1. 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?

2. Important aspects Selecting a species Product form Price Promotion Place

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

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

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

6. · Selecting A Species

7. Choose species with production information available. =

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

9. Selecting a Species If possible, provide variety

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

11. 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.”

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

13. 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

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

15. Place - depends on :

16. $15.47 $30.00 Family Style · Atmosphere Service

17. Regulations Focus on permits to Focus on permits to

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