Creating Catfish Farming Business Plan
Catfish farming is one of profitable alternative of fish farming. It does not require a lot of equipment and does not require big capital to start. However, it can result in a profitable outcome due to the high demand for this alternative source of protein. If you are interested in catfish farming, the first thing you need to do is preparing catfish farming business plan.
To prepare a fish farming business plan, you need to construct a detailed and feasible report. It should include everything from the capital, expenses, to profit. This article will describe a detailed report and things to consider in creating a fish farming business plan.
Catfish Farming Business Plan You Should know
1. Capital for Catfish Farming Business
One of the important things you need to cover in your business plan is the capital. This fish farming business does not require a lot of capital, but it is always wise to plan everything out beforehand. If you have an adequate fund, you can finance your own business without the need to apply for a loan or welcome external business partners.
Your capital should at least cover the essentials such as fish farming equipment as well as feed and nutrition for the catfish. You need to plan these out to ensure you have enough capital to start. First, find out all the possible prices you need to cover so that at least you know how much money you need to purchase everything you need to start.
2. Expenses for Catfish Farming Business
The expense here will include the expense you will spend to prepare your catfish farming business. The first thing you have to note down is catfish farming equipment. You will need catfish farm tanks along with its additional equipment such as drainage systems, fishing nets, and others.
In addition to the equipment, you also need to prepare expenses for catfish feed and nutrition or vitamins. To achieve thriving catfish and yield good products, you may need to consider purchasing the best feed for catfish. It may be a little bit pricier, but it will keep your catfish healthy until the time comes for harvesting your catfish.
Another thing to purchase is the catfish fingerlings. Get your fingerlings from a reliable breeder and ensure that they are healthy so that your catfish can thrive.
3. Catfish Farming Profits
In 2010, catfish was the sixth most popular seafood consumed in the United States. It even contributes at least $12 billion to the US economy every year. This shows how good the prospect of catfish farming business is. A fresh whole catfish in the United States cost around $1.83 per pound in 2013.
The reasons why some fish farming business does not make a good profit is because they are unable to sell the fish in time. Although it is relatively cheaper to start the business, it would not yield good results if you don’t know how to market catfish. To ensure that you can sell the products in time before the fishes become too old, you will need a marketing team to help you out with the necessary marketing strategies. Even if you plan to create a small scale catfish farming, it is a good idea to get advice from marketing personnel.
4. Preparing the Business Structure
Another thing you need to include when preparing a catfish farming business plan is a business structure. It is especially important if you plan to create a large-scale catfish farming business. Find the qualified person for an important position in your business so that your business runs on the right path along with their respective responsibilities.
5. Creating SWOT Analysis
To know how good the course of your business going to be, it is also appropriate to prepare a SWOT Analysis of your business. SWOT is abbreviated of Strength, Weakness, Opportunity, and Threat. This analysis is used to find out what the strength, weakness, opportunity, and threat of your business will be. By creating this analysis, you will be more prepared once your business starts its course.
You can fill the strength with possible strength, for example, you are using good quality equipment with the latest fish farming hatchery which will lead to better fish products. The weakness could be that you are a new fish farming business in a town so it might be difficult to attract bigger customers. The opportunity your business have might be that high demand for fish as a source of food in your town, while the threat could be that there are bigger competitors in the same town.
This SWOT may vary depends on how your catfish farming business plan going to be and where it is located. So, make sure you analyze your business plan thoroughly.
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6. Pricing Strategy
Another thing you should consider when creating a catfish farming business plan is the pricing strategy since it will be one of the determinant factors of how your catfish will compete in the catfish market. Selling the products at the right price will make sure that you gain reasonable profits without risking a loss at your end by selling it too cheap.
Creating a standard price will help you sustain your business for example when there are factors you cannot control that affect your farm products such as natural disasters. This should also be considered so that you can minimize the risk of loss in case such events happen.
Reducing the cost in certain areas will help you setting up lower prices and make you able to compete within the catfish market. For example, choosing a good breed for great product results that will worth more than the usual fish, attract the customers to come to your farm instead of you going to the market to sell them, which will reduce the transportation cost, and many other strategies.
Creating a good catfish farming business plan may need a lot of time and consideration. But if you can create a detailed business plan, it will help your catfish farming business in the long run. In fact, you can also use this information in the business plan to apply for a loan to start the business, in case you don’t have adequate capital to start.