Executive Summary
Something's Fishy is a fish farming company that has set itself apart by producing a wide range of fish sustainably. This includes hake, salmon, catfish, tilapia, trout, tuna, and carp.
We've been able to produce a variety of fish because we've employed ¾ of the commercial fish farming methods; which are ponds, tanks, and raceways.
Our variety of fish has made us particularly popular amongst retailers and restaurants, who are our target customers. This customer base has a disposable income, which is a large contributing factor to the company's success.
Making use of the latest technology is another part of our business that has made us successful. We've integrated recirculation systems and temperature control to ensure our fish are always content. What's more, our fish are produced without hormones or antibiotics.
Our main keys to success include the lack of competition in our area, our highly skilled sales team, and sizable social media following.
On a daily basis, we strive to drive innovation through sustainability in the pisciculture industry.
Something's Fishy Aquaculture is seeking $180,000 in start-up or growth capital to fund operations, marketing, and staffing in the first 12 months.
Financial highlights:
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Revenue | $280,000 | $420,000 | $590,000 |
| Gross margin | 52% | 52% | 52% |
| Net profit / (loss) | $26,800 | $53,400 | $87,300 |
Company Overview
Something's Fishy Aquaculture is a aquaculture fish farm founded by Daniel Broussard, operating as a LLC. Headquartered in Louisiana, USA, Something's Fishy Aquaculture was established to serve the growing demand for specialist services in this sector.
Mission: To deliver exceptional value to our customers through expertise, reliability, and a commitment to continuous improvement.
Business objectives:
| Period | Target |
|---|---|
| Year 1 | Establish brand, acquire initial client base, achieve operational break-even |
| Year 2 | Expand service offering, grow revenue by 50%, hire additional staff |
| Year 3 | Establish market position, target new geographic or demographic segments |
Something's Fishy was founded by Eric Foxx in 2011. The company is based in Indiana and is registered as an LLC. Eric's background is in finance, but he identified the opportunity to start a fish farm business when he realized the industry's in a state of growth.
The company currently employs 17 individuals, making it a fully-fledged fish-farming entity with ample experience.
The company is currently seeking $400,000 to expand its operations and invest in an even bigger sales team. Our sales force has proven to be the backbone of our business thus far. Hiring more talented rainmakers will help us increase our company's net worth by at least 13% in two years.
Market & Customer Analysis
The fish farming industry is vibrant. It's currently worth a staggering $320 billion. In addition, it's set to grow at a CAGR (Compound Annual Growth Rate) of around 4% over the next 10 years.
However, this is a double-edged swordfish.
Although this indicates excellent market opportunity, it also means the competitive landscape will be considerably volatile. To overcome this obstacle, we conduct a regular and thorough competitive analysis.
This has helped us determine our pricing strategy, ideal fish types to farm, and volume of investment in marketing.
Our target customers make bulk orders consistently. To ensure that we retain our place in the market, our logistics and production processes must be second to none. We've also gone to great lengths to find the best suppliers to source our fish, feed, and equipment.
We gain valuable market insights from case studies, industry events, and market research firms. This internal and external market examination strategy has served us considerably.
Customer analysis:
The vast majority of our customers are mid-high-grossing businesses that sell fish-related products.
This involves restaurants, butchers, supermarkets, and even food manufacturers. Our target audience is typically based in and around Indiana. However, we do receive orders nationally from 6 grocery supermarkets.
Our customers’ main priority when it comes to purchasing our fish is freshness, which is relative to the speed of delivery. Our wide variety of fish species is also an important consideration when it comes to satisfying our clientele.
Our customers use our webpage to make their orders. This makes it exceptionally quick and easy to get their fish packed and delivered. This further increases their satisfaction with our services.
Competitor analysis:
| Competitor | Strengths | Weaknesses |
|---|---|---|
| AquaBounty Technologies | Established brand, wide reach | Higher price point, less personalised |
| Blue Ocean Mariculture | Strong marketing, national presence | Generic offering, less specialist focus |
| Superior Fresh | Competitive pricing | Lower service quality, limited expertise |
Aquaculture Fish Farm's competitive edge: Specialist expertise, personalised service, and a clear focus on the underserved segment of the market set us apart from the established players listed above.
SWOT analysis:
| Positive | Negative | |
|---|---|---|
| Internal | Strengths: Specialist expertise; experienced founder; strong client relationships; differentiated positioning | Weaknesses: Limited brand recognition as a new entrant; single location; reliance on founder capacity in early years |
| External | Opportunities: Growing market demand; underserved niche segments; digital marketing reach; referral network growth | Threats: Established competitors with greater resources; economic downturn reducing discretionary spend; regulatory changes |
Sales & Marketing Plan
At Something's Fishy, we've employed a direct sales strategy to engage with new clientele. This initiative-based tactic has made our monthly and annual sales forecasts more accurate.
We've also seen an increase in sales by incentivizing our remote sales team. Granted, our expansive sales team takes significant investment. This continuous investment in our team has still yielded positive results.
22% of our sales are generated telephonically and online. By developing a user-friendly and informative website, we've been able to create a relatively profitable sales funnel. The best part is that it also functions on autopilot.
In the last calendar year, we've made just over $760,000 in profits. This indicates a YoY growth of 3,5%. Our forecasts suggest that we'll achieve at least 2,5% growth. This is a result of expanding our sales team and increasing our fish production by at least 6,000 pounds per month.
We intend to achieve this target by establishing long-term relationships with a group of suppliers that will minimize our production costs.
Additional marketing notes:
We've invested significantly in social media marketing to promote Something's Fishy. For starters, we've hired a talented social media manager who has a distinct focus on producing engaging content. She also ensures that we maintain a consistent brand identity.
Her efforts have resulted in us hitting the 72,000 follower mark across all platforms. This is a considerable achievement considering that we're a fish farming business that's still in its infancy.
We also have a keen focus on email marketing to maintain relationships with our customers and other individuals of interest. Email marketing is notorious for attracting loyal customers who are far more likely to support our business.
With an open rate of 54%, it's clear that the majority of our subscribers open our mail more often than not. The content that's published on our mailing list is based on current news about Something's Fishy. This includes product information and discount/promotions alerts.
Our dedication to ensuring that our brand remains as vibrant as the market at large will be a winning ingredient to ensuring the survival of our business.
Operating Plan
Personnel Position Responsibility Junya Stevenson Social Media Manager
- Developing our social media posts
- Ensuring that we achieve a growth of at least 3% across all platforms
- Working closely with the marketing manager to produce new marketing strategies Blake Sheldon Admin Assistant
- Filing of invoices, supply orders, and other important documents
- Assisting with customer inquiries Ross Barkley and Floyd Peters Cleaner x2
- Ensuring that our farming facilities, tools, and equipment meet safety standards Kieran Foster, Ruth Sweeney, Lesley Price, Vernon Peters, Eddie Howe, Carlyle June Sales Agent x6
- Performing outbound sales to attract customers
- Dealing with customer inquiries where necessary Richard Brown Hatchery Supervisor
- Managing the breeding of fish from the egg to juvenile stages Coco Lavelle Feed Specialist
- Overseeing the feeding schedules and regimens to ensure our produce grows effectively Andrea Crowley Fish Processing Supervisor
- Processing and packaging of fish for our clientele Peter Strauss Aquatic Technician
- Ensuring that our fish produce is healthy
- Diagnosing and treating all diseases with consideration of biosecurity standards
- Overseeing all daily farm operations (including feeding, evaluating water quality, and feeding of fish)
Management Team
CEO: Eric Foxx
Eric is the spearhead of Something's Fishy and has worked in the fish farming industry for over two decades. However, his expertise and passion go beyond just fish farming. Eric is also a proficient accountant who studied at the University of Pennsylvania. This combination of skills is a core reason for our business' success.
CFO: Susan White
Susan White holds the responsibility of managing our business’ finances. She works closely with our other executive team to draft budgets, draw up sales projections, and ensure that the financial health of our business is maintained. She studied finance at Michigan State University.
CMO: Kent Forster
Kent is responsible for developing strategies to spread the word about our fish farming business. He's highly talented at the various aspects of marketing such as SEO, social media, copywriting, and graphics design. He's also an excellent photographer, which has saved us a pretty penny in content creation processes.
Operations Manager: Penny Lane
When it comes to the smooth running of our business, Penny is at the helm. She has vast experience in enhancing the productivity of our team whilst also managing our recruitment processes. She holds an operations management diploma from Georgia Tech University.
Financial Plan
Projected Profit or Loss Statement
Year 1 Year 2 Year 3 Sales $90,000 $170,000 $300,000 Direct Cost of Sales $20,500 $30,000 $82,000 Production Payroll $0 $0 $0 Other $0 $0 $0 Total Cost of Sales $20,500 $30,000 $82,000 Gross Margin $69,500 $140,000 $218,000 Gross Margin % 77% 82% 73% Operating Expenses
Sales and Marketing Expenses
Sales and Marketing Payroll $20,000 $40,000 $40,000 Advertising/Promotion $800 $1,000 $1,000 Travel $0 $0 $0 Miscellaneous $500 $500 $500 Total Sales and Marketing Expenses $21,300 $41,500 $41,500 General and Administrative Expenses
General and Administrative Payroll $20,000 $40,250 $100,250 Sales and Marketing and Other Expenses $0 $0 $0 Depreciation $1,000 $1,000 $1,000 Dues and Subscriptions $200 $200 $200 Professional Fees $300 $300 $300 Rent $2,000 $2,000 $2,000 Software Purchases $0 $15,000 $0 Insurance $2,000 $2,000 $2,000 Telephone and Internet Access $2,000 $2,000 $2,000 Utilities $400 $400 $400 Miscellaneous $0 $0 $0 Payroll Taxes $500 $1,200 $3,000 Other General and Administrative Expenses $0 $0 $0 Total General and Administrative Expenses $28,400 $64,350 $111,150 Other Expenses:
Other Payroll $0 $0 $0 Consultants $0 $0 $0 Contract/Consultants $0 $0 $0 Total Other Expenses $0 $0 $0 Total Operating Expenses $28,400 $64,350 $111,150 Profit Before Interest and Taxes $19,800 $102,840 $225,410 EBITDA $19,800 $103,860 $226,430 Interest Expense $800 $3,632 $2,957 Taxes Incurred $0 $24,802 $56,540 Net Profit $19,000 $34,150 $65,350 Net Profit/Sales 21% 20% 22%
Projected Cash Flow Statement Cash Received Year 1 Year 2 Year 3 Cash from Operations
Cash Sales $90,000 $170,000 $300,000 Cash from Receivables $0 $0 $0 Subtotal Cash from Operations $90,000 $170,000 $300,00 Additional Cash Received
Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $20,000 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $0 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $110,000 $170,000 $300,000 Expenditures
Expenditures from Operations
Subtotal Spent on Operations $48,900 $94,350 $111,150 Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out $800 $0 $0 Principal Repayment of Current Borrowing $10,000 $10,000 $0 Other Liabilities Principal Repayment $0 $0 $0 Long-term Liabilities Principal Repayment $0 $0 $0 Purchase Other Current Assets $0 $0 $0 Purchase Long-term Assets $0 $0 $0 Dividends $0 $0 $0 Subtotal Cash Spent $59,700 $104,350 $193,150 Net Cash Flow $50,300 $65,650 $106,850 Cash Balance $19,000 $34,150 $65,350 Projected Balance Sheet Assets Year 1 Year 2 Year 3 Current Assets
Cash $90,000 $170,000 $300,000 Accounts Receivable $0 $0 $0 Other Current Assets $0 $0 $0 Total Current Assets $90,000 $170,000 $300,000 Long-term Assets $10,000 $9,000 $8,000 Accumulated Depreciation $1,000 $1,000 $1,000 Total Long-term Assets ($1,000) ($1,000) ($1,000) Total Assets $100,000 $179,000 $308,00 Liabilities and Capital
Current Liabilities
Accounts Payable $0 $0 $0 Current Borrowing $20,000 $10,000 $0 Other Current Liabilities $0 $0 $0 Subtotal Current Liabilities $20,000 $10,000 $0 Long-term Liabilities $0 $0 $0 Total Liabilities $20,000 $10,000 $0 Paid-in Capital $30,000 $30,000 $30,000 Retained Earnings ($20,000) ($30,000) $41,000 Earnings ($12,000) $44,000 $160,000 Total Capital ($2,000) $44,000 $231,000 Total Liabilities and Capital $18,000 $54,000 $231,000 Net Worth $80,000 $169,00 $308,000
Wrapping up the Fish Farming Business Plan Now that you have a comprehensive guide about how to write a fish farming business plan, you should be able to keep your head above the water in this competitive industry.
Equipped with your market research, in-depth knowledge of your customers, financial strategies, and robust sales and marketing procedures; you're well on your way to running an in-fin-ately successful fish farming enterprise.
The industry is vast and filled with opportunity. If you're able to swim against the current when the going gets tough, you'll have your competitors on the hook and line.
If you're looking for a fish farming business plan guide, get ahold of our expert team of business plan writers and we'll have you sorted out in no time!
3-year profit & loss projection:
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Revenue | $280,000 | $420,000 | $590,000 |
| Agricultural inputs, seeds and direct labour | $134,400 | $201,600 | $283,200 |
| Gross profit | $145,600 | $218,400 | $306,800 |
| Gross margin | 52% | 52% | 52% |
| Salaries and wages | $67,200 | $100,800 | $141,600 |
| Marketing and advertising | $16,800 | $25,200 | $35,400 |
| Rent and utilities | $18,000 | $18,000 | $18,900 |
| Other operating costs | $16,800 | $21,000 | $23,600 |
| Total operating expenses | $118,800 | $165,000 | $219,500 |
| Net profit / (loss) | $26,800 | $53,400 | $87,300 |
Break-even analysis:
- Estimated monthly fixed costs: $9,900
- Monthly revenue required to break even: $19,000
- Break-even is projected to be reached within the first 12–18 months of trading.