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A Sample Abalone Farming Business Plan Template

Are you about starting an abalone farming business? If YES, here’s a complete sample abalone farming business plan template & feasibility report you can use for FREE.

Okay, so we have considered all the requirements for starting an abalone farming business. We also took it further by analyzing and drafting a sample abalone marketing plan template backed up by actionable guerrilla marketing ideas for abalone farming businesses. So let’s proceed to the business planning section.

Why Start an Abalone Farming Business?

When it comes to starting a business in the agriculture cum commercial farming industry, you can be rest assured that there are loads of business opportunities in the fish and seafood farming industry and abalone farming is one of them.

Abalone is a shellfish that is considered a delicacy in many parts of the world. Abalone not only tastes great, but is also an excellent source of many vital nutrients. Its antioxidant and anti-inflammatory content makes it most desirable by those who are careful about their cholesterol intake. Abalone is classified as a marine creature and it is easy to come by especially in coastal areas.

Abalone farming is known to be a profitable business that has evolved from small scale to a global industry in most countries where it is carried out. Countries like Greece, Philippines, China, Japan, Thailand, Caribbean countries and even South American Countries have been farming abalone on a large scale for a long time. United States isn’t far from the trade as there are loads of people from riverine areas whose profession is abalone farming.

Starting an abalone farming business comes with its own fair share of challenges, but that does not rule out the fact that it is indeed a profitable business venture. An aspiring entrepreneur can either choose to start an abalone farm on a small scale or on a large scale depending on their financial status.

If you have decided to go into abalone farming, you should ensure that you carry out thorough feasibility studies and also market survey. This will enable you to properly locate the business in a good location and then hit the ground running. Business plan is yet another very important business document that you should not take for granted when launching your own business.

Below is a sample abalone farming business plan template that can help you to successfully write your own with little or no difficulty.

A Sample Abalone Farming Business Plan Template

  • Industry Overview

Businesses in the fish and seafood industry farm abalone and other aquatic creatures in controlled aquatic environments. Abalone is the common name for a group of small to very large sea snails, marine gastropod mollusks in the family Haliotidae. Abalones are known by their colorful inside shell which is also called ear-shell.

The Fish and Seafood Aquaculture industry that abalone farming business is a part of has experienced slow growth over the last half decade. This is due to the fact that the vast majority of industry revenue is derived from sales of fish, mollusks and crustaceans that will be processed into food products; the success of this industry is tied to levels of seafood consumption.

Per capita seafood consumption in the United States has declined in recent time, putting strain on fish and seafood farmers. Nevertheless, with the recent increase in the price of seafood, combined with a healthy export market, the revenue generated in the industry is expected to grow accordingly.

The Fish and Seafood Aquaculture industry is indeed a fast – growing industry and pretty much active in countries such as United States of America, Australia, Japan, China, Germany, and Singapore et al. There is no single fish and seafood/abalone farm company that has dominate market share in the industry hence smaller fish and seafood/abalone farms businesses can successfully make profit.

Statistics has it that in the United States of America alone, there are about 2,807 registered and licensed fish and seafood farms (abalone farms inclusive) responsible for employing about 10,440 and the industry rakes in a whooping sum of $1 billion annually. The industry is projected to enjoy 0.3 percent annual growth.

A recent report published by IBISWorld shows that the Fish and Seafood Aquaculture industry is expected to generate 27.4 percent of revenue through the sale of farmed seafood (abalone inclusive) in 2016. Abalone is amongst the popular forms of seafood eaten in the United States.

The report stated that they are also relatively easy and inexpensive to farm and their farming does little damage to the environment in which they are raised. They are primarily raised in Mississippi, Louisiana and other parts of the Deep South where they have been cultivated in farms since the 1960’s.

One thing is certain when it comes to seafood cum abalone farming business, if you are able to conduct your market research and feasibility studies, you are more likely not going to struggle to sell your farm produce (abalone and other seafood) because there are always food processing companies and consumers out there who are ready to buy from you.

Some of the factors that encourage entrepreneurs to start their own abalone farms could be that the business is easy to set up and they can easily get support from the government; you can actually start your own abalone farm in your compound if you live in a rural/farming community. All you need to do is to purchase the first set of abalones, purchase abalone farming tools and then build your ponds or create demarcation in a lake or river around you.

Despite the fact that abalone farm has been in existence since time immemorial, that does not in any way make the industry to be over saturated; abalone farmers are exploring new technology to continue to improve on the farming process. The fact that there is always a ready market for abalones and other seafood makes the business ever green.

Over and above, there are few barriers to entry into the fish and seafood farms industry. Usually, all inputs are readily available. In the nearest future, players in this industry may face the highest costs associated with accessing technology, especially in relation to genetic modification engineering in seafood breeding.

Abalone Farming Business Plan – Executive Summary

Raphael Reus® Seafood Farms, Inc. is a licensed fish and seafood farming company that will major in abalone farming and will be based in the outskirts of West Palm Beach, Florida – United States. We have done our detailed market research and feasibility studies and we were able to secure 10 hectares of aquatic farm land to start our abalone farming.

Our abalone farming business is going to be a standard fish and seafood farming business hence will be involved in abalone farming, fish and other seafood farming and food processing (packaging abalones, fish and other seafood for sale and export).

At Raphael Reus® Seafood Farms, Inc. we will be involved in the cultivation of different species of seafood and fishes (e.g. catfish, trout, tilapia and minnows), raising and harvesting shellfish (e.g. abalones, clams, oysters, crustaceans, mollusks and shrimp), raising and harvesting ornamental fish (e.g. goldfish and tropical fish), raising and harvesting aquaculture species to augment or replenish wild habitats and raising and harvesting other aquaculture (e.g. seaweed, alligators, frogs and turtles).

Within the first five years of officially running Raphael Reus® Seafood Farms, Inc., we will start our food processing and packaging plant and also start exporting our processed and packaged abalone, fish and other seafood to other parts of the world.

This is why aside from the fact that we have secured the required farm land and most of the farming equipment and machines, we have also hired some key employees who are currently undergoing training so as to be able to fit into the ideal picture of the 21st century fish and seafood farming business workforce that we want to build.

We are in the fish and seafood farming business because we want to leverage on the vast opportunities available in the Agriculture industry to contribute our quota in growing the U.S. economy, in national food production, raw materials production for industries, to export agricultural produce from the United States to other countries and over and above to make profit.

Raphael Reus® Seafood Farms, Inc. is well positioned to become one of the leading abalone farms in the United States of America, which is why we have been able to source for the best hands and machines to run the business with. We have put process and strategies in place that will help us employ best practices when it comes to seafood/abalone farming processes, food processing and packaging as required by regulating bodies in the United States of America.

Raphael Reus® Seafood Farms, Inc. is a private registered fish and seafood farming company that is owned by Raphael Reus and his immediate family members. Raphael Reus is a graduate of Fisheries and Aquatic Sciences from the University of Florida with well over 10 years of hands on experience working for some of the leading fish and seafood farms in the United States.

  • Our Product Offerings

Raphael Reus® Seafood Farms, Inc. is a fish and seafood farming company that will be involved in farming abalone and other seafood for both the United States’ market and the global market. We will also ensure that we operate a standard food processing and packaging plant as part of our complimentary business.

We are in the abalone farming business to make profit, and we are going to do all that is permitted by the law of the United States of America to achieve our business aim and objective. These are the areas we will concentrate on in our abalone farms. If need arises we will definitely add more agriculture produce to our list;

  • Cultivation of different species of abalones, fishes and other seafood
  • Processing and packaging of abalones, fish and other seafood

Our Vision Statement

Our Vision is to become one of the top 10 leading fish and seafood farms not just in the United States of America but also on the global stage.

  • Our Mission Statement

We are set to become the standard of how world class seafood/abalone farms should be run not just in West Palm Beach – Florida, but also throughout the United States of America. We want our well – packaged and processed abalones, fishes and other seafood to flood every nooks and crannies of the United States of America and other countries of the world.

  • Our Business Structure

Raphael Reus® Seafood Farms, Inc. is a business that is established with the aim of competing favorably with other leading aquaculture/seafood farm brands in the industry. This is why we will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

At Raphael Reus® Seafood Farms, Inc., we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Operating Officer
  • General Farm Manager
  • Administrator/Accountant
  • Abalone/seafood farm workers
  • Sales and Marketing Executive
  • Front Desk Officer

Roles and Responsibilities

Chief Executive Officer – CEO:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization

General Farm Manager

  • Responsible for the planning, management and coordinating all farm activities across the various sections on behalf of the organization
  • Supervises other section managers
  • Ensures compliance during project execution
  • Provides advice on the management of farm activities across all sections
  • Responsible for carrying out risk assessment
  • Uses IT systems and software to keep track of people and progress of the growth of abalones, fishes and other seafood
  • Responsible for overseeing the accounting, costing and sale of farm produce after harvest
  • Represents the organization’s interest at various stakeholders’ meetings
  • Ensures that farming goals are achieved, the most efficient resources (manpower, equipment, tools and chemicals et al) are utilized and different interests involved are satisfied. Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Handles all financial transactions for the company
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Oversees the smooth running of the daily farming activities across the various farming sections

Administrator/Accountant

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Responsible for financial forecasting and risks analysis
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensures compliance with taxation legislation
  • Handles all financial transactions for the company
  • Serves as internal auditor for the company

Seafood/Abalone Farm Workers

  • Responsible for feeding abalones and other seafood on a daily basis
  • Ensures that the water and the temperature of the pond is within the expected standard
  • Responsible for changing the water in various ponds
  • Responsible for harvesting abalones when they are due for harvest
  • Works closely with the General Manager to achieve the organizations’ goals and objectives
  • Handles any other duty as assigned by the general farm manager

Sales and Marketing Officer

  • Manages external research and coordinates all the internal sources of information to retain the organizations’ best customers and attract new ones
  • Models demographic information and analyzes the volumes of transactional data generated by customer purchases
  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develops, executes and evaluates new plans for expanding sales
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps to increase sales and growth for the business

Front Desk/Customer’s Service Officer

  • Welcomes clients and visitors by greeting them in person or on the telephone; answering or directing inquiries
  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s farm produce
  • Manages administrative duties assigned by the HR manager in an effective and timely manner
  • Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to potential clients when they make enquiries
  • Receives parcels/documents for the business
  • Distribute mails in the organization
  • Handles any other duties as assigned by the line manager

Abalone Farming Business Plan – SWOT Analysis

Raphael Reus® Seafood Farms, Inc. do not intend to launch out with trial and error hence the need to conduct a proper SWOT analysis. We know that if we get it right from the onset, we would have succeeded in creating the foundation that will help us build a standard abalone farm that will favorably compete with leading commercial fish and seafood farms in the United States of America.

We are quite aware that there are several large, medium and small scale fish and seafood farms all over West Palm Beach – Florida and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.

We know that if proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strengths, leverage on the opportunities that will be available to us, mitigate our risks and be well equipped to confront our threats.

Raphael Reus® Seafood Farms, Inc. employed the services of an expert HR and Business Analyst with bias in the fish and seafood farming industry to help us conduct a thorough SWOT analysis and to help us create a business model that will help us achieve our business goals and objectives.

Here is a summary from the result of the SWOT analysis that was conducted on behalf of Raphael Reus® Seafood Farms, Inc.;

  • Strength:

Our strength as an abalone farm company is in the fact that we have healthy relationships with loads of major players (agriculture merchants) in the agriculture industry; both suppliers and buyers within and outside of the United States. We have some of the latest aquatic farm machines, tools and equipment that will help us cultivate abalone, fish and other seafood in commercial quantities and with less stress.

Asides from our relationship (network) and equipment, we can confidently boast of having some the most experienced hands in the Aquatic farming business in West Palm Beach – Florida in our payroll and we have a competent management team that has what it takes to start and grown business within the shortest time frame.

  • Weakness:

Our weakness is that we are a new abalone farming business in the United States; it might take some time for our organization to break into the market and gain acceptance especially from international markets in the already saturated and highly competitive fish and seafood industry. Another weakness is that we may not have the required cash to promote our business the way we would want to.

  • Opportunities:

The opportunities that are available to us cannot be quantified, we know that a large number of people eat abalone, fish and other seafood. We are ready to take advantage of any opportunity that is available in the industry.

  • Threat:

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a new abalone farm or seafood farm in same location where our target market exists and who may want to adopt same business model like us.

Abalone Farming Business Plan – MARKET ANALYSIS

  • Market Trends

A close watch on happenings in the fish and seafood farming industry shows that operators in the industry are leveraging on the campaign for healthy eating in promoting their produce. As a matter of fact, abalone and seafood generally are more expensive to purchase when compared to fishes.

It is on record that revenue for the seafood/abalone farm line of business has maintained positive growth. This is so because in recent time, a growing number of individuals shifted to healthy eating and consuming organic produce, resulting in high demand.

One of the common trends in the abalone/seafood farming line of business is that most players in the industry are no longer concentrating only on non – organic farming. They now find it easier to run both organic seafood cultivation and non – organic seafood cultivation. It is a fact that despite that organic food are expensive, the sale for organic food is on the increase and it is indeed profitable.

  • Our Target Market

Naturally, the end consumers of fish and seafood (abalone inclusive) and also those who benefit from the business value chain of the fish and seafood farming industry is all encompassing; it is far – reaching.

In view of that, we have positioned our abalone farming business to service (supply) supermarkets, grocery stores, hotels, restaurants and other outlets all across West Palm Beach – Florida and other key cities all over the United States of America and Canada. We have conducted our market research and we have ideas of what our target market would be expecting from us.

We are in business to retail our abalones, fishes and other seafood to the following groups of people and businesses;

  • Supermarkets
  • Grocery Stores
  • Hotels
  • Restaurants
  • Outdoor caterers
  • Households

Our Competitive Advantage

A close study of the fish and seafood farming industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. We are aware of the stiff competition and we are well prepared to compete favorably with other seafood/abalone farms in West Palm Beach – Florida.

Raphael Reus® Seafood Farms, Inc. is fully aware that there are competitions when it comes to selling fishes and seafood all over the globe, which is why we decided to carry out thorough research to know how to take advantage of the available market in the United States and in other parts of the world.

We have done our homework and we have been able to highlight some factors that will give us competitive advantage in the marketplace; some of the factors are effective and reliable abalone farming processes that can help us sell our produce at competitive prices, good marketing network and excellent relationship management.

Our competitive advantage lies in the power of our team. We have a team of hardworking and highly proficient farmers, a team with excellent qualifications and experience as it relates to seafood/abalone farming. Asides from the synergy that exists in our carefully selected team members, we have some of the latest and efficient seafood/abalone farm machines and equipment and we will be guided by best practices in the industry.

Another competitive advantage that we are bringing to the industry is the fact that we have designed our business in such a way that we will operate an all – round standard seafood/abalone farms that will be involved in processing and packaging abalones for both the local and international market. With this, we will be able to take advantage of all the available opportunities within the industry.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (start – ups seafood/abalone farms in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

Abalone Farming Business Plan – SALES AND MARKETING STRATEGY

We are quite aware that the reason why some seafood/abalone farms hardly make good profits is their inability to sell off their farm produce (abalones and other seafood) as at when due. In view of that, we decided to set up a standard seafood processing and packaging plant and also to cultivate our feeds for our abalones. It will indeed help us maximize profit.

Our sales and marketing team will be recruited based on their vast experience in the fish and seafood farming industry and they will be trained on a regular basis so as to be well equipped to meet their set targets and the overall business goal of Raphael Reus® Seafood Farms, Inc.

Our goal is to grow Raphael Reus® Seafood Farms, Inc. to become one of the leading seafood/abalone farms in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in West Palm Beach – Florida, but also in other cities in the United States of America and the world at large.

Over and above, we have perfected our sale and marketing strategies first by networking with agriculture merchants and businesses that are likely to become our customers. In summary, Raphael Reus® Seafood Farms, Inc. will adopt the following strategies in marketing our abalone, fishes and other seafood;

  • Introduce our business by sending introductory letters alongside our brochure to stakeholders in the households, hotels, restaurants, outdoor caterers and agriculture produce merchants et al.
  • Advertise our business in food related magazines and websites
  • List our abalone farming business on yellow pages ads
  • Attend related agriculture and food expos, seminars, and business fairs et al
  • Leverage on the internet to promote our business
  • Engage in direct marketing
  • Encourage the use of word of mouth marketing (referrals)

Sources of Income

Raphael Reus® Seafood Farms, Inc. is in the abalone and seafood farming business for the purpose of maximizing profits hence we have decided to explore all the available opportunities within the industry to achieve our corporate goals and objectives. In essence we are not going to rely only on the sale of our abalone, fish and other seafood to generate income for the business.

Below are the sources we intend exploring to generate income for Raphael Reus® Seafood Farms, Inc.;

  • Cultivation of different species of abalones, fish and other seafood
  • Processing and packaging of abalones, fish and other seafood
  • Related training, consultancy and advisory Services

Sales Forecast

From the survey conducted, we were able to discover that the sale generated by a seafood farm depends on the size and location of the farm.

We have perfected our sales and marketing strategies and we are quite optimistic that we will meet or even surpass our set sales target of generating enough income/profit from the first year of operation and build the business from survival to sustainability.

We have been able to critically examine the fish and seafood farms industry cum abalone farm business, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.

  • First Year-: $200,000
  • Second Year-: $500,000
  • Third Year-: $800,000

N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown that can impact negatively on household spending, bad weather cum natural disasters (draughts, epidemics), and unfavorable government policies. Please note that the above projection might be lower and at the same time it might be higher.

  • Our Pricing Strategy

Some of the factors that will help you sell your farm produce at the right price that will guarantee that you make profit are dependent on your strategy while some of the factors are beyond your control.

For example, if the climatic condition is unfavorable and if there are natural disasters in the location where you have your commercial farm, then it will directly affect the prices of your farm produce.

Over and above, if you want to get the right pricing for your farm produce, then you should ensure that you choose a good location for your farm, choose a good breed that will guarantee bountiful harvest, cut the cost of running your farm to the barest minimum and of course try as much as possible to attract buyers to your farm as against taking your farm produce to the market to source for buyers; with this, you would have successfully eliminated the cost of transporting the goods to the market and other logistics.

We are quite aware that one of the easiest means of penetrating the market and acquiring loads of customers for all our abalones, fish and other seafood is to sell them at competitive prices hence we will do all we can to ensure that the prices of our abalones, fish and other seafood are going to be what other fish and seafood farmers would look towards beating.

One thing is certain, the nature of fish and seafood farming makes it possible for farmers to place prices for their farm produces based on their discretion without following the benchmark in the industry. The truth is that it is one of the means of avoiding running into a loss. The easier you sell off your harvest, the better for your business.

  • Payment Options

The payment policy adopted by Raphael Reus® Seafood Farms, Inc. is all inclusive because we are aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Raphael Reus® Seafood Farms, Inc. will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via credit cards/Point of Sale Machines (POS Machines)
  • Payment via online bank transfer
  • Payment via check
  • Payment via mobile money transfer
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our clients make payment for our abalones, fishes and other seafood purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our abalones, fishes and other seafood.

Abalone Farming Business Plan – Publicity and Advertising Strategy

Any business that wants to grow beyond the corner of the street or the city they are operating from must be ready and willing to utilize every available means (both conventional and non – conventional means) to advertise and promote the business. We intend growing our business which is why we have perfected plans to build our brand via every available means.

We know that it is important to create strategies that will help us boost our brand and to create a corporate identity for our abalone farm business. Below are the platforms we will leverage on to boost our abalone farm – brand and to promote and advertise our business;

  • Place adverts on both print (newspapers and magazines) and electronic media platforms
  • Sponsor relevant community based events/programs
  • Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our business
  • Install our billboards in strategic locations all around West Palm Beach – Florida
  • Engage in roadshows from time to time in targeted neighborhoods
  • Distribute our fliers and handbills in target areas
  • Contact hotels, restaurants, supermarkets, grocery stores and residents in our target area by calling them up and informing them of Raphael Reus® Seafood Farms, Inc. and the fishes and seafood we sell
  • List our abalone farm in local directories/yellow pages
  • Advertise our abalone farm in our official website and employ strategies that will help us pull traffic to the site.
  • Ensure that all our staff members wear our branded shirts and all our vehicles and trucks are well branded with our company logo et al.

Abalone Farming Business Plan – Financial Projections and Costing

When it comes to calculating the cost of starting an abalone farm, there are some key factors that should serve as a guide. The different niche of commercial fish and seafood farms determines the total cost of setting up the business. Below are some of the basic areas we will spend our start-up capital in setting up our abalone farm;

  • The total fee for incorporating the Business (abalone farm) in United States of America – $750
  • The budget for key insurance policies, permits and business license – $2,500
  • The amount needed to acquire/lease an aquatic farm land – $50,000
  • The amount required for preparing the farm land (for abalone, fish and other seafood cultivation, fish ponds, and fencing et al – $30,000
  • The cost for acquiring the required work tools and equipment/machines/glass casing et al – $200,000
  • The amount required for purchase of seedlings and fingerlings – $20,000
  • The cost of launching an official Website – $600
  • The amount required for payment of workers for a period of 3 months – $100,000
  • Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,000

Going by the report from detailed research and feasibility studies conducted, we will need an average of $250,000 to start a standard abalone cum seafood farm business in the United States of America. Please note that the salaries of all the staff members are inclusive.

Basically, abalone farms do not require an office space, most people that run seafood farms operate directly from their farms. But we have decided to open a small liaison office; a place where administrative jobs will be carried out.

Generating Funds/Startup Capital for Raphael Reus® Seafood Farms, Inc.

No matter how fantastic your business idea might be, if you don’t have the required money to finance the business, the business might not become a reality. Finance is a very important factor when it comes to starting an abalone farm.

Raphael Reus® Seafood Farms, Inc. is a private registered business that is solely owned and financed by Raphael Reus and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of start-up capital to 3 major sources.

These are the areas where we intend sourcing for fund for Raphael Reus® Seafood Farms, Inc.;

  • Generate part of the start – up capital from personal savings and sale of his stocks
  • Generate part of the start – up capital from friends and other extended family members
  • Generate a larger chunk of the startup capital from the bank (loan facility).

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

ABALONE FARMING BUSINESS GROWTH: Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our major goals of starting Raphael Reus® Seafood Farms, Inc. is to build a business that will survive off its own cash flow without the need of injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to sell our abalone, fish and other seafood a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Raphael Reus® Seafood Farms, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; and they will be more committed to help us build the business of our dreams.

Check List/Milestone

  • Business Name Availability Check: Completed
  • Business Incorporation: Completed
  • Opening of Corporate Bank Accounts in various banks in the United States: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of All forms of Insurance for the Business: Completed
  • Leasing of farm land in West Palm Beach – Florida: Completed
  • Conducting Feasibility Studies: Completed
  • Start-up Capital Generation: Completed
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging, Marketing/Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Building/construction of fishes and seafood ponds: In Progress
  • Purchase of the needed work tools, machines and equipment: Completed
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business (Business PR): In Progress
  • Farm land Treatment, Health and Safety Arrangement: In Progress
  • Establishing business relationship with key players in the industry (agriculture farm produce merchants, transporter/haulage and suppliers of fingerlings, and fish and seafood feeds et al): Completed
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