5. Management Team
Our catfish farming business is committed to recruiting a team of dedicated and skilled professionals that will ensure the efficient and sustainable operation of our modern catfish production business.
Their combined expertise and commitment to excellence will drive the success and growth of the catfish business. In the context of this, here’s a detailed key management team roles and their responsibilities:
1. Chief Executive Officer (CEO) / Director
Responsibilities:
- Strategic Planning: Develop and implement the overall business strategy, ensuring alignment with the company’s mission and goals.
- Leadership: Provide leadership and direction to the management team, fostering a collaborative and productive work environment.
- Stakeholder Management: Build and maintain relationships with key stakeholders, including investors, partners, and regulatory bodies.
- Decision-Making: Make high-level decisions regarding business operations, investments, and growth opportunities.
2. Farm Manager
Responsibilities:
- Day-to-Day Operations: Oversee the daily operations of the catfish farm, ensuring efficient and effective production processes.
- Farm Management: Manage pond systems, water quality, feed schedules, and health monitoring of the catfish.
- Team Supervision: Supervise farm attendants and ensure they are performing their tasks efficiently and correctly.
- Sustainability Practices: Implement sustainable farming practices, including Biofloc Technology (BFT) and Recirculating Aquaculture Systems (RAS), to enhance productivity.
3. Accounting Officer
Responsibilities:
- Financial Management: Manage the farm’s financial operations, including budgeting, accounting, and financial reporting.
- Cost Control: Monitor and control operational costs to ensure financial efficiency and profitability.
- Financial Records: Maintain accurate financial records, including sales, expenses, payroll, and inventory management.
- Regulatory Compliance: Ensure compliance with financial regulations and reporting requirements.
4. Sales Representatives
Responsibilities:
- Sales Strategy: Develop and implement sales strategies to promote catfish products and achieve sales targets.
- Customer Relationships: Build and maintain relationships with customers, including local markets, restaurants, and retail stores.
- Market Expansion: Identify and pursue new sales opportunities, including potential export markets.
- Feedback Collection: Gather customer feedback to improve product quality and customer satisfaction.
5. Farm Attendants
Responsibilities:
- Routine Tasks: Perform daily tasks such as feeding the catfish, monitoring water quality, and maintaining pond cleanliness.
- Fish Health Monitoring: Regularly check the health and growth of catfish, and report any issues to the Farm Manager.
- Harvesting and Processing: Assist in the harvesting and processing of catfish, ensuring quality standards are met.
- Equipment Maintenance: Maintain and clean farm equipment to ensure its proper functioning.
6. Financial Projections
The Financial Projections section provides an estimate of the financial projections of our modern catfish farming business over a specified period, typically one to three years. This section includes projections of start-up costs, revenue, expenses, profits, and cash flow, offering a comprehensive overview of the business’s expected financial health and viability.
Start-up Costs:
| Item | Quantity/Duration | Unit Cost (₦) | Total Cost (₦) |
| Fingerlings | 3000 | 75 | 225,000 |
| Tarpaulin Pond Construction | 3 | 170,000 | 510,000 |
| Feed (9 bags per month) | 9 bags x 6 months | 12,500 | 675,000 |
| Director Salary | 6 months | 150,000 | 900,000 |
| Farm Manager Salary | 6 months | 100,000 | 600,000 |
| Account Officer Salary | 6 months | 80,000 | 480,000 |
| Sales Rep Salary | 6 months | 70,000 | 420,000 |
| Farm Attendant Salary | 6 months x 3 attendants | 40,000 each | 720,000 |
| Lease | 1 year | 500,000 | 500,000 |
| Marketing and Advertising | 1 year | 500,000 | 500,000 |
| Miscellaneous (Logistics, Utilities, etc.) | 1 year | 500,000 | 500,000 |
| Tools and Equipment (Nets, etc.) | – | 250,000 | 250,000 |
| Total Capital Required | 6,280,000 |
Following is the cost and revenue projections for a 3-year period. To arrive at the projections, we made the following assumptions.
Assumptions:
- Initial Stock: 3000 fingerlings
- Mortality Rate: 7% (210 fingerlings lost)
- Mature Fish: 2790 fish (3000 – 210)
- Sale Price per Mature Fish: ₦4000 (Year 1), increasing by 15% per year
- Cost Increase: 15% per year
- Production Cycle: 6 months
- Feed Bags per Cycle: 9 bags per month for 6 months (54 bags per cycle)
- Other costs: Proportionally increased with the cost increase assumption
Cashflow Projections:
Initial Costs:
- Fingerlings: ₦225,000
- Tarpaulin Pond Construction: ₦510,000
- Feed: ₦675,000 per cycle
- Director Salary: ₦900,000 (for 6 months)
- Farm Manager Salary: ₦600,000 (for 6 months)
- Account Officer Salary: ₦480,000 (for 6 months)
- Sales Rep Salary: ₦420,000 (for 6 months)
- Farm Attendant Salary: ₦720,000 (for 6 months)
- Lease: ₦500,000 (per year)
- Marketing and Advertising: ₦500,000 (per year)
- Miscellaneous: ₦500,000 (per year)
- Tools and Equipment: ₦250,000 (one-time)
3-Year Cash Flow (₦)
| Period | Sales Revenue | Feed Cost | Salaries | Lease & Misc | Marketing | Total Cost | Net Cash Flow |
| Year 1 (First 6M) | 11,160,000 | 675,000 | 3,120,000 | 500,000 | 500,000 | 4,795,000 | 6,365,000 |
| Year 1 (Second 6M) | 11,160,000 | 675,000 | 3,120,000 | 250,000 | 250,000 | 4,420,000 | 6,740,000 |
| Year 2 (First 6M) | 12,834,000 | 776,250 | 3,588,000 | 287,500 | 287,500 | 5,029,250 | 7,804,750 |
| Year 2 (Second 6M) | 12,834,000 | 776,250 | 3,588,000 | 287,500 | 287,500 | 5,029,250 | 7,804,750 |
| Year 3 (First 6M) | 14,658,900 | 892,688 | 4,126,200 | 330,625 | 330,625 | 5,680,138 | 8,978,762 |
| Year 3 (Second 6M) | 14,658,900 | 892,688 | 4,126,200 | 330,625 | 330,625 | 5,680,138 | 8,978,762 |
This is Superb!!! Highly enlightening!!
Thanks, if you need anything please, don’t hesitate to ask.
This fish biz plan seems less detailed compared to the pig production. Also, how can I get in touch with you for I appreciate the wonderful work presented there and hoping for investment. Well done. Great teachers.
We are working on updating the fish business plan with the latest information based on experience we’ve had on the business. You can contact us through the contact form, except if you want direct consultation.
Thanks for this write up.
It is an eye opener and enlightening for me.
Thank you. Soon we will upload a cost calculator to assist you when starting up or expanding your business.
Please admin can we get a company balance sheet for the fish farming
Yes, we are rolling out spreadsheet templates to handle financial projections. By next week, we shall make available templates for cash flow and profit & loss, then the balance sheet will follow later.
Thank you.
What will be your fee for providing the technical know how of the business. Can you also be a reliable vendor to provide all the equipment needed for the business? I reside in Warri Delta State. I want to go into this business using this business plan.
Thank you, Joseph. We will assist you to any extent you want for a small consultation fee. It will be ideal for you to check around the Warri area for some of the items to reduce transport costs. For example, check if you can get who can construct a mobile pond of 1000 capacity and how much. We can ship one for you at N90,000, but you will bear the cost of transportation.
Any item you cannot get, let us know so we can assist you. By next week, we shall be publishing a cost calculator to assist you calculate the expected capital outlay depending on the quantity of stock you want, and the expected profit per batch. Please, use the contact form to itemize what you want us to help you do so we can calculate the administrative charges.
Thank you
I have sent you a mail. Pls read and reply. I didn’t know where to get the contact form. The contact phone number I saw and called, the recipient couldn’t say much. My phone number is also in the email I sent.
Good day, Thanks for the write-up, i’m confused in your sales of N2,000,000 for 6months, when you reared 1000 fingerlings sold @ N1000/KG, it seems the equation is missing somewhere, help me out . thanks
Good day,
Please, I want to know if the confusion is from the business plan or from the financial cost calculator. please, revert back so I can assist you. Meanwhile, N2million sales should be for one year. That is 1000 stock per six months. Remember that it is just an estimate. Use the financial calculator to get the approximate cost and profit of your proposed stock per batch. Get the calculator here: http://www.kmacims.com.ng/startup-cost-for-businesses/
Thanks
I’m referring to this sales Under Month 6 (N2M) also month 12 (N2M), where as you only reared 1000 fingerlings @ N1000/KG http://www.kmacims.com.ng/wp-content/uploads/2019/05/Cashflow-Fish-farm-biz-plan-min.png
Ok, I now understand. This is a typical cashflow statement for 12-month period. The stock for the cashflow is 2000 fingerlings @ 20 each. That gave you 40,000. However, as an estimate, you get 2,000,000 revenue for the 2000 mature fish. But note that mortality rate was not considered here. That is why we are creating a cash flow template that will take care of the mortality rate and give you the actual cash flow based on the number of stock you have per month. What we presented in this article is just an estimate.
Apologies for responding very late, I am just seeing this now.
Thank you.
Thank you for this enlightening plan.
Please where can I get affordable pelleting machine and dryer.
Can you please share good catfish meal formula and ingredients with me
Thank you very much
Thank you Olamilekan,
For now, we buy all our feeds from the market. We are not into feed mixture and production.
However, you can check the following links
1. Jiji – https://jiji.ng/farm-machinery-equipment/pellet
2. Afrimash – https://www.afrimash.com/shop/agricultural-equipment/outdoor-agricultural-equipment/motor-machines/feed-pelleting-machine/
Thanks.
Admin, well done. More power to your elbow. Please I need your contact.
Thanks, Tonychrys. You can use the contact link: http://www.kmacims.com.ng/contact.
Thank You.
Hi, you have businessplan for prawn,/shrimp farm indoir
No sir.
Thank you.