WILL YOUR NEW AQUACULTURE BUSINESS BE PROFITABLE? Putting together a business plan Steeve Pomerleau Research Associate
Objectives <ul><li>Help potential producers by:  </li></ul><ul><ul><li>Outlining critical questions </li></ul></ul><ul><ul...
Critical Questions <ul><li>Which species to produce? </li></ul><ul><ul><li>Do you have a clear understanding of the specie...
Tilapia <ul><li>Biological and Economical Constraints   </li></ul><ul><li>Tropical fish that dies in the winter in most pa...
Baitfish <ul><li>Biological and Economical Constraints   </li></ul><ul><li>Low production costs </li></ul><ul><li>Low yiel...
Baitfish <ul><li>Biological and Economical Constraints   </li></ul><ul><li>Difficult to break into market. </li></ul><ul><...
Freshwater Prawns <ul><li>Biological and Economical Constraints   </li></ul><ul><li>Tropical animals. </li></ul><ul><li>Al...
Freshwater Prawns <ul><li>Biological and Economical Constraints   </li></ul><ul><li>Market not developed.  Individual grow...
What about… <ul><li>Eels? </li></ul><ul><li>Bullfrogs? </li></ul><ul><li>Turtles? </li></ul><ul><li>Alligators? </li></ul>
What about… <ul><li>Eels? </li></ul><ul><li>Bullfrogs? </li></ul>Biologically possible but often questionable economically...
Critical Questions <ul><li>Are you aware of the risks involved? </li></ul><ul><ul><li>low dissolved oxygen </li></ul></ul>...
Critical Questions <ul><li>What will it cost you to produce this species in the production system selected?  </li></ul><ul...
Tilapia Production Costs Production costs $/ lb Tropical ponds 0.74 Tropical raceways 0.75 Subtropical greenhouse 1.12 Pon...
Catfish Production Costs <ul><li>Assume feed costs @ $275/ton, and an average yield of 5,000 lb/acre.  For top 10-15% of f...
Critical Questions <ul><li>Aquaculture is management intensive. </li></ul><ul><li>You must ask yourself if you have the sk...
Critical Questions <ul><li>It is critical to spend as much time studying markets </li></ul><ul><ul><li>Are markets accessi...
Business Plan <ul><li>Organized and structured document that…  </li></ul><ul><ul><li>analyzes the market potential </li></...
Business Plan <ul><li>It is the future of the business on paper. </li></ul><ul><li>A way to test dreams against expected c...
Why is a Business Plan Important? <ul><li>Many prospective and existing fish farmers have difficulty obtaining financing. ...
How long does it take to develop a complete business plan? <ul><li>A good business plan take months to develop. </li></ul>...
Fundamental questions addressed with a business plan <ul><li>How will you produce the product?  </li></ul><ul><ul><li>Prod...
Components of a Business Plan <ul><li>Description of the proposed site and production system </li></ul><ul><li>Marketing p...
Description of the site <ul><li>Suitability of the site in terms of soil characteristics, environmental conditions, and wa...
Description of Production System <ul><li>Thorough discussion of the proposed production system </li></ul><ul><li>Possible ...
Marketing Plan <ul><li>The most successful aquaculture business: </li></ul><ul><ul><li>are market-oriented </li></ul></ul>...
Marketing Plan <ul><li>If you’re in an area without a history of aquaculture, it is useful to present information on: </li...
How to begin to Analyze the Market <ul><li>Talk to local retail operations that sell fish. </li></ul><ul><li>Even if you i...
How to begin to Analyze the Market <ul><li>Talk to as many different potential buyers as possible to determine their needs...
How to begin to Analyze the Market <ul><li>Each buyer has its own buying patterns. </li></ul><ul><ul><li>Historical prices...
Marketing Plan <ul><li>Any documentation from the plants or a letter stating that they will purchase fish from you will st...
Financial Analysis  <ul><li>Estimated Annual Costs & Returns  </li></ul><ul><li>Estimate of Required Financing  </li></ul>...
Enterprise Budget <ul><li>Estimate of average costs and revenues in a typical year after the business is established. </li...
 
Estimate of required financing  <ul><li>Aquaculture is capital intensive. </li></ul><ul><li>Some lenders still require as ...
Investment Cost <ul><li>Catfish farm: $4,900 - $5,500/acre </li></ul><ul><li>Land  -- 23 - 26% </li></ul><ul><li>Pond cons...
Balance Sheet <ul><li>Lists what assets and liabilities would be for the new aquaculture business. </li></ul><ul><li>Used ...
 
Income Statement <ul><li>Itemizes farm income and expenses </li></ul><ul><li>Called profit and loss statement </li></ul><u...
 
Cash Flow Budget <ul><li>What is it? </li></ul><ul><ul><li>It is a summary of the cash inflows and outflows over a given p...
Cash Flow Budget <ul><li>Shows cash receipts and cash expenses by month, quarter, or year </li></ul><ul><li>Includes only ...
 
Cash Flow Budget <ul><li>Indicates when additional cash is needed in the business.  </li></ul><ul><li>Can be used to plan ...
Conclusion <ul><li>Fish farming is a great way of life but requires a great deal of preparation and planning </li></ul>
Components of a Business Plan <ul><li>Description of the proposed site and production system </li></ul><ul><li>Marketing p...
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  • BIO: After completing a Bachelor degree in Biology at Laval University in Quebec (Canada), I conducted research on sea urchin culture for the Canadian Department of Fisheries and Oceans. In 2000, I moved to Arkansas to complete a Master degree in Aquaculture at the University of Arkansas at Pine Bluff. My thesis focused on the economics of stocker catfish production. I am now a research associate at the University of Arkansas at Pine Bluff. I am responsible for various Extension programs and work closely with numerous catfish and baitfish growers in Arkansas. SYNOPSIS: My presentation will outline critical questions that need to be answered when considering an aquaculture business venture and will describe how to build a good business plan necessary to evaluate feasibility and operating capital and to secure adequate financing.
  • My objective today is to help potential producers by outlining critical questions, estimating the level of capital investment, and briefly describing the components of a good business plan necessary to evaluate feasibility and operating capital and to secure adequate financing.
  • Deciding which aquaculture species to produce is the first step. Each species has its own biological and economic constraints as well as potential benefits. Do you have a clear understanding of these trade-offs and questions?
  • Tilapia for example…
  • Are you aware of the economic impact of the risks involved in aquaculture, such as low dissolved oxygen, diseases, bird depredation, etc.?
  • What will it cost you to produce this species in the production system selected? The principal question is, can this species be raised and sold for a profit?
  • In selecting a species to raise, it is critical to spend as much time studying markets. Are markets accessible? What have market prices been over the last 5 years? Are they higher during certain months than others? Is the most common market price high enough to cover all your production costs?
  • The next step prior to entering commercial farming is to develop a business plan. A business plan is an organized and structured document that analyzes the market potential for the products produced, production technologies, and the financial performance of the business. Necessary to evaluate feasibility and operating capital and to secure adequate financing
  • It is the future of the business on paper and a way to test dreams against expected challenges and oportunities.
  • Why is a business plan important? Many prospective and existing fish farmers have difficulty obtaining financing. Lenders may not be familiar with aquaculture Adequate planning for the business may help avoid mistakes. Proper planning for the business can also minimize risks associated with the market, production and financing. Lenders often complain about prospective aquaculture borrowers coming in to the office with a request for several million dollar loan with a few numbers scratched on a napkin. Aquaculture is capital intensive and will often require million of dollars. A successful application for a loan for an aquaculture operation must be well documented.
  • How long does it take to develop a complete business plan? A good business plan take months to develop. A thorough plan cannot be developed in an hour, a day, or even a week. The plan is only as good as the effort and thought that goes into it.
  • Fundamental questions addressed with a business plan How will you produce the product? Production System Who will buy the product? Marketing Plan Is the proposed business economically and financially feasible? Economic and Financial Analysis
  • A good business plan will include: a description of the proposed site and production system, a marketing plan, and a financial analysis. a brief resume of the borrower
  • The business proposal must begin with a description of the site where the aquaculture operation is to be established. Suitability of the site in terms of soil characteristics, environmental conditions, and water supply must be presented. The proximity of the proposed farm to processing facilities, feed mills, aquaculture supply firms, equipment repair services, disease and diagnostics laboratories, and the Extension office for technical assistance should be made clear. This demonstrates to the lender both the distance the farm will be from these services and that the individual knows where to find these services. Background information on specific permits that will be required, procedures, and probable time frame to obtain required permits should be presented.
  • The most successful aquaculture business are those that are market-oriented, have diverse markets, and are committed to their customers. Decisions on species, harvest size, and volume should be based on a market analysis. Profits are made by selling fish, not producing them. The marketing plan is often the most overlooked component of a business plan. Many growers focus on the technical aspects of fish production and do not spend time considering market opportunities.
  • If you’re in an area without a history of aquaculture, it is useful to present information on the size of the industry, current trends, and overall growth potential.
  • Talk to as many different potential buyers as possible to determine their needs Retail markets Processors wholesalers Distributors, brokers Restaurants Seafood stores Supermarkets Consumers buying directly Each buyer has its own buying patterns, based on quantities purchased, product forms, price, delivery. Price Product form Product quality Species availability Sources of competing supply Buyers preferences
  • Each buyer has its own buying patterns. Historical prices paid Product form Dockage rates Transportation charges Payment frequency Seasonality issues Delivery volume requirements Quality standards Procedures Contracts Sources of competing supply Buyers preferences Must determine whether there are enough potential buyers of your product to support your business?
  • The financial analysis should include: enterprise budget, estimate of required financing, farm appraisal, balance sheet, income statement, cash flow budget, and personal financial statements.
  • Estimate of average costs and revenues in a typical year after the business is established. Indicates generally whether the proposed production system is profitable. Indicates general level of expected profit. Indicates breakeven costs. Indicates breakeven yields
  • Are you aware of the large capital investment required for building and operating a fish farm?
  • Lists what assets and liabilities would be for the new aquaculture business. Used to calculate net worth (owner equity) Used to determine solvency and liquidity (financial strength &amp; position of the business) Lenders prefer owner equity of 60-65% for aquaculture loans.
  • The business will need to generate cash revenue when needed to pay expenses when due and payable.
  • A feasible plan will indicate potential profits, but will the level of profit make your efforts worthwhile? Fish farming is a great way of life but requires a great deal of preparation and planning.
  • A good business plan will include: a description of the proposed site and production system, a marketing plan, and a financial analysis. a brief resume of the borrower
  • prästen

    1. 1. WILL YOUR NEW AQUACULTURE BUSINESS BE PROFITABLE? Putting together a business plan Steeve Pomerleau Research Associate
    2. 2. Objectives <ul><li>Help potential producers by: </li></ul><ul><ul><li>Outlining critical questions </li></ul></ul><ul><ul><li>Describing components of a business plan </li></ul></ul><ul><ul><li>Estimating the level of capital investment </li></ul></ul>
    3. 3. Critical Questions <ul><li>Which species to produce? </li></ul><ul><ul><li>Do you have a clear understanding of the species constraints and benefits (biological and economic)? </li></ul></ul>
    4. 4. Tilapia <ul><li>Biological and Economical Constraints </li></ul><ul><li>Tropical fish that dies in the winter in most parts of the U.S. </li></ul><ul><li>Must be overwintered indoors, raising costs. </li></ul><ul><li>Good market in U.S. for fillets, but imported fillets from tropics have lower costs. </li></ul><ul><li>Live fish sales difficult, but possible. </li></ul><ul><li>Limited market for live fish sales. </li></ul>
    5. 5. Baitfish <ul><li>Biological and Economical Constraints </li></ul><ul><li>Low production costs </li></ul><ul><li>Low yields </li></ul><ul><li>Live product that requires extensive distribution system </li></ul><ul><li>Sales tied to fishing conditions nationwide on holidays = market risk </li></ul><ul><li>Market flat </li></ul>
    6. 6. Baitfish <ul><li>Biological and Economical Constraints </li></ul><ul><li>Difficult to break into market. </li></ul><ul><li>Wholesaling difficult. </li></ul><ul><li>Could sell baitfish on retail basis, but sales volumes will be very low. </li></ul><ul><li>Even in prime fishing areas, profits from bait sales are low. </li></ul><ul><li>Potential would exist in selling to larger baitfish wholesaler who has established distribution network. </li></ul>
    7. 7. Freshwater Prawns <ul><li>Biological and Economical Constraints </li></ul><ul><li>Tropical animals. </li></ul><ul><li>All production will need to be marketed at the same time in the fall before prawns die as temperatures go down. </li></ul><ul><li>Thus, the market will be highly seasonal and prawns will be sold when their price is lowest. </li></ul><ul><li>Insecticide will kill prawns! </li></ul>
    8. 8. Freshwater Prawns <ul><li>Biological and Economical Constraints </li></ul><ul><li>Market not developed. Individual grower will need to develop the market. </li></ul><ul><li>Production risks high. Severe losses possible. </li></ul><ul><li>Seed supply unreliable and scarce. </li></ul><ul><li>Production costs not well known. </li></ul><ul><li>Harvesting requires draining. </li></ul>
    9. 9. What about… <ul><li>Eels? </li></ul><ul><li>Bullfrogs? </li></ul><ul><li>Turtles? </li></ul><ul><li>Alligators? </li></ul>
    10. 10. What about… <ul><li>Eels? </li></ul><ul><li>Bullfrogs? </li></ul>Biologically possible but often questionable economically Highly specialized industries that may be profitable regionally If something is not being raised, there is likely to be a reason. <ul><li>Turtles? </li></ul><ul><li>Alligators? </li></ul>
    11. 11. Critical Questions <ul><li>Are you aware of the risks involved? </li></ul><ul><ul><li>low dissolved oxygen </li></ul></ul><ul><ul><li>diseases </li></ul></ul><ul><ul><li>bird depredation </li></ul></ul><ul><ul><li>Off flavor </li></ul></ul><ul><ul><li>Market fluctuations </li></ul></ul><ul><ul><li>FISH FARMERS BEAR ALL THE RISK </li></ul></ul><ul><ul><li>NO GOVERNMENT PROGRAMS TO HELP!! </li></ul></ul>
    12. 12. Critical Questions <ul><li>What will it cost you to produce this species in the production system selected? </li></ul><ul><li>Can this species be raised and sold for a profit? </li></ul>
    13. 13. Tilapia Production Costs Production costs $/ lb Tropical ponds 0.74 Tropical raceways 0.75 Subtropical greenhouse 1.12 Ponds, south. U.S. 1.03 Temperate indoor tanks 1.62
    14. 14. Catfish Production Costs <ul><li>Assume feed costs @ $275/ton, and an average yield of 5,000 lb/acre. For top 10-15% of farms. Average yield is less. </li></ul><ul><li>Budgets $0.63 - $0.69/lb </li></ul>
    15. 15. Critical Questions <ul><li>Aquaculture is management intensive. </li></ul><ul><li>You must ask yourself if you have the skills, management ability, and time to run a fish farm. If not, you will have to hire a manager. </li></ul><ul><li>Do you like to get a full night’s sleep most nights? </li></ul>
    16. 16. Critical Questions <ul><li>It is critical to spend as much time studying markets </li></ul><ul><ul><li>Are markets accessible? </li></ul></ul><ul><ul><li>What have market prices been over the last 5 years? </li></ul></ul><ul><ul><li>Are they higher during certain months than others? </li></ul></ul><ul><ul><li>Is the most common market price high enough to cover all your production costs? </li></ul></ul>
    17. 17. Business Plan <ul><li>Organized and structured document that… </li></ul><ul><ul><li>analyzes the market potential </li></ul></ul><ul><ul><li>Explain the production technologies </li></ul></ul><ul><ul><li>Estimate the financial performance of the business </li></ul></ul><ul><li>Necessary to… </li></ul><ul><ul><li>Evaluate feasibility </li></ul></ul><ul><ul><li>Estimate capital investments & operating capital </li></ul></ul><ul><ul><li>Secure adequate financing </li></ul></ul>
    18. 18. Business Plan <ul><li>It is the future of the business on paper. </li></ul><ul><li>A way to test dreams against expected challenges and opportunities. </li></ul>
    19. 19. Why is a Business Plan Important? <ul><li>Many prospective and existing fish farmers have difficulty obtaining financing. </li></ul><ul><li>Lenders may not be familiar with aquaculture </li></ul><ul><li>Adequate planning for the business may help avoid mistakes. </li></ul><ul><li>Proper planning for the business can also minimize risks associated with the market, production and financing. </li></ul>
    20. 20. How long does it take to develop a complete business plan? <ul><li>A good business plan take months to develop. </li></ul><ul><li>A thorough plan cannot be developed in an hour, a day, or even a week. </li></ul><ul><li>The plan is only as good as the effort and thought that goes into it. </li></ul>
    21. 21. Fundamental questions addressed with a business plan <ul><li>How will you produce the product? </li></ul><ul><ul><li>Production System </li></ul></ul><ul><li>Who will buy the product? </li></ul><ul><ul><li>Marketing Plan </li></ul></ul><ul><li>Is the proposed business economically and financially feasible? </li></ul><ul><ul><li>Economic and Financial Analysis </li></ul></ul>
    22. 22. Components of a Business Plan <ul><li>Description of the proposed site and production system </li></ul><ul><li>Marketing plan </li></ul><ul><li>Financial analysis </li></ul><ul><li>Brief resume of borrower </li></ul>
    23. 23. Description of the site <ul><li>Suitability of the site in terms of soil characteristics, environmental conditions, and water supply. </li></ul><ul><li>The proximity to processing facilities, feed mills, aquaculture supply firms, equipment repair services, disease and diagnostics laboratories, and the Extension office. </li></ul><ul><li>This demonstrates to the lender both the distance the farm will be from these services and that the individual knows where to find these services. </li></ul><ul><li>Information on specific permits that will be required. </li></ul>
    24. 24. Description of Production System <ul><li>Thorough discussion of the proposed production system </li></ul><ul><li>Possible production problems (off flavor, etc) </li></ul><ul><li>This demonstrates to the lender awareness of the problem and warns the lender of potential cash flow or debt repayment problems. </li></ul>
    25. 25. Marketing Plan <ul><li>The most successful aquaculture business: </li></ul><ul><ul><li>are market-oriented </li></ul></ul><ul><ul><li>have diverse markets </li></ul></ul><ul><ul><li>are committed to their customers </li></ul></ul><ul><li>Decisions on species, harvest size, and volume should be based on a market analysis. </li></ul><ul><li>Profits are made by selling fish, not producing them. </li></ul>
    26. 26. Marketing Plan <ul><li>If you’re in an area without a history of aquaculture, it is useful to present information on: </li></ul><ul><ul><li>the size of the industry </li></ul></ul><ul><ul><li>current trends </li></ul></ul><ul><ul><li>overall growth potential </li></ul></ul>
    27. 27. How to begin to Analyze the Market <ul><li>Talk to local retail operations that sell fish. </li></ul><ul><li>Even if you intend to sell strictly to a processing plant. </li></ul><ul><li>It is important to understand the product qualities and characteristics expected by the retail operators and end consumers. </li></ul>
    28. 28. How to begin to Analyze the Market <ul><li>Talk to as many different potential buyers as possible to determine their needs. </li></ul><ul><ul><li>Retail markets </li></ul></ul><ul><ul><li>Processors </li></ul></ul><ul><ul><li>wholesalers </li></ul></ul><ul><ul><li>Distributors, brokers </li></ul></ul><ul><ul><li>Restaurants </li></ul></ul><ul><ul><li>Seafood stores </li></ul></ul><ul><ul><li>Supermarkets </li></ul></ul><ul><ul><li>Consumers buying directly </li></ul></ul>
    29. 29. How to begin to Analyze the Market <ul><li>Each buyer has its own buying patterns. </li></ul><ul><ul><li>Historical prices paid </li></ul></ul><ul><ul><li>Product form </li></ul></ul><ul><ul><li>Dockage rates </li></ul></ul><ul><ul><li>Transportation charges </li></ul></ul><ul><ul><li>Payment frequency </li></ul></ul><ul><ul><li>Seasonality issues </li></ul></ul><ul><ul><li>Delivery volume requirements </li></ul></ul><ul><ul><li>Quality standards </li></ul></ul><ul><ul><li>Procedures </li></ul></ul><ul><ul><li>Contracts </li></ul></ul><ul><ul><li>Other buyers preferences </li></ul></ul>Enough potential buyers to support your business?
    30. 30. Marketing Plan <ul><li>Any documentation from the plants or a letter stating that they will purchase fish from you will strengthen the business loan proposal </li></ul>
    31. 31. Financial Analysis <ul><li>Estimated Annual Costs & Returns </li></ul><ul><li>Estimate of Required Financing </li></ul><ul><li>Farm Appraisal </li></ul><ul><li>Balance Sheet </li></ul><ul><li>Income Statement </li></ul><ul><li>Cash Flow Budget </li></ul><ul><li>Personal Financial Statement </li></ul>
    32. 32. Enterprise Budget <ul><li>Estimate of average costs and revenues in a typical year after the business is established. </li></ul><ul><li>Indicates generally whether the proposed production system is profitable. </li></ul><ul><li>Indicates general level of expected profit. </li></ul><ul><li>Indicates breakeven costs. </li></ul><ul><li>Indicates breakeven yields </li></ul>
    33. 34. Estimate of required financing <ul><li>Aquaculture is capital intensive. </li></ul><ul><li>Some lenders still require as much as 50-65% owner equity. </li></ul>
    34. 35. Investment Cost <ul><li>Catfish farm: $4,900 - $5,500/acre </li></ul><ul><li>Land -- 23 - 26% </li></ul><ul><li>Pond construction -- 33 - 35% </li></ul><ul><li>Water supply -- 11 - 14% </li></ul><ul><li>Equipment, feed bins -- 28 - 30% </li></ul><ul><li>If you already own the land: investment is $3,600 - $4,200/acre </li></ul>
    35. 36. Balance Sheet <ul><li>Lists what assets and liabilities would be for the new aquaculture business. </li></ul><ul><li>Used to calculate net worth (owner equity) </li></ul><ul><li>Used to determine solvency and liquidity (financial strength & position of the business) </li></ul><ul><li>Lenders prefer owner equity of 60-65% for aquaculture loans. </li></ul>
    36. 38. Income Statement <ul><li>Itemizes farm income and expenses </li></ul><ul><li>Called profit and loss statement </li></ul><ul><li>Calculates </li></ul><ul><ul><li>net farm income </li></ul></ul><ul><ul><li>return to capital </li></ul></ul><ul><ul><li>Return to labor & management </li></ul></ul><ul><ul><li>return to equity </li></ul></ul>
    37. 40. Cash Flow Budget <ul><li>What is it? </li></ul><ul><ul><li>It is a summary of the cash inflows and outflows over a given period of time. </li></ul></ul><ul><ul><li>It is an important forward planning tool. </li></ul></ul><ul><li>Purpose : </li></ul><ul><ul><li>Estimate future borrowing needs </li></ul></ul><ul><ul><li>Estimates the loan repayment capacity </li></ul></ul><ul><ul><li>Schedule payments and harvests </li></ul></ul>
    38. 41. Cash Flow Budget <ul><li>Shows cash receipts and cash expenses by month, quarter, or year </li></ul><ul><li>Includes only cash expenses </li></ul><ul><li>Indicates when cash is available for loan repayment </li></ul><ul><li>Indicates when cash is needed to keep business going </li></ul><ul><li>Should include family living expenses </li></ul>
    39. 43. Cash Flow Budget <ul><li>Indicates when additional cash is needed in the business. </li></ul><ul><li>Can be used to plan operating lines of credit. </li></ul><ul><li>Can be used to schedule purchases of new equipment or major repairs. </li></ul><ul><li>Can be used to plan stocking and harvesting schedules to meet financial obligations. </li></ul>
    40. 44. Conclusion <ul><li>Fish farming is a great way of life but requires a great deal of preparation and planning </li></ul>
    41. 45. Components of a Business Plan <ul><li>Description of the proposed site and production system </li></ul><ul><li>Marketing plan </li></ul><ul><li>Financial analysis </li></ul><ul><ul><li>Annual Costs & Returns </li></ul></ul><ul><ul><li>Required Financing </li></ul></ul><ul><ul><li>Farm Appraisal </li></ul></ul><ul><ul><li>Balance Sheet </li></ul></ul><ul><li>Brief resume of borrower </li></ul><ul><ul><li>Income Statement </li></ul></ul><ul><ul><li>Cash Flow Budget </li></ul></ul><ul><ul><li>Personal Financial Statement </li></ul></ul>http://srac.tamu.edu
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