The fish farming business is one of the businesses in which a skilled entrepreneur can easily start and generate large returns on his investment within the first business cycle, simply because of the demand for fish. Fish is a source of food and protein for both humans and animals.
In fact, fish are found and consumed all over the world, so it is a business that can thrive wherever you decide to start your business. It is not limited to a geographic region.
There are lots of fish farms, especially catfish farms, etc., so if you want to start your own fish farm, it will be more profitable to start a salmon farming business. One good thing about salmon fish is that they can live in both fresh and salt water.
Salmon belongs to the family of salmonids and is considered a fatty fish and an important source of fish protein, vitamin D and Omega 3 fatty acids, etc. An average salmon fish has a life span of three to eight years and can become very large (20 inches to 5 feet and can weigh from 4 to 110 pounds), hence its nickname of super fish.
The fact that salmon thrive in both fresh and salt water makes it easier to choose how you want to raise your salmon. There is no doubt that starting a salmon farm requires a lot of work, but it is actually a very rewarding enterprise.
Now let’s consider some of the steps you should take if you are interested in starting your own salmon farming business:
Starting a Salmon Farm Business Plan
1. Conduct your feasibility studies
There is a lot to gain when you get involved in feasibility studies before starting a new business. Without a doubt, the feasibility study provides you with the information you need to make an informed decision. Part of the questions your feasibility studies will answer is the total cost of establishing a commercial salmon farming business, the projected profits, and the likely challenges you are expected to face in the business.
Once you are equipped with this knowledge, it will be easier for you to make appropriate plans on how to run the business. In fact, some people call it dropping out or going back to the drawing board once they discover that they are not well equipped to run this type of business when the results of their feasibility studies are staring them in the face.
2. Acquiring training
It’s easier to do quite well in a business where you invest your time and money in learning rather than employing the trial and error approach. Therefore, if you are serious about starting your own salmon farm, it is important that you enroll in an aquaculture/fishing school to receive training on how to raise salmon.
You can also visit the Internet to research salmon, the right habitat for them, what they feed on and their feeding pattern, their growth and life cycle, how to hatch their eggs, how to handle newborn salmon (fry or sac fish) and other key factors that will place you in a better position to run a salmon farm.
3. Write your business plan
It is important to write a business plan, especially if your intention to start your salmon farming business is to make good profits and also continue to grow and expand the business.
The truth is that any business that has a good business plan in place before the business is started tends to perform quite well when compared to a business that is being operated without a business plan. So make sure you have your fish farming business plan in place before you start your own salmon fish far away, it will be to your advantage.
4. Acquiring your farmland
Good enough land is not expensive in most parts of the world. If you want to go into the commercial salmon farming business, it is expected that you will acquire farmland in an area that is zoned for such commercial activities. In a well-planned city you will not be allowed to install a fish pond in a residential area for obvious reasons.
5. Set Up Your Fish Farm and Pond
Once you have been able to secure a farmland for your salmon farming business, the next step is to ensure that you design and install ponds for the various stages of growth of your salmon and also design and install your fish farm.
A female salmon fish lays about 5000 eggs per nest and if not handled well, a large number of eggs will be wasted, so it is important to set up your own fish farm if you want to maximize profits.
6. Hire personnel
You will need hands to help you maintain your salmon farm. You need more unskilled labor, so your budget to pay the salary will not be high.
7. Harvest and sell your salmon fish
The next port of call would be to harvest their salmon fish and start selling it. There are a lot of people who would like to buy your crop, and you can be sure that you will get great benefits when you follow the guide.
9. Tell people about your business
This step is very important, since there is a lot to gain when you tell people about your business. In this case, the old word-of-mouth ad would help this to flourish. Let them know when your harvest is happening so they can get there in time to make their purchases.
Now that you have learned a lot from this article, it is also important that you continue to receive training on how to best run your business.