BUISNESS PROPOSAL FOR CAT FISH FARMING

My name is Tosan Aruofor and my company’s name is Osanju Fisheries a

subsidiary of Osanju Engineering Company Limited. I decided to go into fish
farming when I discovered that my monthly income could no longer sustain and
cater for my financial responsibilities. I started searching for an additional source
of sustainable means of generating wealth so as to be able to have multiple
source of income. As a monthly earner, my quest and prayer for a line of business
that will give me financial freedom and also make me an employer of labor came
to fulfillment when I came across fish farming as a very lucrative business. I did
my survey and letter went for training on it.

OPPORTUNITY IN THE MARKET TO BE ADDRESSED

During my feasibility studies, my findings clearly indicates that fish remains one of
the most acceptable and healthy source of protein for human consumption, but
this essential product is not readily available in our local content to address the
demands of our ever increasing population, hence the continuous importation of
frozen fish to make up for the shortfall , but still the demand for farmed fish,
particularly the African cat fish has continued to increase and the sector has
responded with significant production increases. Like most entrepreneurs, I chose
the fish business for profit, and at the same time help to build our economy and
reduce unemployment in our society thereby increasing the chance of more
protein in the society at affordable rate and increase national income through
taxes and wealth distribution.

WHO ARE THE CURRENT AND POTENTIAL COMPITITORS AND OUR COMPITITIVE
ADVANTAGE
Our main competitors in this fish farming business are the importers of frozen fish
and co-fish farmers like me. From my analysis, the cost of one kilogram of frozen
fish is between one thousand five hundred (1500:00) naira and Two thousand
(2000:00) naira while the cost of one kilogram of cat fish in the market is between
one thousand two hundred (1,200:00) naira and one thousand five hundred
(1,500:00) naira, this makes it reasonably cheaper. Survey has shown that the cat
fish is preferred to the frozen fish in taste and nutritional value.
For other competitors in the cat fish farming, I have a considerable advantage,
being that fish farming is a passion I have developed over the years.

TARGET MARKET
With the location of our business in Warri, Delta State and an intending quantity
of twelve thousand (12,000) fingerlings, I will tend to enjoy huge patronage of the
population here. My targeted market is; Hotels, market Women cat fish sellers
around Warri and environs, fast food companies, catering companies, bulk cold
room buyers, to industrial users that uses fish for fish meals production and other
products etc. and looking into the feature spread across other states of the
country and export to other countries as well.

MARKETING STRATEGY
The demand for cat fish is non-seasonal commodity, I have plans to reach out to
other market in and around Delta State for faster sales and better profit, I must
also employ the service of the available modern fish driers as I have identified
that dry fish yield more profit and it is preserved and sold at will. We can as well
sell to bulk cold room buyers from the northern part of the Country. I also plan to
understand better the modalities on how to dry my fish to meet international
market standard for export.