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How to Start a Bait Shop
Written by: Carolyn Young
Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.
Edited by: David Lepeska
David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.
Published on May 26, 2022 Updated on November 9, 2023
$9,550 - $21,100
$137,000 - $456,000 p.a.
Time to build
1 – 3 months
$41,000 - $137,000 p.a.
If you like to fish, you’ve no doubt visited bait shops, which usually offer all sorts of fishing supplies. Fishing is big business in the US, worth more than $10 billion. If you have a passion for fishing, you could start your own bait shop, provide people with much-needed products and build a lucrative business venture.
But before you start digging for nightcrawlers, you’ll need to get a line on the business side of things. Luckily, all the information you need to start a successful bait shop can be found in this step-by-step guide.
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Step 1: Decide if the Business Is Right for You
Pros and cons.
Starting a bait shop has pros and cons to consider before deciding if it’s right for you.
- Good Lifestyle – Chat with other fishing lovers all day
- Large Market – Fishing is a popular sport
- Good Money – Catch your own bait, make nearly 100% profit
- Investment Required – Spend money on an inventory of fishing tackle
- Location-Dependent – Need to be near water where people fish
Bait shop industry trends
Industry size and growth.
- Industry size and past growth – The US fishing industry was worth $10.58 billion in 2021 after expanding 5% the previous year.(( https://www.statista.com/statistics/1174479/fishing-industry-market-size-us/ ))
- Growth forecast – The US fishing industry should continue to remain steady for the next five years.
Trends and challenges
Trends in the bait shop industry include:
- Adding fish scent to fishing lures is growing in popularity, providing another product opportunity for bait shops.
- Fly fishing is becoming popular among millennials, so bait shops should consider offering fly fishing equipment and lures to target that audience.
Challenges in the bait shop industry include:
- Supply chain issues are causing major challenges for the fishing tackle industry.
- Wholesale prices for fishing tackle are rising, forcing bait and tackle shops to increase their prices.
How much does it cost to start a bait shop business?
Startup costs for a small bait shop range from $10,000 to $20,000. Costs include the space rental, equipment, and inventory.
You’ll need a handful of items to successfully launch your bait shop business, including:
- Nets to catch bait
- Bait containers
- Refrigerators and water tanks for bait
How much can you earn from a bait shop business?
Prices for bait vary, but average about $4 to $5 per dozen. Prices for fishing supplies and tackle vary. These calculations will assume an average sale per customer of $25. Your profit margin should be about 30%.
In your first year or two, you might have an average of 15 customers a day, bringing in $137,000 in annual revenue. This would mean $41,000 in profit, assuming that 30% margin. As your shop becomes more well known, you might get 50 customers a day. With annual revenue of $456,000, you’d make a handsome profit of $137,000.
What barriers to entry are there?
There are a few barriers to entry for a bait shop. Your biggest challenges will be:
- Funding the startup costs of inventory
- Finding a prime location near a body of water
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Step 2: hone your idea.
Now that you know what’s involved in starting a bait shop, it’s a good idea to hone your concept in preparation to enter a competitive market.
Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.
Why? Identify an opportunity
Research bait shops in your area to examine their products, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the local market is missing a bait shop that specializes in supplies for ice fishing, or a shop that stocks catfish or trout bait.
You might consider targeting a niche market by specializing in a certain aspect of your industry, such as live bait or frozen bait.
This could jumpstart your word-of-mouth marketing and attract clients right away.
What? Determine your products or services
You can sell a variety of fishing supplies and equipment including:
- Frozen bait
- Fishing licenses
- Tackle boxes
- Fishing rods and reels
- Fishing gear
- Fishing supplies
You could also offer snacks and beverages.
How much should you charge for bait?
Prices for bait vary, but average about $4 to $5 per dozen. Prices for fishing supplies and tackle vary. Check prices in your local area to make sure you’re competitive. Your profit margin after cost of goods, rent, and overhead should be about 30%.
Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.
Who? Identify your target market
Your target market will be local anglers, which is a broad category. You should spread out your marketing to include sites like TikTok, Instagram, and Facebook.
Where? Choose your bait shop location
Selecting the right location for your bait shop is crucial for attracting anglers and ensuring the success of your business. Look for a location near popular fishing spots, such as lakes, rivers, or coastal areas, to capitalize on the proximity to your target customers.
You can find commercial space to rent in your area on sites such as Craigslist , Crexi , and Instant Offices .
Additionally, consider areas with limited competition to differentiate yourself in the market and become a go-to destination for fishing enthusiasts.
By choosing a strategic location with easy accessibility and a strong fishing community presence, you can establish a thriving bait shop that caters to the needs of avid anglers.
Step 3: Brainstorm a Bait Shop Name
Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.
Here are some ideas for brainstorming your business name:
- Short, unique, and catchy names tend to stand out
- Names that are easy to say and spell tend to do better
- Name should be relevant to your product or service offerings
- Ask around — family, friends, colleagues, social media — for suggestions
- Including keywords, such as “bait shop” or “bait and tackle shop”, boosts SEO
- Name should allow for expansion, for ex: “The Fishing Hole” over “Carp Fishing Baits”
- Avoid location-based names that might hinder future expansion
- Use online tools like the Step by Step Business Name Generator . Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.
Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these.
Find a Domain
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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.
Step 4: Create a Bait Shop Business Plan
Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:
- Executive Summary: A concise summary outlining the essential details of the bait shop business plan, including its mission, vision, and key objectives.
- Business Overview: A brief description of the bait shop, detailing its purpose, location, and any unique features that set it apart in the market.
- Product and Services: Clear and detailed information on the range of bait and related products, as well as any additional services offered by the bait shop.
- Market Analysis: An examination of the target market for the bait shop, identifying customer demographics, needs, and trends in the fishing and outdoor industry.
- Competitive Analysis: An assessment of other bait shops in the area, analyzing their strengths and weaknesses to position the new business effectively.
- Sales and Marketing: Strategies and tactics for promoting and selling bait and related products, including advertising, promotions, and customer outreach.
- Management Team: Profiles of the key individuals responsible for the bait shop’s success, highlighting their relevant experience and skills.
- Operations Plan: A detailed plan outlining how the bait shop will operate on a day-to-day basis, covering aspects such as suppliers, inventory management, and customer service.
- Financial Plan: Projections and analysis of the financial aspects of the bait shop, including startup costs, revenue forecasts, and profit margins.
- Appendix: Supporting documents, additional data, or any supplementary information that adds depth and credibility to the bait shop business plan.
If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.
Step 5: Register Your Business
Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.
Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business!
Choose where to register your company
Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to bait shops.
If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state.
Choose your business structure
Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your bait shop will shape your taxes, personal liability, and business registration requirements, so choose wisely.
Here are the main options:
- Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
- General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
- Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
- C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
- S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.
We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.
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Step 6: Register for Taxes
The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN.
Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.
The IRS website also offers a tax-payers checklist , and taxes can be filed online.
It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.
Step 7: Fund your Business
Securing financing is your next step and there are plenty of ways to raise capital:
- Bank loans: This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
- SBA-guaranteed loans: The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
- Government grants: A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
- Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
- Crowdfunding: Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
- Personal: Self-fund your business via your savings or the sale of property or other assets.
Bank and SBA loans are probably the best option, other than friends and family, for funding a bait shop business.
Step 8: Apply for Bait Shop Business Licenses and Permits
Starting a bait shop business requires obtaining a number of licenses and permits from local, state, and federal governments.
Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits.
You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more.
You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.
This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.
If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.
Step 9: Open a Business Bank Account
Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .
Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your bait shop business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.
Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account.
Step 10: Get Business Insurance
Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.
Here are some types of insurance to consider:
- General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
- Business Property: Provides coverage for your equipment and supplies.
- Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
- Worker’s compensation: Provides compensation to employees injured on the job.
- Property: Covers your physical space, whether it is a cart, storefront, or office.
- Commercial auto: Protection for your company-owned vehicle.
- Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
- Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.
Step 11: Prepare to Launch
As opening day nears, prepare for launch by reviewing and improving some key elements of your business.
Essential software and tools
Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.
You may want to use industry-specific software, such as LS Retail , Vend , or Retail Pro , to manage purchasing, inventory, and invoicing.
- Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero .
- If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.
Develop your website
Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.
You can create your own website using website builders . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.
They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.
A bait shop’s marketing strategy should reel in customers by highlighting convenience, expertise, and a passion for the fishing lifestyle. Your approach must speak to the heart of the angling community, promising an authentic and resource-rich experience.
Local Engagement and Expertise
- Fishing Hotspot Maps : Provide local fishing maps in-store and online, marking the best spots to cast a line, showcasing your local knowledge.
- Expert Advice Sharing : Position yourself as a fishing expert through blog posts, social media tips, and in-store advice on fishing tactics and gear.
Digital Presence and Online Community
- SEO for Local Anglers : Implement SEO best practices to ensure locals searching for fishing supplies or bait shops find you at the top of their search results.
- Active Social Media Profiles : Maintain active social media profiles with regular updates on fishing conditions, bait recommendations, and customer catches.
Promotions and Partnerships
- Fishing Tournament Sponsorships : Sponsor local fishing tournaments to boost visibility and engage directly with your target audience.
- Loyalty Discounts : Implement a loyalty program that rewards frequent customers with discounts or freebies.
Educational Content and Resources
- Fishing Clinics and Workshops : Offer fishing clinics or workshops that can help novice anglers improve their skills, led by experienced fishers.
- Online Fishing Resource Center : Create an online resource center with guides on local fish species, fishing techniques, and gear maintenance.
Brand Building Through Storytelling
- Customer Catch Board : Feature a board in-store and online where customers can post pictures of their catches, encouraging a sense of community.
- Local Angler Features : Highlight stories of local anglers on your website and social media, building a narrative around the local fishing community.
Interactive and Experiential Marketing
- Virtual Bait Selection Assistant : Develop an online tool to help customers choose the right bait and tackle based on local fish activity and weather conditions.
- In-Store Experience Events : Host special in-store events like meet-and-greets with fishing experts or new product demonstrations.
Focus on USPs
Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your bait shop meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire.
Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your bait shop business could be:
- Fresh bait, beer, and munchies for your day on the lake
- Want to catch serious lunkers? We’ve got the best lures and live bait
- Your one-stop shop for bait and fishing gear
You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a bait shop business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in bait shops for years and can offer invaluable insight and industry connections.
The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in bait shops. You’ll probably generate new customers or find companies with which you could establish a partnership.
Step 12: Build Your Team
If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a bait shop business include:
- Shop Clerks – make sales, customer service
- Bait Collectors – find and catch live bait
- General Manager – scheduling, ordering, accounting
- Marketing Lead – SEO strategies, social media
At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need.
Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.
Step 13: Run a Bait Shop – Start Making Money!
If you love fishing, a bait shop could be perfect for you. You could sell all sorts of fishing gear besides bait and become a regular stop for local anglers as they prepare to hit the water. If you put your passion for fishing into the business and provide a great experience, you could build quite a successful operation, and maybe even expand into franchises!
You’ve reeled in the required business knowledge, so now it’s time to cast your line and launch your bigtime bait shop.
- Bait Shop Business FAQs
Yes, a bait shop can be very profitable. You’ll need to find a good location and offer a variety of fishing items other than bait, and also provide a great customer experience, and you can be successful.
You need a great location near a body of water. You can also offer snacks, beverages, and fishing gear to attract more customers.
Some vintage fishing lures are worth money including:
- Giant Copper Haskell Minnow
- Rare Haskell Musky Minnow
- Musky Charmer Minnow
Many night crawlers are grown in Canada and sold to bait shops. Sometimes people or businesses also grow worms to sell to bait shops.
You would need to be able to have your home zoned as a bait shop. You also may need to get other licenses and permits. Check with your state and local governments for requirements.
You can simply Google the type of suppliers that you’re looking for. You could also go to other local bait shops and simply ask their owners where they get supplies.
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- Decide if the Business Is Right for You
- Hone Your Idea
- Brainstorm a Bait Shop Name
- Create a Bait Shop Business Plan
- Register Your Business
- Register for Taxes
- Fund your Business
- Apply for Bait Shop Business Licenses and Permits
- Open a Business Bank Account
- Get Business Insurance
- Prepare to Launch
- Build Your Team
- Run a Bait Shop - Start Making Money!
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Commercial Fishing Business Plan Sample
The commercial fishing industry is growing, especially off the coasts of emerging economies. Whether you are starting a fishing company in America, off the coast of Africa, or anywhere else in the world, this sample will help guide you. Our business plan writers have crafted this sample.
“Nearfish Inc.” (herein also referred to as “Nearfish”, “Nearfish Company”, and “the company”) was incorporated on February 2, 2022 in the State of Florida by Co-founders: Mich Teresen, and Tom Parkinson. The company is a leader in sustainability across two key sectors, recycling and seafood, and developing solutions to challenges in both areas. Nearfish is inspiring Somalis to achieve goals in recycling, waste reduction, and reuse for the betterment of the nation. Additionally, the company is dedicated to innovation, creativity, and advancements in science and technology. As such, the initial focus will be producing high quality seafood across Ethiopia, Kenya, and Somalia using sustainable fisheries.
Somalia is the easternmost country on the Horn of Africa. Extending just south of the Equator northward to the Gulf of Aden, the country occupies an important geopolitical position between sub-Saharan Africa and the countries of Arabia and southwestern Asia. The capital, Mogadishu, is located just north of the Equator on the Indian Ocean. Landscapes of thornbush savanna and semidesert dominate the scenery as the land of Somalia is a country with geographic extremes.
Somalis have, as a result, developed equally demanding economic survival strategies. With this backdrop, climate plays a key role for Somalia’s economy and livelihoods. Climate change has impacted the land as droughts and floods pose the most severe hazards to the country. Furthermore, global warming and shrinking fish stocks have led to illegal fishing off the Somali coast. This has enabled conflicts between pirates and foreign fishing vessels.
Nearfish is a Somali-founded venture which is seeking to rectify these disastrous changes to the climate, and spearhead a campaign for Somalia to become a thriving and prosperous nation. The company is developing programs, as well as innovations in recycling and seafood production to bolster the environmental sustainability of the region. Somalia has a rich history, captivating geography, and a people who have endured; survived; and preserved in spite of challenges. Nearfish is building a nation of proud Somalis who can call their country home. The company is committed to climate action and developing the necessary solutions to tackle the most challenging problems ahead in this domain.
The company is first tackling this challenge with a sustainable approach to fishing production. This industry has been ravaged by piracy, noncompliant international vessels, overfishing, climate change, and other challenges. Nonetheless, the company is creating a supply chain process which involves sourcing from local sustainable fisheries while managing a fleet of boats and crew. The goal is to supply Ethiopia, Kenya, and Somalia with high quality fish which is ethically sourced. As a result, the company is creating a series of plans across marketing, HR, strategy, and other areas to execute on this vision.
Nearfish Company was founded by: Mich Teresen, and Tom Parkinson. The team have worked both inside and outside the country and their goal is to bring what they have learned home. Nearfish focuses on two important areas which the company considers to be priorities and can be addressed.
The Seafood Sector
The seafood sector in general is self-contained in which the company desires to strengthen the production, and to help small business owners used in the production of fish. As part of the climate inaction, there has been a significant negative impact on the seafood industry. Moreover, this has impacted production, yields, and quality of fish. Nearfish will focus on improving the quality of seafood production to provide jobs and feed more people with quality food.
Our mission is to provide quality sustainably produced seafood and waste management services, as well as promoting recycling activities to ensure a safe and healthy community.
Our vision is to inspire and challenge Somalis to achieve the highest quality seafood production, waste reduction, recycling, and reuse goals in the nation.
The following core values guide the Nearfish team and larger company culture.
Integrity is at the center of all decision-making.
- We conduct our business activities in a transparent manner which includes engaging stakeholders and the public when developing or optimizing new or established policies and regulations.
- We embrace the highest degree of administrative and fiscal responsibility.
- We act in an ethical, honest, and professional manner at all times.
- We lead by example.
- We continually set realistic yet rigorous goals and achieve them.
- We value proactive communication and stay accountable to each other as well as our stakeholders.
- We continually stay compliant with current statutory and regulatory requirements.
Leadership is embedded into the business and all people.
- We are industry leaders in developing and implementing new strategies to protect our natural resources.
- We make insightful recommendations that promote positive change in our business and community.
- We value innovative policies and practices that promote sustainable communities.
- We use cutting-edge web-based technology to achieve maximum outreach in an efficient manner.
- We continually explore new techniques to address waste and material streams.
- We research and make public model programs and approaches for diversion and environmental stewardship.
- We adapt to meet new challenges.
Service to others and the world above all else.
- We excel at providing high levels of customer service to our internal and external customers.
- We continually evaluate the quality of our programs and services to ensure their efficiency and effectiveness.
- We cultivate and nurture a work environment that values diversity, open communication, and idea sharing.
- We encourage, appreciate, and reward excellence.
- We value our staff for their institutional knowledge, celebrate their success, and provide opportunities for them to enhance their skills, knowledge, and abilities.
There are several key dates and milestones associated with the Nearfish company as described below:
- In 1977 the Somali Government established the Ministry of Fisheries and Marine Resources.
- The Somali central government collapsed in 1991, and the increase in foreign fishing became a justification for piracy against fishing vessels.
- Foreign fishing vessels caught approximately 92,500 megatons of fish in 2014, almost twice that caught by the Somali domestic fleet of fishermen.
- The Somali Fisheries Law was passed in December 2014 banning bottom trawling by domestic and foreign vessels, it also made all prior licenses null and void, and reserved the first 24 nautical miles of Somali waters for Somali fishers.
- The Growth, Enterprise, Employment, and Livelihoods (GEEL) project was established by USAID supporting more than 50 Somali fishing companies to stabilize catch rates, improve economic return, and streamline internationally-accepted processing.
Goals and Objectives
Global Fish and Seafood Industry
As the world continues to grow in population, it is expected to reach around 10 billion by 2050. With this consistent increase in population, food security has been recognized as one of the many challenges that needs to be addressed by all nations.
Based on the United Nation Food and Agriculture Organization’s (FAO) report on The State of World Fisheries and Aquaculture, the total fisheries and aquaculture production in 2018 reached 179 million tonnes. This number makes fish and seafood the most traded food commodity in the world. Around 87% of this total was identified for direct human consumption. This percentage increased significantly by 20% from 67% in the 1960’s. The annual growth rate of fish consumption exceeded the combined total of meat and terrestrial animals consumption.
The graph above shows the volume of fish production from 2002 to 2021. In 2020, the world produced 174.6 million metric tonnes of fish which is approximately 18% higher than it produced in 2010 (148.1 metric tonnes). This only proves that fish is one of the most consumed foods and is becoming further in demand in all areas of the world.
It is expected that the seafood industry will expand in succeeding years. The market was valued at $125.2 billion in 2017 and is projected to increase to $155.32 billion by 2023. In 2018, the top three (3) producers are China, Indonesia and Peru. In China alone, where the largest fish and seafood processing industry is situated, the industry generated $31.6 billion of revenue.
In another report, the global fresh fish market size was valued at $228.3 billion in 2021. This is calculated to increase at a compound annual growth rate (CAGR) OF 2.6% from 2022 TO 2028. The significant growth rate was also reported as one driven by the population’s heightened awareness on the health benefits of fish products. The Food and Agriculture Organization (FAO) also reported that the fish product consumption far outweighs the growth of the population.
Fish and Seafood Industry in Africa
The international fishing trade industry in Africa has made significant progress in the past years. However, it has yet to evolve to achieve rapid and sustainable economic growth for the region. There is a need to boost Africa’s intra-regional trade by improving their capacity to produce fish products in order to compete with the world market.
Records show that Africa contributed around 90 million tonnes per year in the last decade. Although this figure remained stable, there was a regional increase of 6.8 times from 1,109,387 tonnes in 1950 to 7,597,427 tonnes in 2010. The fish and aquaculture catch in 2010 is 9% of the global supply valued at 158 million tonnes or around $217.5 billion.
In the export sector, 10 African exporters lead the 89.5% fish and fishery products exports from the region. The top 5 are Morocco (leading with 29%), Namibia (15.8%), South Africa (12.3%), Mauritius (7%) and Senegal (6.3%). Morocco contributed 1.1% to the global trade.
Europe is the top market of African fish products exporters at 70% of the total exports. Tagging far behind is Asia at 15% and neighboring African nations at 11%.
Fish and Seafood Industry in Somalia, Ethiopia and Kenya
The total fisheries production (in metric tonnes) in Somalia, Ethiopia and Kenya from 2010 to 2020 is shown in the graph below. Out of the three countries, Somalia has produced the lowest number of fish products. In fact, it has steadily produced 30,000 metric tonnes in a decade. Kenya on the other hand started strong in 2010 until 2011. However, its fisheries market production in 2012 experienced a slump and it has not regained its strength until 2020. In this period, its highest production was in 2011 where they produced 207,925 metric tonnes of fish products. They ended with 150,060 metric tonnes of fish production in 2020. Amongst the three countries, Ethiopia has a more steady rise in their fish production. After the year 2010, their production had a minimal dip in 2015 but Ethiopia regained its strength and recorded an increase in production until 2020 where it produced 60,536 metric tonnes.
Fish Market Profiles of Somalia, Ethiopia and Kenya
FOA has released Fish Market Profiles for different countries in March 2022 conducted by GLOBEFISH. Globefish collected from 2001-2019 market and trade information on fish and fish products in various countries. These data may be useful to determine the feasibility of importing and exporting fish products to Somalia, Ethiopia and Kenya. For Somalia, below is their Fish Market Profile.
In summary, the Somalia, Ethiopia and Kenya Fish Market Profiles proves that there is a great deal of potential for profitability in both export and import of fish products.
Recycling Facilities Industry Market
Recycling is the process of collecting, processing, and remanufacturing materials that would otherwise be thrown away as trash. The global waste recycling services market size is to be valued at $81.3 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period. The increased awareness of the benefits of garbage recycling is expected to result in a positive impact to the recycling industry over the forecast period.
Globally, the Recycling Facility Industry is expected to rise at a considerable rate from this year onwards. It was valued at $55.1 billion in 2020, and was estimated at $57.69 billion in 2021. By 2028, it is estimated to reach almost $90 billion, recording a compound annual growth rate of 4.8% between 2021 to 2030.
Awareness and Support
Recycling businesses gain the support of both government and non-government organizations which lead in campaigning in favor of recycling materials to generate raw materials in many industries. Many industries are beginning to appreciate the value and the benefits of using recycled materials. It does not only save cost and energy for everyone, but it helps the Earth heal and become more sustainable for living. Due to the support and the growing awareness of its benefits, the recycling industry is expanding and becoming more profitable and viable.
Recycling Industry Market in the U.S.
In the U.S. alone, the market size of the Recycling Facilities industry, measured by revenue, is $9.4bn in 2022. It is composed of 1,051 Recycling Facilities businesses and has increased by 0.9% from 2021. This industry also employs approximately 24,998 employees. The annual market growth of the Recycling Facilities Industry from 2012 to 2022 is shown below:
With the above trend shown in the graph, the Recycling Industry in the U.S. is projected to increase at 6.8% per year on average between 2017 and 2022. Compared to the overall economy, this industry has accelerated at a faster rate over the years. In terms of market size, this industry is the 22nd ranked Administration, Business Support and Waste Management Services industry and the 544th largest in the U.S.
The business has grown by 0.9% from 2021 to 2022 due to the rise of waste materials during the pandemic and after. The table below shows a 3% CAGR in the U.S.
It is also worth knowing that the recycling rate throughout Minnesota reveals that it is one of the better U.S. states in terms of waste management. According to the most recent study, Minnesota’s statewide recycling rate is at 43.6% in 2020, which is an increase of 1.5% from 2019.
The U.S. is one of the largest producers of solid waste worldwide. Despite this industry growth in the U.S., the recycling industry is still considered low when compared to European countries. In fact, Germany is 65% higher. In a report done by the Environmental Protection Agency (EPA), the total waste materials and products generated in 2018 was approximately 292.4 million tonnes. The breakdown shows that organic materials continued to be the highest contributor of waste in the U.S.
The above figure shows that paper and paperboard materials are the most recycled waste in the U.S.. It is approximately 66% of the 69 million metric tonnes of recycled Municipal Solid Waste (MSW) accounted for in 2018. Focusing on recyclable waste, following closely is plastic materials such as PET and HDPE bottles at 12.2%. However, according to the report this accounts for only 10% of the total U.S. plastic waste.
This means that 90% of U.S. plastic waste is not recycled and has actually been thrown into landfills or incinerated creating more pollution in the environment. The impact of this has already caught global attention resulting in increased support for the development of better recycling systems.
Raising awareness is the key for understanding the value of recycling in the U.S. To do this, the government declared November 15 as “America Recycles Day” where many Americans participate and raise awareness in the country.
The U.S. Food and Drug Administration (FDA) regulates laws and programs on fish and fishery products under the provisions of the Federal Food, Drug and Cosmetic (FD&C) Act and the Public Health Service Act. This Agency is responsible for research, inspection, compliance, enforcement, outreach, and the development of regulations and guidance.
In 1996, the FDA adopted its final regulations to ensure the safe and sanitary processing of fish and fishery products, including imported seafood. The regulations mandated the application of Hazard Analysis Critical Control Point (HACCP) principles to the processing of seafood. HACCP is a preventive system of hazard control that can be used by processors to ensure the safety of their products to consumers.
The FDA is the one who publishes the Fish and Fisheries Products Hazards and Controls Guidance. This is an extensive compilation of the most up-to-date science and policy on the hazards that affect fish and fishery products and effective controls to prevent their occurrence.
The most recent guidelines released by the FDA was the Fish and Fishery Products Hazards and Controls Guidance, June 2022 edition. It is intended to assist those in the industry to develop their own HACCP plans. The guidelines will help the business owners to:
- Identify hazards associated with their products,
- Formulate control strategies
- Use it as a tool to ensure their compliance to HACCP plans
Worth noting also is the recent Minnesota State Regulation on Meat, Poultry, and Fish Products Sold by Weight (Minn. R. 1545.0290). This state law requires all fish and seafood products offered or exposed for sale shall be sold by weight. The quantity representation to be used in the sale shall be the total weight of the product.
Other regulations on Fish and Seafood products can be found in the Minnesota Statutes 2021, Chapter 31, cited as the “Minnesota Food Law”. Specifically, the following are stated:
- Fishery Products Rules (31.101, Subd. 9). This rule states that all functions of the Department of Agriculture pertaining to fish, shellfish and any similar products will be delegated to the Department of Interior by the Director of the Budget. They will be in charge of developing standards, performing inspection and certifications, and regulations of rates.
- Meat Industry Division (31.60, Subd. 1). In relation to the above rule, this rule informs the creation of a Meat Industry Division in the Department of Agriculture which shall enforce and administer laws by the Commissioner of Agriculture relating to meat, fish, and dressed poultry.
Fisheries Legislation in Somalia
Many parts of the world are challenged by Illegal, unreported and unregulated (IUU) fishing. These activities threaten the conservation and management of fish products in every country. It also diminishes the effort of national and regional organizations leading to the loss of both short and long-term social and economic opportunities. In effect, food security and the environment cannot be wholly protected. In Somalia, IUU has destabilized the coastal communities by threatening the livelihood and security of those living in the coastal areas of the country.
The Fisheries law of the Federal Republic of Somalia (Review of 2016) provides for the management and conservation of marine aquatic resources and habitat and the development of this industry. This Act designates 24 nautical miles of the coastline within a protection zone to protect fishermen. It also authorized the Ministry of Fisheries and Marine Resources of Somalia to consult and cooperate with international and national government and non-government organizations.
By doing so, they will be able to plan, manage and develop programs to regulate the industry to include registration of fishing activities and licenses. The law also lists various prohibited acts such as dangerous fishing methods, catching of marine mammals and turtles, polluting fishing waters, destruction of coral reefs among others.
Recycling Facilities Industry Regulations
There is no national law in the United States that mandates recycling. However, state and local governments initiate their own recycling requirements. Each state collaborates across departments, and with non-profit organizations to implement a successful recycling program.
The EPA is tasked to regulate household, industrial, and manufacturing solid and hazardous wastes under the Resource Conservation and Recovery Act (RCRA). In particular, the RCRA has the following objectives:
- Protection from the hazards of waste disposal;
- Conservation of energy and natural resources by recycling and recovery;
- Reduction or elimination of waste; and
- Cleaning up of waste that may have spilled, leaked or been improperly disposed of.
In 2014, Minnesota updated its recycling goals. It required all state agencies in the Twin Cities Metro Area to achieve a recycling rate of 75 percent or higher by the year 2030. Since 2016, the State Admin has partnered with the Minnesota Pollution Control Agency (MPCA) and the Minnesota Chamber of Commerce Waste Wise Foundation to implement changes in their recycling program.
The State Admin believes that over 90 percent of Minnesota’s waste can be recycled or composted. They believe that by upgrading their recycling programs, it will ensure meeting and even surpassing their legislative goals; and make them progress toward becoming a zero-waste workplace.
The African Marine Fisheries is valued at $24 billion per year. Based on the Quartz Africa report, small-scale fisheries are making the greatest contribution to the continent’s economy than the bigger players. The fisheries and aquaculture sector employs about 12.3 million people where 50% are fishers and the rest are from the fish processing and marketing sector. However, according to the report, Africa does not benefit from the rewards of this $24 billion worth industry.
There are several reasons for the inability of the fish industry to take off in the “Horn of Africa” region.
Switzerland has launched its Horn of Africa cooperation programme that focuses on social programs for this region. It includes programs on good governance, food security, health, migration and the protection of vulnerable communities. Additionally, it focuses on Somalia and covers some areas of Ethiopia and Kenya in its borders. This also provides emergency aid as needed.
The program recognizes that the “Horn of Africa” is one of the world’s most conflict-prone and fragile regions. Some of the factors given are “protracted conflict and violent extremism, weak governance, and poor quality of public services.” It also mentioned the impact of climate change as one of its challenges.
Despite all these challenges, the Horn of Africa is seen to have the potential to drive positive improvements in the region, including the roll out of mobile telecommunications, rapid digital innovation and an “agile global diaspora”. Switzerland has tapped a generation of young and connected citizens to work closely and create hope for the region.
Illegal, Unregulated, and Unreported Fishing (IUU)
The African, Caribbean and Pacific (ACP) fishing industries are continuously being challenged with various factors. The most severe is the presence of illegal, unregulated and unreported fishing or more commonly called IUU fishing. This activity results in the loss of millions of revenue annually. There are at least $458 million in losses for the Western and Central Pacific Ocean and another $136 million for the Pacific Island countries. In West Africa, IUU claims to have more than $974 billion losses per year.
IUU happens from shallow coastal waters to the remote stretches of the ocean. More often these activities happen to countries who:
- Has undeveloped fisheries management or fisheries controls
- Lack of resources to protect their our waters
- Limited resources to enforce their fisheries regulations.
Africa and the Western Central Pacific has the highest rate of IUU activities, followed by the Bering Sea and Southwest Atlantic.
Offenders usually get away when caught practicing IUU. Money is the main driver of this obstacle. This happens because IUU avoids taxes or duties on their illegal catch.
To stop IUU fishing, some systems have started and are being negotiated. In June 2016, the Port State Measures Agreement (PSMA) was passed which is the first binding international agreement to stop IUU caught fish being traded in their countries. There are 68 nations and the European Union who signed their agreement and many await China, the world’s fishing superpower, to ratify it.
Other efforts are United Nations Sustainable Development Goal 14, “Life Below Water”, World Trade Organization’s Ministerial Conference on fisheries subsidies, and national and industry efforts on increasing the traceability of seafood through technology.
The Rise of Piracy
The Somalia Fisheries Ministry admits to their inability to police its waters from piracy. Since the Horn of Africa has the longest coastline in the region, and owns at least 2 million square kilometers of the Exclusive Economic Zone located in the area outward of the sea, the country has a rich unexploited fish and fossil fuel as well. These unexplored resources can generate around $135 million income per year to Somalia. However, it is left to be exploited by pirates or foreign vessels.
Since 2018, Somalia has been working on collaborating with other international support groups and sharing agreements to include the implementation of a registration system for foreign and local vessels. In 2021, a new law was drafted by the Ministry of Fisheries and Marine Resources which aims to unify all stakeholders to regulate and protect the growth of the fishing industry in Somalia.
Another issue that Somalians need to address is its lack of competitiveness in the international market. Most local fish producers fall short of the high product standards required by their international counterparts. Alongside this, Somalians may need to upgrade their storing facility infrastructure to cope with the growth of the fishing industry.
There are also illegal trade practices or cross-border trade happening in the country as revealed in a survey of IGAD Member States. Most of the respondents in the interview who were producers, middlemen, traders or dealers, reveal that there is either a better demand or a better price being offered by their neighboring markets. Another reason for these activities to be flourishing is tax avoidance and to steer clear of quality certification, license and other so-called “red tapism”.
This illegal trade activity mainly happens on the high seas. An example of this is when a fisherman who catches a big fish, and happens to be near some Yemeni boats who operate in the area, sells it as a whole fish for the sake of convenience. When this happens data on the total production of fishery and amount of revenue may not be recorded as the country’s trade income.
Climate plays a role in Somalia’s economy and livelihoods. The country’s economy is largely agricultural. This economic activity accounted for about 65% of the GDP and employment in 2017. In Somalia, climate change may cause severe hazards especially when droughts and floods occur. When drought happens, groundwater levels decline while water prices increase. Its effects such as sea surface warming, ocean acidification, rising sea levels and extreme weather events will definitely affect the fishing industry. These effects will destroy fish and aquatic habitat, as well as reduce fish stocks.
This region contributes little to the global greenhouse emissions but they are seen to be the most vulnerable and least prepared to face global warming. The brief reports that in the 2019 UN General assembly, African leaders across 48 countries used the term “climate change” 212 times. Further, under the Paris Agreement, developed countries offered $100 billion to African nations. However, this is also a challenge to the African countries as they have their own financial obligations and difficulty shifting to cleaner energy and green economies.
A primary post-pandemic issue affecting the fish industry is the price volatility of fish products. In a publication from FAO, the increasing demand for tilapia products results in increased pricing for the said fish. Tilapia’s steady demand in the market during the pandemic was due to its low price and extensive availability as a frozen product. It is expected that its aquaculture production will increase after the pandemic but the increasing demand has also sent prices soaring. National Fisheries Institute (NFI) projects a 3% increase of global tilapia production in 2022. This growth is an indicator of post-pandemic recovery and resumption of business operations in the producing regions. Regardless of the increased supply, prices of tilapia will still increase due to the high demand of consumers and the increased freight and input costs of operation.
Aside from production drawbacks, the Horn of Africa has difficulty of reaching at least 60% herd immunity. Although the COVAX mechanism was designed to be distributed to low income countries at a reduced rate, only 20% of Africa’s population was allocated with them. In a recent report of the WHO, doctors are making every effort to strengthen health systems in the greater Horn of Africa. These countries suffered humanitarian crises brought on by drought, flooding, armed conflicts, and the impact of the COVID-19 pandemic. A $16 million allocation, which is the largest allocation to date, from WHO’s Contingency Fund for Emergencies (CFE) was approved to benefit health emergencies in Djibouti, Ethiopia, Kenya, Somalia, South Sudan, Sudan and Uganda. An estimated 80 million people in these countries are starving resulting from malnutrition. WHO wanted to counter both malnutrition and prepare the countries from outbreaks of diseases. It plans to set up a hub in Nairobi to build an emergency health force and preparedness response.
Trends in the Recycling Industries in the U.S.
According to RTS, a commercial waste and garbage disposal company, 5 key recycling and diversion insights should be kept in mind for 2022.
- It is expected that governments will set stronger targets on recycling by imposing stricter recycling laws especially at the state level.
- When China banned the import of plastics and other materials for them to process, this created the piling up of recyclable items in their landfills all over the world.
- The rate waste is being recycled or diverted rose from 7% in 1960 to almost 35% today. Raising awareness by educating Americans is still the key especially for highly contaminated waste.
- Donating a car saves 8,811 lbs of CO2 greenhouse emissions, correctly reusing a refrigerator eliminates 566 lbs of CO2 greenhouse gasses, and recycling plastic bottles saves 3,380 lbs.
- Shifting to eco-friendly and virtue-based brands are already evident to most consumers. Some examples given are Method soaps, Rothy’s shoes and Beyond Meat.
Pandemic and Post-Pandemic Effects
The COVID-19 pandemic gave rise to a new type of waste known as the pandemic waste. Aside from categorizing these wastes as hazardous, the recycling industry has been challenged to develop advanced and safest ways to eliminate such waste. Pandemic waste includes face masks, gloves, masks, respirators and their packaging. The increase in the volume of plastic wastes from the pandemic has given another strain in the recycling industry.
Likewise, since the pandemic and until after, the growing trend of using e-commerce businesses generated more waste globally. Another article on recycling trends promotes a “circular economy” vs. a “linear economy”, especially after the COVID-19 pandemic added more pressure on sourcing materials and manufacturing products.
The illustration above suggests that the recycling industry is likely to evolve into a “reprocessing industry”. Garbage trucks will not be used just to dump waste into landfills. Instead, it will be also used to return valuable resources found in the waste they collect and return it to manufacturers.
In the same manner, businesses may have to rethink the way they view raw materials. Soon, recycled materials and the current raw materials used by these businesses may be viewed as equal due to insufficiency and necessity. Sustainable practices will become the new normal.
According to Reuters, many recycling businesses worldwide have declined since the pandemic. The decrease is recorded at 20% in Europe, 50% in parts of Asia and 60% for some companies in the United States. In the article, Greg Janson of QRS recycling company says “his position would have been unimaginable a decade ago: The United States has become one of the cheapest places to make virgin plastic, so more is coming onto the market.” He also said that the pandemic made things worse for the industry. Mr. Janson is from St. Louis, Missouri, who has been in the recycling business for 46 years.
Improvements on the Identification of Recyclable Materials
China’s “National Sword” policy has shocked the world and not every country was ready for the repercussions. The U.S. Waste Management Services has been dependent on China for most of its recyclables and as a result it has not developed its own recycling infrastructure. The need to develop advanced waste recycling services to protect the people and the environment may pose an opportunity for additional types of service for the industry.
One suggestion to improve the current recyclable material indicator is to assist recycling facilities in differentiating the items. The numbered recycling symbols on the labels of recyclable products in the past were ineffective. Instead, the use of Radio Frequency Identification Technology (RFID) circuits to be embedded in the product package will be more effective. This technology is affordable and will ensure vital information like how to recycle the product, will be effective in avoiding contamination and confusion. Overall, new players who can launch new and advanced technology in the industry will give the industry hope.
Problems in the U.S. Recycling System
There has not been an economical or efficient way to handle recycling when the market in China disappeared. Most of the time, the recycling service of the government competes with the local funding of schools, policies and other state priorities. Most of the time, it loses to these. Stephanie Kersten-Johnston, an adjunct professor in Columbia University’s Sustainability Management Master’s Program and director of circular ventures at The Recycling Partnership, stated that “Without dedicated investment, recycling infrastructure won’t be sufficient. In addition, we need to resolve the simple math equation that currently exists — when it’s cheap to landfill, recycling will not be ‘worthwhile’ so we need to start to recognize what landfill really is: a waste of waste!” Aside from funding, another pressing issue is the accessibility of collection sites.
It is estimated that only 59% of U.S. single-family households have access to curbside recycling services. Also, 6% percent have no recycling services available at all. The government under Biden’s administration has repeatedly mentioned addressing climate change is his priority. The U.S. Environmental Protection Agency (EPA) is tasked to oversee the National Recycling Strategy and to give the details about the administration’s approach to source reduction. According to critics, “source reduction,” which is a waste management approach, has been left out.
It is expected that the EPA “Green Guides” 2022 will be reviewed by the Federal Trade Commission. This guide, once finalized, will be a reference to recyclers, state and federal lawmakers to ensure accurate recyclability claims of products. The $350 million additional recycling-related funding, to include infrastructure investment, will be available by the end of 2022.
Recycling Milestones in Somalia
When one thinks of Somalia in East Africa, drought and tribal wars come to mind. The country may be lagging behind the global Environmental Performance Index, but a volunteer emerged from this country as a Recycling Hero. The Global Recycling Foundation announced that Abdi Hirsi, a volunteer with a motto “waste is a resource,” was awarded as one of the 10 Recycling Heroes of 2021.
Hirsi started around 20 years ago and he now owns a pioneering recycling company based in the capital Mogadishu. He began with a World Bank grant to operate a plastics recycling plant. Now his company is a recycling platform producing products for construction and serving 17 city districts.
Hirsi is one of the 10 awarded during the celebration of Global Recycling Day last March 18, 2022. A prize money of EUR 500 was given to the winners for their dedication and innovation in local recycling. Another success story in the recycling industry is the AADCO Paper Factory, which is the only paper manufacturing company in Somalia. With only 50 staff members, this paper company has diversified its business by starting the first recycling initiative of its kind in Somaliland.
AADCO now produces egg trays developed from waste paper for poultry companies who previously have been importing from China or Dubai. The company is now exploring other recycling initiatives in support of reducing environmental waste. One Earth Future and its Shuraako program has assisted AADCO in obtaining funding to expand their facilities, introduce new products and reduce dependence on color print covers and supplies. This only proves that even in conflict-affected areas, some will have the potential to soar to great heights.
Products and Services
A variety of different seafood products are sold under the Nearfish umbrella. There will be a chance to sell seafood into Ethiopia and Kenya, which are both growth economies, as well as Somalia and Somaliland. In addition, there is a large market opportunity for recycling in Somalia, potentially through strategic partnerships, which the company plans to pursue beginning in years 3 or 4.
However, at the outset Nearfish is focused on growing the seafood production portion of the business. The company plans a one-stop shop for both online and offline seafood orders. Nearfish will offer quality fish, meat, seafood, and frozen foods under one banner at one location.
Nearfish will differentiate from the competition with the following key advantages:
Quality Product Creates Better Outcomes for Customers
Nearfish intends to perform better than the competition by focusing on the quality of the product. Performance is not only about the results the company achieves but also how they are. For example, Nearfish will take individual responsibility for personal objectives and results across the supply chain. This will ensure that quality products are fished and sold.
Sustainability-Linked Fishing Practices for a Better Supply Chain
The company will obtain high-quality seafood from sustainable fisheries. This strategy is important to ensure sustainable fish stock for generations to come. Also, the company will only work with suppliers that have the same standards and views on this important concept. By harvesting from sustainable resources, it is the company’s belief these products deserve to be treated with high quality and respect.
Focusing on the Customer Always to Ensure Standards are Met
Nearfish will be the preferred seafood partner for customers. One way to attain this objective is to ensure all decisions are made with the customer in mind. By working together with customers in a long-term partnership, the company intends to add value.
Management Experience and Research Uniquely Positions the Company
The Nearfish management team also did research, and frequently travels, which has helped fully inform the selected markets. The research and travels form a bedrock for the work with customers to build long-term partnerships for mutual benefits.
Social Responsibility is a Key Driver for the Mission
The company embraces social responsibility. This philosophy will help YIFFIZ protect the positive image of the company. Nearfish intends to demonstrate this responsibility on a daily basis by respecting the culture, customs, and rules of customers and their communities. Also, the company will have open and honest communications with all customers and have the courage to express an opinion. Finally, YIFFIZ takes responsibility for actions and duties, performing them to the best of the company’s ability.
Key Success Factors
The company’s success depends on a variety of internal and external factors including:
Supply Chain Management: The logistics of a U.S.-based company entering into the fishing industry within the African continent presents certain challenges to Nearfish. Namely, purchasing the equipment and supplies needed to begin a fishing venture then transporting to Africa. On the other hand, if equipment is procured locally in Africa then key supplier relationships will be imperative.
Industry Knowledge: Through a combination of the management team and co-founders, Nearfish is uniquely positioned in the fishing industry with experience across the full lifecycle of fishing production. The team has mastered the art of building key supplier relationships, developed a concept for sustainably sourced fishing practices, and working on implementing in the target market. Specifically, Nearfish will also hire a team of fishermen and others to perform the work to the highest level of quality.
Strategic Partnerships: Working in the African continent within Somalia, Ethiopia, and Kenya primarily to start Nearfish must build key relationships with strategic partners. This includes wholesalers, distributors, and retailers in order to sell locally into these markets. The company must designate individuals who will develop and manage these relationships, in order to break into the mold.
Quality Management: Managing the consistency in fish quality will be imperative to the success of Nearfish. The company will be focused on sustainable fisheries and sourcing stock from these areas. The quality and nutrition of the Nearfish products will be a key competitive advantage. Therefore, adhering to strict internal quality standards, as well as other industry standards, will assist the company in meeting these goals.
Sales and Marketing Plan
Nearfish understands the importance of sales and marketing activities to accelerate the growth of the company. Activities at a high-level will include lead generation, such as contacting decision makers at large fishing distributors or retailers. The senior management team has key contacts, so these individuals will handle initial sales. The sales process involves making sales presentations and working with key stakeholders. Nearfish will be launching a public relations (PR) campaign, advertising campaign, and making public appearances. The company will pursue strategic alliances within the fishing industry.
For social media, one area to note is that the number of African social media users has risen continuously, amounting to over 384 million as of 2022. Social media presence is considerably higher in Northern and Southern Africa than in other regions, but the entire continent is growing the usage of various platforms. For platforms, Facebook has 72% of the user base; YouTube with 14%; Twitter with 7%; Pinterest and Instagram with 3% each; and finally, LinkedIn with 0.3%.
Several trade organizations will be critical to pursue relationships with. The National Fisheries Institute (NFI) is a leading advocacy organization in the U.S. for the seafood industry. The member companies represent every element of the industry from the fishing vessels at sea to the national seafood restaurant chains. Moreover, there is The National Coalition of Fishing Communities which is composed of American commercial fishing ports, businesses, and advocacy organizations.
The World Bank also offers opportunities to network and market within the African continent. The Global Program on Fisheries (PROFISH) provides information, knowledge products and expertise to help design and implement good governance. Drawing upon PROFISH’s results, the World Bank designed the West Africa Regional Fisheries Program (WARF-P), a $170 million investment covering coastal West Africa from Mauritania to Ghana.
In 2015, the Bank also approved the South West Indian Ocean Fisheries Governance and Shared Growth Program (SWIOFish), a $215.5 million investment covering East Africa and neighboring island countries. The African Union’s Agenda 2063 declared the Blue Economy to be “Africa’s Future,” and recognizes the key role the ocean plays as a catalyst for socioeconomic transformation.
Therefore, Nearfish is well-positioned to market the business, as well as build valuable relationships through networking groups to spearhead a campaign for growth. The company is focused on both inbound and outbound initiatives for sales and marketing, thus it will be imperative to explore all options particularly those relevant to the African continent.
Business to Business (B2B)
B2B customers will be a key group for Nearfish to target. The company provides a one-stop shop for wholesalers and distributors as Nearfish sells quality fish, meat, seafood, and frozen foods under one banner at one location. Furthermore, the company will work with sustainable fisheries. This strategy is important for B2B to ensure sustainable fish stock for generations to come. Also, the company only works with suppliers that have the same standards and views on this important concept. By harvesting from sustainable resources, it is the company’s belief these products deserve to be treated with high quality and respect.
- Employs between 3-50 employees
- Doing business in Somalia, Ethiopia, or Kenya
- Focused on sustainable fishing for the future
- Established contacts with retailers and other market vendors
- Generates between $0.5-$5M in annual revenue
Business to Consumers (B2C)
Consumers will also be a core customer group for Nearfish to target. The company provides a one-stop shop for individual consumers as Nearfish sells online under one banner at one location. This presents an opportunity for individuals to obtain high quality products from Somalia that are sustainably sourced. With the rise in sustainable products, this presents an opportunity to market directly to consumers who wish to buy fresh fish that is nutritious and without harmful additives.
- Average household income of $40,000-$200,000
- Lives in Somalia, Ethiopia, or Kenya as well as worldwide for online orders
- Employed full or part time
- Purchased a sustainable product within the past year
- Bought seafood in the past year
With a number of different channels available, Nearfish has the ability to generate interest through marketing channels to different customers and markets. The following key channels are general areas that the company could market to through the budget it has.
Events (in person and virtual) : Events and conferences in the fishing industry will be key to the growth of Nearfish. This will ensure the company’s branding is seen in the market, specifically in-person. In addition, this will provide the company with the opportunity to network with key players in the fishing sphere. Some of these events are organized via social media, therefore it will be vital for the company to work with these organizers for sponsorship. As mentioned, the U.S. has several trade organizations and Africa is continually receiving investment as well as programs for the African fishing trade.
Social Media : The company will leverage social media advertising, curating content to reach each target market while specifically focused on fishing and sustainability. Social media channels will include Facebook, YouTube, Twitter, and Instagram as these are the top-4 most popular channels in Africa . Depending on the audience, content will be focused on fishing industry topics, the African continent fishing industry, tips and tricks, business and earnings information, or product and services for sale. The goal is to generate awareness and engage people with the Nearfish brand.
Google Advertising : The company will leverage the power of Google Ads to accelerate the awareness of the brand in the market. This will ensure that Nearfish is recognized as a leader. The website will benefit greatly from this activity in order to initially boost the page to first-page rankings, or other areas where ads are shown. The awareness of the fishing industry and available products will educate users on Nearfish. Google Ads typically requires a spend of at least $1,000 $for an effective campaign meanwhile there is the management too of the ads. Nonetheless, this key activity is vital for a business to rank on keywords for individuals to search on Google
Search Engine Optimization (SEO) : A great website needs search engine optimization to go along with it. Nearfish will utilize SEO best practices to rank on Google, as well as include ads management in the beginning to ensure it is shown to prospective clients. The key will be to also incorporate backlinks and blog content on the fishing and sustainability industries. The backlinks will allow Nearfish to showcase its suite of products, and key insights, on other websites to ensure it ranks more effectively. SEO takes time for businesses to implement properly. Sometimes this can take upwards of 2 years. However, once SEO begins to work then it allows a company to reduce ad spend.
The Nearfish governance and management structure is built with scalability in mind. The team possesses years of experience in their respective fields, particularly seafood and fishing, to ensure that the initial business strategy, and ongoing operations run smoothly. The chain of command and hierarchy at Nearfish is intended to be collaborative, while respecting traditional structures of large, complex matrixed organizations. The Management Team at Nearfish currently consists of 5 members all co-founders. This operational section describes this chain of command, in further detail, and each operational area’s specific alignment to the overall business. A sound operational framework and tactical execution are specific advantages that the company will lean into, provided the previous business experience of the leadership team. The company’s operational timeline plans to take the company from a local Somalia seafood producer to a globally established and recognized brand. Nearfish will provide fresh, quality products to the African continent as well as worldwide.
The operational process for producing seafood for sale is extensive involving six key steps. The company will need to implement rigorous operational procedures, processes, and systems in order to integrate the supply chain.
- There is technology support for resource management such as analyzing the amount of fish stock as well as fishing personnel.
- Production and capture is the actual fishing component of the process as the ship and personnel catch stock.
- The fish is transported back to the dock and the first producer point.
- The company adds value-added products such as special packaging, handling, or other key features to add freshness and uniqueness.
- Distribution and logistics are key to transporting the finished product.
- Lastly, sales are made to consumers, restaurants, retailers, brokers, and large-scale buyers of the finished product.
Health & Safety
Commercial fishing is one of the most hazardous occupations worldwide. In the United States, for example, there is a fatality rate 29 times higher than the national average. Since 1991, the The National Institute for Occupational Safety and Health (NIOSH) Western States Division (WSD) office in Alaska has conducted studies on fishing safety to reduce injuries and fatalities among fishermen. Studies show the greatest dangers to fishermen are falls overboard, vessel disasters, and machinery on deck. WSD identifies high-risk fisheries in the U.S., makes recommendations, and creates targeted interventions.
NIOSH recommends that all fishermen should:
- Take a marine safety class at least once every 5 years.
- Find a PFD and wear it on deck at all times.
- Do monthly drills including abandoning ship, flooding, fire, and man overboard.
- Heed weather forecasts and avoid fishing in severe conditions.
- Maintain watertight integrity by inspecting and monitoring the hull of the vessel, ensuring that watertight doors and hatches are sealed.
- Utilize a man overboard alarm system.
- Test immersion suits for leaks if operating in cold water.
NIOSH recommends that all vessel owners/operators should:
- Create a PFD policy for the crew while working on deck.
- Conduct monthly drills including abandoning ship, flooding, fire, and man overboard.
- Install a man overboard alarm system, and man overboard retrieval devices.
- Install emergency stop (e-stop) devices on hydraulic deck machinery to prevent entanglement.
- Ensure all crew members have completed marine safety training in the past 5 years.
Equipment & Inventory
Various gear types are used in commercial fishing. There are some regional differences to specific fishing practices, however in general these are the necessary items to launch a venture.
- Bottom longlines
- Bottom trawls
- Fish aggregating devices
- Green sticks
- Hook and line
- Midwater trawls
- Pelagic longlines
- Purse seines
- Skimmer trawls
Somalia, Kenya, and Ethiopia are the initial geographies which Nearfish will target. Each has its own unique characteristics which the company is aware of and has analyzed.
Due to the fish-rich waters surrounding Somalia, the prospect of a commercial fishing industry supporting the livelihood of Somalis has caught the attention of investors and the international donor community. However, the fishing industry only contributes approximately 1 to 2% of Somalia’s GDP, despite the international efforts to strengthen the sector, due to its inability to reach global markets.
Kenya’s fishing industry contributes approximately 0.5% of the national GDP and is about 2% of the national export earnings. The industry employs over 60,000 fishermen directly and an estimated 1.2 million people directly, or indirectly, work within the fishing, production and supply chain areas.
More than 183 fish species exist in Ethiopia. The potential of these water bodies is estimated to be 51,481 tonnes/year. Of this amount, only 30% of the capacity is being utilized. This figure is based on the socio-economic factors, resource availability, and religious influence on fish consumption.
6.5 Risk Analysis
Nearfish has identified the following risks, and established the proceeding mitigation plans:
Fishing Boat Captain
A fishing boat captain leads the crew for the vessel. They are responsible for all aspects of the safety and coordination of the ship’s operations. The captain will inspect the boat to ensure it is entirely safe for crew, and that it is seaworthy. Additionally, manages the evacuation of a boat and stays in position and control of the operation throughout. Ensures the proper docking and undocking of vessels. In this role, the captain also provides guidance across all aspects of the commercial fishing operation.
A commercial fisherman catches and traps various types of fish. The catch is for human and animal consumption, bait, and other uses. The commercial fisherman’s key responsibilities will include preparing the fish for sale, examining the fish for any defects or signs of poor health, and unloading the caught fish off the vessel. The fisherman can also perform minor repairs on fishing gear and equipment as needed.
Fish cutters are responsible for ensuring the fish cases are well-stocked with fresh, high-quality seafood products for customers. They receive, stock, cut, prepare, wrap, weigh, price, and merchandise seafood department products. The fish cutter is responsible for the fish once it is caught and unloaded to ensure that it is ready for consumption or sale.
The following financial plan was conservatively developed including a pro forma income statement, cash flow statement and balance sheet.
Pro Forma Income Statement
Pro Forma Cash Flow Statement
Pro Forma Balance Sheet
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How to write a business plan for a marine fishing?
Putting together a business plan for a marine fishing can be daunting - especially if you're creating a business for the first time - but with this comprehensive guide, you'll have the necessary tools to do it confidently.
We will explore why writing one is so important in both starting up and growing an existing marine fishing, as well as what should go into making an effective plan - from its structure to content - and what tools can be used to streamline the process and avoid errors.
Without further ado, let us begin!
In this guide:
Why write a business plan for a marine fishing?
- What information is needed to create a business plan for a marine fishing?
- How do I build a financial forecast for a marine fishing?
The written part of a marine fishing business plan
- What tool should I use to write my marine fishing business plan?
Understanding the document's scope and goals will help you easily grasp its structure and content. Before diving into the specifics of the plan, let's take a moment to explore the key reasons why having a marine fishing business plan is so crucial.
To have a clear roadmap to grow the business
It's rarely business as usual for small businesses. The economy follows cycles where years of growth are followed by recessions, and the business environment is always changing with new technologies, new regulations, new competitors, and new consumer behaviours appearing all the time...
In this context, running a business without a clear roadmap is like driving blindfolded: it's dangerous at best. That's why writing a business plan for a marine fishing is essential to create successful and sustainable businesses.
To write an effective business plan, you will need to take stock of where you are (if you are already in business) and where you want the business to go in the next three to five years.
Once you know where you want your marine fishing to be, you'll have to identify:
- what resources (human, equipment, and capital) are needed to get there,
- at what pace the business needs to progress to get there in time,
- and what risks you'll face along the way.
Going through this process regularly is beneficial, both for startups and existing companies, as it helps make informed decisions about how best to allocate resources to ensure the long-term success of the business.
To anticipate future cash flows
Regularly comparing your actual financial performance to the projections in the financial forecast of your marine fishing's business plan gives you the ability to monitor your business's financial health and make necessary adjustments as needed.
This practice allows you to detect potential financial issues, such as unexpected cash shortfalls before they escalate into major problems. Giving you time to find additional financing or put in place corrective measures.
Additionally, it helps you identify growth opportunities, like excess cash flow that could be allocated to launch new products and services or expand into new markets.
Staying on track with these regular comparisons enables you to make well-informed decisions about the amount of financing your business might require, or the excess cash flow you can expect to generate from your main business activities.
To secure financing
A detailed business plan becomes a crucial tool when seeking financing from banks or investors for your marine fishing.
Investing and lending to small businesses are very risky activities given how fragile they are. Therefore, financiers have to take extra precautions before putting their capital at risk.
At a minimum, financiers will want to ensure that you have a clear roadmap and a solid understanding of your future cash flows (like we just explained above). But they will also want to ensure that your business plan fits the risk/reward profile they seek.
This will off-course vary from bank to bank and investor to investor, but as a rule of thumb. Banks will want to see a conservative financial management style (low risk), and they will use the information in your business plan to assess your borrowing capacity — the level of debt they think your business can comfortably handle — and your ability to repay the loan. This evaluation will determine whether they'll provide credit to your marine fishing and the terms of the agreement.
Whereas investors will carefully analyze your business plan to gauge the potential return on their investment. Their focus lies on evidence indicating your marine fishing's potential for high growth, profitability, and consistent cash flow generation over time.
Now that you recognize the importance of creating a business plan for your marine fishing, let's explore what information is required to create a compelling plan.
Information needed to create a business plan for a marine fishing
You need the right data in order to project sales, investments and costs accurately in the financial forecast of your marine fishing business plan.
Below, we'll cover three key pieces of information you should gather before drafting your business plan.
Carrying out market research for a marine fishing
As you consider writing your business plan for a marine fishing, conducting market research becomes a vital step to ensure accurate and realistic financial projections.
Market research provides valuable insights into your target customer base, competitors, pricing strategies, and other key factors that can significantly impact the commercial success of your business.
Through this research, you may uncover trends that could influence your marine fishing.
You may discover that marine fishing is becoming increasingly popular, with more and more people taking it up as a hobby. Additionally, you could find that people are becoming more interested in sustainable fishing practices, such as catch and release, as they become more aware of the environmental impact of marine fishing.
Such market trends play a significant role in forecasting revenue, as they offer valuable data about potential customers' spending habits and preferences.
By incorporating these findings into your financial projections, you can present investors with more accurate information, helping them make informed decisions about investing in your marine fishing.
Developing the sales and marketing plan for a marine fishing
Budgeting sales and marketing expenses is essential before creating a marine fishing business plan.
A comprehensive sales and marketing plan should provide an accurate projection of what actions need to be implemented to acquire and retain customers, how many people are needed to carry out these initiatives, and how much needs to be spent on promotions, advertising, and other aspects.
This helps ensure that the right amount of resources is allocated to these activities in order to hit the sales and growth objectives forecasted in your business plan.
The staffing and equipment needs of a marine fishing
As you embark on starting or expanding your marine fishing, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is essential for ensuring your business's success.
Both the recruitment and investment plans must align with the timing and level of growth projected in your forecast, and they require appropriate funding.
A marine fishing business may incur staffing costs such as hiring a boat captain, crew members, and dock workers. Additionally, the business may need to purchase or rent fishing boats, nets, rods, tackle, and other equipment. The business may also need to purchase fuel to power the boats, as well as bait and other supplies.
To create a realistic financial forecast, you also need to consider other operating expenses associated with the day-to-day running of your business, such as insurance and bookkeeping.
With all the necessary information at hand, you are ready to begin crafting your business plan and developing your financial forecast.
What goes into your marine fishing's financial forecast?
The financial forecast of your marine fishing's business plan will enable you to assess the growth, profitability, funding requirements, and cash generation potential of your business in the coming years.
The four key outputs of a financial forecast for a marine fishing are:
- The profit and loss (P&L) statement ,
- The projected balance sheet ,
- The cash flow forecast ,
- And the sources and uses table .
Let's look at each of these in a bit more detail.
The projected P&L statement
Your marine fishing forecasted P&L statement enables the reader of your business plan to get an idea of how much revenue and profits your business is expected to make in the near future.
Ideally, your reader will want to see:
- Growth above the inflation level
- Expanding profit margins
- Positive net profit throughout the plan
Expectations for an established marine fishing will of course be different than for a startup. Existing businesses which have reached their cruising altitude might have slower growth and higher margins than ventures just being started.
The projected balance sheet of your marine fishing
The balance sheet for a marine fishing is a financial document that provides a snapshot of your business’s financial health at a given point in time.
It shows three main components: assets, liabilities and equity:
- Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
- Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
- Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.
Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your marine fishing's liquidity and solvency:
- Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
- Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.
Looking at the balance sheet can also provide insights into your marine fishing's investment and financing policies.
In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).
The cash flow forecast
A projected cash flow statement for a marine fishing is used to show how much cash the business is generating or consuming.
The cash flow forecast is usually organized by nature to show three key metrics:
- The operating cash flow: do the core business activities generate or consume cash?
- The investing cash flow: how much is the business investing in long-term assets (this is usually compared to the level of fixed assets on the balance sheet to assess whether the business is regularly maintaining and renewing its equipment)?
- The financing cash flow: is the business raising new financing or repaying financiers (debt repayment, dividends)?
As we discussed earlier, cash is king and keeping an eye on future cash flows an imperative for running a successful business. Therefore, you can expect the reader of your marine fishing business plan to pay close attention to your cash flow forecast.
Also, note that it is customary to provide both yearly and monthly cash flow forecasts in a business plan - so that the reader can analyze seasonal variation and ensure the marine fishing is appropriately funded.
The initial financing plan
The initial financing plan - also called a sources and uses table - is an important tool when starting a marine fishing.
It shows where the money needed to set up the business will come from (sources) and how it will be allocated (uses).
Having this table helps understand what costs are involved in setting up the marine fishing, how the risks are distributed between the shareholders and the lenders, and what will be the starting cash position (which needs to be sufficient to sustain operations until the business breaks even).
Now that the financial forecast of a marine fishing business plan is understood, let's focus on what goes into the written part of the plan.
The written part of the business plan is where you will explain what your business does and how it operates, what your target market is, whom you compete against, and what strategy you will put in place to seize the commercial opportunity you've identified.
Having this context is key for the reader to form a view on whether or not they believe that your plan is achievable and the numbers in your forecast realistic.
The written part of a marine fishing business plan is composed of 7 main sections:
- The executive summary
- The presentation of the company
- The products and services
- The market analysis
- The strategy
- The operations
- The financial plan
Let's go through the content of each section in more detail!
1. The executive summary
The executive summary, the first section of your marine fishing's business plan, serves as an inviting snapshot of your entire plan, leaving readers eager to know more about your business.
To compose an effective executive summary, start with a concise introduction of your business, covering its name, concept, location, history, and unique aspects. Share insights about the services or products you intend to offer and your target customer base.
Subsequently, provide an overview of your marine fishing's addressable market, highlighting current trends and potential growth opportunities.
Then, present a summary of critical financial figures, such as projected revenues, profits, and cash flows.
You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.
Lastly, address any funding needs in the "ask" section of your executive summary.
2. The presentation of the company
As you build your marine fishing business plan, the second section deserves attention as it delves into the structure and ownership, location, and management team of your company.
In the structure and ownership part, you'll provide valuable insights into the legal structure of the business, the identities of the owners, and their respective investments and ownership stakes. This level of transparency is vital, particularly if you're seeking financing, as it clarifies which legal entity will receive the funds and who holds the reins of the business.
Moving to the location part, you'll offer a comprehensive view of the company's premises and articulate why this specific location is strategic for the business, emphasizing factors like catchment area, accessibility, and nearby amenities.
When describing the location of your marine fishing to a third party financier, you could emphasize the potential for abundant catches. You might mention that the area is close to one of the world's major fishing grounds, and could therefore provide a steady supply of fish. You could also highlight the potential for growth, as the area could become a hotspot for marine fishing if the right investments are made. Moreover, you could point out the potential for other activities and amenities in the area, as the location could be a great spot for leisure activities as well.
Lastly, you should introduce your esteemed management team. Provide a thorough explanation of each member's role, background, and extensive experience.
It's equally important to highlight any past successes the management team has achieved and underscore the duration they've been working together. This information will instil trust in potential lenders or investors, showcasing the strength and expertise of your leadership team and their ability to deliver the business plan.
3. The products and services section
The products and services section of your business plan should include a detailed description of the offerings that your company provides to its customers.
For example, your marine fishing could offer private charters for groups of customers, allowing them to have a customized fishing experience and access to the best spots. It could also offer guided fishing trips, where experienced guides help customers find the best catches. Lastly, it could provide educational seminars, teaching customers the basics of fishing as well as the best techniques for catching different types of fish. These services all provide unique experiences and the chance to learn something new, making them an attractive option for customers.
When drafting this section, you should be precise about the categories of products or services you sell, the types of customers you are targeting and how customers can buy them.
4. The market analysis
When you present your market analysis in your marine fishing business plan, it's crucial to include detailed information about customers' demographics and segmentation, target market, competition, barriers to entry, and any relevant regulations.
The main objective of this section is to help the reader understand the size and attractiveness of the market while demonstrating your solid understanding of the industry.
Begin with the demographics and segmentation subsection, providing an overview of the addressable market for your marine fishing, the key trends in the marketplace, and introducing different customer segments along with their preferences in terms of purchasing habits and budgets.
Next, focus on your target market, zooming in on the specific customer segments your marine fishing aims to serve and explaining how your products and services fulfil their distinct needs.
For example, your target market might include people who enjoy recreational fishing. These customers would be looking for a reliable fishing experience that is enjoyable and affordable. They may not be as interested in advanced fishing equipment and techniques, but rather a casual, stress-free experience.
Then proceed to the competition subsection, where you introduce your main competitors and highlight what sets you apart from them.
Finally, conclude your market analysis with an overview of the key regulations applicable to your marine fishing.
5. The strategy section
When crafting the strategy section of your business plan for your marine fishing, it's important to cover several key aspects, including your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.
In the competitive edge subsection, clearly explain what sets your company apart from competitors. This is particularly critical if you're a startup, as you'll be trying to establish your presence in the marketplace among entrenched players.
The pricing strategy subsection should demonstrate how you aim to maintain profitability while offering competitive prices to your customers.
For the sales & marketing plan, outline how you plan to reach and acquire new customers, as well as retain existing ones through loyalty programs or special offers.
In the milestones subsection, detail what your company has achieved thus far and outline your primary objectives for the coming years by including specific dates for expected progress. This ensures everyone involved has clear expectations.
Lastly, in the risks and mitigants subsection, list the main risks that could potentially impact the execution of your plan. Explain the measures you've taken to minimize these risks. This is vital for investors or lenders to feel confident in supporting your venture - try to proactively address any objection they might have.
Your marine fishing business may face a variety of risks. One risk may be a natural disaster, such as a hurricane or tsunami, that could damage your boats or docks. Another risk could be that the fish population decreases due to overfishing or pollution, reducing your ability to make a profit. These risks may be difficult to anticipate or prevent, but it is important to be aware of the potential dangers so that you can take steps to minimize their impact.
6. The operations section
The operations of your marine fishing must be presented in detail in your business plan.
The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).
You should then state the operating hours of your marine fishing - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.
The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.
You may have key assets such as boats and fishing nets that allow you to go out on the waters and catch fish. You could also have intellectual property such as fishing spots that you know are prime locations for catching fish, or recipes for marinating and cooking the catch of the day. These could be things that you have developed over time with your experience as a marine fisher.
Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).
7. The presentation of the financial plan
The financial plan section is where we will present the financial forecast we talked about earlier in this guide.
Now that you have a clear idea of what goes in your marine fishing business plan, let's look at the solutions you can use to draft yours.
What tool should I use to write my marine fishing's business plan?
In this section, we will be reviewing the two main solutions for creating a marine fishing business plan:
- Using specialized online business plan software,
- Outsourcing the plan to the business plan writer.
Using an online business plan software for your marine fishing's business plan
The modern and most efficient way to write a marine fishing business plan is to use business plan software .
There are several advantages to using specialized software:
- You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
- You are guided through the writing process by detailed instructions and examples for each part of the plan
- You can access a library of dozens of complete business plan samples and templates for inspiration
- You get a professional business plan, formatted and ready to be sent to your bank or investors
- You can easily track your actual financial performance against your financial forecast
- You can create scenarios to stress test your forecast's main assumptions
- You can easily update your forecast as time goes by to maintain visibility on future cash flows
- You have a friendly support team on standby to assist you when you are stuck
If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .
Hiring a business plan writer to write your marine fishing's business plan
Outsourcing your marine fishing business plan to a business plan writer can also be a viable option.
Business plan writers are skilled in creating error-free business plans and accurate financial forecasts. Moreover, hiring a consultant can save you valuable time, allowing you to focus on day-to-day business operations.
However, it's essential to be aware that hiring business plan writers will be expensive, as you're not only paying for their time but also the software they use and their profit margin.
Based on experience, you should budget at least £1.5k ($2.0k) excluding tax for a comprehensive business plan, and more if you require changes after initial discussions with lenders or investors.
Also, exercise caution when seeking investment. Investors prefer their funds to be directed towards business growth rather than spent on consulting fees. Therefore, the amount you spend on business plan writing services and other consulting services should be insignificant compared to the amount raised.
Keep in mind that one drawback is that you usually don't own the business plan itself; you only receive the output, while the actual document is saved in the consultant's business planning software. This can make it challenging to update the document without retaining the consultant's services.
For these reasons, carefully consider outsourcing your marine fishing business plan to a business plan writer, weighing the advantages and disadvantages of seeking outside assistance.
Why not create your marine fishing's business plan using Word or Excel?
I must advise against using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write your marine fishing business plan. Let me explain why.
Firstly, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is highly technical and requires a strong grasp of accounting principles and financial modelling skills. It is, therefore, unlikely that anyone will fully trust your numbers unless you have both a degree in finance and accounting and significant financial modelling experience, like us at The Business Plan Shop.
Secondly, relying on spreadsheets is inefficient. While it may have been the only option in the past, technology has advanced significantly, and software can now perform these tasks much faster and with greater accuracy. With the rise of AI, software can even help us detect mistakes in forecasts and analyze the numbers for better decision-making.
And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.
Moreover, software makes it easier to compare actuals versus forecasts and maintain up-to-date forecasts to keep visibility on future cash flows, as we discussed earlier in this guide. This task is cumbersome when using spreadsheets.
Now, let's talk about the written part of your marine fishing business plan. While it may be less error-prone, using software can bring tremendous gains in productivity. Word processors, for example, lack instructions and examples for each part of your business plan. They also won't automatically update your numbers when changes occur in your forecast, and they don't handle formatting for you.
Overall, while Word or Excel may seem viable for some entrepreneurs to create a business plan, it's by far becoming an antiquated way of doing things.
- Using business plan software is a modern and cost-effective way of writing and maintaining business plans.
- A business plan is not a one-shot exercise as maintaining it current is the only way to keep visibility on your future cash flows.
- A business plan has 2 main parts: a financial forecast outlining the funding requirements of your marine fishing and the expected growth, profits and cash flows for the next 3 to 5 years; and a written part which gives the reader the information needed to decide if they believe the forecast is achievable.
We hope that this in-depth guide met your expectations and that you now have a clear understanding of how to write your marine fishing business plan. Do not hesitate to contact our friendly team if you have questions additional questions we haven't addressed here.
Also on The Business Plan Shop
- How to write a business plan to secure a bank loan?
- Key steps to write a business plan?
- Top mistakes to avoid in your business plan
Do you know entrepreneurs interested in starting or growing a marine fishing? Share this article with them!
Founder & CEO at The Business Plan Shop Ltd
Guillaume Le Brouster is a seasoned entrepreneur and financier.
Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.
Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.
Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.
Published on 12 Sep 2023 , last update on 12 Sep 2023 , as per our editorial standards .
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Fishing Equipment Business Plan
Start your own fishing equipment business plan
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
Seacliff Products (Seacliff) is an innovative company that has developed a patented fishing hook. Seacliff has initially developed a do-it-yourself-kit for sale while they find a suitable business partner to license the product to. Seacliff has forecasted hefty sales for year one and a tidy increase for year two.
Seacliff has developed the Supreme hook, an innovative, live bait holder. Tests have indicated that there are appreciable increases in fish hook up. Having increased fish hookups allows the user to have greater enjoyment while fishing.
The Business Model
Seacliff will be utilizing a laser-focused business model that allows them to focus on their core competencies while outsourcing the activities that do not add significant value. Seacliff is a design company, therefore they will concentrate on the design of useful products. They will find a strategic partner who can take over production, marketing, and distribution activities. The outsourcing of non-essential activities will allow Seacliff to realize significant profits without the liabilities of marketing, manufacturing, and distribution. Licensing allows a company the right to produce the Supreme hook while Seacliff will realize a steady stream of revenue without the capital costs normally associated with selling a product. Seacliff enjoys nice profits and the product is supported by a professional marketing department and an established distribution and production system. Seacliff is currently looking for a strategic partner and expects to enter into negotiations in the near future.
The fishing market for the Supreme hook is quite large. The overall market is valued at $300 million. There are over 39.1 million anglers in the U.S.A. who have fished over 618 million days while taking 807 million trips. What is even more exciting is the growth rate of this industry. Between 1955-1996 the number of anglers has increased at over twice the rate of the U.S. population.
The whole foundation of the business model is to concentrate at what you are good at. Seacliff has taken this premise to heart by focusing on design. The owner’s (name omitted) education is a JD/MBA from Willamette University. This dual degree provided him with valuable insight into business development as well as the attractive legal tool of licenses and patents. Following graduate school, he was unsure of what direction his career should take him so headed off to Oregon to be a fly fishing guide. During this 2 year stint, he became enthralled with fishing and thought that he wanted to remain in the industry. He went back to school and got a Masters in Engineering on the premise that he could pursue the design and development aspect of fishing related products. It was near the end of his last graduate degree that he developed the Supreme hook. Based on his previous degrees (JD/MBA) he felt comfortable to form his own company and find a manufacturer to license his soon to be patented product.
Seacliff is an exciting company that shuns the typical need for extensive start-up capital for production by licensing a patented product. By licensing the product it frees up Seacliff’s time to concentrate on value added activities such as future designs. Profitability will be reached by month one.
The mission of Seacliff is to maximize the profit potential of its newly patented fish hook invention (the Supreme) via licensing and other means, and to further develop other innovative products suitable for the fishing gear market.
1.2 Keys to Success
The keys to success in maximizing profits in licensing this patent are:
- To separate the manufacturing of the Supreme from its marketing.
- Search out a manufacturer capable of producing the hook and give them exclusivity.
- Locate a suitable marketing company with substantial fishing gear expertise who recognizes the potential of the Supreme and is willing to commit the necessary marketing budget.
- Structure a reasonable, well-thought-out, exclusive licensing agreement that will insure a mutually-profitable partnership arrangement between marketer and Seacliff.
The keys to success in profiting from the patent in make-it-yourself kit form are:
- Recognize that there is a narrower market for the kit.
- Follow the time-tested price structure formula which provides attractive margins to everyone in the distribution chain (manufacturer’s representative, wholesaler, and retailer).
- Reach the narrow market niche through free publicity in fishing magazines and catalogs, website, trade shows, etc.
- Keep overhead low and stay alive until word-of-mouth begins to generate clients.
The main objectives are:
- Locate a suitable manufacturer who is willing, on an exclusive basis, to produce the patented Supreme hook at a reasonable price. This would, at the retail level, cause the Supreme to sell for under 150% of a normal hook of similar size.
- Locate a medium-sized fishing gear marketing company who recognizes the potential of the patent and is willing to commit the resources to successfully mass-merchandise the Supreme, both domestically and overseas. Enter into an exclusive license arrangement that contains the normal safeguards and will allow for a three percent royalty on all purchases from the exclusive manufacturer.
- Successfully bring the product in kit form to market. Reach break even point (370 kits) within the first three months. Sell 8,333 kits in the first year.
- Complete the website design.
- Join the American Sportfishing Association (ASA); secure a booth for the ASA trade show in Los Vegas this coming July.
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Fishing Charter Business Plan Template & Guidebook
Whether you're a seasoned angler or just starting out, having a comprehensive business plan for your fishing charter business is the key to getting started and staying successful. With a well-thought-out plan, you will have all the resources you need to set up and grow your business. Our #1 Fishing Charter Business Plan Template & Guidebook helps you develop a realistic and achievable business plan that will give you the best chance at success. We'll provide you with an easy-to-follow template, outline the key components of your business plan and our team of experts will be there to answer any questions or provide advice when needed. It's the ideal way to build the confidence and the stability you need to launch a successful fishing charter business.
Get worry-free services and support to launch your business starting at $0 plus state fees.
- How to Start a Fishing Charter Business [11+ Steps]
How to Write a Fishing Charter Business Plan in 7 Steps:
1. describe the purpose of your fishing charter business..
The first step to writing your business plan is to describe the purpose of your fishing charter business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.
It also helps to include a vision statement so that readers can understand what type of company you want to build.
Here is an example of a purpose mission statement for a fishing charter business:
Our purpose at ABC Fishing Charters is to provide customers with amazing fishing experiences that are tailored to their personal interests. We strive to use only the highest-quality and most up-to-date equipment, ensure a safe and comfortable trip, and create an enjoyable atmosphere for learning and discovery. Through our services, we aim to help customers make lasting memories while connecting with nature.
2. Products & Services Offered by Your Fishing Charter Business.
The next step is to outline your products and services for your fishing charter business.
When you think about the products and services that you offer, it's helpful to ask yourself the following questions:
- What is my business?
- What are the products and/or services that I offer?
- Why am I offering these particular products and/or services?
- How do I differentiate myself from competitors with similar offerings?
- How will I market my products and services?
You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.
3. Build a Creative Marketing Stratgey.
If you don't have a marketing plan for your fishing charter business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals.
A good marketing plan for your fishing charter business includes the following elements:
- Who is your target market?
- What do these customers have in common?
- How many of them are there?
- How can you best reach them with your message or product?
- Who are your current customers?
- Where did they come from (i.e., referrals)?
- How can their experience with your fishing charter business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?
Product or service description
- How does it work, what features does it have, and what are its benefits?
- Can anyone use this product or service regardless of age or gender?
- Can anyone visually see themselves using this product or service?
- How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?
- Which companies are competing with yours today (and why)?
- Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
- What specific advantages does each competitor offer over yours currently?
- Which marketing channel do you intend to leverage to attract new customers?
- What is your estimated marketing budget needed?
- What is the projected cost to acquire a new customer?
- How many of your customers do you instead will return?
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4. Write Your Operational Plan.
Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations.
In it, you should list:
- The equipment and facilities needed
- Who will be involved in the business (employees, contractors)
- Financial requirements for each step
- Milestones & KPIs
- Location of your business
- Zoning & permits required for the business
What equipment, supplies, or permits are needed to run a fishing charter business?
- Fishing boat (either purchased or rented)
- Fishing equipment and tackle
- Life jackets (USCG-approved)
- Navigation and safety equipment
- Communication devices (VHF radios, cell phones, etc.)
- Licenses and permits that comply with state and federal regulations
- Bait and ice to store food and drinks
- First aid kit, fire extinguisher, and other emergency supplies
5. Management & Organization of Your Fishing Charter Business.
The second part of your fishing charter business plan is to develop a management and organization section.
This section will cover all of the following:
- How many employees you need in order to run your fishing charter business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
- The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
- How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!
6. Fishing Charter Business Startup Expenses & Captial Needed.
This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.
Typically, expenses for your business can be broken into a few basic categories:
Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a fishing charter business varies based on many different variables, but below are a few different types of startup costs for a fishing charter business.
Running & Operating Costs
Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.
Marketing & Sales Expenses
You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your fishing charter business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.
7. Financial Plan & Projections
A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your fishing charter business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses.
Here are some steps you can follow to devise a financial plan for your fishing charter business plan:
- Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
- Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
- Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
- Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
- Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
- Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.
Frequently Asked Questions About Fishing Charter Business Plans:
Why do you need a business plan for a fishing charter business.
A business plan for a fishing charter business is important to provide potential investors and lenders with an in-depth understanding of your business ideas and operations. It outlines the strategies and goals of the business, as well as how you plan to manage and finance it. Additionally, a business plan offers key information about the target customers, pricing strategy, costs and revenues, competitors, resource requirements, and more.
Who should you ask for help with your fishing charter business plan?
It is suggested that you speak with a local business consultant or accountant to help you create your fishing charter business plan. Additionally, seek out the advice of those in the fishing industry who have experience in operating a fishing charter. These professionals can provide valuable insight and advice on the specifics of running a successful charter business.
Can you write a fishing charter business plan yourself?
Writing a business plan can be a daunting but necessary task when starting a new business. Without one, it will be difficult to effectively track your progress and identify areas that need improvement. Fortunately, there are plenty of resources available online to help guide you through the process. Many websites provide samples and templates that can be used as a basis for your own plan. Additionally, guidance can also be found in books and articles designed specifically for writing successful business plans. While it may require some time and effort, writing your own fishing charter business plan is possible with the right resources at your disposal.
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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.
Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.
From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.
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LIVE RADAR: Heavy rain, strong winds in Central Florida; coastal flood advisories in effect
2 warnings, a watch and 8 advisories in effect for 5 regions in the area, china leads list of labor abusers, sometimes akin to slavery, detected on fishing vessels worldwide.
MIAMI – Hazardous, forced work conditions sometimes akin to slavery have been detected on nearly 500 industrial fishing vessels around the world, but identifying those responsible for abuses at sea is hampered by a lack of transparency and regulatory oversight, a new report concluded.
The research by the Financial Transparency Coalition , a Washington, D.C.-based nonprofit organization that tracks illicit money flows, is the most comprehensive attempt to date to identify the companies operating vessels where tens of thousands of workers every year are estimated to be trapped in unsafe conditions.
The report, published Wednesday, found that a quarter of vessels suspected of abusing workers are flagged to China, whose distant water fleet dominates fishing on the high seas, traditionally lawless areas beyond the jurisdiction of any single country. Vessels from Russia, Spain, Thailand, Taiwan and South Korea were also accused of mistreatment of fishers.
This story was supported by funding from the Walton Family Foundation. The AP is solely responsible for all content.
Forced labor in the seafood industry is a rarely seen but common phenomenon, one increasingly recognized as a “widespread human rights crisis,” according to the report's authors. The Associated Press in 2015 uncovered the plight of thousands of migrant workers from Myanmar, Cambodia and Laos who were abused while employed on Thai vessels whose catch often ended up in the United States.
Globally, as many as 128,000 fishers face threats of violence , debt bondage, excessive overtime and other conditions indicative of forced labor, according to the U.N.'s International Labor Organization.
U.S. and European companies are under increasing pressure to clean up supply chains in labor-intensive industries where worker abuse is widespread. The Financial Action Task Force set up by the Group of Seven wealthiest democracies has identified illegal logging and mining as a key driver of money laundering and encouraged its members to set up publicly available databases to raise awareness about the financial flows that fuel environmental crimes.
However, the seafood industry has so far escaped the same scrutiny, in part because governments often lack the tools to regulate what takes place hundreds of miles from land. This week, President Joe Biden's administration decided to abandon a planned expansion of the flagship Seafood Import Monitoring Program used to prevent illegal fishing and forced labor on foreign vessels, which supply about 80% of the seafood Americans eat.
“We are once again seeing the heartbreaking reality of what is happening on some commercial fishing vessels out at sea and it’s completely unacceptable," Beth Lowell, vice president in the U.S. for the conservation group Oceana, said about the report, which she had no role in. “Forced labor and other human rights abuses should not be the cost for a seafood dinner.”
The National Oceanic and Atmospheric Administration said Tuesday that it decided to shelve the planned expansion after receiving public feedback on the proposed rule changes and would instead focus its attention on improving the impact of the current import monitoring program, which covers around 1,100 species.
Another obstacle to transparency: offenders are frequently licensed by governments like Panama and Belize with reputations for financial secrecy and minimal oversight of their fleets. Of the vessels suspected of abuse and whose ownership could be identified by the Financial Transparency Coalition, 18% flew so-called flags of convenience companies use to avoid careful examination and hide their shareholder structure.
The report identified two Chinese companies — ZheJiang Hairong Ocean Fisheries Co. and Pingtan Marine Enterprises — as the worst offenders, with 10 and seven vessels, respectively, accused of human rights violations. A third company, state-owned China National Fisheries Corp., had five.
None of the companies responded to AP's request for comment. But ZheJiang Hairong in a statement last year to the state-owned Fujian Daily claimed ownership of only five of the 10 vessels that would later appear on the Financial Transparency Coalition's list. Pingtan last year was sanctioned by the Biden administration over allegations of illegal fishing and labor abuse. and later saw its shares delisted from the New York Stock Exchange.
The Financial Transparency Coalition scoured government reports, media accounts and complaints by advocacy groups to come up with a list of 475 individual vessels suspected of forced labor since 2010. Of that amount, flag information was available for only about half of the total — another indication of the need for greater ownership transparency, the group says.
AP Reporter Fu Ting in Washington, D.C., and AP researcher Wanqing Chen in Beijing contributed.
Contact AP’s global investigative team at [email protected] or https://www.ap.org/tips/
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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Paintball Business Plan Template
Do you want to start paintball business?
Are you thinking of how to start paintball business ? You can never go wrong with this venture considering paintball is now a popular sport not only the United States but across the entire globe. In the U.S alone, there are over 5 million active paintball fans who invest heavily in the equipment and attire. In addition, the increasing number of professional tournaments and leagues has increased the demand for modern paintball facilities. There are also numerous exciting activities associated with paintball and opening a paintball business will reward you with good profits so long as you carefully plan your business setup strategy .
2.1 the business.
The paintball business will be known as ZonerB Paintball and will be located off Exit 3 in Brookside, Kansas City. This is an excellent population that serves a large population of residents making it an ideal sport to open the business. ZonerB is a family business that will be owned and managed by Phil Richards who is a Professional Paintball Instructor.
2.2 Management Team
Phil Richards is an accomplished paintball instructor who has been actively working in the industry for over fifteen years. During his career, Phil has managed several popular paintball facilities. He is a familiar and well respected instructor who has been deeply involved in the region’s paintball events. He was a league commissioner in several tournaments around the country.
2.3 Customer Focus
ZonerB Paintball aims to offer an exciting, relaxing and social atmosphere for clients. In planning how to start a paintball business , ZonerB is keen to provide a well-equipped and friendly facility for its customers.
2.4 Business Target
The business hopes to focus on investing in a modern and impressive paintball facility that will offer diverse fun activities that will keep everyone entertained.
3.1 company owner.
Phil Richards is a well-respected paintball instructor who has worked with several teams to clinch various awards and championships. During his career as an instructor and manager of several paintball facilities, Phil acquired first-hand experience in paintball business, something he hopes to replicate when opening a paintball field .
3.2 Aim of Starting the Business
The paintball culture has increased in the recent times inspiring Phil to go ahead with his plan of setting a nice, modern and well equipped paintball facility that meets the needs of paintball lovers. Despite Brookside having many paintball businesses, the rising popularity of the game has created numerous opportunities for ZonerB to explore.
3.3 How the Business will be Started
To make ZonerB a trendsetter paintball facility in Brookside, Kansas City, Phil Richards has hired professionals with vast knowledge in business startups to come up with a financial roadmap to meet business goals. Key financial data is indicated in the table below.
Services for Customers
ZonerB has invested heavily in modern equipment and technologies to grow the paintball culture in Kansas City. In order to start a paintball business that brings good profits, Phil Richards has decided to be innovative and diversify his range of services offered at the paintball facility. Services offered at ZonerB include:
- Indoor and outdoor paintball courts
- Provision of paintball ammunition and gear
- Fully equipped Go Kart facility
- Restaurant and dining business
With all these services, ZonerB has found a unique way to cater for needs of different clientele.
Marketing Analysis for Paintball Business
For ZonerB to accomplish its business goals, a detailed market analysis was carried out to identify what areas need to be focused on to successfully conquer the marketplace. Good paintball business plans have an elaborate marketing strategy that is designed with in line with the current market trends. The paintball business hopes to use this strategy to outshine its competitors and secure a large customer base.
5.1 Market Segmentation
After studying the paintball culture in Kansas City and doing an extensive market analysis, ZonerB intends to reach out to the following groups of customers. It’s worth noting that potential clients in this case are anyone interested in paintball games.
5.1.1 Under 18 years
Paintball is an exciting game that attracts large masses of young people. For this reason, this is a key customer group the business intends to reach out. A large section of the local population consists of teenagers and young children thus presenting an excellent opportunity for ZonerB to market its services. Despite many similar established businesses in the area, Phil Richards knows the appetite for paintball especially among this age group keeps growing. In addition, a large section of under 18 year olds are still in schools which play a huge role in popularizing paintball across the city.
5.1.2 19-64 Year olds
Many residents who fall in this age group belong to the working class and therefore, earn a steady income. Given the large middle class population, these residents can afford to buy paintball ammunition and attire required for an exciting gaming experience. The business hopes to sell various services and packages to this customer segment bearing in mind they have a disposable income that allows them to spend on numerous entertainment activities. After opening a paintball field business , this group of customers is expected to frequent the paintball club to have fun and unwind.
5.1.3 Over 65 Year Olds
This category caters for senior citizens who have retired from an active career life but are looking for something exciting to keep them busy. With paintball increasingly becoming popular, seniors have also been attracted to the game. They’re an extremely sensitive group and require good customer care and help to feel comfortable within the business premises.
Because of the growing interest in paintball, corporates have joined the bandwagon by regularly organizing staff paintball fun days. In addition, there are numerous paintball tournaments and competitions where various corporate teams drawn from various companies participate. This is a lucrative market segment because a single corporate booking is guaranteed to generate the business good income.
5.1.5 Professional Paintball Stakeholders
ZonerB paintball field business plan also aims to target to professional paintball teams and league organizers looking for a venue to use for tournaments. Given the number of many venues across Kansas, the business has an uphill task of positioning itself strategically to reach out to this market.
5.2 Business Target
ZonerB comes into the market when paintball popularity is at its peak. This is a strategic time considering starting a paintball business when there’s so much hype about the game is smart and strategic. Innovativeness is the major driving factor for the business as it seeks to use a unique business model and customer approach to distinguish itself from competitors. It is expected the paintball will be able to recover its capital within the first three years of operation. Annual sales are expected to grow on an average of 15%.
5.3 Product Pricing
How much does it cost to start a paintball business and how do I recover my startup capital? To accurately determine whether a business will be able recover the initial, product pricing is a key component that needs to be well defined. Just like other paintball business plans , ZonerB understands it has to get the pricing right to be able to survive competition. The plan is to diversify pricing using different packages to ensure all customer groups are adequately catered for. Pricing will be arrived at after considering what other paintball businesses are charging their clients. The idea is to charge slightly less than competitors especially in the first few months to popularize the brand and win customer trust.
The success of a business is not only how to start a paintball business but which strategies are put in place to ensure business goals are realized. Phil Richards has worked closely with experts in business strategy to come up with a sustainable and result-oriented approach of consistently growing customer numbers and boost revenue. The following sales strategy has been adopted to help steer the business to positive growth.
6.1 Competitive Analysis
ZonerB Paintball field knows customer care and professionalism are the core values of success when starting a paintball field . The business intends to hire well trained and professional staff with hands-on skills to deal with various customers. In addition, the paintball field’s strategic location and nearness to public transport facilities is expected to bring in more customers.
6.2 Sales Strategy
In order for the paintball business to attract more customers to the facility, the following sales strategy will be rolled out.
- Engage in intensive marketing campaigns to create awareness for people looking for a nice and well equipped paintball field.
- Sponsor college league and weekly youth championships to reach out to the youths.
- Advertise the business on popular local media channels and incorporate digital media i.e. social media and paid local online adverts.
- Create advertising campaigns in locations such as local universities since they bring together a large number of potential customers.
- Invest in the latest state-of-the art equipment and technologies to improve customer experience
- Creatively design the paintball field with an attractive landscape and exciting colors to draw attention to the facility.
- Emphasize on exemplary customer service and ensure customer needs are well taken care of.
6.3 Sales Forecast
ZonerB is committed to fully implement the above defined sales strategies and keep a close eye on its financial books to increase annual sales. The information below summarizes sales forecasts for ZonerB Paintball business.
ZonerB is a large paintball field that requires staff with different expertise to work together and facilitate smooth operations of the business. For Phil Richards and anyone else planning how to start a paintball field , the following staff is key to run the business.
7.1 Personnel Plan
ZonerB Paintball field is owned by Phil Richards, an experienced Paintball Instructor who will be the overall manager of the business. The business will also employ the following professionals to work in various departments.
- One Assistant Manager
- One Accountant
- One League Coordinator
- One Customer Care Representative
- Two Marketing Executives
- Two Cleaners
- One Safety Inspector
- One Concession Person
- Two Referees
Successful candidates will undergo extensive training on various areas of focus associated with a paintball field before the business officially opens.
7.2 Average Staff Salaries
In the first three years of operations, ZonerB Paintball field intends to pay its personnel the following annual average salaries.
ZonerB has a comprehensive financial plan that is expected to guide business management. Starting paintball field requires an elaborate financial plan to help the business meet its financial obligations and run its operations. Initial capital will be supplemented by a bank loan to help kickstart operations. The following is a summary of various financial statistics for ZonerB Paintball business. This is key information for anyone planning to open a paintball field business.
8.1 Important Assumptions
ZonerB has computed its financial expectations based on the assumptions below.
8.2 Brake-even Analysis
The graph below indicated ZonerB Paintball business Brake-even Analysis.
8.3 Projected Profit and Loss
Below is Profit and Loss information for ZonerB Paintball field determined on a monthly and annual basis.
8.3.1 Monthly Profit
8.3.2 Yearly Profit
8.3.3 Monthly Gross Margin
8.3.4 Yearly Gross Margin
Below is a Profit and Loss Analysis for the business.
8.4 Projected Cash Flow
The diagram below indicates subtotal cash received, subtotal cash spent, subtotal cash spent on operations, subtotal cash from operations and Pro forma cash flow.
8.5 Projected Balance Sheet
Below is ZonerB Projected balance sheet indicating assets, liabilities, capital, current liabilities and long-term assets.
8.6 Business Ratios
This is a representation of Business Ratios, Ratio Analysis and business Net Worth for ZonerB Paintball business.
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