[YOUR COMPANY NAME HERE]

FISH FARM BUSINESS PLAN

[Prepared Date]

Contact Information

Adekunle Ciroma
[email protected]
0801 234 5678
www.yourcompany.ng
11B Business Street,
Ogba, Lagos, Nigeria.
Adekunle Fisheries

How to use this document

A Business Plan helps you evaluate the feasibility of a new business idea in an
objective, critical, and unemotional way. The process of developing your business
plan will help you outline your goals and the methods by which you plan to reach
them.

Why Write a Business Plan?

A business plan is an important tool for any entrepreneur to judge the
effectiveness of what you have been doing. Your business plan can also be a
useful tool to help you raise capital for your business venture. Lenders like to lend
money to businesses they think will be able to make it. Your job is to convince
them that your business is going to be successful.

It provides an operating plan to assist you in running the business and improves
your probability of success. It communicates your idea to others, serves as a
“selling tool,” and provides the basis for your financing proposal.

If you won’t use the plan to raise money, your plan will be internal and may be less
formal. But if you are presenting it to outsiders as a financing proposal,
presentation quality and thorough financial analysis are very important.

Disclaimer: The Companies used in this business plan is not real companies.
Therefore all marketing, management and competitors’ research and analysis
are merely written to fit the business goals of the pseudo business.

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 Fish farming business plan

Go to section

EXECUTIVE SUMMARY ................................................................................................................................................. 4

YOUR BUSINESS & OBJECTIVES ............................................................................................................................ 6

Objectives .................................................................................................................................................................... 6

Medium and long-term objectives........................................................................................................... 7

OWNERSHIP & MANAGEMENT ............................................................................................................................... 8

Owners & Partners ................................................................................................................................................. 8

Consultants & Employees ................................................................................................................................ 8

TARGET CUSTOMER ..................................................................................................................................................... 9

Demographic information .............................................................................................................................. 9

Goals and values ................................................................................................................................................... 9

Sources of information ...................................................................................................................................... 9

Challenges and pain points........................................................................................................................... 9

Approach to pricing ............................................................................................................................................. 9

MARKET AND COMPETITION ................................................................................................................................... 11

Competitor Research.......................................................................................................................................... 11

SWOT Analysis .......................................................................................................................................................... 11

Market Size .................................................................................................................................................................12

SALES AND MARKETING PLANS............................................................................................................................ 13

Marketing Plan........................................................................................................................................................ 13

Sales Plan................................................................................................................................................................... 13

OPERATIONAL PLANS ................................................................................................................................................. 14

Suppliers ..................................................................................................................................................................... 14

Staff & Location ..................................................................................................................................................... 14

FINANCES ......................................................................................................................................................................... 16

Start-up Costs ........................................................................................................................................................ 16

Operating Expenses ........................................................................................................................................... 16

SUPPORTING EVIDENCE ............................................................................................................................................17

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Adekunle Fisheries

EXECUTIVE SUMMARY

Company name: ADEKUNLE FISHERIES

The company is organized as a: LLC, Sole-proprietorship, Corporation, Other

Market problem: Describe briefly why your business needs to exist. For example:
We spoke to 15 foodstuff traders and 4 restaurants and 4 hotel managers in Ogba
about how they source for the fishes they sell and all of them replied that they
have to go as far as Iyanapaja to buy them in bulk which costs them more in
transport and is also really inconvenient.

The business purpose: How will you organize the solution? To cultivate catfish and
shrimp in concrete ponds and market and sell them to local foodstuff traders in
Ogba and environs.

Target Market: Who will buy from you? We are strictly a business to business fish
farm. We sell only to local traders, restaurants and hotels. No transaction with end
consumer.

Competition: Who will your customers also consider? For example, the fish traders
in Iyanapaja and coldrooms in Ishaga.

We have been in business since or plan on starting on: June 12, 20xy.

Why Us? Write a brief overview of you and your team. Why are you the right
person to build this business? For example:

Adekunle Ciroma – Owner, Adekunle Fisheries. Mr Ciroma was an extensive fish

farmer of Mackerel (Titus) from 20xx to 20yy, a period of xy years, in Bayelsa State.
He then became a distributor of Mackerel to business in Lagos for x years till 20yx.

Kazim Ibrahim – Manager, Adekunle Fisheries.

Dr. Chukwuma Yusuf – Fish Vet doctor. After graduating from Unilag in 20xx with a
first degree in Aquaculture, Dr. Yusuf worked as an apprentice fish vet while he
furthered his studies at the university.

Forecast: Give brief overview of your financial targets. Make the target ‘SMART’ i.e.
Specific Measurable Achievable Realistic Timely. E.g. ‘Sell all fish’ is not a SMART
objective, but Sell 1000 catfish and 1600 tilapia by January 1st is SMART. Other
examples are Grow revenue to ₦1,200,000 by 31st November, Make profit of
₦950,000 by 1st of January, etc.

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 Fish farming business plan

Financing Needed: How much do you need? We need approximately ₦x,xxy,yyy to

get started. ₦y,xxx,xxx for fixed assets: land, concrete ponds, water tanks, etc. and
₦y,yyy,yyy for fish fingerlings, their growth supplies and other running costs for the
next 1 year.

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Adekunle Fisheries

YOUR BUSINESS & OBJECTIVES

Describe your business in detail outlining the different products you offer.

Adekunle Fisheries is a fish farm cultivating, marketing and selling fishes such as
catfish and tilapia in bulk around Ogba and environs. We raise the fish from
fingerlings to adult stage and deliver to wholesale or retail businesses who resell
to the end consumer.

Why? Among many items in the market foodstuff traders in Ogba sell, fish is the
most popular, after rice. Because of this popularity, fish wholesale and retail has
been highly profitable, and the same goes for fish farming. But through the
feasibility studies we carried out among fish traders in Ogba, we found out that
there are no local fish farmers in Ogba. So to get the products they sell, the
traders have to go all the way to Iyanapaja which is about 7km away to buy fish in
bulk. This is where we come in.

Products: Fish (catfish) and tilapia. These are the most popular fishes in Ogba
market.

Feature and benefits: Fish is nutritious and delicious. It is relatively cheaper than
meat.

Current alternatives: Salmon, mackerel (titus), shawa, mangala and many other
fish species.

Competition: Fish farms in Iyanapaja and coldrooms.

Does our products differ from the competition? No difference.

Our advantages: We are closer to our customers in Ogba and will save them
huge amounts of money on transport/delivery that they would have otherwise
incurred by buying from our competitors.

Objectives: Write goals that you are trying to achieve which can be both financial
and non-financial in nature. Remember to make them SMART. For Adekunle
Fisheries, objectives are:
 Secure land, get necessary state approvals and build fence by May 1, 20xy
 Build well designed concrete ponds and install water tanks by June 1, 20xy
 Buy feed and necessary growth supplements by June 11, 20xy
 Buy 500 catfish and 1000 tilapia fingerlings on June 12, 20xy
 Hire and train 1 labourer by June 30, 20xy to feed fishes

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 Fish farming business plan

 Find suitable insurance package for fish farm to avoid risks.

Medium and long-term objectives: The above are short term objectives that
help you get started. How do you want Adekunle Fisheries to be in the future?

 Buy 2 more plots of land and build 10 more concrete ponds by 20yy.
 Add shrimp and mackerel (titus) to product range by 20yy.
 Open another fish farm in Ibafo, Ogun state by 20yy.

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Adekunle Fisheries

OWNERSHIP & MANAGEMENT

Owners & Partners

Add skills, personal qualifications, and voluntary or paid work that is likely to
positively contribute to running your business. You can attach your CV to the
business plan.

Owner: Adekunle Ciroma

20xx to 20yy – Stock Manager, Rivermen Association, Bayelsa

 Was responsible for fishing and sorting mackerels (titus) from the Odogwu
River.
 Supervised over 20 labourers who packaged and distributed 100 cartons of
titus every week.

20yy to current – Distributor, Rivermen Association, Lagos Branch.

 Distributed over 5,000 packages of Titus fish to customers around Nigeria.

Partner & Sales Manager: Kazim Ibrahim

Consultants & Employees

State major partners, advisors and consultants in your business. If necessary,
attach their CV or state their qualifications. Also, you can list the number of
employees you have.

Our vet will be Chukwuma Yusuf

Our accountant will be Shola Adu

Our account officer/banker will be Lateef Jakande in GTA Bank

Our insurance agent will be Bode Thomas

Our engineer will be Ernest Henshaw

We will have 1 labourer who will be trained to consistently feed the fishes at
intervals and change the water when pH levels are dangerous.

We will have 1 sales representative and 2 wage-based hard labourers that will
measure, package and deliver fish to customers.

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TARGET CUSTOMER

This section will demonstrate how well you know your customers or in this case
businesses and how prepared you are to meet their needs. The clearer you are
about who your customers are, the more effectively you will be able to identify,
target and convert them.

Demographic information
Age: 25 – 65+
Gender: Gender of market traders (mostly female), hotels and restaurant
managers
Location: Ogba, Lagos
Occupation: Foodstuff traders, restaurant and hotel managers

Goals and values

Market traders, restaurant and hotel managers want to
- Increase business profit
- Ease and quick access to fish products

Sources of information
Where do they hang out? Market squares
Where do they get information from? Calls, SMS, radio, billboards, hearsay

Challenges and pain points

Market traders, restaurant and hotel managers want to
- reduce delivery fee for the their products
- get varieties of fish for their customers’ needs
- be assured of the quality and source of fish

How many customers are estimated to be in the target regions?

Do some market research to find out the number of foodstuff traders, hotels and
restaurants that sell fish in that area.

After a comprehensive market research, we found out that there are 4 major
hotels, 15 restaurants and 22 traders in close proximity to where we will set up our
fish farm.

Approach to pricing
What will you charge your customer and how did you arrive at that price? Low-
price, premium or market price.

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Adekunle Fisheries

The current wholesaler market price for catfish is ₦xxx per kg and for tilapia is ₦xxy
per kg.
Though we are closer to our customers which will save them a significant amount
on delivery, we will still charge a lesser price (while still making profit) as a low-
cost market-entry marketing strategy. We will sell catfish for ₦xyy and tilapia for
₦yyy.

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MARKET AND COMPETITION

To demonstrate how well you know the fish market and how prepared you are to
compete in this market, you will need to document your market and competition
research in your business plan.

Competitor Research

Competitor 1

Name & Location Average prices

Manna Fish Farm ₦xxx per kg for catfish
Iyanapaja, Lagos ₦xxy per kg for tilapia
Strengths Weaknesses
Existing market share Farther distance from their customers
Have built credibility with customers

Competitor 2

Name & Location Average prices

Digital Coldroom ₦xyy for tilapia
Iju Ishaga, Lagos
Strengths Weaknesses
Offers variety of fishes Distance from customers
Rigorous marketing

SWOT Analysis
What sets your business apart from your competitors?
Close proximity to customers which will help them save time and money in
sourcing for products.

Your strengths Weaknesses

Proximity to large amount of New to Ogba market
customers Small marketing budget
Team fish-business experience Long average time for fish to grow
before reaching sellable size
Opportunities Threats
Potential business leads in Ojodu, Competitors’ anti-competitive
Agege and Ibafo. The nearest fish strategies i.e. dropping price or
offering free delivery.

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Adekunle Fisheries

farms to these areas are also far and

costly.

Market Size
How big is the market? Opening days and times? What are the numbers of
potential customers in each market segments?

Market Traders in Ogba

Number: 45
Opening times: 7am – 9pm, Monday to Wednesday, Friday & Saturday
10am – 9pm, Thursday & Sunday

Hotels
Number: 7
Opening times: 7am – 11pm, Monday to Thursday
6am – 12 midnight, Friday to Sunday

Restaurants & Canteens

Number: 29
Opening times: 7am – 7pm, Monday to Saturday
9am – 10pm, Sunday

Others
The Palace Restaurant: 7am – 10pm, everyday
Topman Coldroom: 8am – 5pm, Monday to Friday

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SALES AND MARKETING PLANS

Show how you plan to attract and engage your customers in order to achieve
your business goals.

Marketing Plan
How will you promote your business?

Foodstuff Traders
Acquisition channel: Market squares
Tactic: Distribute flyers and branded souvenirs e.g. big bowls and parkers
Time: 7:30am when opening shop

Retaining channel: Calls and texts

Tactic: Cold calls and texts of available products at low-cost deliveries and prices
Frequency: 2 times a week

Hotels
Acquisition channel: Office visits
Tactic: Give flyers and business cards. Offer to attend upcoming hotel events

Retaining channel and tactics: Same with foodstuff traders

Frequency: 2 times a week

Restaurants
Acquisition channel: Restaurant visits
Tactic: Buy food and give flyers and business cards

Retaining channel and tactics: Same with foodstuff traders

Frequency: 3 times a week

Sales Plan
How will you retain existing customers and guarantee sales?

Payment Options – Cash, bank transfer and POS

Credit Sales – We don’t sell on credit i.e. payment must be confirmed before sale

Discounts – Offer free delivery on purchases 30kg and below within Ogba

Premiums – Give free knives to top 3 customers at the end of month

Guarantees – e.g. “Accurate weight or it’s free” or “Full money back guarantee if
unsatisfied with product”

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Adekunle Fisheries

OPERATIONAL PLANS

Give specific details around how your business will be operated, and give
demonstrate the confidence that you are prepared for the day-to-day running of
your business

Suppliers
Provide details of business relationships that will be important to running your
business.

Supplier / Relationship 1
Organization Relationship Status
Delta Fingerlings No contract / commitment
Idorenyin - 0801 222 3344 Others are: Project-based
Jerry – 0802 333 4455 arrangement
Contract under negotiation
Contract in place
Service provided Key terms of relationship
Raise and delivers healthy fingerlings ₦xy per catfish fingerlings
and juveniles to Adekunle Fisheries ₦yx per tilapia fingerlings

Supplier / Relationship 2
Organization Relationship Status
GreatPrints Enterprise Project-based arrangement
Dami - 0800 111 2222
Service provided Key terms of relationship
Prints and delivers marketing ₦xy per flyer / sticker for 100 flyers
materials including flyers and branded ₦yyx per branded packaging carton
packaging for 500

Future relationships are delivery companies

Staff & Location

How many staff do you currently employ?
Full time: 1

How many staff do you intend to hire in the next 6 months?

Full time: 1
Part time: 2

Where will operate from?

Fish farm – Adekunle Fisheries, 11B Business Street, Ogba, Lagos State.

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 Fish farming business plan

Insurance Plan
Include any insurance company, plans and agent.
No insurance plan

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Adekunle Fisheries

FINANCES

Give specific or round up costs of all important assets and expenses. List
collaterals and banks if collecting any loans.

Total Investment: ₦x,xxy,yyy

Start-up Costs
Property
If building a new property, cost of
Land: ₦x
Building ponds and tanks: ₦x
Signage: ₦x

If purchasing existing property, cost of

Building ponds and tanks: ₦x
Renovations: ₦x
Signage: ₦x

If you’re renting, cost of

Building ponds and tanks: ₦x
Signage: ₦x

Initial inventory
Catfish and tilapia fingerlings: ₦x
Fish feed, water test kits and probiotics

Cost to organize business

Registration with CAC: ₦x
Marketing (Logo, initial marketing campaign, business cards and other print
materials): ₦x
Training: ₦x

Operating Expenses
Employee wages & salaries: ₦y
Feed supplies: ₦y
Phone/internet: ₦y
Utilities (Electricity, water, waste): ₦y

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SUPPORTING EVIDENCE

Attach all the evidence that you are licenced to farm and use or handle any asset
you want to purchase, if you will be submitting the business plan to a potential
investor.

Lease agreements if you’re leasing a land.

C of O if you own the land.

Driver’s licence if you will be using a delivery bus.

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