How To Write A Fish Farming Business Plan

BUSINESS PLAN Mission Statement of Business State clearly in 2-3 sentences what you intend to do in business. 1. Executive summary a) Description of your proposed business 1) describe your product or business 2) support with diagrams, illustrations or pictures (if available) b) Summary of your proposed marketing method- design ponds or tanks to a size that all the fish produced could be marketed in one day. 1) describe the market you’re aiming for- look for value added, niche markets for catfish or tilapia. 2) outline the way you plan to reach your market – The fish farmers should seek to reach buyers through as many approaches as possible to provide the best profit, such as direct sales at the farm as well as through retailers. c) Summary of your financial estimates 1) state the total sales you aim to reach in each of the first three years 2) state the estimated profit for each of the first three years 3) state the estimated starting capital you’ll need 2.Statement of objectives a) Statement of the desirability of your product or service 1) describe the advantages your product or service has, its improvements over existing products or services 2) state the long-range objectives and the short-range objectives of your proposed business 3) describe your qualifications to run the business 4) describe the ‘character’ you want for your business, the image you’d like your customers to see, such as hygienic conditions of highest standard, live fish sales with cleaning and dressing of fish as per customer preference. For example, samples of cooked fish could be given to customers along with recipes. 3.Background of proposed business a) Brief summary of existing conditions in the type of ‘industry’ you’re intending to enter 1) where the product or service is now being used 2) how the product or service is now being used b) Detailed explanation of your place in the industry 1) describe the projections and trends for the industry 2) describe competition you face 3) state your intended strategy for meeting competition 4) describe the special qualities of your product or service that make it unique 4.Marketing strategy a) A description of your marketing strategy 1) design the farm with different sizes of ponds to meet different market demands and be able to sell all fish harvested from a particular pond. 2) describe the market you plan to reach 3) keep costs low with feeding of quality fish feeds by a feed manager who feeds by feeding response 4) under price the competition and make profit by tight management and low costs with lowest Feed Conversion Ratios. 5) describe in detail how you plan to distribute your product or service (retail shops, door to door, etc.) 6) describe the share of the market you expect to capture 5. Selling tactics a) An outline of the activities to be used in selling the product or service 1) state the methods you expect to use to promote your product or service (word of mouth, radio, newspapers, etc.) 2) include a sample brochure or other promotional literature 3) present any data which supports your ability to meet your sales goals (i.e. actual orders, potential customers, etc.) 4) explain the margins of safety you’ve allowed in your sales forecasts b) Propose entering different fish markets as in the North and SE, where prices remain high. 6.Plan of operation a) Description of the proposed organisation 1) show an organisation chart describing the needed business functions and relationships 2) describe the key positions and identify the persons to fill them 3) list equipment or facilities and the space and location required b) Farm pond operations 1) stagger pond stocking to allow one pond to be harvested per month, to maintain cash flow 2) manage to maintain low feed conversions and best management practices. 3) plan to purchase fingerlings and stock ponds every month to assure regular harvests 4) maintain proper storage of fish feeds without pests and moisture 5) practice proper sanitation programme of sterilizing tanks and liming ponds before restocking. 7. Supporting data a) Information required to support the major points in the business plan 1) a set of drawings of the product(s) to be made or a detailed description of the service to be offered 2) show a list of the equipment you’ll require for your business and estimates of the cost of that equipment 3) List the capital equipment you’ll need and its estimated cost. 4) List a price schedule for your product line or service 5) Include your market survey data (perhaps from your focus group) 6) supply the following financial data: – projected statement and balance sheet for the first two years by the month – Income statement for two years – cash flow projection for two years 8. Conclusions and summary a) statement of proposed approach in starting the new business 1) state the total capital you’ll need and the safety factor you’ve used 2) state how much profit you expect and when you expect to show it 3) decide what percentage of ownership you want for yourself and your partners 4) indicate the total capital you’ll need and how it’s to be made up: – your share of the starting investment – how much you’ll need from others and when you’ll need the money – state what share of the business you’ll give to investors or lenders 5) state your planned schedule for starting your business