INTRODUCTION
Fish farming is the act of rearing selected species of fish under scientificically controlled conditions in enclosed bodies of water such as ponds, streams, rivers, etc., where they feed, grow, breed and are harvested for consumption or for sale. Based on the definition above, I have decided to fashion a business enterprise in fish farming other wise known as aquaculture. The name of my enterprise is MURPHY FISH CULTURE. Murphy Fish culture is involved in the procurement of fingerlings and rearing them up to maturity for sales. It is a business idea that is profit oriented as well as designed to give the best of fishes to consumers. Rearing of fishes from fingerlings to table size is not a day's job. It requires step by step process which cannot be missed but carefully followed to have both the determined quality and quantity of fish so desired by the farmer and his consumers.
CONCEPT AND NATURE OF FISH FARMING
Fish farming has proven to be a lucrative business over the years.
This form of agriculture has found a huge fan base primarily due to the relative ease of culturing catfish, the readily available markets for catfish, e.g. with restaurants, especially as catfish is a treasured delicacy among many Nigerian cultures as well as the profitability of a successful catfish venture. Many Nigerians involved in catfish farming use concrete ponds or plastic tanks. Using ponds gives the farmer the leverage of culturing a relatively larger number of fishes as pond design can be tailored from the outset to match intended fish density. Culturing tanks are however limited in sizes and fixed, thus limiting the catfish farmer to stocking the tanks with a restricted number of fishes for best results. African catfish usually takes an average of 5 months to reach table size. At this age they usually have attained an average weight of 1kg. The weight attained by catfish after 5 months is however variable depending on a number of factors that may include, quality of fingerlings used, quality of feeds, water management quality, absence of disease, stocking density among others. It is not uncommon to have fish weigh up to 1.5kg after five months. The market price of African catfish is usually gauged per kg- weight of fish. This price is relatively pinned at an average between 600 to 700 Naira across Nigeria. Rearing catfish is not merely about buying fingerlings and ‘dumping’ them in a pond and then feeding them 'thrice' a day. From the outset the farmer should take time to put into consideration the following: quality of fingerlings, pond design, feeding program, water management and as well as markets for harvested catfish.
Quality of Fingerlings: Catfish fingerlings are of different breeds, just like other species of animals. It is important that the catfish farmer takes his time to identify fast growing and disease resistant breeds of fingerlings to ensure profitability in a catfish venture. This can be done through appropriate consultation with a specialist in fingerlings and physically evaluating fingerlings from several farms before making a pick on stock of fingerlings.
Pond Design: Stocking density plays a huge role in the growth rate of cultured catfish. Like for all other animals over-crowding catfish would increase competition for resources like food and oxygen. This can promote the growth of some fish at the expense of others and in the end lead to cannibalism. Besides, pressure stresses due to over-stocking are bound to affect the all-round development of fish in the pond. Once stunted growth sets in from the outset it is bound to linger. Therefore the catfish farmer would want to consider an appropriate length, breadth and depth of pond, depending on his intended number of fishes to stock pond with. Also pond design should incorporate provision for the separation of fishes in the event that growth is non-proportionate to avoid
cannibalism. Water management for pond would mean periodic changing of water and pond design should incorporate this from the outset to avoid challenges.
Feeding Catfish: This constitutes the bulk of the cost of rearing catfish, usually 60% and above. In most places in Nigeria available catfish feeds are imported and cost an average of N5,500/15kg bag. A 15kg bag can take 700 two month old fishes just 10 days! While you are in a hurry to start reaping the profit from catfish culturing, be prepared beforehand for the challenge of feeding the fishes. Catfish can be fed once or twice a day. Excessive feeding of fingerlings increases the cost of rearing catfish and thus results in wastage as this may only result in marginal growth increases.
Feeds are also a primary source of pond water pollution and excessive feeding constitutes a water management challenge. Thus the catfish farmer needs to strike a balance between feeding and water management. There are several subjective formulas used to determine an appropriate feeding program
for fish. One is to provide as much feeds that fishes can finish
in 5 – 10 minutes. This can then be used as the quantity of
feed needed for ‘satiation’. Using this formula, catfish can be
fed just once a day. With respect to feeding catfish, an alternative for Nigerian farmers is the use of locally-made feeds. Unlike the imported counterpart, local feeds cost an average of N4000/15kg bag without considerable growth implications. A challenge however would be to access sources of such local feeds as most parts of Nigeria are filled with the expensive imported feeds.
Water Management: A huge percentage of fish deaths have been related to water management issues. Pond design should take into consideration the pH of water (acidic water kills fish real fast, basic water is suitable for fingerlings and neutral water is required for fries (really tiny fishes)). It is also important to stimulate the growth of plankton by introducing manure into the pond before stocking with fingerlings. Oxygen requirement for fishes is dependent on an effective water management system as too much plankton growth results in competition for oxygen among plankton and catfish. Waste from fish as well as pollution from feeds also reduce the oxygen content of pond water, resulting in stresses on fish. An indication of declining oxygen is when fishes are seen for considerable periods on the water surface (trying to breathe better). Water should be replaced from time to time (though this can be a challenge in places where water availability is a problem).
PRODUCT DESCRIPTION
At the end of five month, the harvested catfish weighs an average of 1kg. Catfish is a rich source of animal protein which also can pass for meat in our diet. A fish weighing up to 1kg and above after all the intensive care and management is said to be filled with flesh and worth the price for which it is been sold. All products from MURPHY FISH CULTURE must attain market size and weight of 1kg before it is released for sale. Apart from being a good source of protein, fish is also have other nutritious value which are to numerous to mention.
VALUE PROPOSITION OF MURPHY FISH CULTURE
We believe in standard business operations and ethics and so are willing to make sure that our customers come back to patronize our fish again and again. In the light of this we have a formulated ethics which include but not limited to:
EXPECTED COMPETITORS
Fish farming is not a one man's show. The business is as old as man it self and will still continue as long as the water bodies continue to exist. Our competitors include local Fisher men, other fish farmers that are into aquaculture and business men who import fish and their by products. With this persons and group of people in business, the ride into stardom would be rough for us. And since our major focus is catfish, farmers who culture mudfish, Tilapia fish and other species of fishes will stand against us.
COMPETITIVE STRATEGY
In business, there will always be competitors. The ability to out smart your competitors and pull the larger crowd makes you a good business person. As earlier highlighted in our value proposition, we are going to ensure that we maintain a good relationship with our customers and attend to their complains at all times. We are also going to ensure that our customers are aware that there is home delivery and drop off at a relatively low cost. We will organize promo regularly and give discounts to our customers who buys large number of fish. At all times we will make sure that we do not sell above normal market price for which our competitors are selling. As a matter of fact we will put in our best to minimize cost of production which in turn will affect cost of sale while still maximizing profit. We shall ensure that our counter parts do not know our market strategies which shall be unique to us alone.
SUSTAINABILITY AND PROFITABILITY STRATEGY
It is one thing to start a business, it is another thing to stay in Business. In order to stay in business, we will ensure that our accounts are always balanced and quickly identify the lapses where necessary. By ensuring that there is an efficient means of preserving harvested fish to minimize spoilage. By always conducting research on ways to minimize cost of production. By having steady customers who are prepared to buy our products once they are ready. This means our marketing strategy will come to play. We also going to ensure that we have the customers in mind while fixing the price for our fish. For our profitability we are going to include transparent accounting in which we will be able to make observations and inferences to know our strength, work on our weaknesses, prepare to grab every opportunities and strive to eliminate all threat. Above all we will ensure that we minimize cost of production and maximize profit because the sole aim of business is profit maximization. Your business can only be sustained if you are getting something from it rather than giving all to it and nothing is showing that it's improving. Sustainability is very essential and as a starter I will ensure that I have it in mind that no matter what I will not give up so easily.
CONCLUSION
Starting a business is a big job. It takes risk and patience to develop a business which will stand for a long time. It is more than just investing huge or small capital. It requires intellectual management and putting all the variables together. Murphy Catfish is set to conquer the business world with it strength in making good business policies that would form it business value proposition which will draw more customers to patronize our catfish. With a regular production of catfish we are going to be feeding the fish market with our regular supply of 'Pisces' species known as Clarias glarriepinus (cat fish).
