Here is a sample business plan for starting an indoor shrimp farming business.
Shrimp farming is a multi-billion dollar industry that caters to growing seafood demand. Improved farming techniques have been deployed over the years, including indoor-style farming.
This article can be highly informative if you’re interested in starting this type of business.
The business plan is one essential requirement that serves as a blueprint for success. You’ll need a well-written plan for indoor shrimp farming, and this article helps with that.
We’ve provided a guide on what your indoor shrimp farming plan should look like.
INDOOR SHRIMP FARMING BUSINESS PLAN SAMPLE
To put together a well-written plan for your shrimp farming business, you’ll need to include all vital sections of the project.
These include the executive summary, the company description, products & services, market analysis, and the strategy & implementation sections.
More sections to include your indoor shrimp farming business plan include the organization & management team and the financial plan and projection sections.
These business plan components need to be well developed, as you’ll see below.
i. Executive Summary
The executive summary section of your indoor shrimp farming business plan should provide an overview of the plan’s contents.
As the name suggests, it should be short, concise, and well-written. Investors mostly go through the executive summary section to have an idea of the viability of the business.
With your executive summary, you should be able to draw the reader’s attention or curiosity to make them want to know more.
In order of appearance, the executive summary comes first. While that is true, it’s written last to allow for comprehensive capturing of critical points within the plan.
Within your executive summary, there should be other subsections such as the business name & location, products and services offered, mission & vision statements, and the specific purpose of the plan.
Let’s have a look at these before proceeding.
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Business Name & Location
Your indoor shrimp farming business needs to have an identity. This is what a name provides.
However, the name selected for the business should be well thought-out and must capture the essence of what you do. The name you choose introduces your audience to the business.
Also critical is the need to state your business location. Investors are interested in all of these details to determine the enterprise’s viability.
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Products and Services
What products or services do you plan on offering at your indoor shrimp farm? For the most part, we will assume that shrimps will be the primary products.
If there are any others, you’ll need to have them included. It’s essential to be as brief as possible as there’s a whole section for every product detail.
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Mission & Vision Statements
Your mission statement should capture the reason for the business’s existence.
It describes the business while stating its purpose regarding its products, customers, and market. It sums up the core of who the company is and why it exists.
On the other hand, your vision statement should focus on the current and future objectives of your indoor shrimp farming business.
It must align with the mission statement and be a key motivator for your business’ success.
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Specific Purpose of the Plan
What’s the specific purpose of your plan? Every plan has a purpose, and yours needs to be clearly stated.
Entrepreneurs write plans for different purposes, some of which include setting strategies and securing investments, among others.
ii. Company Description
You’ll need to describe your indoor shrimp farming business by including essential details such as the preferred legal structure, history, and the needs and demands it seeks to meet.
What more? Part of describing your business should cover a summary of growth.
Such growth trends should include financial or market highlights. You also need to provide your audience with summarized information about your short and long-term goals, including how you intend to make profits.
iii. Products & Services
Under the products and services section, you’ll need to describe your products and services comprehensively.
These should be provided with emphasis on customer benefits. Do your shrimp products have any advantages over those of your competitors?
iv. Market Analysis
This is where a great deal of work is needed to understand the indoor shrimp farming industry comprehensively. Thorough research is required that includes a sketch of target customer segments.
Also, there should be an industry description and outlook inclusive of statistics.
The market analysis section should also include historical, current, & projected marketing data for products, as well as a detailed evaluation of competitor strengths & weaknesses.
v. Strategy & Implementation
Under this section, there should be an operating plan that explains how you intend to promote the business.
You must also include pricing, costs, promotion, and distribution information. What sources of labor do you intend to use for your indoor shrimp farming business?
vi. Organization & Management Team
The organization & management team is crucial to the success of your operations.
Here, the organizational structure identifies all critical players involved in running the business. It should start with an organizational chart that describes all key departments and employees.
Next, detailed information about the business owner with names, percentage ownership, biography, and extent of involvement is included.
For members of the management team, details such as names, positions, prior experience, and primary responsibilities need to be added.
vii. Financial Plan & Projection
The financial plan is for the indoor shrimp farming business section, where professional help will be necessary. That is because it involves detailed market analysis and projections for the business.
Here, you will need the services of a professional accountant for a thorough job.
Financial statements to be covered or provided include the historical financial data for the business, practical prospective financial information, and brief analysis of financial data.
With all of these sections included and thoroughly discussed, you should have an excellent indoor shrimp farming business plan.