Are you about starting a prawn farm? If YES, here is a complete sample prawn farming business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a prawn farm. We also took it further by analyzing and drafting a sample prawn farming business marketing plan template backed up by actionable guerrilla marketing ideas for prawn farming businesses. So let’s proceed to the business planning section.
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
Why Start a Prawn Farm?
No doubt, there are businesses that someone with little schooling, little technical training and no serious business background can start. One of such businesses is to go into prawn farming. The basic things you would need to have in place to make success from this type of business is how to feed prawns, properly take care of prawns, good marketing skills, good managerial skills and of course, good customer service skill.
It is also important to state that prawn farming do pretty well in water logged areas except you want to invest in building artificial ponds. If you are able to locate this business in water – logged area, and area with the right climatic condition, then you likely going to struggle less in your prawn farming business
So, if you have decided to go into prawn farming, then you should ensure that you carry out thorough feasibility studies and also market survey. This will enable you 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 in the bid to launching your own business. Below is a sample prawn farming business plan template that can help you to successfully write your own with little or no difficulty.
A Sample Prawn Farming Business Plan Template
1. Industry Overview
Companies in this industry farm prawns in controlled aquatic environments. Industry operators use some form of intervention in the rearing process to enhance production, such as holding in captivity and protecting from predators, pests and disease.
Ideally, prawn farms require temperatures that are above 25º C during productions season. Prawn species includes; the black tiger prawn Penaeus monodon and the banana prawn, Fenneropenaeus merguiensis, the kurama prawn and Penaeus japonicas.
The Fish and Seafood Aquaculture industry that prawn farming business is a part of has experienced slow growth over the last half – a – 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 industry revenue 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 / prawn Farm Company that has dominate market share in the industry hence smaller fish and seafood / prawn farms business can successfully make profits.
Statistics has it that in the United States of America alone, there are about 2,807 registered and licensed fish and seafood farms (prawn farms inclusive) business 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 IBIS World shows that the Fish and Seafood Aquaculture industry is expected to generate 27.4 percent of revenue through the sale of farmed seafood (prawn inclusive) in 2016. Prawn 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 prawn farming, 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 (prawns) because there are always food processing companies and consumers out there who are ready to buy from you.
2. Executive Summary
Richard Dabber Prawn Farms is a licensed seafood farming company that will be based in the outskirt of Palm Beach, Florida – United States. We have done our detailed market research and feasibility studies and we were able to secure 10 hectares of land to start our prawn farming. Our prawn farming business is a going to be standard farming business hence will be involved in prawn farming and food processing (packaging prawns for sale and export).
At Richard Dabber Prawn Farms, we will be involved in the cultivation of different species of prawns such as the black tiger prawn Penaeus monodon and the banana prawn, Fenneropenaeus merguiensis, the kurama prawn and Penaeus japonicas.
In the nearest future, we will also not rule out venturing into raising and harvesting finfish (e.g. catfish, trout, tilapia and minnows), raising and harvesting shellfish (e.g. 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 seven years of officially running Richard Dabber® Prawn Farms, LLC, we will start our food processing and packaging plant and also start exporting our processed and packaged prawns to other parts of the world.
Which is why aside from the fact that we’ve secured the required farming 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 seafood farming business workforce that we want to build?
We are in the aquaponics 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 agriculture produce from the United States to other countries and over and above to make profit.
Richard Dabber® Prawn Farms is well positioned to become one of the leading prawn 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 / prawn farming processes and food processing and packaging as required by the regulating bodies in the United States of America.
Richard Dabber® Prawn Farms is a private registered seafood farming company that is owned by Richard Dabber and his immediate family members. Richard Dabber 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 seafood farms in the United States.
3. Our Products and Services
Richard Dabbe Prawn Farms is a seafood farming company that will be involved in farming prawns 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 in the prawn farming business to make profits, and we are going to do all that is permitted by the law in the United States of America to achieve our business aim and objective. These are the areas we will concentrate on in our aquaponics farms. If need arises we will definitely add more agriculture produce to our list;
- Cultivation of different species of prawns such as the black tiger prawn Penaeus monodon and the banana prawn, Fenneropenaeus merguiensis, the kurama prawn and Penaeus japonicas.
- Processing and packaging of prawns and other seafood
4. Our Mission and Vision Statement
- Our Vision is to become one of the leading prawn farm brands not just in the United States of America but also on the global stage.
- We are set to become the standard of how world – class seafood / prawn farms should be run not just in Palm Beach – Florida, but also throughout the United States of America. We want our well – packaged and processed seafood to flood every nooks and crannies of the United States and other countries of the world.
Our Business Structure
Richard Dabber® Prawn Farms 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 Richard Dabber® Prawn Farms, 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 stake holders (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
- Prawn / seafood farm workers
- Sales and Marketing Executive
- Front Desk Officer
5. Job 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.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates 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 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
- Supervise other section manager
- Ensure compliance during project executions
- Providing advice on the management of farming activities across all section
- Responsible for carrying out risk assessment
- Using IT systems and software to keep track of people and progress of the growth of crops, fishes, birds and animals
- Responsible for overseeing the accounting, costing and sale of farm produce after harvest
- Represent the organization’s interest at various stakeholders meetings
- Ensures that farming goals desired result 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
- Defining job positions for recruitment and managing interviewing process
- Carrying out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Oversee 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
- Defining job positions for recruitment and managing interviewing process
- Carrying 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
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Seafood / Prawn Farm Workers
- Responsible for feeding prawns 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 prawns when they are due for harvest.
- Work closely with the General Manager to achieve the organizations’ goals and objectives
- Handle any other duty as assigned by the general farm manager.
Sales and Marketing Officer
- Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Model demographic information and analyze the volumes of transactional data generated by customer purchases
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develop, execute and evaluate new plans for expanding increase sales
- Document all customer contact and information
- Represent the company in strategic meetings
- Help increase sales and growth for the company
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 company
- Distribute mails in the organization
- Handles any other duties as assigned by the line manager
6. SWOT Analysis
Richard Dabber® Prawn Farms 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 prawn farm that will favorably compete with leading commercial seafood farms in the United States of America and in the rest part of the world.
We are quite aware that there are several large scale, medium scale and small scale prawn farms all over 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 a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Richard Dabber® Prawn Farms 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 Richard Dabber® Prawn Farms;
Our strength as a prawn farm company is 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 farming machines, tools and equipment that will help us cultivate prawns and other seafood in commercial quantities with less stress.
Aside from our relationship (network) and equipment, we can confidently boast of having some the most experienced hands in the Aquatic farming business in 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.
Our weakness could be that we are a new prawn 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 agriculture industry; that is perhaps our major weakness. Another weakness is that we may not have the required cash to promote our business the way we would want to.
The opportunities that are available to us cannot be quantified, we know that a large number of people eat prawns and other seafood. We are ready to take advantage of any opportunity that is available in the industry.
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 prawn or seafood farm in same location where our target market exists and who may want to adopt same business model like us.
7. 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, prawns and seafood are more expensive to purchase when compared to fishes et al.
It is on records that revenue for the seafood / prawn farming 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 prawn / 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 fact that despite that organic food are expensive, the sale for organic food is on the increase and it is indeed profitable.
8. Our Target Market
Naturally, the target market of those who are the end consumer of seafood and prawns and also those who benefits 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 prawn farming business to service (supply) supermarkets, grocery stores, hotels, restaurants and other outlets all across 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 prawns to the following groups of people and businesses;
- Grocery Stores
- Outdoor caterers
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 stiffer competition and we are well prepared to compete favorably with other seafood / prawn farms in Palm Beach – Florida.
Richard Dabber Prawn Farms is fully aware that there are competitions when it comes to selling seafood / prawns all over the globe, which is why we decided to carry out thorough research so as 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 prawn farming processes that can help us sell our produce at competitive prices, good network and excellent relationship management.
Our competitive advantage lies in the power of our team; our workforce. We have a team of hardworking and highly proficient farmers, a team with excellent qualifications and experience as it relates to seafood / prawn farming. Aside from the synergy that exist in our carefully selected team members, we have some of the latest and efficient seafood / prawn 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 / prawn farms that will be involved in processing and packaging prawns for both 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 / prawn 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.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Richard Dabber® Prawn Farms is in the prawn 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 prawns and other seafood to generate income for the business. Below are the sources we intend exploring to generate income for Richard Dabber® Prawn Farms;
- Sale of different species of prawns such as the black tiger prawn Penaeus monodon and the banana prawn, Fenneropenaeus merguiensis, the kurama prawn and Penaeus japonicas.
- Sale of processed and well – packaged prawns and other seafood
- Related training, consultancy and advisory Services
10. Sales Forecast
From the survey conducted, we were are able to discover that the sales generated by a seafood / prawn farm depends on the size of the farm, and other key factors as it relates to marketing and business networking.
We have perfected our sales and marketing strategies and we are set to hit the ground running and we are quite optimistic that we will meet or even surpass our set sales target of generating enough income / profits from the year of operations and build the business from survival to sustainability within record time.
We have been able to critically examine the seafood / prawn farm business and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some workable assumptions as well with respect to the nature of seafood / prawn farm that we run.
Below are the projections that we were able to come up with for the first three years of running Richard Dabber® Prawn Farms,
- First Year-: $200,000
- Second Year-: $500,000
- Third Year-: $800,000
N.B: This projection is 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.
- Marketing Strategy and Sales Strategy
We are quite aware that the reason why some seafood / prawn farms hardly make good profits is their inability to sell off their farm produce (prawns and other seafood) as at when due. In view of that, we decided to set up a standard seafood processing and packaging plan and also to cultivate our feeds for our prawns. It will indeed help us maximize profits.
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 Richard Dabber® Prawn Farms, LLC.
Our goal is to grow Richard Dabber® Prawn Farms, LLC to become one of the leading seafood / prawn 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 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, Richard Dabber® Prawn Farms, LLC will adopt the following strategies in marketing our prawn and other seafood;
- Introduce our business by sending introductory letters alongside our brochure to stake holders in the households, hotels, restaurants, outdoor caterers and agriculture produce merchants et al.
- Advertise our business in food related magazines and websites
- List our prawn 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)
11. 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 (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 awareness and to create a corporate identity for our prawn / seafood farm business. Below are the platforms you can leverage on to boost our prawn 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 Bill Boards on strategic locations all around Palm Beach – Florida
- Engage in road show from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact hotels, grocery stores, supermarkets, restaurants and residence in our target areas by calling them up and informing them of Richard Dabber® Prawn Farms, LLC and the farm produce we sell
- List our prawn farms in local directories / yellow pages
- Advertise our prawn farms 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.
12. 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 profits is 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 prawn 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 prawns and other seafood, then you should ensure that you choose a good location, choose good species 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 eliminate the cost of transporting your prawns and other seafood 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 prawn is to sell them at competitive prices hence we will do all we can to ensure that the prices of our prawns and other seafood are going to be what other fish and seafood farmers would look towards beating.
One thing is certain, the nature of prawn 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 loss. The easier you sell off your harvest the better for your business.
- Payment Options
The payment policy adopted by Richard Dabber Prawn Farms is all inclusive because we are quite 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 Richard Dabber® Prawn Farms, LLC 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 client make payment for the purchase of our prawns and other seafood 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 purchase of prawns from us.
13. Startup Expenditure (Budget)
When it comes to calculating the cost of starting a prawn farm on a large scale, there are some key factors that should serve as a guide.
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a prawn farm; it might differ in other countries due to the value of their money.
Below are some of the basic areas we will spend our start – up capital in setting up our prawn farm;
- The total fee for incorporating the business in United States of America – $750.
- The budget for key insurance policies, permits and business license – $2,500
- The amount needed to acquire / lease a farm land – $50,000
- The amount required for preparing the farm land (for prawn and seafood ponds, and fencing et al) – $30,000
- The cost for acquiring the required working tools and equipment and tools et al– $200,000
- The amount required for purchase of 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 $500,000 to start a medium scale but standard prawn / seafood farm business in the United States of America.
Basically, the nature of prawn farms does not require an office space; most people that are into commercial farming of any sort operate directly from their farms. But we have decide to open a small liaison office; a place where administrative jobs will be carried out.
Generating Funds / Startup for Richard Dabber® Prawn Farms, LLC
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 a business such as prawn / seafood farming on a large scale. No doubt raising start – up capital for a business might not come cheap, but it is a task that an entrepreneur must go through.
Richard Dabber® Prawn Farms, LLC is a private business that is solely owned and financed by Richard Dabber 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 the start – up capital to 3 major sources.
These are the areas where we intend sourcing for fund for Richard Dabber® Prawn Farms, LLC;
- 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 $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Richard Dabber® Prawn Farms, LLC is to build a business that will survive off its own cash flow without the need for 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 prawns / 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.
Richard Dabber® Prawn Farms, LLC 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.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. 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; 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 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 form of Insurance for the Business: Completed
- Leasing of farm land in Palm Beach – Florida and preparing the land: 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 prawn and seafood pounds: In Progress
- Purchase of the needed working 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 (suppliers of seafood feeds, hotels, grocery stores, restaurants, agriculture merchant and prawn suppliers): Completed
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