TILAPIA FISH FARMING BUSINESS PLAN SAMPLE
Tilapia fishes are easy to grow as they are firm warm water fishes. If you want to start tilapia farming for either domestic or commercial purposes, this post would give a basic overview of the process.
Firstly, put the intention of starting a tilapia farming business into consideration. Your business intention would actuate its planning and strategy.
Do you want to start a tilapia farm which will be a profit based business or to raise tilapia fishes mainly as a source of food for relatives? Or start a tilapia farming business on a small scale before advancing to a larger business later on?
Here is a sample business plan for starting a Tilapia farm.
- Are your resources sufficient?
Inspect the available resources. A tilapia fish has five primary needs, food, water, oxygen, fresh water and space to move around. If you do not have a place to house tilapia fishes, you will need a pond or stream, but if you cannot acquire that, a tilapia fish is a fresh water fish and can also be grown in tap water.
When filling up the pond to start a tilapia farm, it is important to take note of the temperature of the water as a tilapia fish would not thrive in water below 68 decrees.
- Business Formation
It is very important that you make inquiry on regulations regarding tilapia farming from the authorities of your state because each state may have a different regulation on possessing tilapia fish even if you wish to farm these fishes for personal consumption.
If your tilapia farm is profit based, you will need to set up a business. You can decide on either a sole-proprietorship, partnership, a corporation or Limited Liability Company. Whichever structure you choose has its distinctive characteristics.
For you to start tilapia farming business, the state may also request a commercial license and a few other permits before you will be permitted to run your business.
- Develop a Tilapia Farming Business Plan
Establish a business plan for your tilapia farm, this plan may not necessarily be a formally documented plan and financials, but it should show how you intend to raise tilapia and run the business.
These should be considered in your plan;
- How Strong is your Knowledge on Tilapia Farming?
To start tilapia farming, you will need to have an understanding of tilapia raring to an extent. You can read books, attend lectures on tilapia farming or seek advice from an expert.
- What Amount of Money is Available to you to Start the Farm?
The budget of your project would determine the materials and location you would use for your tilapia farming.
Plan the method in which you want to maintain your tilapia fish, what will you feed the fishes and how will you supply the food? You will also have to maintain the oxygen level, carbon dioxide, pH and nitrogen in the water.
- What Hatching System have you Decided On?
How do you supply fish when they’re ready for harvest? Would you supply to the local market or do you want to start a tilapia farm mainly for domestic consumption?
Tilapia farming can be carried out in various environments. You will need to decide the system of farming to start your tilapia business. You may have a pond, cage, raceway or tank.
Using a pond to start a tilapia farm is the easiest in terms of cost and accessibility, while a tank or cage would require you to purchase most of the tilapia farming equipment. However, when using a tank for tilapia farming the water should be conditioned for a while before fishes are let in because there’s no recirculation of water in a tank.
Find a good dealer in your locale whom you will purchase tilapia fingerlings from. After purchasing, you will need to allow the fingerlings adapt to the water condition of the farming environment.
- Growing and Harvesting Tilapia Fish
Maintain the feeding and environmental condition of your tilapia farm to yield properly developed fishes, research on the best growth condition suitable for tilapia fishes. Mostly, tilapia fishes are grown in a temperature of 80-100° F, become weak at 60°F and die at 50°F. They also require a pH of 7-7.5, zero chlorine, 5-7ppm of dissolved oxygen and free ammonia.
When your tilapia fishes are fully developed, you may harvest the fruit of your labor either as protein supply for domestic purposes or as a source of income. If you have decided on the later, get your fishes to a properly functioning market and sell.
The key to a successful tilapia farming is proper setting up. Ensure everything is in place to start a tilapia farm before you proceed.
TILAPIA FISH FARMING BUSINESS PLAN EXAMPLE
When starting a fishery business, people choose or select their preferred breed or type. In view of this, this article will discuss one of such.
Our tilapia farming business plan sample helps guide you through the entire process of setting up a workable plan. By reading this, chances are that you are interested in starting one. If so, we hope that you will find this extremely useful
Fresh Fish Farm Inc. is a Tilapia focused fish farming business. Our farm will be located in the outskirts of Charlotte, North Carolina. Our business consists of professionals in the fish farming business with decades of experience behind them. Fresh Fish Farms Inc. is the brainchild of its founder Scott Martins who himself has worked extensively in the fishery industry with 30 years of experience.
There has been a rise in demand for fish products over the years. This is because fishing alone cannot guarantee sufficient supplies. We are venturing out to make a difference in the fish farming industry with focus on Tilapia due to its high demand.
- Products and Services
Our products consist primarily of Tilapia fish. We have focused or chosen this niche due to its high demand among consumers. We have the expertise to enhance production on a commercial scale. Our other services include providing advisory as well as consultancy services and training. These will be provided to interested businesses or individuals.
- Vision Statement
Our vision at Fresh Fish Farm Inc. is to have a Tilapia fish farm that caters to the needs of consumers. Industry best practices will be adopted in rearing our Tilapia fish. Also, our top notch training in addition to our consultancy services will be among the best in the industry. We have taken the pains to ensure that we have quality manpower and resources to offer unbeatable products and services.
- Mission Statement
We at Fresh Fish Farm are not only driven by profits. We seek to give our patrons value for money spent. We seek to create a reputable brand that will be renowned for quality fish products. Our trainings too will not be left out as we provide services that that are second to none.
In order to run a successful fish farming business, funding should not come as a hindrance. We have recognized this and seek to raise sufficient funding for its takeoff. To source the required funds, we will be applying for a credit facility. We have kick started the process with 2 major financial institutions that will lend us the sum of $2,000,000.00. This will come at a 1.5% quarterly interest rate.
- SWOT Analysis
No serious business will launch without having an overview of what its chances are. We have been cautious enough to hire the services of a reputable business consulting firm. A measurement of important aspects of doing business was done. The results show the following;
Every business has its areas of strength. We have identified ours to be our composition. Composition in this sense simply means the quality of our workforce. We have embarked on a painstaking process to ensure that we select personnel that will add value to our business. These are people with decades of experience in different fields of fish farming related specializations.
We have big plans of becoming a major tilapia farming business. However, our current size serves as a limitation.
This is not a major problem because we have put in place definite plans that will lead to the expansion of our farming enterprise in the shortest time possible.
As more people avoid red meat as a source of protein due to health reasons, fish consumption continues to get a boost. This is good for our business. In North Carolina which is our immediate target, demand for tilapia is highest.
This is a huge opportunity to launch our business as more people prefer our products to others (beef).
There have been recent concerns about plastics finding its way into our food chain. These concerns are backed by research. Fishes are known to sometimes feed on plastics. Although this does not affect our tilapia fish farming directly, this negative report could lead to a decline in demand for fish products.
- Financial Projection
There is generally a positive outlook on the potentials (profitability) for a tilapia fish farm. This sentiment is rightfully so due to its attractiveness to both would-be investors as well as consumers. In view of this, we have done a brief research to ascertain its level of profitability. The results have come out positive and show three-year growth trend;
- First Financial Year $600,000.00
- Second Financial Year $1,200,000.00
- Third Financial Year $3, 000,000.00
- Marketing Strategies
It is not enough to rear/produce quality food products; you have to consider how to distribute these products. We have identified the major distribution channels and entered into partnerships with these distributors. These consist of end sellers as well as large scale distributors. In addition to these, we will also sell directly to consumers.
- Competitive Advantage
There are several other competitors in this line of business. However our focus on a particular type of fish enables us channel our expertise. It also enhances our production output as the quality of our tilapia fish products is unbeatable.
By doing this, we have established ourselves as experts in the field. Studies have shown that distributors prefer doing business with our type of business.
Have you found this article useful? We bet you did. You do not need to complicate things when writing a plan. All you need to do is identify the relevant sections and roll out your plans accordingly.
This tilapia farming business plan sample provides you with something to work with. You may also need to seek legal help when writing a business plan.