Fish farming is practiced all around the world and has been making a lot of profits for fish farmers and investors. What make fish farming in India unique are the high population and the high demands of fish in the country.
Fish farming in India is a multibillion dollar business. But you need to know all it takes to start and stay in the business. There have been instances where investors interested in this field have started the building of fish farming businesses, but got stuck on the way. The main reason for this is because they did not factor in all the cost implications before commencing the project.
The return on investment in this sector is very high as a result of the demand for fish rising among India’s growing population, demand is outweighing supply. This is good news for investors interested in starting a fish farming business there is no better time to invest than now.
Fish farming requires certain things to be in place. This includes a proper financing arrangement, planning, and the development of an effective distribution channel that will ensure products reach consumers on time with minimal damage.
The Business Plan
It is imperative that a fish farming business plan should be in place before the commencement of the business because fish farming in India is serious business.
This business plan should be well written out by the farmer. In the event that the farmer has little to no knowledge on how to write a good business plan, the services of experts in this field should be sought.
The business plan will provide a working framework for the business, enabling it to have clear goals and visions, including a definite line of action resulting in visible output that encourages the growth of such a business.
Carrying Out a Feasibility Study
Feasibility study is a very vital aspect before committing to any investment in this sector.
Conducting a feasibility study allows the investor to avoid pitfalls that would have impacted the business negatively, and helps the investor in deciding if it is worth starting. Prospects or its opposite are highlighted by a feasibility study.
This study helps you to gauge the prospects of going into this business compared to the economic realities. Current economic realities are very vital to the business.
Fish farming thrives more in India when economic indices are positive, as there is more purchasing power among citizens than during periods of negative economic growth when every sector, including the agricultural sector witness low patronage.
India’s Large Population
India today has over a billion people, making the demands for food enormous. The population of India is its asset, as there are billions of mouth to feed, and limitless opportunities for making serious money in the process.
Fish farming business is capital intensive, so it will do well to take this into consideration.
Selecting the Right Specie
Selecting the right variety of fish is very important and also the specie that is well demanded for there.
The Tilapia specie has a very good adaptive future to the Indian environment. High yield Tilapia species will do the magic as the increased demand for fish and fish products can be met if done properly using the right techniques. Consulting experts greatly helps the business avoid making costly mistakes.
Feeding is usually capital intensive, it constitutes a significant part of the expenses to be incurred by the fish farmer. It is necessary that before the commencement of the business, the cost of feeds should be factored into the overall expenditures.
It is important that the money for the feeds should be kept aside, and not used for other purposes. Without adequate planning for the feeding of the fish, the entire business objective is derailed, as it becomes a haphazard business venture which will eventually manifest
The Marketing of Your Products
To aid in the distribution of your fish products, it is necessary that you have an effective marketing strategy in place. The absence of a good marketing structure will make the difference between increased profitability and low patronage.
Putting in place an effective product distribution strategy is very important to the growth of the business. Business is only complete when a product reaches its target customers.
Establishing effective distribution channels can be a painstaking process. However, the benefits are enormous, as it is a onetime event. Successfully doing so will result in attractive financial rewards.
The high population of India can be properly exploited through the use of effective marketing strategies. There are several marketing channels to adopt. These include cost-effective strategies which are very effective, yet considerably cheaper to use.
Including the use of social media as a marketing tool is a very effective strategy that will ensure that a lot of people are informed of your services, while spending little to nothing doing so.