August10 , 2022

5 Fish Farming Secrets That Can Make You A Millionaire

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5 Fish Farming Secrets That Can Make You A Millionaire

Fish farming has been a profitable business for many entrepreneurs for some time now. The search for diversifying Nigeria’s economy pushed a lot of people into agriculture. The fish farming boom came years ago and a lot of people jumped on the business idea. Some people started the business as a side business while others went into it after leaving their current jobs. People invested in catfish ponds and feeds hoping that they would turn a profit. Interestingly enough, a lot of people started making money from the business. Some even started thriving. Unfortunately, a lot of people lost their hats and had to shut down their business due to accrued losses.

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Read also: Business Opportunities in Fish Farming

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The more interesting thing here is that even today, some people are raking in revenue from fish farming. They only had to invest and implement some strategies that made their businesses boom. Their investments were not so out of this world either, a N200,000 investment is enough to make significant headway in any fish farm business. These are five things profit-making fish farmers do that you may not know about.

1. They Find Their Market First: One key element that a lot of people miss is finding a good market before your fish hatch. Fingerlings and even Juveniles takes months to mature, This period is long enough to find a willing market to buy. Most people sell to sellers and other farmers once the fish have reached the desired stage. Another dimension is looking for other people who are looking to stock or even transport to areas where they are needed. Making these deals before the fish are mature allows you to negotiate in anticipation of exactly when the fish will reach their desired maturity. Once this happens, they head straight to the market.

2. They Optimize Their Route To Market: This is also a clear advantage. A lot of people neglect to negotiate transportation deals, Investing in the movement of product to the market saves cost and helps calculate accurately when your fish will arrive. This helps avoid wastage. A big problem that affects the fish market is eventual wastage, either through prolonged transportation or lack of sales.

3. They Market Their Products Excellently: Marketing is a key part of any business. Any business that falls behind on its marketing efforts is likely to fail. The question now is where do you market your product? The simple answer isn’t just where people buy but where people cook and consume also. The truth is that not everyone likes to eat every type of fish. An entrepreneur fish farmer marketed to restaurants and after he inquired and found out some customers like it, he started selling directly to them.

4. They Employ and Work With The Best People: This is fairly simple. They hire the best or buy them out. Granted a lot of people do not have the money to hire people who are successful fish farmers already. Sourcing for funding and hiring these people is another way to go. If you have a great idea that can improve or even transform the business, like the marketing aspect. Make a business plan and get funding to invest more heavily.

Read also: Aquaculture: fish health

5. They Actually Study Everything About Their Product: A good business owner is heavily involved in every part of the business. Knowing whether to use vital or Ziegler for your different types of fish will be easier if you have taken time to actually study the needs of your fish. To be able to know exactly when they are overfed or underfed. This sort of information can only be gotten after careful research and study on the product and the market.

If you do not have a heavy investment of N200,000 or more to go into this market, you can start very small. Only a few fish at a time. Watch, study and learn. This way when you get more investment you can infuse it into the business to make it successful.

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