Business Plan
FOR
NONYE'S CATFISH FARM
Prepared by:
Your Name: Faith Eke Chinonye
Business Address: North Bank, Makurdi,Benue state
Telephone: 2347053819718
Email:
[email protected] Page 1
Website: [email protected]
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TABLE OF CONTENTS
EXECUTIVE SUMMARY
1.0 COMPANY BACKGROUND
1.1 Description of the Business
1.2 Vision & Mission Statement
1.3 Business Objectives
1.4 Value Proposition
1.5 Critical Success Factor
1.6 Current Status of Business
1.7 Potential Challenges in the Business Industry
2.0 MARKETING PLAN
2.1 Description of Products & Services
2.2 Product or Service Delivery Strategy / Packaging
2.3 The Opportunity
2.4 Target Profile
2.5 Competition
Table: Competitive Analysis
2.6 Pricing Strategy
2.7 Marketing & Promotion Strategy
2.8 Distribution
2.9 Sales Method
3.0 PRODUCTION / OPERATIONAL PLAN
3.1 Description of the Location / Factory
3.2 Raw materials / Consumables needed
3.3 Production Process / Techniques
3.4 Legal Environment
3.5 Labour
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4.0 ORGANIZATIONAL & PERSONNEL PLAN
4.1 Ownership of the Business
4.2 Profile of the Entrepreneur
4.3 Key Management Staff / Support Personnel
4.4 Summary of Salary Schedule
5.0 BUSINESS MODEL CANVASS (BMC)
6.0 BUSINESS RISK & MITIGATION
6.1 SWOT Analysis
7.0 FINANCIAL PLAN (FIND ATTACHED EXCEL SHEET)
7.1 Financial Assumptions
Executive Summary
Nonye Fish Concept came up as a response to the under-utilization of the water heritage of Nigeria and the unparalleled increase in demand of seafoods due to
their health and tasty advantage.
Nonye Fish Farm aims at exploiting the rich benefit of fresh fish food that is easy to farm in our environment through professional growing of and mraketing of
Cat fish for local consumption.
The business has low competition here in Nigeria but high demand. This is why I are putting our focus into it. I have consulted successful entrepreneurs in this
business and taken into consideration viable measures that will take this business to the desired level.
This business is costed to be about two hundred thousand naira to start but projected to yield about four hundred thousan naira in three months and thus yielding
about a million naira in nine months. I have been able to access a piece of land for the business, a market base already and permission from controlling bodies.
We have created a professional logo for Nonye Fish Farm and are ready to take the business to great heights.
I intend maximizing my skills in fish farming to meet up with my goals and make gold-worth profits as the business promises 700% return on invested in one
year.
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It is a known fact that almost every household consumes fish. There are over two hundred thousand people in Markurdi ready to access my product for food
consumption and processing. And as we grow, I will entend my product to other states in the country. This places a pressure on my farm to produce to as many
as possible in Markurdi, which includes hotels, restaurants, and dormitories et al.
1.0 COMPANY BACKGROUND
1.1 Description of the business
Nonye Fish Farm is a Fish Farming company that is established to help solve the challenge of insufficient and high cost of fish in the nation. Nonye Fish Farm is
situated in the Middle belt of Nigeria, Markurdi, Benue state.
1.2 Vision and Mission Statement
• Vision
Maximizing the high demand for fish in Nigeria by growing cat fish and marketing it for its availability in the city of Markurdi.
• Mission statement
Feeding the people with surplus and nutritious fish by growing them professionally with natural feed and selling them at the cheapest price possible
through sound business skill.
1.3 Business Objective
Nonye Fish Farm aims at making fish a common food in the region thus reducing or terminating the high consumption of imported raw fish and also reducing its
high market cost.
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1.4 Value Proposition.
NONYE FISH FARM is strongly armed with a passionate value for human health, agricultural development and solid work ethic.
1.5 Critical Success Factor of the Business
Nonye Fish Farm utilizes the following factors:
Low cost of production of fish in Nigeria
Governmental support as the Nigerian government strongly supports agriculture. Growing
market: As most families and individuals consume fish
Our possible advantage of growing our fish with natural feeds, selling them live and fresh with economic friendly sales. The
proteinous benefit of fish to the health.
1.6 Current Status of Business
At the incubation stage
1.7 Potential Challenges in the Business Industry
Our fish business could face challenges of predators like snakes, water - borne diseases and environmental pollution.
2.0 MARKETING PLAN
2.1 Description of Product(s) or Service(s):
• Mature and tasty fresh fish
2.2 Product or Service Delivery Strategy/Packaging
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Due to the fact that we grow and sell live fish, we deliver the fish freshly killed to our customers. We package our product with our customized company identity.
2.3 The Opportunity
The opportunities available to me cannot be quantified. I envision partnership from hotels, recreational centres, local raw food markets and high demand from
families.
2.4 Target Market
We are producing cat fish for every household in Markurdi and for those who love it within the city. This includes: eateries, hotels and restaurants.
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2.5 Competition
Our competition is largely the importation of frozen fish.
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2.6 Pricing Strategy
To maintain the best possible pricing for our products we will ensure the following: I
choose a cheap but conducive site for our farm.
• I buy healthy fishlings with resistance to disease so that I don't end up selling a few
fish at maturity therefore hiking their price.
• I make sure that my company is to over staffed so that the commutative pay for staff
is bearable
• We cut the cost of running our farm to the barest minimum.
• We try as much as possible to attract buyers to our farms as against taking our
produce to the market to source for buyers; which will help eliminate the cost of
transporting our fish to the market and other logistics.
2.7 Marketing and Promotion Strategy
We will be willing to utilize every available means (both conventional and non-
conventional means) to advertise and promote the business.
Our plans are to:
• Leverage on the internet and social media platform like: Instagram, Facebook,
Twitter, YouTube, Google, et al to promote our business
• Distribute our fliers or handbills in target areas
• Contact hotels, restaurants, and residence in our target arears by calling them
and informing them of our pond.
2.8 Distribution
As my company grows, i ensure that we have available and working company trucks for the
transportation of our goods to the market or clients industries.
2.9 Sales Method
The following are our planned sales methods for achieving optimum sale:
• We will be organizing promos and discounts for the first certain number of persons
who will patronize our product and for those who will buy them in large quantities.
• We will be having awareness seminars and educative rallies on the health and the
benefits of taking fresh fish. These rallies would involve organized competitions and
talks shows. We will also give some of our products free and
sell them at discounted amounts on those days to encourage people to buy them and
increase the publicity of our products.
• We will also be encouraging direct sales and individual purchase on our farm for
those close-by.
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• We have also created a Facebook page (Nonye Fish Farm) for our company to help
interaction with our clients online and also a blog (Nonye Fish Farm) where we share
health knowledge and promote our uniqueness.
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3.0 PRODUCTION/OPERATIONAL PLAN
3.1 Description of the Location
Nonye Fish Farm is located at North Bank Makurdi, It suits a 20×20 feet wide
and 15 feet deep pond with an overhead tank above it.
The location is suitable for both water availability and animal pest control.
3.2 Raw Materials/Consumables Needed
We need the following for our operation:
S/N Materials Quantity Key Suppliers Source
1 Fish pond 1 Engineers Nigeria
2 Pumping machine 2 Local market Nigeria
3 Seine reels 1 Local market Nigeria
4 Aeration devices 2 Local market Nigeria
5 Handling and grading 1 drag Local market Nigeria
equipment net,
cutlass,
knife and
1
weighing
scale
6 Water testing equipment On
demand
7 Processed fish meal On Local agricultural Nigeria
demand market
3.3 Production Process/Techniques
The steps involved in plantain farming are as follows:
• Acquisition of suitable land: A minimum of One acre of land can
accommodate a 1000 capacity fish pond.
• Clearing of the land and construction of the pond.
• Pumping and fertilizing of water
• Dropping of fish into the water
• Feeding of fish
• Monitoring of water and health of fish
• Weighing and recording of fish
• Harvesting and selling of fish
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3.4 Legal Environment
The business have gained approval from the community heads of the location we are
using. The business has been registered with the Corporate Affairs Commission (CAC) and
paid some money for the Certificate of Occupancy (C of O) for 1 plot of land.
3.5 Labour
S/N Designation Type Quantity Remarks
1 Pond contractor Skilled 1
2 Pond monitor Professional 1
3 Accountant Skilled 1
4 Sales person Unskilled 1
4.0 ORGANIZATIONAL & PERSONNEL PLAN
4.1 Ownership of the Business
The business is a Sole proprietorship form of entrepreneurship for easy coordinating and
implementation of the entrepreneurs goals.
4.2 Profile of the Entrepreneur
I, Eke Chinonye Faith, a student of University of Agriculture, Markurdi, with the department
of Animal Breeding and Physiology, is a vibrant, passionate agripreneur. My vision is to
enhance the agricultural sphere of Nigeria, therefore, increasing profitability and job creation.
4.3 Key management staff/Support Personnel
Chief Operating Officer- is responsible for the following roles:
• Strategies for the overall profitability and easygoing of the farm
• Signing of business deals for the organization
Pond Manager- is responsible for the following roles:
• The quality of water of the pond
• The health and growth of fish
• Record keeping of Supervising other section managers
• Ensuring compliance during project executions
• Carrying our risk assessment
Sales Person
• Overseeing the accounting, costing and sale of farm produce after harvest
• Handling all financial transactions for the company
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• Defining job positions for recruitment and managing interviewing process
• Carrying out staff induction for new team members
Administrator/Accountant- is responsible for the following roles:
• Financial forecasting and risk analysis
• Preparing financial budgets, reports and financial statements for the
organization
• Administering payrolls
• Developing and managing financial systems and policies
• Serves as internal auditor for the company
4.4 Summary of Salary
Schedule Table: Staff salary
schedule
Name Designation Monthly Salary Annual Salary
1. Eke Chinonye Pond N20,000 N240,000
Manager/CEO
2. Caro Julin
Accountant N20,000 N240,000
3. Stella Pius
Sales Person N20,000 N240,000
Total Salary N60,000 N720,000
Although this scale will increase, it is our salary scale for the first year only. Salaries would
surely increase substantially every year until we set standard salaries.
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5.0 BUSINESS MODEL CANVAS (BMC)
Business Idea: Cat Fish Farming
Product / Service Idea: For human consumption, health improvement and cheaper purchase
5.1 Key Partners 5.2 Key Activities 5.3 Value Propositions 5.4 Customer 5.5 Customer Segments
Our key partners Cultivation of land; Sales of quality and cheap Relationships Families & schools; Local
are: Construction of pond; fish; Personal assistance; fresh food markets;
Families, restaurants, Cleaning of pond; Pumping After sale services; Tourist centres and hotels;
hotels, caterers of water; Fertilization and Goods delivery; Promos Restaurants and eateries
liming of water; and discounts;
Our key suppliers Dropping of juvenile fish into Apprenticeship;
are; water; Low price of our fish; Open
Daily checking and feeding of days into our farm;
fish; Sponsorship of key events
Changing of water every three and programs
days;
Weekly weighing of fish;
Publicity;
Customer relationships
5.6 Key Resources 5.7 Channels User Segments
Loans and grants; Family Social media (running 24 Social media (for social
and friends; Capital and hours but companys posts media users)
infrastructure would be in the evenings) Magazines and handbills (for
Health seminars and rallies road workers and public
Radio and TV workers);
Blogs & Facebook page (for
internet users)
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Health seminars & rallies (for
uneducated people)
Radio (for aged men &
unemployed)
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6.0 BUSINESS RISK AND MITIGATION
RISK MITIGATION
Economy: High cost Reduce my cost of production to the barest minimum
of raw materials and
inflation
Animal pest: snakes Creating barricades against predators. Creating metal nets over the pond.
etc.
Environmental: land Secure adequate license and certificates for our lands
encroachment
Legal: Unfair Employ a company lawyer
lawsuit against
company
Environmental Connecting our pond with a good drainage
pollution
6.1 SWOT Analysis
Strengths: Weakness:
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1. we have healthy relationship loads 1. we are young and growing
of major players (eateries, hotels 2. We don't have much staff
and the local fresh food dealers)
in Markurdi
2. We have a standby customer
base due to the fact that we are
indigenes of the land.
3. We grow our fish with natural feed
only
Opportunity: Threats:
1. Fish has increasing high 1. Environmental pollution due
demand due to its nutritional to smelling pond water
value 2. Fishes attracts snakes and reptiles
2. Fish is eaten by all classes of 3. Cat fish tend to eat themselves
people and provides about 60% of
protein in Nigeria. This
encourages our fish Farming
3. Fish is preferred to meat
because of its low fat quality
4. Fish farming is not expensive
and the profit is over 100% of the
cost
5. Fish is consumed at all time;
whether festive period or
non- festive period.
6. The competition for fish farming
in Nigeria is low because there are
few fish farms around.
7. Agriculture is attractive to the
government and partnership from
merchants.
7.0 FINANCIAL PLAN:
To be computed using the MS-Excel financial model sheet attached.
7.1 Financial Assumptions
We are making our financial assumptions on the grounds that there would be no economic
inflation, that the competition will be fair, and that the demand for plantain will have a stable
increase.
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