Interested in small fish farming in India? If YES, here is how to start a fish farm business.
How to Start a Fish Farm in India
Fish farming in India is a multibillion dollar business. With the demand for fish rising among India’s growing population, demand is outweighing supply. This is good news for investors interested in starting a fish farming business.
The return on investment in this sector is very high and there is no better time to invest than now. Fish farming requires certain things to be in place. This includes a proper financing arrangement, planning, and the development of an effective distribution channel that will ensure products reach consumers on time with minimal damage.
Other requirements of starting a fish farming business in India are the establishment of a fish farm. This takes considerable resources and time to build. The cost of this is included in the overall startup costs to the incurred by the investor.
There have been instances where investors interested in this field have started the building of fish farming businesses, but got stuck on the way. The main reason for this is because they did not factor in all the cost implications before commencing the project.
- Carrying Out a Feasibility Study
Before committing to any investment in this sector, it is very necessary to first conduct a feasibility study. This study helps you to gauge the prospects of going into this business compared to the economic realities. Current economic realities are very vital to the business.
Fish farming thrives more in India when economic indices are positive, as there is more purchasing power among citizens than during periods of negative economic growth when every sector, including the agricultural sector (of which fish farming is a sub-sector of) witness low patronage.
Conducting a feasibility study allows the investor to avoid pitfalls that would have impacted the business negatively, and helps the investor in deciding if it is worth starting. Prospects or its opposite are highlighted by a feasibility study.
- India’s Large Population
This is a factor that should be taken seriously. India today has over a billion people, making the demands for food enormous. The population of India is its asset, as there are billions of mouth to feed, and limitless opportunities for making serious money in the process.
There is no better time to start a fish farming business in India than now. Knowing how well to exploit this can make the difference. Fish farming business is capital intensive, so it will do well to take this into consideration.
- Selecting the Right Specie
It is very important that you should consider selecting the right variety of fish. The Tilapia specie immediately comes to mind due to its adaptability to the Indian environment. High yield Tilapia species will do the magic as the increased demand for fish and fish products can be met if done properly using the right techniques.
It is advisable that you consider seeking expert advice in this area. Consulting experts greatly helps the business avoid making costly mistakes.
- The Marketing of Your Fish Products
To aid in the distribution of your fish products, it is necessary that you have an effective marketing strategy in place. The absence of a good marketing structure will make the difference between increased profitability and low patronage.
The high population of India can be properly exploited through the use of effective marketing strategies. There are several marketing channels to adopt. These include cost-effective strategies which are very effective, yet considerably cheaper to use.
Including the use of social media as a marketing tool is a very effective strategy that will ensure that a lot of people are informed of your services, while spending little to nothing doing so.
- The Feeding
Feeding is usually capital intensive. In fact, it constitutes a significant part of the expenses to be incurred by the fish farmer. It is necessary that before the commencement of the business, the cost of feeds should be factored into the overall expenditures.
It is important that the money for the feeds should be kept aside, and not used for other purposes.
Without adequate planning for the feeding of the fish, the entire business objective is derailed, as it becomes a haphazard business venture which will eventually manifest
- The Business Plan
Fish farming in India is serious business. It is imperative that a fish farming business plan should be in place before the commencement of the business. This business plan should be well written out by the farmer. In the event that the farmer has little to no knowledge on how to write a good business plan, the services of experts in this field should be sought.
The business plan will provide a working framework for the business, enabling it to have clear goals and visions, including a definite line of action resulting in visible results that encourage the growth of such a business.
- Distribution Channels
As briefly mentioned earlier, putting in place an effective product distribution strategy is very important to the growth of the business. Business is only complete when a product reaches its target customers.
Establishing effective distribution channels can be a painstaking process. However, the benefits are enormous, as it is a onetime event. Successfully doing so will result in attractive financial rewards.