Start Fish Farming To Make Money
Fish farming is an extending business opportunity for small scale entrepreneurs. How to start fish farming? You can earn a satisfactory amount of money with backyard fish farming. In practice, the job is easy. However, you need some technical and managerial skills to be succeeded in the business. For instance, the feeding, properties of water, storing etc. differs for different fishes.
What Is Fish Farming?
Fish is a great source of healthy and nutritious lifestyle. However; climate change, pollution of the seas and oceans, global warming are also threatening fishing. Compared to the past, it is more difficult to find organic and healthy fishes in the market. Due to this fact, like many other foods, aquaculture is extending and developing.
Home based fish farm is good for your health. But not just that. It is also a good source of money. There is not just one type, you can start based on the size of your house and also your budget. There are different ways to start fish farming. Some alternatives are given below:
- Backyard fish pond
- Indoor fish farming
- Fish tanks
- Fish tubs
- Fish containers
Fishes to Farm
In addition to the size of the farm, you have different alternatives for fish farming in terms of types. The type depends on the climate of the location, your target and the market conditions fitting on you. For instance, if you raise the fishes only for yourself, then choose based on your own preferences. If you are planning to produce fish for market, then analyze the market demands and profitability. In this case, you should choose most profitable fish to farm.
How Does It Work?
Different types of fishes have different necessities and also leads to different returns. Several types of fish farming you might consider to start is given below:
- Salmon Farming: Salmon is the most popular fish type of farming.
- Crab Farming: After salmon, the crab is another popular and profitable type.
- Tilapia Farming: Tilapia is a fastgrowing fish and can be harvested within 6-7 months. It is the third popular fish after salmon and carp. It is a large size and contains high proteins.
- Shrimp Farming: Due to the climate, the center of shrimp farming is Asia, which is followed by Latin America.
- Catfish Farming: It is among the most popular type in the US. It is a great source of protein and also easy and flexible to raise.
- Koi Farming: After Asia, they are becoming more popular in the US. The advantage is that they need minimum supervision for farming.
- Ornamental Fish Farming: These are colorful, fancy fishes which are generally known as aquarium fish. The market size for US approximates $6 billion, with an annual growth rate of 8 percent. It shows, how profitable is fish farming business.
Moreover, you can start your business in two ways.
- Commercial fish farming necessitates an extra land and it is the highest part of the cost. The return of the mass production may vary. You need permission from local entities and may require licensing.
- The highest share of the homebased fish farming costs is equipment. These include some kind of containers, water pumps, aerostation devices etc.
For both other costs include, feeding, maintenance, cleaning, transportation, distribution, storage etc.
What Should You Do?
Like all other business, you should start with a good business plan that fits into your targets and budget. To get a good return, don’t be hurry and make your goals clear.
- Feasibility Analysis: Start with a detailed desk work. Analyze the area you can reserve and the budget you have for this business. Then analyze your local market and potential of the market in terms of fish sales. Moreover, analyze the necessities of fish types and find the best suited type for your business.
- Business Planning: Decide the size of your business. The plans should change whether you are producing for neighborhood (small scale), for local markets (medium scale) or mass production (large scale). For instance, for the last one you need to think also processing, packaging and storing.
- The costbenefit analysis: Before starting your business, you should make a detailed cost-benefit analysis. For instance, you should compare indoor fish farming profits with backyard farming to make a good decision. You should consider; supply and demand, capital costs, operating costs, resources needed, time you should devote, whether you need employees, accessing to market etc.
- Training: Since fish farming needs some technical knowledge, once you decide to start, you are recommended to get training. You need not only technical, but also managerial skills. You can do it either working in a fish farm for a while or you can join a certificate program. During these periods, you are expected to learn, water quality management, disease control, feeding, marketing and processing skills.
- Step by step: If you are new to sector, it is better to start with a small size business to see whether you succeed of failed.
Costs For Fish Farming
Like other business, we can mention about two types of costs: fish farming setup costs and operation costs. The first one equals the initial payment you need to make for the initial capital. If you are doing it from home, it is cheaper compared to commercial fishing. The second one includes periodic payments you should do like feeding, cleaning etc.
For instance, if you prefer commercial fish farming probably the initial payments will be your main costs. On the other hand, for home-based fish farming operating costs are main cost items.
In short, how much does it cost to start a fish farm depends on many factors. These factors include:
- Whether you choose a commercial or home base fish farming,
- The size of the farm,
- The target of your business,
- The type of the fish,
- The quality of equipment,
Still, what we know is day by day the sector, demand increases and fish farming becomes more profitable.