A few days ago, we published an article on How to start a fish farming business in Africa. One of the questions we got was; Is fish Farming Profitable?
The answer to this question is ambiguous, but we are going to provide some answers to it, as well as give you a comprehensive guide on how to run a profitable fish farm business in Africa.
First thing first, as we noted in our earlier article; fish farming business, just like any other business needs patience, consistency, and commitment. Once you combine these three things together, plus experience you are ready to go.
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Is fish Farming Profitable?
A man contacted me sometimes ago to managed a fish farm for him, he has a very big farm with a lot of dreams and potential. The farm had 10 concrete tanks already and he was about starting a very big earthen pond. I had to pause the construction of the earthen pond and advise him to build a pen house for poulets (Layers). He immediately buys the idea and started the poultry farm.
I had my reservations about his business plan especially for the earthen pond, and I wanted him to have something that will give him leverage and quick returns on investment while the construction of the earthen pond was ongoing.
My Idea about business especially Agro-based business is simple. You need to validate your plans first before going into it. The success of your business is partly dependent on the validation.
The Poultry farm immediately became a success story complimenting the fish farming business.
You may ask, why did you take such a decision, is fish Farming Profitable? The answer to that question is simple, fish farming is very profitable but it takes a lot of time.
You can spend so much on feed and manpower for Months before recouping your first profits little by little.
How to run a successful fish farming business.
1. Have a validated Business plan
2. Develop a good cost-benefit analysis
3. Employ only experienced fish farm attendants.
4. Get good fish breed
5. Have a ready Market in mind.
1. Have a validated Business Plan.
As a Fisheries consultant, the first thing I always ask from fish farmers if they invite me to their farm is their business plan. The business plan will highlight why they are into the business, their short and long term plans and their expectation. This will guide me to know how best to assist them.
2. Develop a good cost-benefit analysis.
Though this supposed to be part of the business. I always advise fish farmers to make this handy for reference purposes. Before starting a fish farming you need to know how much you will be spending daily and your expectation at the end of each farming period.
3. Employ only experienced fish farm attendants.
You need a good, experienced and qualified fish attendant to manage your farm. Don’t accept anything less apart from the best.
4. Get good fish breed.
A good breed of fish will grow fast. Look for them, get them and enjoy the business.
5. Have a ready Market in mind.
You need to have at least 2 to 3 markets in mind where you will be selling you fish to. Get their contact, start engaging them a few months to the harvest of your fish.
I have carefully avoided feed. But it is worthy to mention that feed and water are the two most important elements in fish farming, feed the fish well, change the water regularly and you will enjoy fish farming.