Fish Farming Business 101 (Part 4)
10. Construct a Feasibility Report
Create a detailed business report about your farm may be on a weekly, monthly or yearly basis to help you know if the business is really moving towards your vision.
The feasibility report of your farm should include the details about the capital you invested in the business, expenses made on essential items and facilities such as workmanship, supplies, feed, repairs, and utilities as well as your profit.
With this kind of detailed budget, construction will give you a clear overview of what the business look like in years to come.
11. Get Ideas from Potential Catfish Farmers Around
Paraventure, there may be other catfish farmers around the area where you operate your catfish farming you have to get close to the farmer involved to get ideas that will help you hit your target.
For the fact that the farmer has been into the business years before you, he must have known the tricks applied and also have a ready market.
You can start making a ready market where you will be supplying your grown fish through the catfish farmer and his customers. It there are no target customers, you may continue keeping grown fishes in the pond.
READ ALSO: Fish Farming Business 101 Part 2
12. Analyze the Cost of Return On Investment (ROI)
Taking the calculation and analysis on return on investment helps any kind of startup business to know if the one run so far was profitable and is expected to continue.
In this case, you have to analyze the cost-benefit ratio on catfish farming. The result will show if it should be considered profitable or not. This is known as the profitability analysis of catfish farming in other words.
Thousands of people want to venture into catfish fish farming to start making profits, it is not a bad idea at all.
But you must always have in mind that fishes need exceptional care and management from what they eat, to quality water, temperature and all other things they need to survive and grow healthier and bigger.