging economies. Whether you are starting a fishing company in America, off the coast of Africa, or anywhere else in the world, this sample will help guide you. Our business plan writers have crafted this sample.
“Nearfish Inc.” (herein also referred to as “Nearfish”, “Nearfish Company”, and “the company”) was incorporated on February 2, 2022 in the State of Florida by Co-founders: Mich Teresen, and Tom Parkinson. The company is a leader in sustainability across two key sectors, recycling and seafood, and developing solutions to challenges in both areas. Nearfish is inspiring Somalis to achieve goals in recycling, waste reduction, and reuse for the betterment of the nation. Additionally, the company is dedicated to innovation, creativity, and advancements in science and technology. As such, the initial focus will be producing high quality seafood across Ethiopia, Kenya, and Somalia using sustainable fisheries.
Somalia is the easternmost country on the Horn of Africa. Extending just south of the Equator northward to the Gulf of Aden, the country occupies an important geopolitical position between sub-Saharan Africa and the countries of Arabia and southwestern Asia. The capital, Mogadishu, is located just north of the Equator on the Indian Ocean. Landscapes of thornbush savanna and semidesert dominate the scenery as the land of Somalia is a country with geographic extremes.
Somalis have, as a result, developed equally demanding economic survival strategies. With this backdrop, climate plays a key role for Somalia’s economy and livelihoods. Climate change has impacted the land as droughts and floods pose the most severe hazards to the country. Furthermore, global warming and shrinking fish stocks have led to illegal fishing off the Somali coast. This has enabled conflicts between pirates and foreign fishing vessels.
Nearfish is a Somali-founded venture which is seeking to rectify these disastrous changes to the climate, and spearhead a campaign for Somalia to become a thriving and prosperous nation. The company is developing programs, as well as innovations in recycling and seafood production to bolster the environmental sustainability of the region. Somalia has a rich history, captivating geography, and a people who have endured; survived; and preserved in spite of challenges. Nearfish is building a nation of proud Somalis who can call their country home. The company is committed to climate action and developing the necessary solutions to tackle the most challenging problems ahead in this domain.
The company is first tackling this challenge with a sustainable approach to fishing production. This industry has been ravaged by piracy, noncompliant international vessels, overfishing, climate change, and other challenges. Nonetheless, the company is creating a supply chain process which involves sourcing from local sustainable fisheries while managing a fleet of boats and crew. The goal is to supply Ethiopia, Kenya, and Somalia with high quality fish which is ethically sourced. As a result, the company is creating a series of plans across marketing, HR, strategy, and other areas to execute on this vision.
Financial Outlook
Nearfish Company was founded by: Mich Teresen, and Tom Parkinson. The team have worked both inside and outside the country and their goal is to bring what they have learned home. Nearfish focuses on two important areas which the company considers to be priorities and can be addressed.
The Seafood Sector
The seafood sector in general is self-contained in which the company desires to strengthen the production, and to help small business owners used in the production of fish. As part of the climate inaction, there has been a significant negative impact on the seafood industry. Moreover, this has impacted production, yields, and quality of fish. Nearfish will focus on improving the quality of seafood production to provide jobs and feed more people with quality food.
Mission Statement
Our mission is to provide quality sustainably produced seafood and waste management services, as well as promoting recycling activities to ensure a safe and healthy community.
Vision Statement
Our vision is to inspire and challenge Somalis to achieve the highest quality seafood production, waste reduction, recycling, and reuse goals in the nation.
Core Values
The following core values guide the Nearfish team and larger company culture.
Integrity is at the center of all decision-making.
Leadership is embedded into the business and all people.
Service to others and the world above all else.
There are several key dates and milestones associated with the Nearfish company as described below:
Goals and Objectives
Global Fish and Seafood Industry
As the world continues to grow in population, it is expected to reach around 10 billion by 2050. With this consistent increase in population, food security has been recognized as one of the many challenges that needs to be addressed by all nations.
Based on the United Nation Food and Agriculture Organization’s (FAO) report on The State of World Fisheries and Aquaculture, the total fisheries and aquaculture production in 2018 reached 179 million tonnes. This number makes fish and seafood the most traded food commodity in the world. Around 87% of this total was identified for direct human consumption. This percentage increased significantly by 20% from 67% in the 1960’s. The annual growth rate of fish consumption exceeded the combined total of meat and terrestrial animals consumption.
The graph above shows the volume of fish production from 2002 to 2021. In 2020, the world produced 174.6 million metric tonnes of fish which is approximately 18% higher than it produced in 2010 (148.1 metric tonnes). This only proves that fish is one of the most consumed foods and is becoming further in demand in all areas of the world.
It is expected that the seafood industry will expand in succeeding years. The market was valued at $125.2 billion in 2017 and is projected to increase to $155.32 billion by 2023. In 2018, the top three (3) producers are China, Indonesia and Peru. In China alone, where the largest fish and seafood processing industry is situated, the industry generated $31.6 billion of revenue.
In another report, the global fresh fish market size was valued at $228.3 billion in 2021. This is calculated to increase at a compound annual growth rate (CAGR) OF 2.6% from 2022 TO 2028. The significant growth rate was also reported as one driven by the population’s heightened awareness on the health benefits of fish products. The Food and Agriculture Organization (FAO) also reported that the fish product consumption far outweighs the growth of the population.
Fish and Seafood Industry in Africa
The international fishing trade industry in Africa has made significant progress in the past years. However, it has yet to evolve to achieve rapid and sustainable economic growth for the region. There is a need to boost Africa’s intra-regional trade by improving their capacity to produce fish products in order to compete with the world market.
Records show that Africa contributed around 90 million tonnes per year in the last decade. Although this figure remained stable, there was a regional increase of 6.8 times from 1,109,387 tonnes in 1950 to 7,597,427 tonnes in 2010. The fish and aquaculture catch in 2010 is 9% of the global supply valued at 158 million tonnes or around $217.5 billion.
In the export sector, 10 African exporters lead the 89.5% fish and fishery products exports from the region. The top 5 are Morocco (leading with 29%), Namibia (15.8%), South Africa (12.3%), Mauritius (7%) and Senegal (6.3%). Morocco contributed 1.1% to the global trade.
Europe is the top market of African fish products exporters at 70% of the total exports. Tagging far behind is Asia at 15% and neighboring African nations at 11%.
Fish and Seafood Industry in Somalia, Ethiopia and Kenya
The total fisheries production (in metric tonnes) in Somalia, Ethiopia and Kenya from 2010 to 2020 is shown in the graph below. Out of the three countries, Somalia has produced the lowest number of fish products. In fact, it has steadily produced 30,000 metric tonnes in a decade. Kenya on the other hand started strong in 2010 until 2011. However, its fisheries market production in 2012 experienced a slump and it has not regained its strength until 2020. In this period, its highest production was in 2011 where they produced 207,925 metric tonnes of fish products. They ended with 150,060 metric tonnes of fish production in 2020. Amongst the three countries, Ethiopia has a more steady rise in their fish production. After the year 2010, their production had a minimal dip in 2015 but Ethiopia regained its strength and recorded an increase in production until 2020 where it produced 60,536 metric tonnes.
Fish Market Profiles of Somalia, Ethiopia and Kenya
FOA has released Fish Market Profiles for different countries in March 2022 conducted by GLOBEFISH. Globefish collected from 2001-2019 market and trade information on fish and fish products in various countries. These data may be useful to determine the feasibility of importing and exporting fish products to Somalia, Ethiopia and Kenya. For Somalia, below is their Fish Market Profile.
In summary, the Somalia, Ethiopia and Kenya Fish Market Profiles proves that there is a great deal of potential for profitability in both export and import of fish products.
Recycling Facilities Industry Market
Recycling is the process of collecting, processing, and remanufacturing materials that would otherwise be thrown away as trash. The global waste recycling services market size is to be valued at $81.3 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period. The increased awareness of the benefits of garbage recycling is expected to result in a positive impact to the recycling industry over the forecast period.
Globally, the Recycling Facility Industry is expected to rise at a considerable rate from this year onwards. It was valued at $55.1 billion in 2020, and was estimated at $57.69 billion in 2021. By 2028, it is estimated to reach almost $90 billion, recording a compound annual growth rate of 4.8% between 2021 to 2030.
Awareness and Support
Recycling businesses gain the support of both government and non-government organizations which lead in campaigning in favor of recycling materials to generate raw materials in many industries. Many industries are beginning to appreciate the value and the benefits of using recycled materials. It does not only save cost and energy for everyone, but it helps the Earth heal and become more sustainable for living. Due to the support and the growing awareness of its benefits, the recycling industry is expanding and becoming more profitable and viable.
Recycling Industry Market in the U.S.
In the U.S. alone, the market size of the Recycling Facilities industry, measured by revenue, is $9.4bn in 2022. It is composed of 1,051 Recycling Facilities businesses and has increased by 0.9% from 2021. This industry also employs approximately 24,998 employees. The annual market growth of the Recycling Facilities Industry from 2012 to 2022 is shown below:
With the above trend shown in the graph, the Recycling Industry in the U.S. is projected to increase at 6.8% per year on average between 2017 and 2022. Compared to the overall economy, this industry has accelerated at a faster rate over the years. In terms of market size, this industry is the 22nd ranked Administration, Business Support and Waste Management Services industry and the 544th largest in the U.S.
The business has grown by 0.9% from 2021 to 2022 due to the rise of waste materials during the pandemic and after. The table below shows a 3% CAGR in the U.S.
It is also worth knowing that the recycling rate throughout Minnesota reveals that it is one of the better U.S. states in terms of waste management. According to the most recent study, Minnesota’s statewide recycling rate is at 43.6% in 2020, which is an increase of 1.5% from 2019.
The U.S. is one of the largest producers of solid waste worldwide. Despite this industry growth in the U.S., the recycling industry is still considered low when compared to European countries. In fact, Germany is 65% higher. In a report done by the Environmental Protection Agency (EPA), the total waste materials and products generated in 2018 was approximately 292.4 million tonnes. The breakdown shows that organic materials continued to be the highest contributor of waste in the U.S.
The above figure shows that paper and paperboard materials are the most recycled waste in the U.S.. It is approximately 66% of the 69 million metric tonnes of recycled Municipal Solid Waste (MSW) accounted for in 2018. Focusing on recyclable waste, following closely is plastic materials such as PET and HDPE bottles at 12.2%. However, according to the report this accounts for only 10% of the total U.S. plastic waste.
This means that 90% of U.S. plastic waste is not recycled and has actually been thrown into landfills or incinerated creating more pollution in the environment. The impact of this has already caught global attention resulting in increased support for the development of better recycling systems.
Raising awareness is the key for understanding the value of recycling in the U.S. To do this, the government declared November 15 as “America Recycles Day” where many Americans participate and raise awareness in the country.
Government Regulations
The U.S. Food and Drug Administration (FDA) regulates laws and programs on fish and fishery products under the provisions of the Federal Food, Drug and Cosmetic (FD&C) Act and the Public Health Service Act. This Agency is responsible for research, inspection, compliance, enforcement, outreach, and the development of regulations and guidance.
In 1996, the FDA adopted its final regulations to ensure the safe and sanitary processing of fish and fishery products, including imported seafood. The regulations mandated the application of Hazard Analysis Critical Control Point (HACCP) principles to the processing of seafood. HACCP is a preventive system of hazard control that can be used by processors to ensure the safety of their products to consumers.
The FDA is the one who publishes the Fish and Fisheries Products Hazards and Controls Guidance. This is an extensive compilation of the most up-to-date science and policy on the hazards that affect fish and fishery products and effective controls to prevent their occurrence.
The most recent guidelines released by the FDA was the Fish and Fishery Products Hazards and Controls Guidance, June 2022 edition. It is intended to assist those in the industry to develop their own HACCP plans. The guidelines will help the business owners to:
Worth noting also is the recent Minnesota State Regulation on Meat, Poultry, and Fish Products Sold by Weight (Minn. R. 1545.0290). This state law requires all fish and seafood products offered or exposed for sale shall be sold by weight. The quantity representation to be used in the sale shall be the total weight of the product.
Other regulations on Fish and Seafood products can be found in the Minnesota Statutes 2021, Chapter 31, cited as the “Minnesota Food Law”. Specifically, the following are stated:
Fisheries Legislation in Somalia
Many parts of the world are challenged by Illegal, unreported and unregulated (IUU) fishing. These activities threaten the conservation and management of fish products in every country. It also diminishes the effort of national and regional organizations leading to the loss of both short and long-term social and economic opportunities. In effect, food security and the environment cannot be wholly protected. In Somalia, IUU has destabilized the coastal communities by threatening the livelihood and security of those living in the coastal areas of the country.
The Fisheries law of the Federal Republic of Somalia (Review of 2016) provides for the management and conservation of marine aquatic resources and habitat and the development of this industry. This Act designates 24 nautical miles of the coastline within a protection zone to protect fishermen. It also authorized the Ministry of Fisheries and Marine Resources of Somalia to consult and cooperate with international and national government and non-government organizations.
By doing so, they will be able to plan, manage and develop programs to regulate the industry to include registration of fishing activities and licenses. The law also lists various prohibited acts such as dangerous fishing methods, catching of marine mammals and turtles, polluting fishing waters, destruction of coral reefs among others.
Recycling Facilities Industry Regulations
There is no national law in the United States that mandates recycling. However, state and local governments initiate their own recycling requirements. Each state collaborates across departments, and with non-profit organizations to implement a successful recycling program.
The EPA is tasked to regulate household, industrial, and manufacturing solid and hazardous wastes under the Resource Conservation and Recovery Act (RCRA). In particular, the RCRA has the following objectives:
In 2014, Minnesota updated its recycling goals. It required all state agencies in the Twin Cities Metro Area to achieve a recycling rate of 75 percent or higher by the year 2030. Since 2016, the State Admin has partnered with the Minnesota Pollution Control Agency (MPCA) and the Minnesota Chamber of Commerce Waste Wise Foundation to implement changes in their recycling program.
The State Admin believes that over 90 percent of Minnesota’s waste can be recycled or composted. They believe that by upgrading their recycling programs, it will ensure meeting and even surpassing their legislative goals; and make them progress toward becoming a zero-waste workplace.
Market Trends
The African Marine Fisheries is valued at $24 billion per year. Based on the Quartz Africa report, small-scale fisheries are making the greatest contribution to the continent’s economy than the bigger players. The fisheries and aquaculture sector employs about 12.3 million people where 50% are fishers and the rest are from the fish processing and marketing sector. However, according to the report, Africa does not benefit from the rewards of this $24 billion worth industry.
There are several reasons for the inability of the fish industry to take off in the “Horn of Africa” region.
Switzerland has launched its Horn of Africa cooperation programme that focuses on social programs for this region. It includes programs on good governance, food security, health, migration and the protection of vulnerable communities. Additionally, it focuses on Somalia and covers some areas of Ethiopia and Kenya in its borders. This also provides emergency aid as needed.
The program recognizes that the “Horn of Africa” is one of the world’s most conflict-prone and fragile regions. Some of the factors given are “protracted conflict and violent extremism, weak governance, and poor quality of public services.” It also mentioned the impact of climate change as one of its challenges.
Despite all these challenges, the Horn of Africa is seen to have the potential to drive positive improvements in the region, including the roll out of mobile telecommunications, rapid digital innovation and an “agile global diaspora”. Switzerland has tapped a generation of young and connected citizens to work closely and create hope for the region.
Illegal, Unregulated, and Unreported Fishing (IUU)
The African, Caribbean and Pacific (ACP) fishing industries are continuously being challenged with various factors. The most severe is the presence of illegal, unregulated and unreported fishing or more commonly called IUU fishing. This activity results in the loss of millions of revenue annually. There are at least $458 million in losses for the Western and Central Pacific Ocean and another $136 million for the Pacific Island countries. In West Africa, IUU claims to have more than $974 billion losses per year.
IUU happens from shallow coastal waters to the remote stretches of the ocean. More often these activities happen to countries who:
Africa and the Western Central Pacific has the highest rate of IUU activities, followed by the Bering Sea and Southwest Atlantic.
Offenders usually get away when caught practicing IUU. Money is the main driver of this obstacle. This happens because IUU avoids taxes or duties on their illegal catch.
To stop IUU fishing, some systems have started and are being negotiated. In June 2016, the Port State Measures Agreement (PSMA) was passed which is the first binding international agreement to stop IUU caught fish being traded in their countries. There are 68 nations and the European Union who signed their agreement and many await China, the world’s fishing superpower, to ratify it.
Other efforts are United Nations Sustainable Development Goal 14, “Life Below Water”, World Trade Organization’s Ministerial Conference on fisheries subsidies, and national and industry efforts on increasing the traceability of seafood through technology.
The Rise of Piracy
The Somalia Fisheries Ministry admits to their inability to police its waters from piracy. Since the Horn of Africa has the longest coastline in the region, and owns at least 2 million square kilometers of the Exclusive Economic Zone located in the area outward of the sea, the country has a rich unexploited fish and fossil fuel as well. These unexplored resources can generate around $135 million income per year to Somalia. However, it is left to be exploited by pirates or foreign vessels.
Since 2018, Somalia has been working on collaborating with other international support groups and sharing agreements to include the implementation of a registration system for foreign and local vessels. In 2021, a new law was drafted by the Ministry of Fisheries and Marine Resources which aims to unify all stakeholders to regulate and protect the growth of the fishing industry in Somalia.
Trade Barriers
Another issue that Somalians need to address is its lack of competitiveness in the international market. Most local fish producers fall short of the high product standards required by their international counterparts. Alongside this, Somalians may need to upgrade their storing facility infrastructure to cope with the growth of the fishing industry.
There are also illegal trade practices or cross-border trade happening in the country as revealed in a survey of IGAD Member States. Most of the respondents in the interview who were producers, middlemen, traders or dealers, reveal that there is either a better demand or a better price being offered by their neighboring markets. Another reason for these activities to be flourishing is tax avoidance and to steer clear of quality certification, license and other so-called “red tapism”.
This illegal trade activity mainly happens on the high seas. An example of this is when a fisherman who catches a big fish, and happens to be near some Yemeni boats who operate in the area, sells it as a whole fish for the sake of convenience. When this happens data on the total production of fishery and amount of revenue may not be recorded as the country’s trade income.
Climate Change
Climate plays a role in Somalia’s economy and livelihoods. The country’s economy is largely agricultural. This economic activity accounted for about 65% of the GDP and employment in 2017. In Somalia, climate change may cause severe hazards especially when droughts and floods occur. When drought happens, groundwater levels decline while water prices increase. Its effects such as sea surface warming, ocean acidification, rising sea levels and extreme weather events will definitely affect the fishing industry. These effects will destroy fish and aquatic habitat, as well as reduce fish stocks.
This region contributes little to the global greenhouse emissions but they are seen to be the most vulnerable and least prepared to face global warming. The brief reports that in the 2019 UN General assembly, African leaders across 48 countries used the term “climate change” 212 times. Further, under the Paris Agreement, developed countries offered $100 billion to African nations. However, this is also a challenge to the African countries as they have their own financial obligations and difficulty shifting to cleaner energy and green economies.
Post-Pandemic Events
A primary post-pandemic issue affecting the fish industry is the price volatility of fish products. In a publication from FAO, the increasing demand for tilapia products results in increased pricing for the said fish. Tilapia’s steady demand in the market during the pandemic was due to its low price and extensive availability as a frozen product. It is expected that its aquaculture production will increase after the pandemic but the increasing demand has also sent prices soaring. National Fisheries Institute (NFI) projects a 3% increase of global tilapia production in 2022. This growth is an indicator of post-pandemic recovery and resumption of business operations in the producing regions. Regardless of the increased supply, prices of tilapia will still increase due to the high demand of consumers and the increased freight and input costs of operation.
Aside from production drawbacks, the Horn of Africa has difficulty of reaching at least 60% herd immunity. Although the COVAX mechanism was designed to be distributed to low income countries at a reduced rate, only 20% of Africa’s population was allocated with them. In a recent report of the WHO, doctors are making every effort to strengthen health systems in the greater Horn of Africa. These countries suffered humanitarian crises brought on by drought, flooding, armed conflicts, and the impact of the COVID-19 pandemic. A $16 million allocation, which is the largest allocation to date, from WHO’s Contingency Fund for Emergencies (CFE) was approved to benefit health emergencies in Djibouti, Ethiopia, Kenya, Somalia, South Sudan, Sudan and Uganda. An estimated 80 million people in these countries are starving resulting from malnutrition. WHO wanted to counter both malnutrition and prepare the countries from outbreaks of diseases. It plans to set up a hub in Nairobi to build an emergency health force and preparedness response.
Trends in the Recycling Industries in the U.S.
According to RTS, a commercial waste and garbage disposal company, 5 key recycling and diversion insights should be kept in mind for 2022.
Pandemic and Post-Pandemic Effects
The COVID-19 pandemic gave rise to a new type of waste known as the pandemic waste. Aside from categorizing these wastes as hazardous, the recycling industry has been challenged to develop advanced and safest ways to eliminate such waste. Pandemic waste includes face masks, gloves, masks, respirators and their packaging. The increase in the volume of plastic wastes from the pandemic has given another strain in the recycling industry.
Likewise, since the pandemic and until after, the growing trend of using e-commerce businesses generated more waste globally. Another article on recycling trends promotes a “circular economy” vs. a “linear economy”, especially after the COVID-19 pandemic added more pressure on sourcing materials and manufacturing products.
The illustration above suggests that the recycling industry is likely to evolve into a “reprocessing industry”. Garbage trucks will not be used just to dump waste into landfills. Instead, it will be also used to return valuable resources found in the waste they collect and return it to manufacturers.
In the same manner, businesses may have to rethink the way they view raw materials. Soon, recycled materials and the current raw materials used by these businesses may be viewed as equal due to insufficiency and necessity. Sustainable practices will become the new normal.
According to Reuters, many recycling businesses worldwide have declined since the pandemic. The decrease is recorded at 20% in Europe, 50% in parts of Asia and 60% for some companies in the United States. In the article, Greg Janson of QRS recycling company says “his position would have been unimaginable a decade ago: The United States has become one of the cheapest places to make virgin plastic, so more is coming onto the market.” He also said that the pandemic made things worse for the industry. Mr. Janson is from St. Louis, Missouri, who has been in the recycling business for 46 years.
Improvements on the Identification of Recyclable Materials
China’s “National Sword” policy has shocked the world and not every country was ready for the repercussions. The U.S. Waste Management Services has been dependent on China for most of its recyclables and as a result it has not developed its own recycling infrastructure. The need to develop advanced waste recycling services to protect the people and the environment may pose an opportunity for additional types of service for the industry.
One suggestion to improve the current recyclable material indicator is to assist recycling facilities in differentiating the items. The numbered recycling symbols on the labels of recyclable products in the past were ineffective. Instead, the use of Radio Frequency Identification Technology (RFID) circuits to be embedded in the product package will be more effective. This technology is affordable and will ensure vital information like how to recycle the product, will be effective in avoiding contamination and confusion. Overall, new players who can launch new and advanced technology in the industry will give the industry hope.
Problems in the U.S. Recycling System
There has not been an economical or efficient way to handle recycling when the market in China disappeared. Most of the time, the recycling service of the government competes with the local funding of schools, policies and other state priorities. Most of the time, it loses to these. Stephanie Kersten-Johnston, an adjunct professor in Columbia University’s Sustainability Management Master’s Program and director of circular ventures at The Recycling Partnership, stated that “Without dedicated investment, recycling infrastructure won’t be sufficient. In addition, we need to resolve the simple math equation that currently exists — when it’s cheap to landfill, recycling will not be ‘worthwhile’ so we need to start to recognize what landfill really is: a waste of waste!” Aside from funding, another pressing issue is the accessibility of collection sites.
It is estimated that only 59% of U.S. single-family households have access to curbside recycling services. Also, 6% percent have no recycling services available at all. The government under Biden’s administration has repeatedly mentioned addressing climate change is his priority. The U.S. Environmental Protection Agency (EPA) is tasked to oversee the National Recycling Strategy and to give the details about the administration’s approach to source reduction. According to critics, “source reduction,” which is a waste management approach, has been left out.
It is expected that the EPA “Green Guides” 2022 will be reviewed by the Federal Trade Commission. This guide, once finalized, will be a reference to recyclers, state and federal lawmakers to ensure accurate recyclability claims of products. The $350 million additional recycling-related funding, to include infrastructure investment, will be available by the end of 2022.
Recycling Milestones in Somalia
When one thinks of Somalia in East Africa, drought and tribal wars come to mind. The country may be lagging behind the global Environmental Performance Index, but a volunteer emerged from this country as a Recycling Hero. The Global Recycling Foundation announced that Abdi Hirsi, a volunteer with a motto “waste is a resource,” was awarded as one of the 10 Recycling Heroes of 2021.
Hirsi started around 20 years ago and he now owns a pioneering recycling company based in the capital Mogadishu. He began with a World Bank grant to operate a plastics recycling plant. Now his company is a recycling platform producing products for construction and serving 17 city districts.
Hirsi is one of the 10 awarded during the celebration of Global Recycling Day last March 18, 2022. A prize money of EUR 500 was given to the winners for their dedication and innovation in local recycling. Another success story in the recycling industry is the AADCO Paper Factory, which is the only paper manufacturing company in Somalia. With only 50 staff members, this paper company has diversified its business by starting the first recycling initiative of its kind in Somaliland.
AADCO now produces egg trays developed from waste paper for poultry companies who previously have been importing from China or Dubai. The company is now exploring other recycling initiatives in support of reducing environmental waste. One Earth Future and its Shuraako program has assisted AADCO in obtaining funding to expand their facilities, introduce new products and reduce dependence on color print covers and supplies. This only proves that even in conflict-affected areas, some will have the potential to soar to great heights.
A variety of different seafood products are sold under the Nearfish umbrella. There will be a chance to sell seafood into Ethiopia and Kenya, which are both growth economies, as well as Somalia and Somaliland. In addition, there is a large market opportunity for recycling in Somalia, potentially through strategic partnerships, which the company plans to pursue beginning in years 3 or 4.
Nearfish Seafood
However, at the outset Nearfish is focused on growing the seafood production portion of the business. The company plans a one-stop shop for both online and offline seafood orders. Nearfish will offer quality fish, meat, seafood, and frozen foods under one banner at one location.
Competitive Advantages
Nearfish will differentiate from the competition with the following key advantages:
Quality Product Creates Better Outcomes for Customers
Nearfish intends to perform better than the competition by focusing on the quality of the product. Performance is not only about the results the company achieves but also how they are. For example, Nearfish will take individual responsibility for personal objectives and results across the supply chain. This will ensure that quality products are fished and sold.
Sustainability-Linked Fishing Practices for a Better Supply Chain
The company will obtain high-quality seafood from sustainable fisheries. This strategy is important to ensure sustainable fish stock for generations to come. Also, the company will only work with suppliers that have the same standards and views on this important concept. By harvesting from sustainable resources, it is the company’s belief these products deserve to be treated with high quality and respect.
Focusing on the Customer Always to Ensure Standards are Met
Nearfish will be the preferred seafood partner for customers. One way to attain this objective is to ensure all decisions are made with the customer in mind. By working together with customers in a long-term partnership, the company intends to add value.
Management Experience and Research Uniquely Positions the Company
The Nearfish management team also did research, and frequently travels, which has helped fully inform the selected markets. The research and travels form a bedrock for the work with customers to build long-term partnerships for mutual benefits.
Social Responsibility is a Key Driver for the Mission
The company embraces social responsibility. This philosophy will help YIFFIZ protect the positive image of the company. Nearfish intends to demonstrate this responsibility on a daily basis by respecting the culture, customs, and rules of customers and their communities. Also, the company will have open and honest communications with all customers and have the courage to express an opinion. Finally, YIFFIZ takes responsibility for actions and duties, performing them to the best of the company’s ability.
Key Success Factors
The company’s success depends on a variety of internal and external factors including:
Supply Chain Management: The logistics of a U.S.-based company entering into the fishing industry within the African continent presents certain challenges to Nearfish. Namely, purchasing the equipment and supplies needed to begin a fishing venture then transporting to Africa. On the other hand, if equipment is procured locally in Africa then key supplier relationships will be imperative.
Industry Knowledge: Through a combination of the management team and co-founders, Nearfish is uniquely positioned in the fishing industry with experience across the full lifecycle of fishing production. The team has mastered the art of building key supplier relationships, developed a concept for sustainably sourced fishing practices, and working on implementing in the target market. Specifically, Nearfish will also hire a team of fishermen and others to perform the work to the highest level of quality.
Strategic Partnerships: Working in the African continent within Somalia, Ethiopia, and Kenya primarily to start Nearfish must build key relationships with strategic partners. This includes wholesalers, distributors, and retailers in order to sell locally into these markets. The company must designate individuals who will develop and manage these relationships, in order to break into the mold.
Quality Management: Managing the consistency in fish quality will be imperative to the success of Nearfish. The company will be focused on sustainable fisheries and sourcing stock from these areas. The quality and nutrition of the Nearfish products will be a key competitive advantage. Therefore, adhering to strict internal quality standards, as well as other industry standards, will assist the company in meeting these goals.
Nearfish understands the importance of sales and marketing activities to accelerate the growth of the company. Activities at a high-level will include lead generation, such as contacting decision makers at large fishing distributors or retailers. The senior management team has key contacts, so these individuals will handle initial sales. The sales process involves making sales presentations and working with key stakeholders. Nearfish will be launching a public relations (PR) campaign, advertising campaign, and making public appearances. The company will pursue strategic alliances within the fishing industry.
For social media, one area to note is that the number of African social media users has risen continuously, amounting to over 384 million as of 2022. Social media presence is considerably higher in Northern and Southern Africa than in other regions, but the entire continent is growing the usage of various platforms. For platforms, Facebook has 72% of the user base; YouTube with 14%; Twitter with 7%; Pinterest and Instagram with 3% each; and finally, LinkedIn with 0.3%.
Several trade organizations will be critical to pursue relationships with. The National Fisheries Institute (NFI) is a leading advocacy organization in the U.S. for the seafood industry. The member companies represent every element of the industry from the fishing vessels at sea to the national seafood restaurant chains. Moreover, there is The National Coalition of Fishing Communities which is composed of American commercial fishing ports, businesses, and advocacy organizations.
The World Bank also offers opportunities to network and market within the African continent. The Global Program on Fisheries (PROFISH) provides information, knowledge products and expertise to help design and implement good governance. Drawing upon PROFISH’s results, the World Bank designed the West Africa Regional Fisheries Program (WARF-P), a $170 million investment covering coastal West Africa from Mauritania to Ghana.
In 2015, the Bank also approved the South West Indian Ocean Fisheries Governance and Shared Growth Program (SWIOFish), a $215.5 million investment covering East Africa and neighboring island countries. The African Union’s Agenda 2063 declared the Blue Economy to be “Africa’s Future,” and recognizes the key role the ocean plays as a catalyst for socioeconomic transformation.
Therefore, Nearfish is well-positioned to market the business, as well as build valuable relationships through networking groups to spearhead a campaign for growth. The company is focused on both inbound and outbound initiatives for sales and marketing, thus it will be imperative to explore all options particularly those relevant to the African continent.
Target Customer
Business to Business (B2B)
B2B customers will be a key group for Nearfish to target. The company provides a one-stop shop for wholesalers and distributors as Nearfish sells quality fish, meat, seafood, and frozen foods under one banner at one location. Furthermore, the company will work with sustainable fisheries. This strategy is important for B2B to ensure sustainable fish stock for generations to come. Also, the company only works with suppliers that have the same standards and views on this important concept. By harvesting from sustainable resources, it is the company’s belief these products deserve to be treated with high quality and respect.
Business to Consumers (B2C)
Consumers will also be a core customer group for Nearfish to target. The company provides a one-stop shop for individual consumers as Nearfish sells online under one banner at one location. This presents an opportunity for individuals to obtain high quality products from Somalia that are sustainably sourced. With the rise in sustainable products, this presents an opportunity to market directly to consumers who wish to buy fresh fish that is nutritious and without harmful additives.
Key Channels
With a number of different channels available, Nearfish has the ability to generate interest through marketing channels to different customers and markets. The following key channels are general areas that the company could market to through the budget it has.
Events (in person and virtual) : Events and conferences in the fishing industry will be key to the growth of Nearfish. This will ensure the company’s branding is seen in the market, specifically in-person. In addition, this will provide the company with the opportunity to network with key players in the fishing sphere. Some of these events are organized via social media, therefore it will be vital for the company to work with these organizers for sponsorship. As mentioned, the U.S. has several trade organizations and Africa is continually receiving investment as well as programs for the African fishing trade.
Social Media : The company will leverage social media advertising, curating content to reach each target market while specifically focused on fishing and sustainability. Social media channels will include Facebook, YouTube, Twitter, and Instagram as these are the top-4 most popular channels in Africa . Depending on the audience, content will be focused on fishing industry topics, the African continent fishing industry, tips and tricks, business and earnings information, or product and services for sale. The goal is to generate awareness and engage people with the Nearfish brand.
Google Advertising : The company will leverage the power of Google Ads to accelerate the awareness of the brand in the market. This will ensure that Nearfish is recognized as a leader. The website will benefit greatly from this activity in order to initially boost the page to first-page rankings, or other areas where ads are shown. The awareness of the fishing industry and available products will educate users on Nearfish. Google Ads typically requires a spend of at least $1,000 $for an effective campaign meanwhile there is the management too of the ads. Nonetheless, this key activity is vital for a business to rank on keywords for individuals to search on Google
Search Engine Optimization (SEO) : A great website needs search engine optimization to go along with it. Nearfish will utilize SEO best practices to rank on Google, as well as include ads management in the beginning to ensure it is shown to prospective clients. The key will be to also incorporate backlinks and blog content on the fishing and sustainability industries. The backlinks will allow Nearfish to showcase its suite of products, and key insights, on other websites to ensure it ranks more effectively. SEO takes time for businesses to implement properly. Sometimes this can take upwards of 2 years. However, once SEO begins to work then it allows a company to reduce ad spend.
SWOT Analysis
The Nearfish governance and management structure is built with scalability in mind. The team possesses years of experience in their respective fields, particularly seafood and fishing, to ensure that the initial business strategy, and ongoing operations run smoothly. The chain of command and hierarchy at Nearfish is intended to be collaborative, while respecting traditional structures of large, complex matrixed organizations. The Management Team at Nearfish currently consists of 5 members all co-founders. This operational section describes this chain of command, in further detail, and each operational area’s specific alignment to the overall business. A sound operational framework and tactical execution are specific advantages that the company will lean into, provided the previous business experience of the leadership team. The company’s operational timeline plans to take the company from a local Somalia seafood producer to a globally established and recognized brand. Nearfish will provide fresh, quality products to the African continent as well as worldwide.
Operational Process
The operational process for producing seafood for sale is extensive involving six key steps. The company will need to implement rigorous operational procedures, processes, and systems in order to integrate the supply chain.
Health & Safety
Commercial fishing is one of the most hazardous occupations worldwide. In the United States, for example, there is a fatality rate 29 times higher than the national average. Since 1991, the The National Institute for Occupational Safety and Health (NIOSH) Western States Division (WSD) office in Alaska has conducted studies on fishing safety to reduce injuries and fatalities among fishermen. Studies show the greatest dangers to fishermen are falls overboard, vessel disasters, and machinery on deck. WSD identifies high-risk fisheries in the U.S., makes recommendations, and creates targeted interventions.
NIOSH recommends that all fishermen should:
NIOSH recommends that all vessel owners/operators should:
Equipment & Inventory
Various gear types are used in commercial fishing. There are some regional differences to specific fishing practices, however in general these are the necessary items to launch a venture.
Somalia, Kenya, and Ethiopia are the initial geographies which Nearfish will target. Each has its own unique characteristics which the company is aware of and has analyzed.
Due to the fish-rich waters surrounding Somalia, the prospect of a commercial fishing industry supporting the livelihood of Somalis has caught the attention of investors and the international donor community. However, the fishing industry only contributes approximately 1 to 2% of Somalia’s GDP, despite the international efforts to strengthen the sector, due to its inability to reach global markets.
Kenya’s fishing industry contributes approximately 0.5% of the national GDP and is about 2% of the national export earnings. The industry employs over 60,000 fishermen directly and an estimated 1.2 million people directly, or indirectly, work within the fishing, production and supply chain areas.
More than 183 fish species exist in Ethiopia. The potential of these water bodies is estimated to be 51,481 tonnes/year. Of this amount, only 30% of the capacity is being utilized. This figure is based on the socio-economic factors, resource availability, and religious influence on fish consumption.
6.5 Risk Analysis
Nearfish has identified the following risks, and established the proceeding mitigation plans:
Fishing Boat Captain
A fishing boat captain leads the crew for the vessel. They are responsible for all aspects of the safety and coordination of the ship’s operations. The captain will inspect the boat to ensure it is entirely safe for crew, and that it is seaworthy. Additionally, manages the evacuation of a boat and stays in position and control of the operation throughout. Ensures the proper docking and undocking of vessels. In this role, the captain also provides guidance across all aspects of the commercial fishing operation.
A commercial fisherman catches and traps various types of fish. The catch is for human and animal consumption, bait, and other uses. The commercial fisherman’s key responsibilities will include preparing the fish for sale, examining the fish for any defects or signs of poor health, and unloading the caught fish off the vessel. The fisherman can also perform minor repairs on fishing gear and equipment as needed.
Fish Cutter
Fish cutters are responsible for ensuring the fish cases are well-stocked with fresh, high-quality seafood products for customers. They receive, stock, cut, prepare, wrap, weigh, price, and merchandise seafood department products. The fish cutter is responsible for the fish once it is caught and unloaded to ensure that it is ready for consumption or sale.
The following financial plan was conservatively developed including a pro forma income statement, cash flow statement and balance sheet.
Pro Forma Income Statement
Pro Forma Cash Flow Statement
Pro Forma Balance Sheet
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A seafood store or seafood shop is a retail outlet that sells different types of seafood. Please note that the term seafood refers to fish and shellfish. Shellfish include various species of mollusks (e.g., bivalve mollusks such as clams, oysters, and mussels and cephalopods such as octopus and squid), crustaceans (e.g., shrimp, crabs, and lobster), and echinoderms (e.g., sea urchins).
Available statistics show that the global seafood market size was valued at $159,311.9 million in 2019, and is projected to reach $193,913.6 million by 2027, registering a CAGR of 2.5% from 2020 to 2027. The fish segment was the highest contributor to the market, with $101,526.2 million in 2019, and is estimated to reach $125,914.3 million by 2027, at a CAGR of 2.7% during the forecast period.
The market size measured by revenue of the Fish & Seafood Markets industry in the United States, is $3.1bn. In 2019, U.S. commercial fishermen landed 9.3 billion pounds of seafood valued at $5.5 billion.
Conduct market research.
The first step in the market research process for your seafood store business is to develop market-based research questions in line with your overall business goal and objective. In this regard, you should source information that will help you maximize your business and equally tell you what your potential market wants from a seafood store. This will help you to operate your seafood store with less stress and build the business to profitability within the shortest time frame.
Yes, the seafood store business is profitable and the industry is growing. For example, the New York City-based Fulton Fish Market sees up to 2 million tons of fresh seafood arrive daily, making it the largest fresh seafood market in the United States and the second-largest in the world.
There are a few niche areas someone interested in starting a seafood business may decide to concentrate on. Some of these niche ideas are;
Yes, there are county or state regulations and zoning laws for seafood stores, and players in this industry are expected to work with the existing regulations governing such business in the county or state where their business is domiciled.
In addition to that, it is important to state that in the United States, government agencies and departments routinely grant variances to rules and regulations. Often, you only have to fill out a short form. In other cases, your request may have to be publicly heard before your city council, zoning board, or other body. Please check with your zoning or planning department to find out what options are available to you.
Yes, there are franchise opportunities for the seafood store business. Here are some of them;
A. what type of business structure is best for seafood store business.
Even though there are several options when it comes to the business structure of a seafood store business, the one that most players in this line of business consider is an LLC. It is common to consider an LLC because a provider wants to protect themselves from any lawsuits.
Please note that an LLC will need an EIN if it has employees or if it will be required to file any of the excise tax forms listed below.
You don’t need any certifications to open a seafood store.
If you are considering starting your own seafood store business, usually you may not have any need to file for intellectual property protection or trademark. This is so because the nature of the business makes it possible for you to successfully run it without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.
A. how much does it cost to start a seafood store business.
A standard seafood store can cost anywhere from $30,000 to $100,000 depending on size, whether or not it will be a constructed cold room or just freezers, require electricity, and how you have it plumbed. Your retail storefront will require another $50,000 investment minimum and your start-up supplies will run you another $10,000 to $50,000.
No, it is not compulsory to build a new facility for your seafood store, but if you have the required finance, it will pay you to build your facility. The truth is that building or reconstructing a facility will help you come up with a facility that will perfectly fit into your overall business goals and vision.
A. executive summary.
Blue Sea™ Seafood Store, Inc. is a neighborhood seafood store that will be located in a fast-growing community in San Antonio, Texas. We have been able to secure a one-year lease of a vacant shop within the city’s largest shopping mall. We are fortunate to secure a facility with an option of renewal for 5 years at a rate that is favorable to us.
Seafood such as fish and shellfish. Shellfish include various species of mollusks (e.g., bivalve mollusks such as clams, oysters, and mussels and cephalopods such as octopus and squid), crustaceans (e.g., shrimp, crabs, and lobster), and echinoderms (e.g., sea urchins).
Our mission is to establish a standard seafood store that will sell franchises all across the United States of America and other countries of the world. We want to become a household name when it comes to seafood retailing.
Our vision is to establish a seafood store that will become the number one choice for both households and businesses in and around our restaurant locations.
The goals and objectives of a seafood store are to provide a retail outlet where people can purchase a wide variety of seafood.
A. swot analysis.
Seafood stores make money by selling seafood.
A. how much should you charge for your product/service.
There is no fixed cost for seafood because there are different types and sizes of seafood. On average, a pound of Jumbo King Crab Legs Approximately 1.25 legs/claws per pound is $60.70, lobster is $62 per pound and 6-8 Jumbo Shrimp Raw per pound cost $16.99.
Please note that seafood is expensive due to the rule of supply and demand.
It depends, but an available report shows that seafood store owners make anywhere between $24,000 a year and $155,000.
The profit margin of a seafood store is not fixed. It could range from 35 percent to 45 percent depending on the type of seafood retailed in the shop.
Below is the sales forecast for a seafood store business. It is based on the location of the business and other factors as it relates to such startups in the United States;
A. how do you choose a perfect location for seafood store business.
When it comes to hiring employees for a standard seafood store business, you should make plans to hire a competent shop manager (owner), merchandise manager, cashier (accountant), sales boys, and girls.
You can choose to open your seafood store with an opening party but know that it is not mandatory. You can do a soft opening if you are operating on a low budget or you can go for a grand opening party. The bottom line is that with a proper launching of the seafood store business, you will be able to officially inform people in your city that your seafood store is open for business.
Any individual can open a profitable aquarium business in many ways. However, the right business model and strategic planning are the most important aspects of initiating a business related to ornamental or tropical fishes. This article includes a comprehensive business plan checklist with cost, profit, and promotion for aspiring entrepreneurs who are looking for the same.
Depending on your location, investment capacity, and expertise, there are several ways to start this business. In addition to that, you can initiate the business either on a part-time or full-time basis. With a small to moderate investment, you can expect a handsome return from this business within a short duration of time.
Starting a tropical pet fish-related business demands adequate skill and knowledge. First of all, you must know the different types of aquarium fishes, their feeding habits, behaviours, etc. Also, you must have the expertise to handle them.
Disease management is another important aspect that you must consider very carefully. Finally, you must know how to maintain aquariums, supplies, and the overall cleanliness of the area.
So, if you have prior experience is good, otherwise, consider working with other established companies for some period to get practical knowledge.
Initiating an aquarium shop is one of the most profitable retail opportunities. The business is easy to start. However, the metro cities are the only great locations for this business.
Also, you will need to secure commercial retail space for operation. Before securing the space, you must identify the potential demand and competition in that particular area.
Moreover, you must secure a location where no other shops exist within 3 km surroundings at least. The store must have an adequate water supply. Also, it needs electricity.
After conducting the market survey, you will need to craft the business plan. Also, you will need to arrange the startup capital. Depending on the particular services and products, you will need to decorate the interior of the shop.
Broadly, you can open an aquarium shop in two ways. Either opening the shop in your brand or buying a franchise. In India, you can find several aquarium franchise opportunities. However, depending on your investment capacity, select the franchise wisely.
Generally, opening this type of store needs two different permissions. Firstly, you will need to obtain a license under the Shops & Establishments Act and secondly, you will need to obtain a GST Number for proper tax filing and accounting. Also, you can consider MSME Udyog Aadhaar Registration and Trademark Registration if you operate your brand. Check the licensing issues in your city.
Finally, you will need to procure the supplies. Broadly, you can categorize the supplies list into two segments. Supplies for selling and supplies for maintaining your shop. Some of the essential items are
This is another niche category that you can consider worth exploring. Though you can provide this service with your existing aquarium shop, you can initiate only maintenance service also.
Generally, you can initiate an aquarium maintenance service business from home. However, operating from a retail location is always better. In any case, you will need to provide the service at your client’s doorstep.
Any aquarium as such needs frequent cleaning and maintenance. And definitely, sometimes it is troublesome for busy people. And they look for a professional service for that. Opening an aquarium maintenance business also demands specific skills and adequate knowledge. In addition to that, you must have a willingness to work hard.
When you operate the aquarium maintenance business from home, you will need to obtain a Trade License from the local authority and GST registration. Your vehicle must have a commercial registration.
In starting this business, you must craft a business plan with financial analysis and marketing strategies. Also, you will need to procure the necessary supplies and a means of transport.
Finally, if you want to open an online business in this industry, you can consider initiating an online aquarium shop. First of all, Google it. Easily within a second, you can find a lot of online stores that already exist. It will give you some primary ideas.
Generally, an online aquarium store sells different types of aquarium accessories, decoration items, fish feed, and fishes also.
Though you can initiate the business from home, you must have adequate spaces for storage and official work. Otherwise, you must think about operating the business from a separate office.
Nowadays, it is really easy to open a small eCommerce store for selling products online. You can follow the simple steps for opening the online aquarium accessories store.
Opening an online aquarium business needs solid planning. There are a lot of aspects that you need to consider very carefully. First of all, you will need to be selective in the time of choosing the product line. Also, determine the territory where you can provide the service. How you will compete with the other existing online stores? So, you must have a proper online promotion plan also.
Secondly, according to your business plan, you will need to arrange finance. In the online aquarium business, you will need to invest the dollar in procuring supplies, purchasing the domain name, purchasing the eCommerce platform, hiring manpower, and delivery.
Create a user-friendly e-commerce website that showcases your products effectively. Include high-quality images and detailed descriptions of each fish species and aquarium product. Implement secure online payment gateways and provide seamless navigation to enhance the shopping experience for customers. Consider integrating features such as customer reviews, wish lists, and easy reorder options.
Establish relationships with reputable suppliers of fish, aquarium equipment, accessories, and supplies. Ensure that the suppliers adhere to ethical and sustainable practices in sourcing and handling live fish. Stock a variety of freshwater and saltwater fish species, along with a diverse range of aquarium products to cater to different customer preferences.
Establishing the admin department includes crafting the SOP (Standard Operating Procedure). You must have a team of proficient manpower who can deliver the material after getting the order.
And in this type of aquarium business, it is not an easy task at all. The moment you open the store and accept orders, you must be ready for timely delivery.
Develop a comprehensive marketing strategy to promote your online fish aquarium business. Utilize digital marketing channels such as social media, email marketing, search engine optimization (SEO), and pay-per-click (PPC) advertising to reach your target audience. Create engaging content such as blog posts, videos, and tutorials to educate and attract customers. Consider offering special promotions, discounts, and loyalty programs to incentivize repeat purchases.
Provide exceptional customer service to build trust and loyalty among your customer base. Offer responsive customer support via multiple channels such as phone, email, and live chat to address inquiries, resolve issues, and provide guidance on fish care and aquarium maintenance. Establish clear policies regarding returns, refunds, and warranties to ensure customer satisfaction.
How much capital is required to start a fish aquarium business.
The capital required to start a fish aquarium business can vary depending on various factors such as the scale of your operation, inventory costs, equipment expenses, marketing budget, and rental or leasing fees for your business premises. Conducting thorough market research and creating a detailed business plan can help determine the estimated startup costs.
You can source quality fish and aquarium products from reputable suppliers, wholesalers, and distributors specializing in aquatic livestock and aquarium supplies. It’s essential to establish relationships with reliable suppliers who adhere to ethical and sustainable practices in sourcing and handling live fish.
Some common challenges faced when starting a fish aquarium business may include competition from existing pet stores or online retailers, regulatory compliance issues, sourcing quality fish and aquarium products, managing inventory and logistics, and providing adequate customer support and education on fish care and aquarium maintenance.
Ensuring the health and well-being of the fish in your aquarium business involves proper care and maintenance practices, including regular water testing and maintenance, providing appropriate tank conditions, offering high-quality fish food, and monitoring fish behaviour and health indicators. It’s essential to educate your customers on proper fish care to help them maintain healthy aquariums at home.
Some key trends and developments in the fish aquarium industry include the growing popularity of freshwater and saltwater aquascaping, advancements in aquarium technology such as LED lighting and automated systems, increased interest in sustainable and eco-friendly aquarium products, and the rise of online communities and forums dedicated to aquarium enthusiasts.
To differentiate your fish aquarium business from competitors, you can focus on offering a unique selection of fish species and aquarium products, providing exceptional customer service and support, educating customers on fish care and aquarium maintenance, and creating engaging content and community-building initiatives to foster customer loyalty and engagement.
Explore Options to Get a Business Plan.
Global market size, target market, business model, competitive landscape, legal and regulatory requirements, financing options, marketing and sales strategies, operations and logistics, human resources & management, why write a business plan.
The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.
The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at [email protected] . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.
To complete your perfect fish and chips business plan, fill out the form below and download our fish and chips business plan template. The template is a word document that can be edited to include information about your fish and chips business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.
Want a bespoke business plan for your fish and chips business, our expertise, fish and chips business plan template faqs, what is a business plan for a/an fish and chips business, how to customize the business plan template for a fish and chips business, what financial information should be included in a fish and chips business plan, are there industry-specific considerations in the fish and chips business plan template, how to conduct market research for a fish and chips business plan, what are the common challenges when creating a business plan for a fish and chips business, how often should i update my fish and chips business plan, can i use the business plan template for seeking funding for a fish and chips business, what legal considerations are there in a fish and chips business plan.
Starting an aquaculture venture requires a comprehensive fish farming business plan. This plan is crucial for outlining operational strategies and financial projections.
Embarking on an aquaculture business journey involves meticulous planning and a clear understanding of the industry’s nuances. Your path to a successful fish farming enterprise begins with the creation of a detailed business plan PDF, which serves as a roadmap to navigate the complexities of aquaculture.
It ensures that all aspects, from selecting the right species and securing equipment to understanding market demand and establishing sales channels, are carefully considered. Facilitating strategy development and financial management , a well-crafted business plan can attract investors, secure loans, and guide the venture through its critical first steps. It’s essential for aspiring fish farmers to prioritize this document to set the stage for a thriving business in an industry that requires both scientific and entrepreneurial acumen.
Aquaculture, or fish farming, presents a thriving frontier for entrepreneurs and investors. With the global demand for seafood on the rise, delving into aquaculture offers a chance to tap into a continuously expanding market. A comprehensive fish farming business plan is essential for success and sustainability in this sector.
The ‘blue economy’ refers to the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs. Fish farming plays a significant role here. It offers a lucrative opportunity for business growth while contributing to food security.
Fish farming’s future hinges on sustainability. It’s vital to balance economic output with environmental responsibility. A business plan for fish farming should encompass sustainable practices.
Aspect | Action for Sustainability |
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Use resource-efficient, sustainable feedstock | |
Implement systems to minimize and recycle waste | |
Choose species with lower environmental impacts |
A balanced ecosystem approach ensures long-term viability. Plus, ethical considerations and regulatory compliance should guide every step.
Imagine a world where your favorite seafood is homegrown. That is aquaculture for you. Dive into the world of fish farming. Learn everything from setting up to harvest. A clear business plan is your roadmap. It leads to success in aquaculture.
Fish farming employs various systems. Each system fits different needs. Know your options before diving in.
Fish farming has its ups and downs. Let’s weigh them.
Year-round production | Costly startup investments |
Control over fish health | Environmental concerns |
Local supply of seafood | Disease management |
High market demand | Water usage issues |
Success in fish farming comes from knowing your system and its impact. A solid business plan helps turn challenges into waves of opportunity.
The journey to establishing a thriving aquaculture venture begins with a solid foundation — your business blueprint. Think of this blueprint as your roadmap to success, outlining every critical aspect of your fish farming business. Careful planning now can save countless hours and resources later.
A well-structured business plan serves as a guiding star for your aquaculture venture. It must include several imperative elements:
Setting objectives steers your business in the right direction. Ensure your goals follow the SMART criteria:
pecific | Clearly define what you want to achieve with your fish farm. |
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easurable | Set precise amounts, dates, and deadlines to measure progress. |
chievable | Your goals should challenge you, but remain attainable. |
elevant | Ensure your objectives align with the overall vision of your aquaculture venture. |
imely | Define a timeline for when each objective should be met. |
Before diving into the fish farming business, it’s vital to comprehend the market terrain. “Market Research and Analysis” is a cornerstone of your aquaculture venture. This phase is crucial. It helps predict potential profits, understand buyer preferences, and recognize competition. Data gathered will guide your business plan and strategy.
Understanding what your future customers want is the key. Consumer demand drives sales . It’s about knowing:
Research methods include:
These methods will unveil what consumers buy frequently. This information helps you decide which fish species to raise and how to market them.
Know your competitors. Recognizing their strengths and weaknesses gives you an advantage. Consider:
Factor | Importance |
---|---|
Range of Products | Offers insight into market variety. |
Pricing Strategies | Helps in setting competitive prices. |
Marketing Tactics | Guides how to promote your business. |
Customer Reviews | Highlights areas for improvement. |
Analyzing these aspects will identify where you can excel. The goal is to differentiate your fish farm and capture market share.
Are you ready to dive into the world of aquaculture? Your journey begins with an essential step: selecting the right spot and crafting the perfect design. A well-chosen site fused with a carefully planned design lays the bedrock for a thriving fish farm. Let’s explore how you can ace this stage in your aquaculture venture.
Choosing the right site is crucial for your fish farming success . There are several factors you need to consider:
Taking the time to evaluate these criteria will save you from setbacks.
Once you’ve found the perfect site, it’s time to focus on system design and construction .
Involving experts in aquaculture system design and construction can ensure you create a space that supports your fish farming business for years to come.
Embarking on a fish farming venture requires thorough financial planning. It is a key pillar that supports the structure of your business . Knowing the costs, projecting profits, and understanding the risks ensures that your business stands on firm financial ground from the start.
Smart cost estimation and management are vital for a thriving aquaculture business .
Cost Type | Estimation | Management Strategy |
---|---|---|
Initial Investment | $XX,XXX | Research suppliers, bulk discounts |
Running Costs | $X,XXX/month | Regular review, optimize operations |
Emergency Fund | $X,XXX | Set aside monthly, no-touch policy |
Life throws unexpected challenges ; be ready with solid financial buffers .
Assessing profitability and risk keeps a fish farm business healthy.
Profitability relies on careful market research and pricing strategy . Risks can decrease with diligent planning and insurance coverage.
Use financial tools like SWOT analysis for clearer insight.
A detailed financial plan in your fish farming business plan PDF is not just a requirement—it’s a roadmap to success.
Starting a fish farming business requires knowledge of rules and eco-friendly methods. Detailed planning is essential for success.
Understanding the laws is key in fish farming. Each country, state, and locality may have specific regulations. A business plan must align with these standards to operate legally. To start, research the permits needed for your aquaculture venture. Also, check for inspections and reporting obligations. Compliance with legalities ensures smooth operation.
Collaborating with legal advisors can streamline this process.
Sustainable methods benefit businesses and the environment. Implementing them can optimize resource use and minimize negative impacts. Best practices in aquaculture include:
Eco-certifications can improve market position and customer trust.
Marketing and Sales Strategies are the engines that drive your aquaculture venture towards success. Establishing a solid plan to attract customers and generate sales is key. Understand the market, define your brand, engage with customers, and leverage sales channels to outpace competition. Let’s dive into the specifics of branding and outreach, followed by sales channel optimization.
Creating a powerful brand identity is crucial for connecting with your target market. Your brand communicates your business values, mission, and the quality of your fish products. A strong brand can lead to customer loyalty and more sales.
Effective outreach can turn the curious into loyal customers.
Choosing the right sales channels can make your fish farming business soar. A diverse mix can reach different customer segments. Partnerships can broaden your market reach.
Channel | Benefits |
---|---|
Direct customer feedback, community presence. | |
Wide reach, convenience for customers. | |
Larger volume sales, stable revenue. | |
High-quality clientele, consistent orders. |
Strengthening sales channels and forming strategic partnerships can drive significant business growth.
Embarking on an aquaculture venture requires meticulous planning. Success hinges on a comprehensive Operation and Management Plan . This plan ensures smooth daily activities and outlines the needs for skilled staff. Together, they form the backbone of a thriving fish farming business.
The daily grind in fish farming encompasses a myriad of tasks. A clear workflow keeps operations ticking like clockwork. Here’s a glimpse:
Skilled staff are vital in a fish farming operation. Specific roles must be filled:
Aquaculture Technician | Care for fish, monitor water quality | Attention to detail, problem-solving |
Feed Manager | Manage diet, feeding schedules | Nutrition knowledge, organizational skills |
Harvesting Crew | Collect and prepare fish for sale | Efficiency, teamwork |
High-quality training turns newcomers into experts. It covers areas such as:
Are you ready to dive into the world of aquaculture? Launching your aquaculture venture takes more than just a vision—it requires a detailed plan. Follow these steps to set your fish farming business on a path to success.
Setting clear milestones and a timeline is crucial for your venture’s progress. Here’s what you should consider:
Remember to align these milestones with a specific timeline.
Your grand opening is a big deal. It sets the stage for your business’s future. Prepare with these steps:
With these steps, the launch of your fish farming business will make a splash!
How much does it cost to start an aquaculture farm.
Starting an aquaculture farm can cost between $10,000 to over $500,000, depending on scale, species, and technology used.
Research local regulations and acquire permits for aquaculture operations. Develop a business plan covering species selection, system design, and market analysis. Secure a suitable location and invest in necessary equipment. Focus on sustainable practices to ensure long-term success. Implement effective marketing strategies to reach your target audience.
Aquaculture can be profitable, with proper management, market analysis, and sustainable practices. Startup costs and species choice greatly impact overall returns.
The most profitable fish farming business often involves cultivating salmon, shrimp, or tilapia due to their high demand and market value.
Embarking on an aquaculture venture demands careful planning and a strategic approach. Our comprehensive guide in PDF format paves the path for your success in fish farming. Arm yourself with knowledge, streamline your operations, and bring your aquaculture dream to life.
Let’s dive into a flourishing future together.
Get the Best Fish Farm Pro Forma Projection. This well-tested, robust, and powerful template is your solid foundation to plan a success. Highly ... read more
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This valuation model in Excel assists fish farmers and investors to value a fish farm based on the Discounted Cash Flow (DCF) Method. The model is ful... read more
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The growing aquaculture industry presents a golden opportunity for aspiring entrepreneurs, particularly the business of tilapia fish farming. Renowned for its hardiness and rapid growth rate, tilapia has emerged as a top choice for fish farming globally. Tilapia fish farming stands out due to its profitability. Unlike many other types of aquaculture, tilapia farming boasts relatively lower start-up and operational costs, making it accessible to a broader range of investors. The fish’s resilience to various farming conditions further reduces the risk of loss, ensuring a steady and lucrative return on investment. Moreover, tilapia’s fast growth cycle allows farmers to harvest and sell their produce quickly, leading to quicker financial returns and the ability to reinvest profits into expanding the business.
Another compelling aspect of tilapia farming is the high demand in both local and international markets. As a protein-rich, flavorful, and versatile fish, tilapia has garnered a substantial consumer base. Its popularity in diverse culinary traditions boosts its marketability, ensuring a consistent and expanding demand. This ever-growing market for tilapia opens up numerous avenues for farmers to sell their produce, from local markets to high-end restaurants and even international export. This widespread demand not only ensures a stable market but also provides opportunities for scaling the business and exploring new market territories. However, to build a profitable, sustainable tilapia fish farming business, you require sufficient knowledge of how to efficiently keep the fish, good business management skills, and a good tilapia fish farming business plan. This article will outline how to start the tilapia fish farming business, and the tilapia fish farming business plan – PDF, Word and Excel.
Market research plays a pivotal role in laying the groundwork for a successful tilapia fish farming business. To embark on this venture with confidence, it’s essential to delve into the intricacies of the market and consumer preferences. Firstly, identifying your target market is crucial—whether it’s local consumers, restaurants, or wholesalers, knowing your audience will inform your production and marketing strategies. Understanding the demand for tilapia fish in your area is a key aspect. Analyze local and regional markets to gauge the need for tilapia products and be vigilant for any shifts in consumer preferences. Furthermore, conducting a thorough competitor analysis is imperative. Assess your competitors in the tilapia farming industry, scrutinizing their strengths, weaknesses, pricing strategies, and market share, which will empower you to differentiate your products effectively.
Compliance with regulatory requirements is paramount. Research the local and national regulations governing fish farming, including permits, licenses, and environmental considerations. Stay attuned to market trends as well, including emerging consumer preferences such as organic or sustainably sourced products, as this knowledge will help you position your farm strategically. Additionally, explore potential distribution channels, devise a competitive pricing strategy, and formulate a robust marketing plan. Your market entry strategy should align with your goals and resources, while a comprehensive risk assessment will enable you to prepare for potential challenges, ensuring a well-rounded approach to launching and managing your tilapia fish farming business.
The business model for a tilapia fish farming venture revolves around a systematic and sustainable approach. It begins with the purchase of fingerlings, young fish, which are nurtured in ponds with a reliable water supply. Over approximately six months, the fish are carefully fed and cared for until they reach maturity. At this stage, they are harvested and sold. The revenue generated from selling the mature fish far surpasses the initial costs of acquiring fingerlings, providing feed, and covering other operational expenses. To ensure a steady income stream throughout the year, the process is repeated cyclically, often utilizing multiple ponds with fish at various growth stages. This strategic approach guarantees a consistent supply of fish and income, making tilapia fish farming a financially rewarding and sustainable business endeavor.
Securing the ideal land for your tilapia fish farming venture is a pivotal decision that can significantly influence the success of your business. When evaluating potential land options, there are several key considerations to keep in mind. First and foremost is the accessibility to a reliable and sustainable water source, whether it’s a natural pond, river, well, or access to municipal water. A consistent water supply is fundamental for maintaining the necessary water quality and volume for your tilapia ponds. Assessing the topography and soil quality of the land is the next crucial step. Ideally, the land should feature flat or gently sloping terrain, facilitating easier pond construction and efficient water management. The quality of the soil is equally important, as it should be suitable for pond construction and provide a stable base for your ponds. Additionally, take into account the size and layout of the land, as it will determine the number and size of ponds you can accommodate based on your production goals. Consider the climate and environmental factors specific to your chosen location. Tilapia thrive in tropical and subtropical climates, so it’s essential to ensure that the land’s climate is conducive to tilapia farming. Factors such as temperature, rainfall patterns, and seasonal variations should be carefully evaluated. Simultaneously, investigate the legal and regulatory requirements governing fish farming in your area. Compliance with zoning regulations and obtaining necessary permits for water use and discharge is essential to avoid legal complications.
Infrastructure and accessibility are practical considerations, as the land should be easily accessible for transportation, equipment delivery, and customer access. Adequate infrastructure, including roads and utilities, is crucial for the efficient operation of your tilapia farm. Moreover, assess the security of the land to protect your fish from potential threats such as theft, predators, and disease outbreaks. Implementing robust biosecurity measures is essential to prevent the introduction of pathogens to your farm. Budgetary concerns should not be overlooked, as you need to evaluate the overall cost of acquiring and developing the land. This includes expenses related to pond construction, infrastructure development, and compliance with legal and environmental regulations. Ensure that your investment aligns with your financial resources and expected returns. Also consider future expansion plans, as your business may grow over time. Select a property that allows for scalability, either by acquiring adjacent land or ensuring there is sufficient space for additional ponds and necessary infrastructure.
Good fish ponds are required so as to have a successful and profitable tilapia fish farming business. The costs of constructing the tilapia fish ponds should be included in the tilapia fish farming business plan.
Any tilapia fish pond should have water inlet and or outlet mechanisms. They can either be channels or pipes. They must also have controls for the water i.e. its flow and level. Obviously the tilapia fish pond should have walls to keep the water in place. There must be human access channels; just basic pathways to easily access the tilapia fish pond.
The choice of land is crucial to the construction of a pond. The land should have a gentle slope, free from flooding. It should be somewhere elevated. There must be a reliable, fresh, and clean supply of water. Tilapia fish thrive best in water with significant concentrations of dissolved oxygen. The water must be free from any sediment and chemical pollutants. That is why it is wise to run water quality tests. You have a wide range of water sources to consider from wells, boreholes, to naturally occurring water bodies such as rivers. The important thing is ensure the water is reliable, fresh, and clean. The best soil profile is considerably clay soil. If it is not, find clay to add to it in order to increase its imperviability. This plays a huge role in ensuring water seepage is as minimal as possible.
Tilapia fish pond construction is one of the largest startup cost when starting a tilapia fish farming business. The ponds and pond systems should be properly designed in order to be successful in the tilapia aquaculture business. Failure to properly design the fish ponds will lead to problems which include fish ponds that fail to hold water, fish ponds that break up, fish ponds that cannot be drained completely (which leads to incomplete harvests thus poor production in future production cycles). If the pond is designed and constructed properly, it will be easier to manage, will last for a long time and generate more profits for the tilapia fish farming business. There are key dimensions to establish before construction of tilapia fish ponds begins. These are total area the fish pond will cover plus the length and breadth of the water surface. Establish the depth of the water, also factoring in the total pond depth (at the deep end). Determine the slopes of the walls and the bottom of the pond. Establish what the height of the walls will be above water level and also the breadth of the walls. This implies you would have to sketch or draw a design first. After clearing the land space, you proceed to mark the walls and their slopes, the toes (inner and outer), and the bottom of the fish pond. Then you start carving out the pond paying attention to areas that need to be dug out or filled in. Swimming pools can also be converted into fish ponds, and this is what some fish farmers in urban areas are doing.
Aside from construction, equipment needs in tilapia fish farming depend on your level of automation (or not). A pumping system is needed. The size of the pond, distance from water source, and terrain affect the choice of that pumping system. You also need an aeration system (or aerators) – either by means of pulsed air or the use of mechanical agitation. Seine reels, fish graders, fish pumps, and fish elevators are also necessary. You also need basic equipment for handling and storage of the fish. Important equipment needed for a tilapia fish farm include fishing nets for harvesting the fish, fish pond heaters for maintaining the right water temperature especially during the winter, refrigerator for storing the harvested fish and pond filters for filtering the pond water. The costs of the equipment should be included in the tilapia fish farming business plan.
Tilapia fish farming for meat production can be started easily using fingerlings. Fingerlings refers to fish that has reached the stage where the fins can be extended and where scales have started developing throughout the body. In this stage, the fish is typically about the size of a finger.
There are 3 basic types of tilapia fingerlings to consider. These are fast growth rate, mixed growth rate, and slow growth rate fingerlings. The fast growth rate tilapia fingerlings are most recommended for commercial tilapia fish farming business. Monosex culture is best because growth rate tilapia fingerlings are mostly male. If you want to venture into aquaponics, mixed growth rate fingerlings are most ideal. Due to the heavy consumption of algae by slow growth rate fingerlings, they are considered pond cleaners.
The fingerlings can either be of one sex only (male fingerlings) or of both sexes (both male and female fingerlings). Male fingerlings are suitable if you are into tilapia fish farming for meat production only. Male tilapia grow faster as compared to female tilapia fish, thus they are best suited for meat production. You can use both male and female fingerlings if you want to also breed fish i.e. the male and females will be mating and producing eggs, which can then grow into fish. When purchasing fingerlings, you should choose suppliers who have a good reputation in the tilapia fish farming business. The quality of the fingerlings will have an impact on the growth of your fish. The cost of purchasing fingerlings should be included in your tilapia fish farming business proposal.
Commercial tilapia stock feeds.
The tilapia fish require feed to grow fast and healthy. Tilapia fish feed can be in the form of pellets and crumble, and there are various suppliers of commercial fish feed available. For maximum yields and tilapia fish sizes you must use commercial formulated feeds. Fishmeal is the most recommended one though it can be pricey. Protein content in feeds for tilapia fish is paramount – should be at least 25 percent. Tilapia fish feeds can be compound feed (pelleted or extruded), bran chaff feed, oil cake feed, amphibious plant feed, cereal feed, or animal feed.
When using commercial fish feed only, your feed costs will be high, and this reduces profitability of your tilapia fish farming business. You can reduce the cost of feed by supplementing the commercial fish feed with manure and fertilizers, thereby increasing profitability of your fish farming business. Manure and fertilizers are used in tilapia fish ponds so as to increase the production of the natural food organisms to be eaten by the tilapia fish. These organisms include phytoplankton, insects and zooplankton. By increasing the availability of major nutrients, fertilizers promote the developmentof planktonic algae, which provide food for the fish. Manure used in tilapia fish ponds include chicken manure and piggery manure. The fish farming business plan for your tilapia farm should take into consideration the cost of the commercial and supplementary tilapia fish feed.
Budgeting and financial planning are the cornerstones of a well-managed tilapia fish farming operation. To steer your business toward profitability and sustainability, it’s essential to have a clear financial roadmap that encompasses various critical aspects. First and foremost, you must consider the start-up costs associated with launching your tilapia farm. These costs encompass expenses for land acquisition, pond construction, purchasing fingerlings, equipment procurement, and obtaining necessary permits and licenses. Developing a comprehensive startup budget is the initial step in understanding the capital required to establish your business. Once your farm is operational, you’ll need to calculate ongoing operational expenses, including feed, labor, utilities, and maintenance. Accurate estimates of these costs are vital for day-to-day operations and ensuring the efficient running of your farm. Revenue projections should be established based on your anticipated fish production and pricing, taking into account market demand, pricing trends, and potential sales channels. These realistic revenue projections provide valuable insights into your income potential.
Cash flow management is essential for tracking the flow of funds into and out of your business. This systematic approach helps identify potential financial bottlenecks and ensures you have the liquidity necessary to cover expenses. Creating a contingency fund is another prudent step in financial planning, providing a safety net for unforeseen expenses or emergencies, such as disease outbreaks or equipment repairs. Financing your tilapia farming business is a crucial consideration. Whether through personal savings, loans, or investors, determine the most suitable financing strategy for your operation. If loans are part of your financing plan, ensure that you have a repayment strategy in place. Continuous monitoring of profit margins is also essential, allowing you to assess overall profitability by analyzing the balance between revenue and expenses. This analysis can identify areas where cost reductions or revenue enhancements can be made.
Maintaining accurate financial records, including income statements, balance sheets, and cash flow statements, is paramount. These records serve as critical tools for tracking financial performance and making informed decisions. Additionally, it’s essential to understand the tax implications of your tilapia farming business and consult with a tax professional to optimize your tax strategy, which may include deductions and credits related to agriculture. Setting long-term financial goals is crucial for your business’s growth and direction. These goals can encompass various aspects, such as expanding your farm, diversifying products, or increasing production. Lastly, regularly review and adjust your budget and financial plan as your business evolves. Market conditions, unexpected expenses, and growth opportunities may necessitate revisions to your financial strategy.
The amount of capital required for the tilapia fish farming business depends on the scale of the project. You can get a loan from the bank, or funding from investors, to use as capital to start your tilapia fish farming business. If you plan to raise capital from investors and a loan from the bank, you need a good fish farming business plan. If you don’t have access to investors and bank loan, you can use your personal savings and start small, and grow your business overtime. Tilapia fish farming is very profitable, so if you reinvest the profits you get, you can quickly grow. Even if you are not planning to get a loan, you should still get a tilapia fish farming business plan to guide you in starting and operating the business. It is essential for you to have a tilapia fish farming business proposal before you venture into the fish farming business, so that you know all the costs involved and you make an informed decision.
Marketing strategies are the lifeblood of your tilapia fish farming business, serving as the bridge that connects your products to your target audience. Invest in branding to create a distinct identity for your tilapia fish farm. A compelling brand logo, color scheme, and slogan can leave a lasting impression, setting you apart in the market. Ensure that you establish a prominent online presence. This includes a professional website and active engagement on social media platforms. Regularly sharing engaging content, such as articles, videos, and customer testimonials, will enhance your visibility and credibility. Customer reviews and testimonials play a crucial role in building trust. Encourage satisfied customers to leave their feedback on your website and social media platforms. Implementing promotions, discounts, or loyalty programs can incentivize repeat purchases and attract new customers.
Design eye-catching flyers or brochures that highlight the benefits of your tilapia products, your farm’s sustainable practices, and any special promotions or discounts. Distribute these materials at local farmers’ markets, community events, and other places where potential customers gather. A well-designed flyer can pique the interest of passersby and encourage them to visit your farm or seek out your products, making it a tangible and memorable way to market your business. Word of mouth remains a powerful marketing tool in any industry, and it’s particularly relevant in the world of tilapia fish farming. Encourage your satisfied customers to become brand ambassadors by sharing their positive experiences with friends and family. Consider implementing a referral program that rewards existing customers for referring new ones. Additionally, host open-house events or farm tours where visitors can see your tilapia farming practices firsthand. These personal interactions can leave a lasting impression and generate positive word of mouth, expanding your customer base through trusted recommendations.
The market for tilapia fish is very huge and is ever increasing. The annual global demand of tilapia fish is over 6 million tonnes. That’s a lot! Local consumers in your immediate area represent a primary audience for your tilapia products. These residents and households often seek fresh, locally sourced seafood. Establishing relationships with local restaurants, butcheries, caterers, and food service providers is also crucial. These businesses frequently require a steady supply of high-quality seafood to meet their menu demands, presenting an excellent opportunity for collaboration. Wholesalers and retailers in your region should not be overlooked. Partnering with these entities can help you expand your reach, reaching a broader market through grocery stores, seafood markets, and distribution networks. Ethnic markets and communities with a strong culinary tradition of using tilapia can be specifically targeted, tailoring your marketing efforts to cater to their preferences.
Additionally, appeal to health-conscious consumers who prioritize lean and protein-rich foods, highlighting the nutritional benefits of tilapia. Position your tilapia farm as a sustainable and environmentally responsible choice to attract those who are passionate about supporting eco-friendly businesses. Explore opportunities to supply educational institutions such as schools, colleges, and universities, as they often value sustainable and nutritious food options. Leveraging direct-to-consumer sales, whether through local farmers’ markets, online platforms, or on-farm events, can also help you connect with consumers seeking to buy directly from the source. In addition, if your farm is situated in a tourist-heavy area, consider marketing your tilapia products to visitors interested in experiencing local flavors and sustainable food options during their stay. Participating in local food festivals, seafood expos, and special events can further showcase your tilapia products and connect with potential customers who have a particular interest in seafood. Understanding this diverse range of potential customers will enable you to tailor your marketing, distribution, and production strategies to maximize your success in the competitive seafood market.
One additional lucrative aspect to consider when identifying potential customers for your tilapia fish farming business is the opportunity to export your products. Expanding beyond local and regional markets to international markets can open up a world of possibilities. By meeting the quality and regulatory standards required for export, you can tap into global demand for tilapia products, potentially reaching a broader and more diverse customer base. This avenue can significantly enhance your business’s growth potential and revenue streams, making it a promising avenue for those looking to scale their tilapia farming operations. The largest importers of tilapia fish are the United States, China, Mexico, Japan and the European Union. Many African and Asian countries also import tilapia fish.
For an in-depth analysis of the tilapia fish farming business, we encourage you to purchase our well-researched and comprehensive tilapia fish farming business plan. We introduced the business plans after discovering that many were venturing into the tilapia fish production business without enough knowledge and understanding of how to run the fish farming business, how to keep the fish, lack of understanding of the financial side of the business, lack of understanding of : the industry, the risks involved , costs and profitability of the business; which often leads to disastrous losses.
The StartupBiz Global fish farming business plan will make it easier for you to launch and run your tilapia fish farming business successfully, fully knowing what you are going into, and what’s needed to succeed in the business. It will be easier to plan and budget as you will be aware of all the costs involved in setting up and running the tilapia fish farming business.
The fish farming business plan can be used for many purposes including:
The tilapia fish farming business plan include, but not limited to:
The Pre-written tilapia fish farming business plan package consists of 4 files
The business plan can be used in any country and can be easily edited. The financial statements are automated. This implies that you can change eg the number of fish, selling price of the fish etc, and all the other financial statements will automatically adjust to reflect the change.
Click below to download the Contents Page of the Tilapia Fish Farming Business Plan (PDF)
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I was able to understand the business side of farming because of your business plan. You did extensive research; the business plan was well prepared and fully detailed. It made everything clear, and I have somewhere to start now. I am confident that I am going to succeed in my business because of the guidance from your business plan.
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Table of contents.
Fish Farming Business Plan:
Introduction to Fish Farming Business Plan:
If you are planning for a commercial fish farming business, no doubt fish farming is a more profitable venture. In a commercial fish farming business plan, first need to study about the process of farming fish for a good profits.
Market analysis and business plan are the must to initiate a fish farming business. You should do an intensive market research before getting into it. Then analyze the local market trends and demand for type of fishes. If you are planning for commercial fish farming business for exporting, then talk to fish processing units prior. Choosing exact fish species for your business to get success in fish farming business. Choose fish species for farming depends on the climatic conditions, market demand, maintenance point of view, and as per the availability of resources etc.
To get complete knowledge about fish farming business, you can get training from Government running farms that conduct training. Or working at a successful fish farm give you a good knowledge of farm management, water quality management, disease control, feeding, marketing and processing skills.
For a profitable farming, you should get the complete information about hatching fish, eggs and then grooming them to the maturity.
There are two basic methods of farming fish based on the species of fish you have chosen. Starting a fish farm business, you need to ready to face many hurdles, fish farming indeed a profitable business venture. First, decide whether you are planning for a small scale or on a large scale commercial fish farming based on your financial status.
Fish Farming Business Plan – A Complete Guide
Industry Overview
The Aqua Industry is no doubt a leading industry in most countries of the world: commercial fish farming business plan includes farming of different species of fishes.
The Fish and Seafood, Aquaculture industry is a large, very large industry and have good market in all parts of the world, especially the countries, United States of America, India, Canada, United Kingdom, Portugal Germany, Australia, the Caribbean etc.
Most fish farmers do commercial fish farming business, some best niches of commercial fish farming are:
Fish Farming Business Plan – Types of Fish Farming:
There are many varieties of fishes that can be raised for commercial fish farming business. In you fish farming business plan, type of fish farming plays a key role. Most common fishes farmed in commercial farms are salmon, carp, tilapia, catfish and cod.
Catfish most suitable and profitable species for commercial fish farming. Catfish has huge market demand for its amazing health benefits and market demand. In a commercial fish farming, catfish takes 18 months to get ready, catfish grown in fish pond is smaller than the wild catfish. There are several varieties of catfish species, most popular catfish varieties are blue catfish, channel catfish, and flathead catfish.
Tilapia is another profitable fish species suitable for commercial fish farming after carp and salmon. These fish have great demand for its high popularity and rich in proteins and vitamins. Tilapia fish grow to large size depending on the capabilities. Tilapia fishes are tropical varieties requires required warm water to grow. The ideal water in the fish should be temperature be between 28 to 30 degrees. These fish ponds need intensive management. Tilapia’s are more resistant to disease and parasites. Tilapia fish should be fed with cereal-based diet and these fish don’t eat other fishes, and these fish are considered as more invasive fish species.
Salmon is another popular variety for commercial fish farming. Salmon fish comes in two other varieties are – Chinook and Coho. These fish species are not disease resistant, these should be vaccinated to prevent from diseases and they even need additional medication in extreme conditions.
Tuna fish are saltwater species that give more profits in commercial fish farming. There are different varieties of Tuna fishes, bluefin, yellowfin, and albacore. Commercial farming Tuna fish is a bit difficult as these fishes are massive and very active. Tuna fish are carnivores and these fishes eat other fishes. Farming of Tuna fishes is done in net pens offshore and in recirculation systems. Japan is the largest consumer of Tuna Fish.
Eel fish farming is the profitable species for commercial fish farming. These fishes have huge demand in export markets. Eels fishes are a carnivorous and catadromous fish, means these fishes grow in fresh water when they are young, and they migrate to sea water for breeding. Asia, China, Japan and Taiwan are leading producers of commercial eel fishes as the biggest producers. Eel farming can be grown in – high intensity recirculating tank (indoors) or intensive pond facilities.
Commercial shrimp farming has a great market in the Asian market. Commercial shrimp farming has a simplest culture approach. Shrimp has a great market demand is very high and you can initiate small and large-scale shrimp farming very easily with less effort.
Ornamental fishes are colorful and attractive and generally known as aquarium fish. According to an NABARD report the ornamental fish trading industry with a turnover of US $ 6 Billion and an annual growth rate of 8 percent offers lots of scope for development.
Fish Farming Business Plan – Fish farming supplies for Commercial Fish Farming:
You require many fish farming supplies for in commercial fish farming business. A commercial farming equipment’s and systems required for commercial farming business are fish feeds and fish feeders, filtering systems, air pumps, heating and cooling systems, lighting equipment, hydroponics equipment, predator control fences, tanks and water treatment products.
Feed and feeders Feed quality plays a key role fish farming. Feeding depends on desirable color, growth and overall health and well-being of the fishes. There are a wide variety of different feeds are required for different types fish species.
Water Filtration Systems: Water filtration systems are important, that shows the great impact on pond environment. Filtration includes removal of waste products in the pond water. There are several varieties of filtering systems that can be used, depends on the requirement.
Hatchery supplies : Commercial fish farming required hatchery equipment’s like fish graders, shipping supplies to spawning and handling containers.
Predator control: You should take necessary steps in controlling predators. Take the necessary steps like fences, and physical deterrents like visual and audio deterrents.
Construction of Fish Ponds for Fish Farming Business:
Fish farming business is an ancient farming method that has increased its market these days. Fishes are a great source of vitamins and proteins, through commercial fish farming that is done in fresh water can help you to grow different variety of fishes for consumption.
Building a fish farming pond is a tough task, but running a fish farming business is rewarding, fun, and can earn you good returns in the long run.
Read: Dairy Farming Courses, Fees in India .
Here we give you a complete information about a fish farming pond in a fish farming business plan:
Pond Building Preparation
First, Decide the type fish farm: Before you are planning for fish pond construction and design, first decide,
How Many fishes you can grow in a fish pond?
The Pond size should be capable of handling the type of fish you are planning to grow. If growing too large size fish, pond size may be sufficient when they are small in size, but if they attain a large size, the space may be congested. So, make a deep study about the type of fishes and their required pond size.
Select A Suitable Location for constructing fish pond:
The Position of the fish pond plays a key role in good and healthy growing fishes. If planning a fish farm in backyards or any other place, select an appropriate position. Consider the following steps before choosing a location for the fish pond:
Consider these tips before to determine a good location that is suitable for your fish pond.
How to dig a site for Fish Pond:
Once the location is decided, now draw the sketches and map exact measurements and the dimensions of the pond.
Mapping can help to you to visualize the size and the design of the pond. You can also use ropes or garden hoses to draw the design of the fish pond. Once the layout is ready, now ready to dig the fish pond.
Things to be considered before digging:
Fish Farming Business Plan – Building Your Fish Farming Pond:
Digging Your Fish Farming Pond
Considering these tips will help you be able to dig your fish pond more successfully without hurdles.
Fish Farming Business Plan- Lining the Fish Pond:
Once the fish pond is dug, line it up with a rubber liner or a tarp. This tarp or liner used in fish ponds should be suitable for fish ponds so that is doesn’t harm the fishes. Before laying the trap at the bottom first make a thin layer of sand across the surface area of the hole to reduce the tears.
And to protect this liner or trap you can also use some geotextile fabric that protects runner liner from getting damaged. The main reason for using a trap is it protect the water from seeping out into the surrounding lands. If trap not used water should be supplied constantly into the pond to maintain the water level in the fish pond. Otherwise, you need to fill the pond with to maintain the water level.
Ponds can be sealed without rubber liners or traps, these are also many other best and cheapest options other than liner or traps. But this process depends on your soil type and the clay content of the soil. Even you can get a sell sodium bentonite clay that is used as a pond sealer.
Even there are many sustainable traditional pond liners that are worth safe for using. We also use polyethylene with ethanol-based plastics which is better than fossil-fuel based plastic liners.
If you are using a rubber liner or tarp at the bottom, it is a good idea to start to place it from the center of the pond. The size of the traps or liner depends on the size of the ponds, order a sufficient number of liner that can cover a complete pond area.
Next is filling the Pond With Water:
Fish Farming Business Plan – How to Introduce fish into the fish pond:
While introducing fish into pond, fish make water to settle completely, so that dirt gets settled completely. Now mix fishes slowly in the fish pond water in a bucket water first for 10 to 15 minutes that will help the fish to acclimatize to the new water PH levels.
Now slowly tip the fish into the fish ponds. Minimizing the stress levels in the fish will increase the rate survival and make to adjust new environment quickly.
Don’t make mistake by adding all the fishes at once, add in small amounts and check wait for 2-3 weeks. If the maximum number of fishes is alive, then add remaining fishes.
If you see more dead fish, them check with cause, before adding remaining fishes. The pH levels in the soil can cause death of fishes, some fishes require a set PH level to survive in. If the pH level is under control, check with an expert to address the exact problem.
Fish Farming Business Plan – Fish Feed in Fish Farming Business:
Feeding is the main part in the fish farming business. Fish needs good and nutritious feed for proper growth and survival. Feed management plays a key success in fish farming business. The feed should be well balanced, nutritious feed which includes protein, carbohydrate, fat, vitamins, minerals and water. The moss or aquatic insects are considered as a natural feed that in available in that pond, which not sufficient for all the fishes. These natural feeds consumed by the fish during early stages. Some fertilizers are available that produces natural feed in the ponds, but these are not recommended. Along with natural feeds, supplementary feed ensures the fast growth of fish. So, for a commercial fish farming business, we must use supplementary feeds to increase production of fish in short span of time.
Fish Farming Business Plan – Different Types of Fish Feed:
There are two different types of fish feed. One is Natural feed and other is supplementary feed.
Natural Fish Feed
The natural fish feed is which grows naturally in the pond, this feed increases the natural fertility of soil and water and this feed can be developed in pond by applying fertilizer is called a natural feed of fish. Natural feed is the main and the best feed for surviving of fish at early stages. Below are some natural feeds for fishes that should be available in the pond.
Supplementary Fish Feed
Along with natural feed we should also provide some supplementary food for fishes for a healthy growth. As the natural feed available may not be sufficient when they grow bigger. These supplementary feeds which we provide for the fishes are called supplementary fish feeds. Supplementary fish feeds are available in the market or you can prepare yourself.
Supplementary Fish Feeds:
How to store the Fish Feed:
Fish Farming Business Plan – Marketing Plan in Fish Farming Business Plan:
A successful approach in developing a business plan for fish farming, there are important components to consider before you develop a marketing plan. Below is some feature to consider in fish marketing.
As the many marketing reports all over the world, the global fisheries and aquaculture production was more than 300 million tonnes by the end of this year. So, by checking the huge demand for fish has increased the fish farming business all over the world. The global aquaculture industry has created the waves for profits in these years. The commercial fish farming has been being increased day by day to meet the demand of the market.
As the people are influenced by the nutritional value of seafood, which increased the demand in all parts of the world. And USA is the largest consumer of fish and the China comes the next. And 90% of fish consumed in the USA are imported from other countries. This shows the potential of fishes in the international market.
But the most interesting facts is that over 90% of the seafood consumed in the US is imported from other countries around the world. That is why the fish farming industry has a lot of potential in the US and can be immensely profitable if you plan it successfully.
In a successful fish marketing plan, the customers or consumers or clients are differentiated into different types.
In this you can open a small retail outlet in your farming area in the early stages to grab attention of local people. This mainly targets individual buyers, people will be easily attracted by the fresh and natural fish.
Contact with the nearby departmental stores or supermarkets or meat stores and make a contract with them for supplying the fresh farmed fish. These departmental stores are the best source to market the fishes that can earn good amount of profits.
Make a contract with the surrounding restaurant and hotels who need fishes on a regular basis throughout the year. The restaurants and hotel are the potential clients after the departmental stores.
Make a detailed study of the market where you can find the potential clients.
Aim the top is the best formula in a fish farming business. Set the business targets with a time limit that should be achieved in a certain amount of time.
How to Give Price for your fish:
Before setting the price considering the market demands, give the price like the price of all your competitors. The main reason in pricing policy is to attract customers, the minimum attractive rate will keep your business at safer zone at the early stages of business. Don’t give too low prices that give you loss.
Read tilapia fish farming ., 29 comments.
I need a supplier of material for pond lining in Uttar Pradesh or nearby
I have passed M. Sc Zoology with fish & Fisheries and now I want to know fish farm project details.
Check this: RAS Fish Farming Project Report .
I want to start a fish farming business without equipment
I need a consultant for fish farming to start a fresh farm project. I need a person who can help prepare a business plan and end to end advice before , during and after the project
Can you please send me your quote for the same
I want to start fish farming business in navi mumbai, who can guide me on this ?
I want to start fish farming, Hence theres still a lot for me to learn and how can I embark in this journey. I’ll be happy if thers someone who can help from their goodness of their heart.
> How many baby fish of Catla/Rohu/Mrigel of 50 grams each ( in combination of 30:40:30) can be reared for 3 years in a 6 Bigha pond with6 to 6 to 7 ft water depth in eastern fringe of Kolkata? > Planning to sale 50% of first year’s stock in the 2nd year and the balance 50% of first year’s stock in the 3rd year .Full stock of first year would again be stocked in the 2nd,3rd,4th year and so on so that the process continues? > Average good feed cost per month for the suggested quantity just to ensure that the baby fish grows to at least 1 kg/2 kgs and 3 kgs in first,2nd and 3rd year respectively. > What would be best hatcheries in and around Kolkata wherefrom the best baby fish of 50 grams each could be obtained ? > What could be price per unit of 50 grams per 1000 pcs?
Shall be thankful,if the said information is provided to me at the earliest.
I wish to start a catfish farming in the northern Namibia, I m looking for an investor or anyone to partner up with me,
I want to start a fish farming business in sivagangai( tamil nadu), who can guide me on this?
Are u started ur fish farming..if u started means …plzz guide me ….tell some information .I am from Madurai (tamilnadu).I wish to start a fish farming business.so plz guide me with ur knowledge
I want to start a fish farming in Bayelsa State, Nigeria, please I need someone to guide me by helping me build the ponds and guiding me through the preliminary stages, thanks
I want a complete manual for this type of fishing. Mpika, Zambia.
want start pond fish farming in malawi, looking for guidance manual
Hello, I want to start pond fish farming in Afghanistan, i want complete manual and a sample of business plan in soft please. Thanks
I too is a student in uganda studying agriculture and I am very happy to learn and share experiences with every body many time I will ask questions and I may think you will help me iam very glad for joining this flat form
I wish to start a fish pond farming in Cameroon,I need guidance on how to go about it;will be grateful if I can have a manual on the plan and processing.
I would like to start a fish farm in ernakulam,kaloor area.please let me know who can help me in this area. I like to see one fish farm in this area.
I want info about fish farming I am from Nagpur Maharashtra
I’m writing to everyone willing to support me in this, I can do it without any problems, I have good land, natural water, easy transport and even the market.
Thank you. loved your article. It was really helpful for my business. Wish to see more in coming days.
I want to start fish farming or mud crab farming…Where I will get the training for this business.
I want to start fish farming in Lonavla for personal use, can someone guide and help with end to end process.
I’m looking for investors in Ghana
Wanted to start sea fish farm in Tanzania need someone to guide me
I just acquired a piece of land to start fish farming. I need guidance
How to do mud crab farming in my terrace?
I would like to start a Fish Farming Project in my rural area , the fresh water supply is not a problem and the land is available just asking a guidance as to how get started .
Hi, I want to start fish farming, have got fresh water, land and transport accessibility. I need guidance and someone/investor to partner with in starting and growing in the business.
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Subtotal Direct Cost of Sales. $8,500. $10,750. $12,000. Need real financials. We recommend using LivePlan as the easiest way to create automatic financials for your own business plan. Create your own business plan.
A business plan is a critical first step before launching any new project, as it provides a framework to help you identify potential risks, set goals and measure progress. It is essential for determining the viability of a fish market. In short, a good business plan will help make sure your fish market is profitable.
Here is a free business plan sample for a fish market. January 29, 2024. If the allure of the ocean's bounty has inspired you to start your own fish market but you're unsure of the first steps to take, you've cast your net in the right place. In the following paragraphs, we will present to you a comprehensive sample business plan tailored for a ...
Lastly, address any funding needs in the "ask" section of your executive summary. 2. The presentation of the company. In your fish and chips shop business plan, the second section should focus on the structure and ownership, location, and management team of your company.
Download this free fishing shop business plan template, with pre-filled examples, to create your own plan. Download Now Or plan with professional support in LivePlan. Save 50% today ... Download as PDF Finish your business plan with confidence. Step-by-step guidance and world-class support from the #1 business planning software. Get 50% off ...
Our start up funding table shows a start up requirement of $577,000, which includes $556,800 of non-cash assets, $5,200 of expenses and $15,000 cash. The owners will contribute $50,000 and $14,000, respectively, to the business. As shown in the table, Kingfishers only needs $513,000 in lending to get the business going.
Fishing Shop Business Plan - Free download as Word Doc (.doc), PDF File (.pdf), Text File (.txt) or read online for free. This sample business plan was created with business plan Pro, the best selling business planning software. You can easily edit this sample and create your own financial tables and graphs. You do not have permission to resell, reproduce, publish, distribute or even copy this ...
View PDF. Fish-Farm Business Plan Workbook Produced by: Susan Daily, CPA Dan Selock, M.S. and Sue Kohler, Ph.D. Southern Illinois University Southern Illinois University Small Business Development Center Community and Business Services Dunn-Richmond Economic Development Center Dunn-Richmond Economic Development Center 150 East Pleasant Hill ...
Templates. $3.33. Per month - Paid 3 monthly. AI Automated Business Planning. Full professional plan for your Fish shop business. 350,000 Users. 350K entrepreneurs have used our business plan template. Rating: 4.7 - 3167 reviews. Our business plan template has a rating of 4.7 out of 5 on Google Play.
Templates. $3.33. Per month - Paid 3 monthly. AI Automated Business Planning. Full professional plan for your Fish shop business. 350,000 Users. 350K entrepreneurs have used our business plan generator. Rating: 4.7 - 3167 reviews. Our business plan generator has a rating of 4.7 out of 5 on Google Play.
The fish and aquaculture catch in 2010 is 9% of the global supply valued at 158 million tonnes or around $217.5 billion. In the export sector, 10 African exporters lead the 89.5% fish and fishery products exports from the region. The top 5 are Morocco (leading with 29%), Namibia (15.8%), South Africa (12.3%), Mauritius (7%) and Senegal (6.3%).
Your retail storefront will require another $50,000 investment minimum and your start-up supplies will run you another $10,000 to $50,000. b. What are the Cost Involved in Starting a Seafood Store Business. Business Registration Fees - $750. Legal expenses for obtaining licenses and permits - $1,300.
A business plan has 2 main parts: a financial forecast outlining the funding requirements of your marine fishing company and the expected growth, profits and cash flows for the next 3 to 5 years; and a written part which gives the reader the information needed to decide if they believe the forecast is achievable.
The risk of the business is mainly getting a market and we have already identified our. target market. The cost benefit analysis of this plan shows that in the startup year, with. 12,000 ...
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, tilapiafish and mackerel) and other marine animals such as crabs, periwinkles and crayfish. We are in the Fish and Seafood Aquaculture industry because we want to leverage on the vast
Arrange Finance. Secondly, according to your business plan, you will need to arrange finance. In the online aquarium business, you will need to invest the dollar in procuring supplies, purchasing the domain name, purchasing the eCommerce platform, hiring manpower, and delivery. Step 3. Build an E-commerce Website:
FISHING FARMING BUSINESS PLAN. (FIFA ENTERPRISES) Name of owner: GAKURU Elias. The business owner title: General Manager. Business name: UTAM Fishes Company. Tel: 0788768413. gakuruelias6@gmail ...
This market is growing at a rate of. 6.5% annually, and is expected to reach $30.4 billion by 2024. The growth in this market is attributed to the increasing popularity of fish and chips as a meal option, as well as the increasing demand for healthier meals. The market for fish and chips is dominated by AsiaPacific, with a market share of 66%.
This plan is crucial for outlining operational strategies and financial projections. Embarking on an aquaculture business journey involves meticulous planning and a clear understanding of the industry's nuances. Your path to a successful fish farming enterprise begins with the creation of a detailed business plan PDF, which serves as a ...
There are 3 basic types of tilapia fingerlings to consider. These are fast growth rate, mixed growth rate, and slow growth rate fingerlings. The fast growth rate tilapia fingerlings are most recommended for commercial tilapia fish farming business. Monosex culture is best because growth rate tilapia fingerlings are mostly male.
Business Plan for Fish Farming - Free download as PDF File (.pdf), Text File (.txt) or read online for free. This document provides a comprehensive business plan for starting a fish farming business in 2018. It outlines the necessary requirements and start-up capital needed, including purchasing land, hiring staff, obtaining permits and licenses.
Now mix fishes slowly in the fish pond water in a bucket water first for 10 to 15 minutes that will help the fish to acclimatize to the new water PH levels. Now slowly tip the fish into the fish ponds. Minimizing the stress levels in the fish will increase the rate survival and make to adjust new environment quickly.
This document is a business plan for a fisheries processing and export company called Alpha Fish Processing and Exports located in Karachi Fish harbor, Pakistan. It provides an executive summary and details on industry analysis, the company's operations including production, marketing and organizational plans. It also includes financial projections such as costs, returns, financing, income ...