FINANCIAL PROJECTIONS The money expected, depends on
turnout of farm. As a rule however profit rate is about 75 – 80%. Fishes are sold in weights (KG) and not in numbers. Loss or non-loss or gains in weight in turnouts will either extend or shorten time to achieve financial goals of profit making and for business to sustain itself.
Once ponds are constructed, fish to be stocked are booked or produced at least one month before stocking and other facilities put in place, venture can be become operational within 2 months from day of financial mobilization and cash backing. It is also expected to become profitable not more than 1 year after 1st harvest, 1st harvest is expected to be not more than 6 months after 1st stocking and continues every 2 weeks or monthly. In other words if we stock a certain number every 2 weeks or monthly, after 1st 6 months we should begging harvesting a certain kilogram every 2 weeks or monthly too.
SKILLS AND ABILITIES FOR SUCCESS
Fish farming is a risky business that requires special knowledge and skills. A good management practice is key. Individuals with little or no experience can also be successful. Enlisting assistance of someone in know-how of business either by profession or/and by experience is essential. Supervision and training would also be giving to persons of little or no experience. Other factors to consider include:
Employment of adequate staff and paying competitive salary Employing a marketing officer Provision of official vehicle for farm operations Offering placement for I.T students Networking with other fish farmers and others in industry.
PRODUCTION FEASIBILITY
In Nigeria, there is no special permit needed to establish a fish farm. It is a completely deregulated sector of economy, in fact whole of agricultural sector is. To however gain recognition by government and be a legal entity it is important to register business name with corporate affairs commission, which cost a total of #30,000. With time one can then register it as a private liability company (LTD) which is #50,000 for a company with share capital of about a million.
