Starting an Aquaculture Business You MUST know where your product will be sold before you stock your fish : –Product definition? –Marketing area? –Current prices? –REGULATIONS?

Important aspects Selecting a species Product form Price Promotion Place

Budget preparation Variable costs –Fish –Feed! –Utilities –Capital equipment

Budget preparation Variable costs (cont.) –Expendable equipment –Processing –Distribution – Fish health managment

Budget preparation Fixed costs –Labor –Insurance –Advertising –Legal and consultation fees –Taxes

· Selecting A Species

Choose species with production information available. =

Selecting a Species Competition Native wild Foreign wild Farmed domestically Farmed internationally

Selecting a Species If possible, provide variety

The Four P's in Marketing · · · · · · · · · · · · · · · ·

Product Refers to market size and the degree of processing “Customers don’t want to pay full price for anything and they want to see how much they are saving.”

Price - Where to Start? “ Did you know that every unsatisfied customer transaction wipes out the total profits on 5 to 7 satisfied customers?”

Scale of operation Resources available Availability of product Location of farm Scale of operation Resources available Availability of product Location of farm Promotion - depends on

Promotion Must be targeted to your audience. –Income level –Marketing location Must be targeted to your audience. –Income level –Marketing location

Place - depends on :

$15.47 $30.00 Family Style · Atmosphere Service

Regulations Focus on permits to Focus on permits to

Inspection Hazard Analysis Critical Control Point (HACCP) Hazard Analysis Critical Control Point (HACCP)