Why Some Fish Farmers Succeed In the Fish Farming Business

1. Know their Market before Starting Fish Farming: Identify their business opportunities and markets beforehand. 2. Know the Market Demand: Tailor their production to meet the market requirements in a profitable and reliable manner. 3. Invest wisely, step-by-step. Start small and build up only if they are making profits. Do not think of expanding (build more ponds for production) if/when they realize they are making losses. 4. Seek Advice only from Proven, Qualified Advisors: Are particular about where they source advice from and whom they select as advisors. Select those with a proven track record, who have been vetted by professional organisations. 5. Do not cover up their mistakes but rather learn from them as well as from other farmers’ mistakes. 6. Keep and use their records as management tools. Track their expenditure and losses. 7. Follow recommended Best Management Practices. 8. Use the best feed locally available to them correctly; closely monitoring their Feed Conversions and cost. 9. Owners are Managers: Owners are involved in the running and/or management of the farm. 10. Market Driven Management: Invest and manage their farms based on the market opportunities and their resource limitations. 11. Proper siting of the farms and adopt appropriate production technology. 12. Sell their fish to the market as soon as they reach market size and appreciate turnover. 13. Honor promises to their customers, even if occasionally it means they may have to make a no-profit sale or replace fish at no charge. 14. Are able to analyze their farm data themselves and use the data they obtain to assess the farm’s production and economic performance. 15. Use their own data as the primary basis for making management and investment decisions.