Catfish Farming Business Plan In Nigeria 2020 PDF
Catfish farming activities is one of the most lucrative but mind tasking business; the Catfish farming business is one you can actually venture into today. The business has been billed as one of the most profitable businesses in the agricultural farming business.
The reason for its profitability is dependent on the level of consumption, according to records, on a daily basis across the major cities in Nigeria where catfish farms are located, an estimated sale of over 3,000 catfish are sold within each city, across supermarkets, restaurants, fish joints where pepper soup and grilled fish are made and then you have those who buy for home consumption.
Starting up a profitable business such as this requires you carry out a thorough research on the modalities required. As stated earlier, it is important to note that starting a profitable Catfish farming business in Nigeria requires commitment, concentration as well as paying complete attention to the aquatic creatures.
Apart from paying full attention to the business itself, one important thing required is have a well written catfish farming business plan in Nigeria PDF, it is a feasibility study that has all the information you need for the business, the information contained in it is well detailed with all the required financial implication and full analysis as well as projection.
This catfish farming business plan in Nigeria PDF was a research/feasibility study on the fish farm, it has been subjected to regular updates, hence, new information is added when necessary to reflect the estimated market prices.
Uses Of Catfish Farming Business Plan In Nigeria PDF
The information contained in this PDF file can serve several purposes, these purposes includes the following,
- Can be used to apply for bank loans
- Can be referenced in students research work
- Can be used to apply for Grant from corporation
- It can serve as a business proposal etc
Note – It is entirely great if you can access your start up fund for your catfish farming business in Nigeria.
This catfish farming business plan has every required information that you need to get your business running, following all the details outlined therein will see you achieve a considerable return on investment (ROI).
Factors To Consider Before Starting Your Catfish Business
Before setting up your fish farm business, there is one thing that every entrepreneur does, that is to put into consideration every factor that may affect the success of the business, here we have highlighted the possible factor you must put into consideration before going ahead with your business, see below;
- How Healthy is catfish as regards consumption – The essence of farming catfish apart from making profit is for consumption, health wise (FISH) catfish has been categorized as one of the major sources of protein to man, this brand of fish has low level of cholesterol and it is government approved for consumption.
- Type of water to use – Water is one of the most important component in this business, of cause fish only survives in water, hence it is important to make adequate provision for enough water for use, you can source for your water from either of the following sources (i) Borehole, (ii) River basin, (iii) Ponds, Wells or other natural source.
- Where to locate your catfish farming business – In setting up a catfish farm, location is about as important as any of the other factors involved, are you setting up it up in your residential area? Then you have to consider its close proximity to water and market. Close proximity to water entails having unlimited water source to your pond, and close proximity to the potential market entails accessibility to the buyers, in essence, you have to provide water for your catfish to keep them alive and then ensure your location can be accessed easily by your customers.
- Administrative Part of the catfish business – The administrative aspect covers the following (i) Farm management (ii) Accounting for (catfish purchases and sales), profit made (profit margin), general management of the farm.
- Market for your catfish – It is important to know your potential customers before you venture into the business. How do you know your market? Carry out a survey, by this you can measure how often you can make sales, the survey will also help you to know the size of farm to set up, knowing the size of the farm to set up means you already know the size of your market.
- Competition – Competition matters a lot in this choice of business, on a larger scale your major competitors would be Obasanjo farm, Jovana farms or Maizubi farm, these are like the caviar agricultural/Live stock farming business in Nigeria. To compete effectively, you must have a business plan that can help you become competitive enough. You also need a business plan to set up a mini catfish business in Nigeria.
- The type of catfish you want to grow – The business is a completed one if you do not have the technical know-how, but with a business plan, you have an information on little details that will be important to your course. There are types of catfish to grow, they include (i) Nursery (ii) The grow out pond operation. You can run both types at once, depending on your capacity.
- Feed & Medicine for your fish – As living creatures, you will agree with me that you need to know the best feed for your aquatic creatures in a bid to keep them sustained. Do you know that the type of feed to give these fishes determines their growth level, feed that contains nutrients such as arginine, lysine and methionine. Feeds are expensive, however, you can go for feeds like soya bean cake, groundnut cake etc note before making use of any of the feed, ensure you consult professionals for tutorials on the best mix for your conventional feeds, also consult a medical professional if you notice that your fishes are not as active as they used to be, they administer or tell you the best medicine to administer and how it is done.
Our Catfish Farm Business Plan Table of content
Executive Summary – The executive summary includes the business overview or the business description. Here you describe how you get to start-up your catfish Farm business, also included are the things involved in processing and production of quality as well as sizable fresh catfish. There are other processed catfish derivatives which are meant to target consumers of every category. In all, you get to outline your farm products as well as services to be provided.
Company Structure – Here the business founder gets to outline the structure of the business beginning from the name of the business, for example Joseph Catfish farm, describe how the establishment will be viewed, list out co investors or say those who will be involved in the limited liability company, since that is what the business will be established as, describe the hierarchy of the worker.
Products and Service – On your catfish business plan, you must spell out in clear terms your products as well as the services you are offering, this should include information of your fresh table-sized catfish as well as other semi-processed catfish derivatives. You could extend your services to be offering what is known as the “Kill–‐Cut–‐Wrap–‐Freeze” services, KCWF in short. Identify the traditional cuts in paper or cryovac packaging you can offer at your farms. Also in plain terms you could go ahead to assure your customers as well as your potential customers on how your products are hygienic, not just that also rich in protein and only high quality breeds are produced at your farms. The process of running a fish farm could be tedious and at the same time heavily rewarding, going by the three years financial planning we implemented on our fish farming business in Nigeria. Services such as production processing as well as package of your fish farm products in order to meet Nigeria as well as international standard could as well help your profit.
Market Analysis – With the Nigerian population as an advantage, the market size of Nigeria offers great market potentials for massive sales, Nigeria has the largest fish consumption ratio per nation at about 1.5 million of frozen fish annually, this is the record so far in Africa. To make it worse for local Catfish farmers, at least 60% of the fish consumed in Nigeria are imported; there lies the market gap in the industry. This simply means that the imported fish account for at least four times higher than what the local fish farmers produce, this means with a higher production capacity locally, the need to import might not be there anymore. Definitely, the market potential in Nigeria is high and profit maximization is achievable.
Competition Advantage – See eh! One way you can stay ahead of others who are in the same business as you are is to study them and understand what they do better than you, with regards to fish farm, your competitors should be the likes of Choice Farms, Obasanjo farms, Best Foods Global, Safari farms, Meat World Foods, Chi Farms etc. You could actually compete with them favorably; all you need to do is to engage experts who can help you establish a competitive edge over these other farms.
Financial Considerations – You can write a fish farm business plan that seeks for N5 million long-term financing. This cover for the business start-up, purchasing of equipment, building the required size ponds as well as working capital, the five million will cover as many expenses and costs as possible. Business partners can actually provide the initial equity for the business. With that amount it is supposed that the business will get to a positive cash flow in its 10th month of operation. This will help you speed up you loan repayment contract.
Sales and Marketing Plan – This entails all the modalities employed by the business owner to get their business known. There are techniques one can use to get their business known, some of these techniques includes but not limited to the following;
- Distribution of flyers to the public.
- Cultivate a customer business relationship with your customers.
- Mouth to mouth publication
- Make use of referrals to increase market sales.
- Use of online medium to market your farm products as well as services, this can be done through a dedicated website, social media platforms, facebook page or even the use of online influencers that are mostly active on twitter.
- The use of newspapers and magazines for advertisement purposes.
Now you get a sample of the Catfish farming business plan, a well written feasibility study on Catfish farming business in Nigeria.
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