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13 Steps to Starting a Bait Shop Business

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

Investment range

$9,550 - $21,100

Revenue potential

$137,000 - $456,000 p.a.

Time to build

1 – 3 months

Profit potential

$41,000 - $137,000 p.a.

Industry trend

Here are the most important factors to consider when opening a bakery:

• Location — Find a location with high foot traffic such as busy streets, near a market, or close to popular stores and cafes to attract impulse purchases and local customers.
• Licenses — You will need to pass a health inspection and get the food service license . Also, depending on the location the local fire department might need to inspect and approve your facilities. 
• Equipment — Invest in high-quality equipment for preparation, baking, and storage such as ovens, mixers, proofers, display cases, baking pans, sheets, etc.
• Target audience — Get to know your local community and their food preferences as they will be your target market.
• Theme and specialties — Stand out with a thematic or specialty bakery by offering products such as artisan breads, health-focused products, ethnic or cultural products, or seasonal offers.
• Ingredient sourcing — Find reputable suppliers for fresh ingredients.
• Staff — Hire educated and experienced staff. Look for professionals who are aware of your products, target audience, and possible information on allergens.
• Register your business — A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple. Form your business immediately using ZenBusiness LLC formation service or hire one of the best LLC services on the market.
• Legal business aspects — Register for taxes, open a business bank account, and get an EIN .
• Online presence — Work on your presence online, get listed on Google Business and Yelp, and optimize your listings to encourage reviews.

Interactive Checklist at your fingertips—begin your bait shop today!

You May Also Wonder:

Is a bait shop profitable?

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.

How can I make my bait shop stand out from competitors?

You need a great location near a body of water. You can also offer snacks, beverages, and fishing gear to attract more customers.

What lures are worth money?

Vintage fishing lures like the Giant Copper Haskell Minnow, Rare Haskell Musky Minnow, and Musky Charmer Minnow can be quite valuable.

How do bait shops get worms?

Many night crawlers are grown in Canada and sold to bait shops. Sometimes people or businesses also grow worms to sell to bait shops.

Can I run a bait shop as a home-based business?

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.

How do I find suppliers for my bait shop?

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.

Step 1: Decide if the Business Is Right for You

Pros and cons.

Starting a bait shop has a few advantages and disadvantages 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 $9.3 billion in 2023, which is a 2.9% decline in comparison to 2022.(( https://www.ibisworld.com/industry-statistics/market-size/fishing-united-states/ ))
• Growth forecast — Although the US fishing industry has suffered a steady decline over the past few years, it’s expected to grow in the period from 2024 to 2029.(( https://www.ibisworld.com/united-states/market-research-reports/fishing-industry/#IndustryStatisticsAndTrends ))

Trends and Challenges

• 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.
• 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 an 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? Setting up a Well-Stocked Bait Shop for Anglers

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? 

As mentioned earlier, 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 the cost of goods, rent, and overhead should be about 30%.

Once you know your costs, you can use our profit margin calculator to determine your markup 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

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 example, “The Fishing Hole” over “Carp Fishing Baits”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Discover over 270 unique bait shop name ideas here . If you want your business name to include specific keywords, you can also use our bait shop business name generator. Just type in a few keywords, 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 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

Here are the key components of a business plan:

• 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 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 that 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 Corporation — 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 Corporation — This 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 needs to elect this structure 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.

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number (EIN). You can file for your EIN online, or by mail/fax. Visit the IRS website to learn more. Keep in mind that, 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 a strong credit history.
• SBA-guaranteed loans — The Small Business Administration can act as a 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 options, 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 of 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.

However, people are unlikely to find your website 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. 

Here are some powerful marketing strategies for your future business:

• Local SEO — Regularly update your Google My Business and Yelp profiles to strengthen your local search presence.
• Fishing hotspot maps — Provide maps both in-store and online, marking the best local fishing spots. This demonstrates your expertise and local knowledge.
• Expert advice sharing — Share your fishing expertise through regular blog posts, social media tips, and in-store advice on tactics and gear.
• Active social media profiles — Maintain vibrant social media profiles with updates on fishing conditions, bait recommendations, and showcasing customer catches.
• Fishing tournament sponsorships — Boost visibility and community engagement by sponsoring local fishing tournaments.
• Loyalty discounts — Create a loyalty program that rewards frequent shoppers with discounts or freebies to encourage repeat visits.
• Fishing clinics and workshops — Conduct clinics and workshops to help novice anglers improve their skills, led by experienced fishers.
• Online fishing resource center — Develop a comprehensive online resource center with guides on local fish species, fishing techniques, and gear maintenance.
• Customer catch board — Feature a board in-store and online where customers can post pictures of their catches, fostering a community feeling.
• Local angler features — Highlight stories of local anglers on your website and social media, building a narrative that connects with the community.
• Virtual bait selection assistant — Introduce an online tool that helps customers choose the right bait and tackle based on local conditions.
• In-store experience events — Host in-store events such as meet-and-greets with fishing experts or demonstrations of new products to enhance customer experience.

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 — making sales, customer service
• Bait collectors — finding and catching 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 big-time bait shop.

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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.

Executive Summary

“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.

Financial Outlook

Business Overview

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.

Mission Statement

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.

Vision Statement

Our vision is to inspire and challenge Somalis to achieve the highest quality seafood production, waste reduction, recycling, and reuse goals in the nation.

Core Values

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

Market Analysis

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.

Government Regulations

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.

Market Trends

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.

Trade Barriers

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 Change

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.

Post-Pandemic Events

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.

Nearfish Seafood

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.

Competitive Advantages

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.

Target Customer

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

Key Channels

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.

SWOT Analysis

Operational Plan

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.

Operational Process

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:

Key Personnel

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 Cutter

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.

Financial Plan

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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Starting a Fishing Business: Tips, Strategies, and Best Practices

Linda Johnson

Starting a fishing business can be both exciting and daunting. It requires careful planning, research, and investment in […]

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Starting a fishing business can be both exciting and daunting. It requires careful planning, research, and investment in resources and equipment. However, with the right strategies and best practices, it’s possible to build a profitable and sustainable fishing business that provides value to customers and contributes to the local community.

In this article, we will cover everything you need to know about starting a fishing business, including research and planning, legal and regulatory compliance, financing options, marketing and promotion, operational management, and other essential topics.

Table of Contents

Research and Planning: The Importance of Fishing Business Research

Before diving into the business world, it’s crucial to conduct thorough research and planning. This involves identifying a profitable niche, conducting market research, and creating a detailed business plan. Here are some tips for successful fishing business research:

1. Identify Your Niche

There are several niches within the fishing industry that you can choose from based on your skills, interests, and resources. Some popular options include recreational fishing, commercial fishing, charter fishing, and sport fishing. Each niche has advantages and disadvantages, so it’s essential to research and compare each option before deciding.

2. Conduct Market Research –

Once you have identified your niche, the next step is to conduct market research. This involves gathering data on customer preferences, demand, competition, and pricing. To do this, you can use various methods such as online surveys, focus groups, interviews, and competitor analysis.

3. Create a Business Plan –

A business plan is a detailed document that outlines your goals, strategies, tactics, and financial projections for the next few years. This plan should include information on your target audience, marketing strategy, operational management, product development, and financial forecasting.

Legal and Regulatory Compliance

The legal and regulatory compliance requirements for starting a fishing business can vary depending on the location and type of business. However, there are some general tips to help you get started:

1. Obtain Necessary Licenses

Depending on your location, you may need licenses from local or state authorities. For example, in California, you may need to obtain a commercial fishing license, a charter boat license, or a sport fishing license depending on the type of business you are starting.

2. Register Your Business

To operate as a legal entity, you must register your fishing business with the appropriate state agency. This involves filling out various forms and paying fees.

3. Ensure Product Quality

As a fishing business, it’s essential to ensure that your products meet certain quality standards. This includes using environmentally friendly practices and following guidelines for food safety and handling. In addition to these requirements, you may also need to obtain permits or certifications from local authorities, depending on the type of business and location.

It’s crucial to research and understand the legal and regulatory compliance requirements in your area, as failure to do so can result in fines, penalties, and other legal consequences.

Financing Your Business

Financing your fishing business can be challenging due to the high cost of equipment, boats, and other resources required. However, there are several financing options available that can help you secure the necessary funds for starting or expanding a fishing business. Here are some tips for securing financing for your fishing business:

A loan is a popular financing option for starting or expanding a fishing business. You can obtain loans from banks, credit unions, or other financial institutions. To qualify for a loan, you must have good credit and provide collateral if required.

Grants are funds that do not need to be repaid. Government agencies, foundations, or non-profit organizations typically award them. To obtain a grant for your fishing business, you’ll need to research and apply for grants that match your business goals and objectives.

3. Investors

If you have a well-established fishing business with strong financials, you may be able to secure financing from investors interested in investing in your company. To attract investors, you’ll need to create a compelling investment pitch that outlines the benefits of investing in your fishing business.

4. Crowdfunding

Crowdfunding is an alternative option that allows you to raise funds from many people via online platforms such as Kickstarter or Indiegogo. This can be a good option if you have a unique or innovative product and want to test the market before investing in large-scale production.

In addition to these financing options, you may also want to consider leasing equipment or partnering with other fishing businesses to share costs and resources.

When managing your finances, it’s essential to create a detailed budget that includes all expenses and revenue projections for the next few years. This will help you identify areas where you can cut costs and optimize your financial performance.

Financing your fishing business is an essential part of starting or expanding a successful fishing business. By exploring various financing options such as loans, grants, investors, and crowdfunding, you can secure the necessary funds to build a profitable and sustainable fishing business that provides value to customers and contributes to the local community.

Remember to create a detailed budget, manage your finances carefully, and monitor your financial performance over time to ensure long-term success.

Marketing and Promotion

Marketing and promotion are essential for building brand awareness and attracting new customers to your fishing business. Here are some tips for effective marketing and promotion strategies:

1. Build a Website or Social Media Presence –

In today’s digital age, it’s crucial to have a website or social media presence to showcase your products, services, and brand. This can help you build brand awareness, reach new customers, and engage with existing ones.

To build a website, you may want to consider hiring a professional web developer or using a website builder platform such as WordPress or Squarespace.

For social media, platforms such as Facebook, Instagram, and Twitter are popular for fishing businesses due to their visual nature and ability to reach large audiences.

2. Engage with Customers

To build customer loyalty and engagement, it’s essential to provide exceptional customer service and engage with your customers regularly. This can include responding to inquiries promptly, providing helpful tips or advice for fishing, and creating opportunities for feedback and suggestions.

3. Partner with Local Businesses

To expand your reach and attract new customers, you may want to consider partnering with local businesses such as hotels, resorts, or restaurants that cater to tourists or locals interested in fishing. This can help you build relationships with other business owners and provide opportunities for cross-promotion and referrals.

4. Attend Trade Shows and Events –

To showcase your products and services and meet potential customers, it’s essential to attend trade shows and events in the fishing industry. These events can provide valuable networking opportunities, help you stay up-to-date on industry trends and best practices, and provide opportunities for learning and education.

5. Use Advertising and Promotion Tactics

To reach new audiences and promote your products or services, it’s essential to use advertising and promotion tactics such as print ads, radio ads, or online advertising platforms such as Google AdWords or Facebook Ads. These tactics can help you build brand awareness and attract new customers interested in fishing.

Marketing and promotion are crucial for building brand awareness, engaging with customers, and promoting your products or services to a larger audience.

By building a website or social media presence, engaging with customers, partnering with local businesses, attending trade shows and events, and using advertising and promotion tactics, you can create a powerful marketing strategy that helps you stand out in the fishing industry and attract new customers over time.

Operational Management

Operational management is essential to running a successful fishing business. To ensure that your operation runs smoothly and efficiently, here are some tips for effective operational management:

1. Manage Inventory

Managing inventory is crucial to maintaining a steady supply of products while minimizing waste and costs. Here are some ways to manage inventory effectively:

a) Track inventory levels : Keep track of the quantity of inventory on hand at all times. This can help you avoid stockouts or overstocking, leading to wasted resources and lost revenue.

b) Set up reorder points : Determine when to place a new order for inventory based on your sales data and lead times. This will help you avoid shortages and ensure that you always have enough inventory on hand to meet customer demand.

c) Monitor inventory turnover rates : Calculate the number of times inventory is sold or used within a certain period (typically one year). A higher inventory turnover rate indicates that inventory is being used efficiently, while a lower turnover rate may indicate inefficiencies in your operation or product selection.

2. Hire Staff

To ensure that you have the right staff for your fishing business, it’s essential to hire qualified and experienced individuals who are passionate about fishing and committed to providing exceptional customer service. Here are some ways to hire staff effectively:

a) Develop job descriptions : Create detailed job descriptions that outline the roles and responsibilities of each position in your operation. This will help you attract candidates with the right skills and experience for each job.

b) Conduct background checks : Perform thorough background checks on all potential hires to ensure they are trustworthy, reliable, and free from criminal or legal issues that could affect their ability to perform their job duties.

c) Provide training and development opportunities : Offer ongoing training and development opportunities to help your staff acquire new skills and stay up-to-date on industry trends and best practices. This will help retain talented staff members, improve productivity and efficiency, and provide better customer service.

To ensure that your products meet or exceed customer expectations, it’s essential to implement strict quality control measures in all aspects of your operation. Here are some ways to ensure product quality:

a) Use environmentally friendly practices: Implement sustainable fishing practices and use eco-friendly equipment to minimize the environmental impact of your operation and appeal to customers who value environmental responsibility.

b) Follow food safety and handling guidelines: Ensure all staff members are trained in food safety and handling best practices, including proper storage, preparation, and cooking techniques. This will help you prevent foodborne illnesses and maintain a high level of product quality.

c) Monitor customer feedback: Listen to your customers’ feedback and suggestions, and use this information to improve your products and services over time. This can help you build brand loyalty and attract new customers who value your commitment to product quality and customer service.

Operational management is essential for running a successful fishing business. By managing inventory effectively, hiring qualified staff members, and ensuring product quality, you can create a high-performing operation that provides exceptional customer service while maintaining a competitive edge in the marketplace.

How can the time it takes to fish impact starting a fishing business?

When starting a fishing business, the fishing duration guide for anglers is crucial. The time it takes to fish directly impacts the success of the business. Understanding peak fishing times and how duration affects catch rates is essential for attracting and retaining customers. A thorough understanding of fishing duration can make or break a fishing business.

This concludes our series on starting and operating a successful fishing business. By following the tips and strategies outlined in this guide, you can build a profitable and sustainable fishing operation that provides value to customers and contributes to the local community.

Conduct thorough research, create a detailed business plan, ensure product quality, obtain financing, develop effective marketing and promotion strategies, and implement sound operational management practices.

With hard work, dedication, and a commitment to excellence, your fishing business can thrive in a competitive industry, providing exceptional service and value to customers for years.

About the author

Linda Johnson is a marine biologist with over 15 years of experience. She has spent a large portion of her career studying fish behaviour and habitats.

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How to write a business plan for your fish market.

Starting a fish market can be a great idea because it provides a steady supply of fresh seafood to local customers, while also offering a profitable business opportunity.

Additionally, it can help to support local fishing communities by providing them with a reliable market for their catch.

But, before that, you need a business plan.

A business plan is a critical first step before launching any new project, as it provides a framework to help you identify potential risks, set goals and measure progress. It is essential for determining the viability of a fish market.

In short, a good business plan will help make sure your fish market is profitable .

What must be in the business plan for a fish market? How do you define the structure? What metrics should be considered for the financial assessment? What techniques can I use to make business plan writing easier?

The article you're reading will cover all these questions and provide answers!

One last thing: it's up to you whether to start your business plan from scratch.

You can download our editable business plan for a fish market and modify it to meet your specifications.

Formulating a business plan for a fish market

Is it necessary to create a business plan for your fish market.

Yes, you should create a business plan for your fish market.

Building a solid business plan will allow you to:

• gain knowledge of the fish market
• grasp the pulse of the industry's new trends
• discover what makes a fish market profitable
• understand customers' preferences for fresh seafood varieties and quality to meet their culinary needs
• come up with a unique value proposition for your seafood market
• assess competitive positioning
• find relevant competitive advantages for your fish market
• find a business model that guarantees a return on investment
• craft and execute a well-thought-out long-term action plan
• identify and manage risks specific to a fish market, including seafood quality, supply chain management, and regulatory compliance

Our team has drafted a business plan for a fish market that is designed to make it easier for you to achieve all the elements listed.

How to organize a business plan for a fish market?

A business plan has plenty of facts, numbers, and indicators. It is important to have an orderly format for smooth reading and comprehension.

When we designed our business plan for a fish market , we ensured it was organized correctly.

You'll come across 5 sections (Opportunity, Project, Market Research, Strategy and Finances).

1. Market Opportunity

The first section is named "Market Opportunity".

Explore this section for comprehensive data and insights on the fish market industry, including seafood trends, sourcing practices, customer preferences, and market dynamics, guiding entrepreneurs in establishing successful and sustainable fish marketes.

The data here is always kept current; we update it biannually.

2. Project Presentation

In the "Project" section, you can present your fish market, highlighting the variety and freshness of seafood available, sustainable sourcing practices, fishmonger expertise, customer education about different fish types, filleting services, and the unique value proposition that guarantees a delightful seafood experience for your customers.

Remember to introduce yourself at the end of this section.

Discuss your experience in the seafood industry, your expertise in sourcing and offering fresh seafood products, and how you plan to provide a diverse selection of high-quality seafood to customers. Highlight your commitment to sustainability, your knowledge of different fish species, and your dedication to delivering exceptional customer service that ensures customers have access to the finest and freshest seafood at your fish market.

We prepared text in our business plan. Customize it to suit your idea.

3. Market Research

Following that, we have the "Market Research" section.

The purpose of this section is to introduce the market segments for your fish market.

It includes a competition study, outlining other fish markets in the area. Your business's unique offerings and competitive advantages are also highlighted. A customized SWOT analysis is included.

4. Strategy

In the "Strategy" section, you will find a detailed growth plan for your fish market, outlining all the necessary steps and initiatives to ensure its high profitability.

Furthermore, this section encompasses a marketing plan for a fish market, a risk management approach, and a completed Business Model Canvas.

5. Finances

In conclusion, the "Finances" section offers a detailed overview of the financial aspects and metrics of your project.

How to elaborate the Executive Summary for a fish market?

The Executive Summary is like a quick overview of the business plan of your fish market.

Keep it short and to the point, with a maximum of 2 pages. Include only the key points.

The objective of this document is to spark interest in the reader's mind about your business plan.

In the Executive Summary of your fish market, answer these questions: what products does your fish market offer? who is your target audience? are there other fish markets in the vicinity? what funding do you require?

How to do the market analysis for a fish market?

Analyzing the market for your fish market allows you to gain insights into factors such as customer preferences for fresh seafood, competition within the seafood industry, and emerging trends in sustainable fishing.

By conducting a comprehensive market study, a fish market can understand consumer demands, offer a wide variety of fresh seafood, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a loyal customer base, increased sales, and a prominent position in the local seafood market.

Here is what you can expect to find in the "Market Research" section of our business plan for a fish market :

• market trends and data about the fish market industry, including seafood consumption, sustainability practices, and popular seafood varieties
• a list of potential customer segments for a fish market
• the competitor study
• the competitive advantages for a fish market

The key points of the business plan for a fish market

What's the business model of a fish market, business model of a fish market.

A fish market model revolves around selling a variety of fresh seafood products to customers. Revenue is generated through product sales, potentially offering additional services such as filleting or seafood platters.

The business model focuses on sourcing fresh and sustainable seafood, providing exceptional customer service, ensuring product quality and hygiene, effective marketing to target seafood enthusiasts, and building strong customer relationships based on trust and seafood expertise.

Success depends on maintaining relationships with fishermen or suppliers, delivering freshness and variety, fostering positive customer experiences and recommendations, and continuously adapting to customer preferences and industry trends in the seafood market.

Business model ≠ Business plan

Remember, "business plan" and "business model" are not the same thing.

A business model shows how a company operates and turns a profit.

In a business plan, you adopt the Business Model Canvas as a straightforward tool to showcase the fundamental elements of your business model.

Rest assured, we provide a Business Model Canvas in our business plan for a fish market .

How do you identify the market segments of a fish market?

Market segmentation for your fish market involves dividing your potential customers into different groups based on their seafood preferences, demographics, and culinary interests.

These categories may include factors such as seafood enthusiasts, fine dining establishments, home cooks, or customers seeking sustainable seafood options.

By segmenting your market, you can offer a variety of seafood products and services that cater to each segment's specific requirements. For example, you might provide a wide selection of fresh and exotic fish for seafood enthusiasts, offer premium and high-quality seafood options for fine dining establishments, provide convenient seafood meal kits and recipes for home cooks, or specialize in sourcing and selling sustainable seafood options for eco-conscious customers.

Market segmentation allows you to effectively target your marketing efforts, source the best seafood products, and build a loyal customer base within each customer segment by providing the seafood products and experiences that align with their preferences and values.

In the business plan for a fish market , you will find a detailed market segmentation that gives you insights into your potential customers.

How to conduct a competitor analysis for a fish market?

Without surprise, you won't be the only fish market in your market. There will be other establishments offering a variety of fresh seafood to customers.

To create a successful business plan, it's crucial to thoroughly analyze your competitors. This involves carefully identifying and studying their offer, while also evaluating their strengths and weaknesses.

Explore their weaknesses (such as inconsistent seafood quality, poor freshness control, or inadequate customer service).

Why is it crucial to notice these aspects? Because these weaknesses can impact customer satisfaction when shopping at fish markets. By addressing these points, you can offer a wide selection of fresh and high-quality seafood, provide knowledgeable staff assistance and guidance, and maintain excellent hygiene and product handling, positioning your fish market as a trusted and preferred source for seafood enthusiasts and seafood lovers.

It's what we call competitive advantages—prioritize building them to gain a competitive edge.

Here are some examples of competitive advantages for a fish store: fresh and diverse fish selection, knowledgeable staff, exceptional customer service.

How to draft a SWOT analysis for a fish store?

A SWOT analysis can help identify potential opportunities and challenges when starting a fish market.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a fish market

The strengths for a fish market

When we mention the "S" in SWOT, we mean Strengths, which are the project's positive attributes or capabilities.

For a fish market, potential strengths include a wide selection of fresh seafood, knowledgeable staff, competitive pricing, and a convenient location.

The weaknesses for a fish market

When we mention the "W," we're referring to Weaknesses, which are the weak areas or aspects of the project that need to be improved.

For a fish market, potential weaknesses include a lack of suitable storage space, limited access to fresh fish, high operational costs, and a reliance on a seasonal customer base.

The opportunities for a fish market

The letter "O" in SWOT signifies Opportunities, highlighting the favorable circumstances or chances for the project's growth.

In the case of a fish market, potential opportunities could include expanding into online sales, offering delivery services, introducing a loyalty program, and creating a restaurant.

The threats for a fish market

T stands for Threats in SWOT, representing the external factors or situations that may hinder the project's progress.

How to outline a marketing strategy for a fish store?

You need a marketing strategy in your business plan to attract customers and make sales.

A fish store can appeal to aquarium enthusiasts and pet owners by implementing a targeted marketing approach that showcases the store's diverse selection of fish species, quality aquarium supplies, and expert advice on fish care and maintenance.

Seafood lovers won't shop at your fish market without effective promotion; showcasing the freshness of the seafood, variety of options, and knowledgeable staff is crucial.

Are you implementing effective marketing strategies for your fish store? Consider offering educational content about different fish species or aquarium care on your website or social media, collaborating with local pet stores or aquarium clubs for cross-promotion, and running targeted advertising campaigns to reach fish enthusiasts and hobbyists.

It's okay to feel overwhelmed by the vast world of marketing and communication.

How to build financial projections for a fish store?

A successful business plan requires comprehensive financial data in order to accurately forecast future performance.

As part of your business planning process, you'll be required to predict the revenue for your fish market.

The presence of a relevant and credible revenue forecast is crucial to give your business plan a strong appeal to investors.

Our financial plan for a fish market is straightforward and equipped with automated checks, enabling you to validate and adjust your assumptions easily. This way, we make sure you're building solid financial projections.

It goes without saying that you should create a preliminary budget for launching your fish market. Don't overlook any expense. By the way, we've listed them all in our financial plan!

By conducting a break-even analysis, you can assess whether your fish market will be profitable or not.

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Home » Agriculture

How to Start a Mobile Bait and Tackle Shop [Business Plan]

Since most stores that sell fishing baits tend to be situated far away from popular fishing sites and are only open within a stipulated number of hours a day, you can achieve success in this industry by offering those interested in fishing easy access to bait for their fishing exercise.

Have it in mind that this business can be literally started overnight and will require little or no overhead. With a little hard work and a bit of insight into the habits of your fellow fishing aficionados, you can generate substantial profit quickly.

Steps on How to Start a Mobile Bait and Tackle Shop

Conduct market research.

It is vital to note that research is one of the most important steps you should take before starting a mobile bait and tackle shop. One of the best ways to go about it is to consult those who are experienced in the industry, and the most qualified are bait shops.

Also note that there is a whole lot of information online and in public libraries about starting and running a bait shop, plus vital information about the bait and tackle industry. You can subscribe to newsletters, blogs, read articles, watch videos, etc. to gain more insight. You need to find out as much as you can about the bait industry, as this will help you make better decisions when starting your mobile bait shop.

a. Who Is Your Target Audience?

The ideal customers for a mobile bait and tackle shop are fishermen. Note that your most consistent clients will be locals because they buy bait in bulk. The choice of bait is more or less a personal decision as different kinds of bait can be used to catch the same kinds of fish. Therefore, always have different kinds of bait available in your shop.

Don’t forget that the wider the variety of bait you have to offer, the more likely your customers will seek out your services.

b. Is Mobile Bait and Tackle Shop a Profitable Business?

Yes, this is a very lucrative business, especially when started and marketed properly. Today’s fishing enthusiasts demand much more than a garage-based bait shop selling worms in a Styrofoam cup. Convenience, industry expertise, and access to cutting-edge products are critical elements, and mobile bait & tackle shops bring that to the market.

c. Are There Existing Niches in the Industry?

No, the mobile bait and tackle business is already a niche market in the bait and tackle industry. However, there are still ways you can differentiate your mobile bait and tackle shop from others in the market. Aside from selling your bait out of your car or truck, you can also provide your potential customers with a pager or cell number that they can use to contact you at a moment’s notice.

d. Who are the Major Competitors?

• Full Stringer Bait and Tackle, Longville, MN
• Tokunaga Store, Hilo, HI
• Surf City Bait & Tackle, Surf City, NJ
• Takas Bait and Tackle, Anaheim, CA.
• Forestdale Bait and Tackle, Sandwich, MA
• Brian’s Fishing Supply, Honolulu, HI.
• Bud’s Bait, Carthage, MO
• East Rosebud Fly & Tackle, Billings, MT
• Hook Line & Sinker Outdoors, Rogers, AR
• Squidco Fishing, San Diego, CA
• The Tackle Box, Marathon, FL

e. Are There County or State Regulations or Zoning Laws for Mobile Bait and Tackle Shop?

Yes, the regulations and legal requirements of starting this business vary from one state to another. Have it in mind that some states require bait shops to apply for retail or wholesale bait dealers’ licenses to catch and/or sell bait.

Owing to that, it is recommended you contact your state’s Department of Natural Resources or Fish and Game Department to find out the details. You should also contact your local municipality or City Hall to find the information you need, as well as information regarding special permits.

f. Is There a Franchise for Mobile Bait and Tackle Shop?

No, there are no franchises for mobile bait and tackle shops in the United States. When looking to start this business, you are left with starting from scratch. However, there are enormous opportunities available in this market to grow your business and make very substantial profits.

g. What Do You Need to Start a Mobile Bait and Tackle Shop?

• Government-approved vendor
• Viable market
• Industry knowledge and experience
• Adequate capital
• Time management
• Good communication skills and awesome customer service
• A business plan

Choose a Memorable Business Name

• Easy Catch Baits
• Doorstep Bait Shop
• Everyday Bait Shack
• Prime Access Baits
• Four-wheel Bait Shop
• The Easy Bait
• Bait and Tackle
• Early Squad
• Quick Lures
• Heaven Catch
• Bait In Minutes
• Wide Mouth Bait
• Neighborhood Tackle
• Fishing and Love

Register your Business

A. what type of business structure is best for mobile bait and tackle shop.

Note there are a few options when it comes to choosing the ideal legal structure for your mobile bait shop. Have it in mind that you can start as a sole proprietorship, which means you and the business are one, and your personal assets are not protected if there are any financial difficulties. However, you can opt for the LLC, especially since it offers the following benefits:

• Protected assets
• Heightened credibility
• Limited compliance requirements
• Flexible management structure
• Few restrictions

b. List Steps to Form an LLC

• Select a Name for Your LLC.
• File Articles of Organization.
• Pick a registered agent.
• Decide on member vs. manager management.
• Establish an LLC operating agreement.
• Adhere to other tax and regulatory requirements.
• File annual reports.

c. What Type of License is Needed to Open a Mobile Bait and Tackle Shop?

• Business License
• Sales Tax Permit
• Driver’s License
• Retail Merchant License
• Resale Certificate

d. What Type of Certification is Needed to Open a Mobile Bait and Tackle Shop?

Although there are no certifications needed to open a mobile bait and tackle shop, however, there are fishing certifications you should consider to let your prospective clients know how good your business is and how experienced you are. Certifications to consider include;

• Certified Fisheries Professional (FP-C)
• Associate Fisheries Professional (FP-A)
• Basic Safety Course (MED A1)

e. What Documents are Needed to Open a Mobile Bait and Tackle Shop?

• Federal tax identification number
• Business plan
• Resale certificate
• Business name registration certificate
• Insurance certificate

f. Do You Need a Trademark, Copyright, or Patent?

Note that you may not need a patent, trademark, or copyright to protect the products and services you offer at your mobile bait and tackle shop.

Do your Cost Analysis and Budgeting

A. how much does it cost to start a mobile bait and tackle shop.

The cost of starting a mobile bait and tackle shop is quite low compared to other businesses. Aside from the cost of purchasing a truck or van, you will need around $5,000 to start the business. This cost covers basic supplies like tanks, aerators, refrigeration, gear, tackle, and other necessary supplies.

b. What are the Cost Involved?

• Initial inventory including live bait and fishing gear: $1,700
• Equipment like refrigerators, minnow tanks, and aerators: $2,200
• Shelves and display units: $650
• Cash register, computer, and other office equipment: $230
• Working capital to cover initial costs for lease, insurance, payroll, and extra cash: $2,000

c. What Factors Determine the Cost of Opening a Mobile Bait and Tackle Shop?

• Size of Vehicle
• License and Permits
• Branding, Promotion, and Marketing Plans
• Supplies and Ongoing Expenses

d. Do You Need to Build a Facility?

No, you do not need a facility to start a mobile bait and tackle shop since you will be selling your bait out of your car or truck. However, you need to invest in some sort of attractive and easy-to-see sign, to let your clients know where to get their bait. You might want to try a large magnetized sign that can be placed almost anywhere on your vehicle.

e. What are the Ongoing Expenses for Running a Mobile Bait and Tackle Shop?

• Replenishment of supplies
• Marketing supplies
• Maintenance and cleaning of equipment

f. What is the Average Salary of your Staff?

• Manager: $32,860
• Business development specialist: $30,750
• Accountant: $28,000
• Drivers: $22,440
• Support Staff (Volunteers): 0

g. How Do You Get Funding to Start a Mobile Bait and Tackle Shop

If you do not have enough capital to start a mobile bait and tackle shop, then you must get financial assistance from these sources;

• Small loans from the bank.
• Loan from spouse, family, or friends.
• Grants and subsidies

Write a Business Plan

A. executive summary.

Four-wheel Bait Shop is a mobile bait and tackle shop that will source and carry fishing products to fishing aficionados heading towards Lake Zurich. We intend to cater to the needs of our clients and also offer them the platform to place their orders online.

Our business location, Lake Zurich, is named after a body of water named “Lake Zurich,” which is completely located inside the village. This lake is 228 acres in size, approximately 32 feet deep at its deepest point, and a hot spot for those who love fishing. When fishing, anglers can expect to catch a wide range of fish including Bluegill, Largemouth Bass, Northern Pike, White Crappie, Yellow Bullhead, Yellow Perch, and much more.

b. Products and Service

The products our vans will carry include;

• Fly rods and reels.
• Lines-leaders-tippets.
• Fishing gadgets-net/retractors.
• Fishing footgear.
• Flies and fly tying materials.
• Drinks and snacks
• Lake Zurich souvenirs

c. Mission Statement

At Four-wheel Bait Shop our mission is to be the best and most convenient, fishing product and information resource in the Lake Zurich area.

Vision Statement

Our vision at Four-wheel Bait Shop is to offer a wide selection of fishing products as well as information on fishing conditions to our clients. As growth warrants, vans, inventory, and routes can grow to further satisfy the needs of our clients.

d. Goals and Objectives

• To become a familiar and easy-to-reach shopping option for those heading out for a day of fishing.
• Cultivate a customer base that will grow each year.
• Offer exceptional service and products to both experienced and novice fishing enthusiasts.

e. Organizational Structure

• Business development specialist
• Support Staff (Volunteers)

Marketing Plan

A. swot analysis.

• Experience of founder
• Convenience
• Top-notch customer service
• Ability to change inventory with the seasonal requirements
• Off-season effect
• Lack of adequate capital
• Overhead costs

Opportunities

• Viable and young market
• Seasonal changes in inventory
• Marketing plans will attract sales in both fishing and convenience goods.
• Expansion plans
• New competition
• Economic downturn

b. How Do Mobile Bait and Tackle Shops Make Money?

Just like a brick-and-mortar bait shop, a mobile bait and tackle shop will make money from selling bait to customers. While some businesses only carry a single tank with live bait, others also sell lures, hooks, lines, spare rod pieces, and much more. Bait and tackle shops can also sell food and drinks, beer, and liquor. Bait can be charged by the bucket, or it can be charged by individual fish, worm, etc.

c. Payment Options

• Payment with cash
• Payment via credit cards
• Payment via mobile money transfer

d. Sales & Advertising Strategies

• Video Marketing
• Graphic Design (Print & Web)
• Content Writing & Marketing
• Pay Per Click Advertising (PPC)
• Search Engine Optimization (SEO)
• Social Media Management
• Lead Funnels
• Social Media Advertising
• Reputation Management
• Local Authority Packages
• Email Marketing
• Software Development
• Content Syndication
• Local Lake Zurich & Generals County Shopper/Sunday Shopper
• Yellow Pages—Ameritech Pages Plus, Greater Generals County Telephone Directory

Financial Projection

A. how much should you charge for your product.

In this line of business, you can charge your customers around 25 and 95 cents for live bait, per bait. Fishing lures can be sold for around 95 cents and $10. For tackles, prices can go from $15 to $80, depending on what you’re selling. If you intend to also sell rod necessities, like spinning reels, you can sell products up to $100.

b. How Much Profit Do Mobile Bait and Tackle Shop Owners Make a Year?

This will surely vary from one mobile bait shop to another, but a well-established mobile shop can make at least $45,000 per year. Note that bigger companies with a good number of trucks and vans can make over $200,000 in profit per year. A lot of bait and tackle shops’ success depends on its convenience —as well as the area’s fishing needs.

c. What Factors Determine the Amount of Profit to Be Made?

• Size of business
• Business management style
• Marketing and advertising plans
• Branding and credibility

d. What is the Profit Margin of a Mobile Bait and Tackle Shop?

According to reports, a gross profit margin of 17 – 35 percent is a baseline for success in this line of business.

e. What is the Sales Forecast?

• First Fiscal Year (FY1): $60,000
• Second Fiscal Year (FY2): $180,000
• Third Fiscal Year (FY3): $522,000

Set Up your Shop 

A. how do you choose a perfect location for mobile bait and tackle shop.

When starting a mobile bait and tackle shop, one advantage is moving from one area to another. Also note that you can be as close to the fishing area as possible, especially since a brick and mortar bait shop would be located farther away from the water.

In addition, with a mobile bait shop, you can make rounds at all the popular fishing areas on the same day. You can begin at one point and then move to the next, and you can also grow to have multiple trucks plying multiple routes on the same day.

b. What State and City are Best to Open a Mobile Bait and Tackle Shop?

• Seattle, Washington
• New Orleans, Louisiana
• Miami, Florida
• Charleston, South Carolina
• Boston, Massachusetts
• Detroit, Michigan
• San Francisco, California.
• Corpus Christi, Texas

c. What Equipment is Needed to Operate?

• Industrial refrigerators
• Shelving, baskets, and Styrofoam boxes
• Digital signage
• Point of sale system
• Pricing gun
• Tagging gun

Hire Employees

You can definitely start a mobile bait and tackle shop alone at first. However, as time goes on and the business starts to grow; you might need at least two or three employees. These employees will help with bait refrigeration, cleaning, processing orders, and stocking the truck.

Note that it is very imperative to hire the right person for the job. It’s also recommended that you have someone who can give an unbiased opinion when you interview your prospective employees.

Launch the Business Proper

To successfully launch your mobile bait and tackle shop, you will need a corporate ID. A corporate ID includes your business cards, a logo, letterhead, product brochures, website design, etc. All these are part of branding your business.

When starting, you don’t really need to create a complete corporate ID package; instead, you can create your logo and business cards. Once your business is open and running, you can continue with the other components, such as your website. Consider leveraging the expertise of a professional when creating a corporate ID since your logo is something your customers will always see.

a. What Makes a Mobile Bait and Tackle Shop Successful?

• Good supplier relationships
• A service designed specifically for the area
• Total quality products and customer service
• Controlled overhead and operational costs
• Regular and ongoing customer feedback
• Inventory and DNR technology/software capacity
• Dedicated management and trained support staff
• Good maintenance culture

b. What Happens During a Typical Day at a Mobile Bait and Tackle Shop?

Have it in mind that mobile bait and tackle shop owners have several responsibilities. First, it is your job to maintain the live bait. To properly do so, you need to keep the tanks, aerators, and water supplies clean. As a mobile bait and tackle shop owner, you are also expected to keep bait and tackle stocked and ensure customers are kept happy. You will also work the register, market, and manage the business effectively.

c. What Skills and Experience Do You Need to Build a Mobile Bait and Tackle Shop?

To be successful in the mobile bait and tackle shop business, you must understand the area. Business owners in this line of business are expected to know which fish can be caught and how to catch them. They should know how to use the bait and equipment they sell. Fishers lose their tackle and bait a lot, and they’ll pay extra for high-quality products. Other skills and experience you need include;

• Management experience
• Customer service skills
• Awareness of fishing industry trends
• Fishing experience

More on Agriculture

How to start a fishing lure business

By   Alex Henderson

July 6, 2023

Are you looking for a new business adventure that combines an outdoor lifestyle and the potential to make some money? If so, consider starting your own fishing lure business – it’s easier than you might think! From finding bait vendors who offer wholesale prices on tackle and lures to becoming savvy with marketing strategies, this guide covers everything you need to know about how to get started. Dive in, cast your line out into the water of opportunity, and learn how to start selling fishing lures today!

Research the fishing lure industry to gain knowledge about what’s popular and what’s selling well.

Are you an avid fisherman looking to step up your game? Or perhaps you’re considering starting your own fishing lure business? Whatever your motivation, delving into the world of fishing lures is sure to reap the rewards. Researching the industry  can provide valuable insight into what’s popular and selling well, allowing you to make informed decisions when purchasing or creating your own lures. With so many options on the market, from topwater plugs to soft plastic baits, a bit of research can go a long way in helping you catch that prized fish . So why not cast your net wide and dive into the fascinating world of fishing lures today?

Set a business plan and budget for necessary supplies, materials, and equipment.

When starting your fishing lure business, it’s important to create a comprehensive business plan and budget. This should include expenses for supplies, materials, and equipment needed to produce the lures. Depending on the type of lures you produce, you may need additional tools such as molds or paints. Additionally, crafting the lures requires a good workspace with a quality set of tools such as drills, sanders, and pliers. You’ll also want to make sure you have enough storage space for inventory and shipping materials like labels and bubble wrap. Finally, factor in the cost of website hosting if you intend to build an online presence for your brand. With careful planning and consideration for all these factors, you can ensure that your fishing lure business is running smoothly right from the get-go!

Choose the right type of lure that best suits your target market.

Choosing the right type of lure for your target market  is essential to successfully attract and retain customers. Just like a fisherman needs to use the right bait to catch a particular fish , a business needs to understand its audience to choose the most effective lure. Consider the demographics, interests, and purchasing behaviors of your target market. Are they price-sensitive, environmentally conscious, or trendsetters? Do they respond to discounts, rewards, or personalized messaging? By answering these questions, you can determine the type of lure that will resonate with your audience and drive conversions. Don’t underestimate the power of a well-placed and thoughtfully crafted lure – it can make all the difference in attracting and retaining your ideal customers.

Source effective materials for creating lures, such as wood, metal, plastic, etc.

When it comes to creating lures, the materials used can make all the difference in attracting fish to your line . While there are many options available such as wood, metal, plastic, and more, it’s important to choose materials that are effective for the type of fishing you’ll be doing. For example, wood is a great option for creating topwater lures as it closely mimics the movements of baitfish on the surface. Metal lures are perfect for going deep and retrieving quickly, while plastic lures can imitate a wide range of prey. Whatever your fishing style, selecting the right materials for your lures can greatly increase your chances of catching that big one you’ve been after.

Decide on your pricing structure for different types of lures.

Setting the perfect pricing structure for lures  can be a tricky business. It’s important to consider the type of lure you are selling, as different styles and materials will have varying production costs and demand. Factors such as competition, target market, and desired profit margins also need to be taken into account. Of course, you want to make a profit, but it’s equally important to ensure that your pricing is fair and attractive to potential customers. By carefully analyzing these different variables and finding a balance, you can develop a pricing structure that is competitive, profitable, and sustainable in the long run.

Create a website or online store to market and sell your lures.

Fishing is more than just a hobby . It’s a way of life. And for those who live and breathe fishing, having the right equipment can make all the difference in the world. That’s why creating an online store to market and sell your lures is such an exciting opportunity. Whether you specialize in freshwater or saltwater lures, your passion for fishing can now become a profitable business venture. With the power of the internet at your fingertips, you can connect with fellow fishing enthusiasts all over the world and offer them high-quality lures that will help them reel in the big one. It’s time to take your love for fishing to the next level and share it with the world .

Starting a custom fishing lure business may seem daunting at first, but with the right research and strategy, it doesn’t need to be. It’s important to find out what type of lures your target market is interested in buying, source appropriate materials for creating unique and eye-catching lures, set a reasonable budget for start-up costs , and create an online store or website to market and sell your products. With proper planning and hard work, you can have a successful fishing lure business that will continue to grow and be profitable. Always remember that even if getting started is difficult in the beginning, it will be worth it once you build an established customer base. Good luck!

Frequently Asked Questions

Q: what do i need to know before starting a fishing lure business.

A: Before embarking on starting your own fishing lure business, it’s important to do research into the industry. This will help you gain insight into what types of lures are popular and selling well. Additionally, you should set a budget that covers all the necessary supplies, materials, and equipment for creating lures. Consider the demographics and interests of your target market when selecting what type of lure to make, and effective source materials such as wood, metal, plastic, etc. Lastly, decide on a pricing structure that is competitive yet profitable.

Q: How can I create an online store or website to market my lures?

A: Creating an online store or website is a great way to raise awareness about your fishing lures and attract new customers from around the world. You can use various e-commerce platforms such as Shopify or WooCommerce to get started quickly and easily with little technical experience. Additionally, using social media and SEO techniques can help drive more traffic to your store and draw in potential customers.

Q: What tips can I follow for success in this business?

A: Starting any business – especially one related to fishing – comes with its share of challenges. However, there are some key tips you can follow for success in this venture. Firstly, always ensure that you have quality products that are competitively priced yet still profitable for you as a business owner. Secondly, focusing on customer service – whether it’s through responding quickly to queries or offering rewards or discounts – will make a difference in retaining current customers while also attracting new ones. Finally, don’t be afraid to innovate and explore new opportunities within the industry – from traditional bait vendors’ wholesale prices on tackle and lures to creative marketing strategies – these efforts will pay off in the long run!

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Business Insights

Top 14 fishing business ideas in 2025, september 18, 2024.

With a market size predicted to reach USD 564.98 billion by 2031 fish market is among those industries that have a potential for constant growth. Whether you decide to open your own fresh fish shop or go for something like fishing nets and fishing line production, you have numerous fishing business ideas to decide on and bring you profit.

The important part when it comes to succeeding in the fishing industry is to identify your target audience, offer quality products or services that meet their needs and preferences, and use your skills to run a successful business .

Best 15 fishing business ideas

Here are some creative and profitable fishing business ideas that you can start right away:

Fresh fish shop

Fresh fish shops sell fresh, high-quality fish to customers for home cooking. The curated selection emphasizes wild-caught, sustainable, and local varieties that are superior in flavor and nutrition when buying fresh versus frozen species in large grocers. With direct relationships with regional fishermen or fishmongers, the shop provides a highly sought resource for home cooks aspiring for gourmet meals but lacking a trusted fresh fish source.

Customers discover new cooking inspiration and ocean-to-table eating directly from the in-house fish experts instead of relying solely on occasional selections in supermarkets. The shop may also offer prepared items like ceviches or smoked salmon spreads to enjoy the ingredients at their peak.

How much you can make: $50,000 – $300,000 annually How much does it cost to start: $20,000 – $100,000 How long does it take to build: 2-4 months

Aquarium house business

The aquarium house business is an aquarium cleaning and maintenance service for residential or commercial spaces wanting stunning aquatic displays without intensive specialized expertise. For aquarium owners struggling to sustain tanks optimally on their own, outsourced professionals bring needed husbandry knowledge and proper bio-stabilization equipment to fulfill creature well-being and exhibit longevity.

Clear, balanced aquariums foster calming spaces patrons appreciate in homes, spas, and medical offices amid positive distraction trends. Beyond the initial tank setup, ongoing care of filtration, species-normal feeding, and emergency response requires diligent technical experience to prevent loss or compromise. By handling all full-aquarium responsibilities from monitoring chemistry to performing water changes, it gives internal staff and admiring visitors all delight with minimal headaches.

How much you can make: $30,000 – $150,000 annually How much does it cost to start: $10,000 – $50,000 How long does it take to build: 1-3 months

Abalone farming

Abalone farming is a type of aquaculture that raises abalone shellfish, considered a sushi delicacy, for local seafood markets and fine-dining restaurants. As overfishing has depleted natural abalone populations over the decades, regulated farming allows for consistently meeting rising gourmet demand in an ecologically wise way. Abalone thrive in on-shore saltwater tanks, feeding on sustainable algae and vegetable diets, before harvest after roughly 2 years.

With ocean water temperatures rising and critics of fishing trawler collateral impacts, land-based facilities fill a niche providing supply reliability for the valuable shellfish where availability once fluctuated unpredictably in the wild. For receptive markets, quality and volume stabilize versus climate and overfishing uncertainties once solely dependent upon vulnerable natural habitats.

How much you can make: $100,000 – $500,000 annually How much does it cost to start: $50,000 – $250,000 How long does it take to build: 6-12 months

Salmon fish farming

Salmon fish farming is raising salmon commercially in enclosed freshwater or ocean pens to harvest quality fish efficiently year-round versus seasonal wild catch methods. Farming salmon via aquaculture allows for meeting consumer nutrition needs reliably despite dwindling wild populations from overfishing and climate impacts. The process concentrates production by cultivating fish optimized for market taste and texture.

Attentive feeding and conditions foster consistently ideal size and health for premium salmon filets. With global salmon demand rising twice as fast as all meats combined, sustainable aquaculture alleviates immense pressure on struggling marine ecosystems to meet growing appetites. While captive breeding invites environmental considerations around facilities and feed sustainability, conscientious operations enable wider access to nutritious salmon omega fats otherwise limited by locality and budget.

How much you can make: $200,000 – $1,000,000 annually How much does it cost to start: $100,000 – $500,000 How long does it take to build: 12-24 months

Fishing tools and accessories store

Fishing tools and accessories store is a retail business that sells a wide variety of rods, reels, bait, gear, and apparel recreational anglers need for successful fishing trips. Catering to both freshwater and saltwater fishing enthusiasts, it provides specialized products that mass retailers lack. The welcoming local shop offers advice tailored to regional fishing spots, techniques, and peak seasons that visitors and tourists unfamiliar with the area may overlook.

For families trying the hobby or avid anglers upgrading, knowledgeable staff helps match the right purchases to experience levels that big box stores cannot replicate. Shopping convenience also saves time versus researching brands online across scattered websites when timing matters heading into weekends and ideal weather conditions primed for the big catch.

How much you can make: $50,000 – $250,000 annually How much does it cost to start: $20,000 – $100,000 How long does it take to build: 2-4 months

Fishing vessels and boat production

Fishing vessels and boat production builds and sells boats specifically designed for recreational and commercial fishing activities. By specializing squarely in optimized fishing vessel construction versus wider naval contracting, it provides avid anglers and fishing operators an ideal way to access and work waters more safely and effectively. Purpose-built features like onboard fish storage, heavy stability, and equipment mounting options simplify enduring days at sea while enhancing the fishing experience itself. For commercial crews, competitive advantages in haul capacity and fuel economy directly impact profitability across seasons.

As international fish stocks tighten while local enthusiasm expands for hobby and sport fishing, demand heightens for vessels getting anglers nearer bountiful catches versus wider tourist cruises. Whether fabricating aluminum or fiberglass models, an end-to-end fishing boat builder serves an eager niche market through customer-centered design and fabrication mastery.

How much you can make: $500,000 – $5,000,000 annually How much does it cost to start: $200,000 – $1,000,000 How long does it take to build: 12-24 months

Pond construction

Pond construction is an outdoor water feature installation service that designs and digs new ponds or renovates existing features at private homes or commercial properties. Beyond beautifying spaces with tranquil water elements, specialized contractors handle complex needs like drainage, irrigation integration, aquatic planting, lighting and fountain features based on owner wishes.

With permitting, excavation, and finish work precision, ponds bring lasting visual appeal with ecosystem balance that supports selected fish and fountain features according to client needs. As outdoor living continues rising among home improvement investments, water features uniquely extend living space use across seasons. Contractors enable visions from small wildlife pond habitats to expansive resort-style luxury that homeowners rarely achieve alone.

How much you can make: $100,000 – $500,000 annually How much does it cost to start: $50,000 – $200,000 How long does it take to build: 3-6 months

Fishing net repair shop

The fishing net repair shop is a service that specializes in mending and maintaining fishing nets used for commercial, recreational, and subsistence purposes. With small teams of skilled experts, it offers critical maintenance for ensuring fisher’s income and safety at sea. For boat captains and deckhands, trusted net repair upkeep gives peace of mind that the gear upon which livelihoods depend stays working. Damaged nets get expensive to replace entirely, so targeted patching by those skilled in crafted knot techniques keeps costs reasonable.

Without dependable net integrity, incidences of losing portions of caught stock rise. Besides financial implications, loose netting presents safety hazards if snagging occurs on propellers or compromised areas fray further. For these reasons, communities with fishing activity near shores and harbors sustain specialized providers focused squarely on preserving the tools that linchpin local aquatic harvesting.

How much you can make: $30,000 – $100,000 annually How much does it cost to start: $5,000 – $20,000 How long does it take to build: 1-2 months

Kids fishing club

Kids fishing club is a recreational service that organizes fishing events and camps for children as an enriching nature activity. Unlike trying individually at unpredictable public piers, families benefit from secured spots at stocked ponds with higher catch rates. Alongside poles and gear, it provides mentoring that teaches beginner skills from knot tying to safe catch and release practices. Kids receive hands-on science inspiration potentially sparking life interests.

For parents, built-in oversight assures proper supervision versus managing solo while children gain outdoor timelessness available at most playgrounds and parks. Club trips also build bonds and peer encouragement through common interest camaraderie harder to establish within general classrooms alone. In a technology immersion era, putting phones down for sunlit waterways recalls simpler eras many adults celebrate from their own upbringing.

How much you can make: $20,000 – $80,000 annually How much does it cost to start: $5,000 – $20,000 How long does it take to build: 1-3 months

Aquarium construction

Aquarium construction is a service focused on designing and building custom aquarium systems for homes, offices, or commercial displays. Drawing on expertise in marine biology and interior design, it helps aquarium owners bring sustainable enclosed ecosystems to life matching unique spaces and needs. Whether a wall-mounted cube highlight or a major lobby centerpiece hosting delicate coral, bespoke tanks enable personalized aesthetics and functionality where off-the-shelf kits fall short.

For aquarists, the customization also better provides for the living species based on size, feeding, and social compatibility from shark to seahorse. Compared to tackling complex life support mechanics solo, clients attain guidance optimizing balance and longevity from construction to maintenance. As indoor spaces increasingly integrate biophilic nature elements for calming inspiration, custom tanks fulfill living artwork suited to personal havens.

Fishing competition

Fishing competition is hosting organized fishing tournaments and guide-led events for anglers with cash prizes, reports, and other recognition awards. By professionally moderating contests across ages in safe water areas, the public gets fishing bragging rights, social time with fellow hobbyists, and extended recreation beyond daily solitude casts. It also invites tourism for travelers passionate about seasonal lake species from bass to trout.

Host coordination lifts the fly-by-night perception in favor of formal multi-stage regional contests advancing conservation priorities too. Off-season, it continues community participation through education like seminars on new tackle or cooking tutorials leveraging sponsor ingredients. Ultimately the facilitated structure sustains local fishing meaning beyond limitations from short summer months, unpredictable daily catches alone, or fading folk tales retold crooked over years.

How much you can make: $20,000 – $100,000 annually How much does it cost to start: $10,000 – $50,000 How long does it take to build: 2-4 months

Fish medication and nutrient production

Fish medication and nutrients production is a business producing specialty supplements that promote health and disease prevention in commercial fish for aquaculture and hobby settings. As home aquariums and seafood farms continue growing to meet consumer demand, products sustaining fish wellness maximize sustainably positive outcomes across the ecosystem. Beyond basic food, advanced medications comparable to human over-the-counter remedies treat common aquatic conditions gently without overmedication concerns.

Protective health products also increasingly help regularly fortify farmed stocks from vulnerabilities managing pH balance, Fin integrity, and gill fitness holistically. With technology improving to carefully formulate remedies sea life tolerate, small operations can compete for premium niche quality versus mass generic supply. The medications not only serve primary production but also benefit local pet stores, hobbyists, and ornamental collectors looking to better care for precious underwater inhabitants.

How much you can make: $100,000 – $1,000,000 annually How much does it cost to start: $50,000 – $250,000 How long does it take to build: 6-12 months

Fishing nets and fishing lines production

Fishing nets and fishing lines production is a manufacturing business that produces nylon fishing nets as well as monofilament and braided fishing lines for commercial and recreational fishers. Offering specialized, durable equipment, it supports the prevalence of the evolving sport and sustains key relations between hobbyists, industry providers, and the fish populations feeding communities. Unlike outsourcing production overseas or acquiring standard import goods, domestic small-batch builders better control capacity, ensure ethical workforce standards, and elevate safety by overseeing materials inputs.

This enables optimizing rapidly for unique regional needs from custom specifications to timeline demands should harvest fluctuations be required. Consolidating hands-on production regionally fosters active participation in sustaining the craft and trade integrity on which coastal livelihoods depend.

How much you can make: $200,000 – $1,000,000 annually How much does it cost to start: $100,000 – $500,000 How long does it take to build: 6-12 months

Shrimp farming

Shrimp farming is a manufacturing business that produces nylon fishing nets as well as monofilament and braided fishing lines for commercial and recreational fishers. Offering specialized, durable equipment, it supports the prevalence of the evolving sport and sustains key relations between hobbyists, industry providers, and the fish populations feeding communities. Unlike outsourcing production overseas or acquiring standard import goods, domestic small-batch builders better control capacity, ensure ethical workforce standards, and elevate safety by overseeing materials inputs.

How much you can make: $100,000 – $500,000 annually How much does it cost to start: $50,000 – $200,000 How long does it take to build: 6-12 months

We hope that these fishing business ideas will serve you as an inspiration and example of how many available options you have. It’s up to you on which one you decide, just remember that every beginning is difficult but the reward at the end is worth it.

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FishBizPlan

Use FishBizPlan to write your own commercial fishing business plan, for free!

Write a fishing business plan for free

Support a vital loan application... Examine a re-engine project... Think about direct marketing...

FishBizPlan helps you better understand your fishing business. FishBizPlan is business planning tool designed just for fishermen!

Powerful Features

Fishing specific plan types.

Start your plan by choosing either a traditional commercial fishing plan or a direct marketing fishing plan

Full-Feature Editor

Our Plan Editor has all of features you expect and need

Helpful Tips

We've included Helpful Tips to guide you through each section of your Plan

Industry Resources

Useful resources to help write your plan from within the fishing industry

 Sample Plans

Need help getting started? Check out the Sample Plan content in each section of your Plan

Collaboration

Easily work with a Partner or Reviewer of your choice—give them access to edit and/or comment on your Plan

Mobile Ready

Easily work on your Plan on any web-enabled device

PDF & DOC Output

Easily save your Plan as PDF or DOC file for archiving & sharing

What more can we say?

The FishBizPlan Team

FishBizPlan was developed by a team of fishing industry and business management experts from across the United States.

Dave Burrage

Extension Professor Mississippi State University Mississippi - Alabama Sea Grant

Owner SeaFisk Consulting & Management LLC

Sarah Fisken

Fisheries Education Coordinator University of Washington Sea Grant

Pete Granger

Seafood Industry Specialist University of Washington Sea Grant

Marine Extension Associate University of Maine Maine Sea Grant

Associate Professor Alaska Sea Grant Marine Advisory Program

Robert Craven

Director & Extension Economist Center for Farm Financial Management - University of Minnesota

Kevin Klair

Extension Economist University of Minnesota

Curtis Mahnken

Jeff reisdorfer.

Web Communications University of Minnesota

Laurie Dickinson

Principal OnlyConnect

FishBizPlan was made possible by funding from the National Oceanic and Atmospheric Administration (NOAA) and from technical help from the Center for Farm Financial Management at the University of Minnesota.

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Fishing Equipment Business Plan

Start your own fishing equipment business plan

Seacliff Products

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.

1.1 Mission

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.

1.3 Objectives

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.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Seacliff  is a start-up, limited-liability corporation, incorporated in the State of Oregon.

2.1 Company Ownership

The company is 80% owned by the founder and inventor of the Supreme, with the remaining shares owned by six individual investors.

2.2 Start-up Summary

To complete the necessary start-up funds, external financing must be obtained. The start-up table is itemized below.

Start-up Expenses : Various expenses, such as legal, travel, salaries, and design costs for the start of the plan.

Start-up Inventory : Prior to any sales, which are projected to begin in January, cash is needed to purchase materials included in the kit.

Long-term Assets : In addition to minor office equipment the major Long-term asset represents the purchase price of Patent Number 6,038,806.

Start-Up Funding : The inventor/founder has invested heavily in the company. Additional money has been invested by six individual investors. A further sum has been invested in a barter agreement in exchange for essential peg and graphic illustration work (see Design Preproduction Expenses). Between mid-October and the end of December, a final sum is expected to be raised from sale of stock to individual investors.

2.3 Company Locations and Facilities

The company is located in Florence, Oregon, where there is adequate storage and office space available.

There are two marketable products stemming from the same patent. One will result in royalties when the patent is licensed to the right fishing gear marketing company. The other is a kit which makes it possible for a certain narrow segment of fishing enthusiasts to make up the Supreme before it is actually ready for mass distribution.

3.1 Product Description

The Supreme is a standard hook combined with a specially-designed bait holder that eliminates the drawbacks of the conventional methods of attaching live bait. Initial, non-laboratory testing of the Supreme has shown an increased enjoyment of the sport. This is as a result of greater attraction of fish to the live bait swim action and increased hook-ups because of the full-hook exposure. The invention also has wider application in use with shrimp or crab bait, as well as with dead bait trolling.

Benefits of the Invention

• Increased hook-ups by permitting full-hook exposure in a more disguised manner.
• Faster rigging of bait fish so as not to keep the bait fish out of the water for long periods of time.
• The barb attaches to the bait fish under the scales and skin, rather than vital parts of the fish, prolonging the life of the bait fish, and allowing the bait fish to swim naturally.
• Keeping the bait fish on the hook is less of a problem because of the holding barb.
• Due to the location of the hook on the bait fish, chances of a hook-up with the target fish are greater.
• Several body locations of the bait fish can be used in mounting the patented hook.
• Excellent application in either freshwater or saltwater fishing with live shrimp or crab where the barb is easily inserted under the carapace.
• Fun and easy to use.

Do-it-yourself Kits :

As mentioned earlier, before the invention can be manufactured and brought to market, the Supreme can be marketed in kit form. This kit contains barbs, which are an essential element of the hook. They are crimped onto most any commercial hook and fixed with epoxy. All the apparatus for doing this is contained in the kit, including the necessary crimping tool. Additional barbs can be purchased at minimal cost, making the kit attractive to a narrow segment of enthusiastic fisherman.

Prototypes for the kit are ready to be shown to wholesalers and retailers. As of this writing, an initial order of 250 kits has already been received. However, kits will not be ready for sale until January 2001.

3.2 Competitive Comparison

This product is unique. A normal competitive comparison analysis cannot be offered. However, do-it-yourself kits are not unknown in the industry. Section 5.2.2, Pricing Strategy, lists several of these kits and their prices.

3.3 Sales Literature

Excellent graphics have been prepared to demonstrate the features of the hook. These need to be incorporated into a brochure that will double as a mailer. We will add contact information, including phone and fax numbers, and our website address. This project is currently under way.

3.4 Sourcing

Sourcing of the raw materials to produce the kits is not difficult as there is more than one supplier of each essential part of the kit. Some suppliers are located further from Oregon than is wished, but as sales of the kits increase, opportunities to obtain suppliers closer to home are expected.

3.5 Future Products

Future products are already on the drawing board at Seacliff, including:

• Rod and Reel action holder, which provides additional leverage and mobility.
• Non-toxic dead-bait trolling stabilizer.
• Adapter rod holder for bait jiggers.

Market Analysis Summary how to do a market analysis for your business plan.">

The market for the patented hook, trade-named the Supreme, is large and has wide appeal. Over $300 million (retail level) in fish hooks alone are purchased each year in the United States. The patented Supreme, by virtue of its unique look and user-friendly features, has immense potential in the hands of astute marketers of fishing gear. One of the most powerful marketing tools is a unique selling proposition (USP). A good example is the “Flo-Thru” teabag USP developed by Lipton, or Heinz’ “Slowest Catsup in the West.” Any time that a marketer has a product which is visually different and  has user-friendly, unique features, dramatic success can be achieved in capturing market share. In the same way that Lipton’s “Flo-Thru” USP catapulted Lipton to brand leader over Salada Tea, the Supreme could conceivably capture 10% of the hook market. This would translate into royalties for the patent holder of approximately $200,000 to $300,000 annually.

The do-it-yourself kit selling retail for $129.95 has a much narrower market appeal to primarily saltwater fisherman who are especially enthusiastic about catching a category of approximately 20 popular game fish. Nearly five million fishermen hunt these fish. Sales of 25,000 kits over the three year period of this plan is a reasonable estimate, and amounts to only one half of one percent of the number of big-game fishermen. Gross sales of kits could total $1.25 million, assuming manufacturer’s net price of $50 to distributors.

Some statistics drawn from the 1996 Fish and Wildlife Survey are recorded in the table below.

4.1 Market Segmentation

The full potential of the Supreme patented hook can only be reached by licensing it to an established fishing gear company with a professional marketing department and extensive distribution system. This full potential would take into consideration freshwater fishermen (the highest concentration of anglers), and saltwater fishermen. Until a license agreement has been reached with a marketing company, the prime focus must be on sales of the do-it-yourself kits. Because of Seacliff’s saltwater contacts, and the need to limit the initial size of barbs provided in the kits (four large-sized barbs), the market segmentation analysis will be concentrated on that portion of the 9.4 million saltwater fishermen who go after the 20 species of large game fish.

The chart and table below indicate the number of fishermen, engaged by fish type. Saltwater anglers have increased by six percent between 1991-1996. During the same period, freshwater fishing declined by four percent. For purposes of entering a growth percentage, we will assume that the number of saltwater fishermen will increase by about one percent annually.

**appendix were not available for this sample plan.

4.2 Target Market Segment Strategy

The target market strategy for the sale of the kits is to focus on the large, saltwater game fish anglers (Striped bass 1.4 million, bluefish 1.5 million, 18 others 4.9 million). Of the total 9.4 million saltwater fishermen, 7,180 are located in only eight coastal states (see following table).

4.2.1 Market Trends

Fishing is definitely growing in popularity. According to the 1996 Wildlife survey, the number of anglers has been increasing at over twice the rate of U.S. population growth (1955-1996). More than one out of every six Americans goes fishing every year. A total of $38 billion, according to the study, is being spent annually on fishing. Of this amount, 51% ($19.2 billion) is being spent on fishing equipment, and 28% ($5.3 billion) is being spent annually on fishing tackle (includes both freshwater and saltwater fishing tackle).

4.2.2 Market Growth

The 1996 survey, which is the source of most statistics on the fishing industry, reports that the number of saltwater fishermen increased six percent between 1991-1996. During the same period, freshwater fishermen declined four percent. However, expenditures on the sport increased at a much greater rate. Fishing expenditures increased 37%, and the number of days spent fishing increased 22% when compared with the 1991 survey.

4.2.3 Market Needs

Convenience, speed, improved performance, enjoyment are all aspects of the patented Supreme hook, which apply both in speaking about the hook to be licensed as well as to the do-it-yourself kit. See Chapter 3.1 (Product Description) for details of the benefits as well as graphic illustrations.

**No graphic illustrations were available for this sample plan.

4.3 Industry Analysis

The fishing gear industry used to be characterized by many small manufacturers. This was especially true of fishing lures, which were often made by individuals who started up in the industry working out of their garages. This situation has changed dramatically. According to an article in the New York Times (October 24, 1999), entitled “Fishing Gear Makers Are Now a Prize Catch,” like toy and hardware makers before them, small manufacturers of fishing gear are being acquired by aggressive competitors looking to build economies of scale. The labor-of-love specialty companies are quickly being bought up. Andy Rogerson, chief executive of Pradco Inc., which now owns eleven popular brands of fishing lures (mostly acquired in the last five years), claims the small guy can’t make it any longer. The big-box sports chains and major marts are driving distribution. These mass market retailers, as well as a small number of equally demanding cataloguers, sell 75% of fishing tackle.

There has been so much consolidation in the industry, it is hard to keep track of who belongs to whom, according to Lauren Walsh, managing editor of Fishing Tackle Retailer. Membership in the industry’s trade organization, the ASA, has declined from 600 members in 1995 to 450 members at present. This decline has been solely due to acquisition, as the number of products has remained level or even increased. Modernization has also hit the fishing gear industry as it has other industries. Large companies, like Pure Fishing, have invested millions in computerized inventory systems and warehouses; they are also tapping the previously-ignored international market.

4.3.1 Distribution Patterns

According to SBG’s exclusive fishing tackle survey conducted in 1992, 69% of tackle is bought through wholesalers, 27% direct from manufacturers, and four percent from other sources. In the eight years since the survey was completed, it is likely that mass merchants and dedicated cataloguers have been taking a greater share of the pie. This would mean that there has been more direct buying from manufacturers.

With cataloguers and mass merchants capturing 75% of sales of fishing gear, it is clear that the small manufacturer is at a disadvantage in respect to large suppliers. Wal-Mart, and other large, multi-line chains, will only purchase from suppliers who can offer a large menu. The trend is for these retailers to purchase directly from manufacturers at the wholesale price, since they do their own distribution. The mass merchants can then afford to discount the item 10-20% and still make a healthy return on investment.

4.3.2 Main Competitors

As mentioned in earlier chapters, there are easily 250 manufacturers of fishing tackle. Many of these are makers of lures and artificial bait. The Supreme primarily competes with the old, standard method of hooking bait, either live or dead, to a standard fish hook. The advantages of the Supreme over this old method are more easily understood by turning to section 3.1, which includes graphic displays comparing the Supreme stem hook system to the traditional methods. There exists no other product on the market that competes with, or provides the features of, the Supreme.

**All graphic illustrations have been removed from this sample plan.

4.3.3 Industry Participants

According to the membership rolls of the ASA, there are 450 companies that are somehow involved in some aspect of fishing. Many of these are boat manufacturers, and other manufacturers outside of the narrower field of fishing gear. Large retailers are also members.

Industry Participants – Retail As of 1992 there were 20,696 retail outlets in the United States, of which 31% were fishing specialists, 47% were multiline, 12.2% were classed as department or mass merchants, and nine percent other retail. Mail lists are available from Database America (201-476-2300).

Industry Participants – Wholesale Information on U.S. wholesalers such as names, addresses, phone numbers, gross sales, number of employees, and major product lines handled, is available from the Wholesalers and Distributors Directory, which is available at libraries. Chapter 46 lists Recreational and Sporting Goods Wholesalers. Pages 987-1010 list 50 wholesalers who specifically mention the word “fishing tackle.”

Industry Participants – Manufacturers Ward’s Business Directory of U.S. Private and Public Companies, under NAIC code 339920 (Sporting and Athletic Goods Manufacturing) lists 75 names, beginning with Brunswick Corporation of Lake Forest, Illinois, with $4 billion in sales (Brunswick’s Zebco Corporation is a division specializing in fishing gear), and ending with Easton Sports of Van Nuys, California, with $40 million in sales. Much more up-to-date information can be obtained via ASA’s website:www.asafishing.org/membership/locator/index.cfm. Another excellent source is the Fishing Tackle Source Directory which lists at least 250 fishing tackle manufacturers under the saltwater category alone.

Strategy and Implementation Summary

5.1 competitive edge.

The Supreme’s stem-hook system is patented (Patent Number 6,042,520, dated May 16, 2000). The product is not available from any other supplier or manufacturer. The features are clearly outlined, and the hook is visually unique as well, making the hook an ideal USP in the hands of a capable marketing specialist. Case studies of other products with well-devised USP’s (having both a unique look and user-friendly features) have shown dramatic success in capturing market share from other brands.

5.2 Marketing Strategy

Considering the patented hook is so revolutionary, the initial reactions from fishermen, retailers, and other industry participants have been extremely positive. As time to market is everything, it is important not to wait until a suitable licensee can be chosen. This could take a year or more. The process of subcontracting the necessary elements forming the do-it-yourself kit, will get the hook to market within a few months, and the acceptance of the product in kit form should be a great spur to marketing candidates to consider licensing the hook.

An organized approach will be followed to locate a suitable licensee marketing company. A letter will be sent to licensee candidates. Enclosed in each letter will be a product summary. An exclusive manufacturer will also need to be found. A product summary and letter will be sent to manufacturing candidates. Phone calls will follow up the letters. The ASA Trade Show will also be a good way to attract the interest of licensees.

5.2.1 Distribution Strategy

For the do-it-yourself kits, the distribution will be traditional. Seacliff will sign an agreement with Nautical Marketing of Seaport, Oregon who will represent the kits to wholesalers. Emphasis will be placed on wholesalers and cataloguers in the eight coastal states that make up over seven million of the 9.4 million saltwater anglers. The wholesalers, in turn, will sell to retailers. Pricing has been carefully arranged to insure generous margins for both wholesalers and retailers.

5.2.2 Positioning Statement

Although the Supreme is suitable for many freshwater applications, the freshwater market is best attacked once the licensee marketing company has been located. Until then, marketing efforts for the Supreme in kit form will be focused on the much narrower market of saltwater fishermen who are especially enthusiastic about hunting for the 20 or so larger-game fish. These fishermen are more likely to read about the Supreme or to hear about it by word-of-mouth than through any other means of advertising.

5.2.3 Pricing Strategy

It is not an easy task to decide on a price for a totally unique, newly-patented item in kit form. However, there is no question that fishermen in the same market category will spend considerable amounts of money on fishing gear kits. Appendix A shows examples of such non-competing kits:

MIT Custom Rigging Kit Includes leader, crimps, chafe tube, strand cable and swages, rigging tape and thimbles. Contains a crimper tool, a snipper and safety knife. As advertised in Melton International Tackle Catalog, it is priced at $225.

Ultimate Rigging Kit: For double rigging riggers. Includes release clips, cork balls, black snubbers with stainless pulleys, nylon line and leader snaps. As advertised in Boater’s World Marine Centers Catalog, it is priced at $129.99.

Big Game Rigging Kits: Includes large press tool, small press tool, 100 sleeves and thimbles of various sizes, monofiliment and stainless cable and three color tapes. All in carrying case with vinyl mesh back and clear front with velcro flaps. As advertised in Boater’s World Marine Centers Catalog, it is priced at $239.99

Pricing Structure The pricing structure follows a retail cost model which is fairly standard in most industries. The manufacturer’s sell price to the distributor is approximately 55% off the retail price.

(See Appendix B for price lists for Distributor (wholesaler) and Dealer (retailer)).

5.2.4 Promotion Strategy

No large budget has been provided for promotional efforts, but we have set aside a small budget for point-of-sale materials. The strategy is to hold off on these expenditures. Once a licensee marketing company has been located, their efforts to market and promote the Supreme will be more than sufficient to get the word out to all fishermen.

5.3 Sales Strategy

The sales strategy is to rely as much as possible on the traditional distribution channel members (wholesalers and retailers) and to minimize the number of direct sales. Seacliff’s forte is more in the direction of formulating ideas worthy of patenting rather than administrative expertise. In addition, Seacliff will engage the services of a manufacturer’s representative to out-source, to every extent possible, sales reliance on Seacliff. Sales invoicing should be in only large quantities, such as a recent order for 250 kits.

5.3.1 Sales Forecast

Unit Sales of Kits: Marketing research indicates that approximately five million saltwater fishermen hunt for the 20 or so large game fish. These fishermen are especially enthusiastic about the sport, and are relatively easy to reach as they are concentrated in only eight coastal states. We estimate 25,000 kits can be sold over the next three years to this market group alone, which works out to only one half of one percent. We will assume one quarter of these will be sold in the first year, one third in the second year, and the remainder in the third year. We will not attempt to project monthly sales differences, but will assume sales are steady throughout the year.

It is expected that other items will be sold such as replacement barbs for the kits, crimping tools, etc., but these are primarily minor items. They will be ignored in this original business plan, but will probably be included in updates once more exact trend information is available.

Unit Sales Prices

Direct Unit Costs: The direct units costs pertain to the various items that comprise the Proline Kit, the fulfillment costs of assembling the various items into the kit, and the outer carton used to ship the kits to wholesalers, retailers, and/or individual consumers who purchase by mail or over the Internet.

• Barbs. These are the Supremes . They are provided by RCI Wilmette, Illinois. They come in four lengths and each kit contains 10 of each size:

There is an initial tooling cost of approximately $25,350, which will be included in the pre-production expenses and amortized over the first five years. Allow 10-12 weeks tooling lead time, and two to three weeks lead for orders.

• Crimping Tool. All are stainless, and are supplied by Freil Specialty Tools, Kansas, Missouri. The tools are quoted at $3.89 each, assuming an order of seven gross (144 x 7= 1,008) plus shipping and handling ($100), total per unit cost will be $3.99. Allow a two to four week lead time.
• Kit Bag. The kit bags come from Octagon Products of Eugene, Oregon and cost $6.50 each, assuming a purchase of 1,000. Allow two to four weeks lead time.
• Drying Pad. This is a 5/8″ thick closed cell rubber foam block used to hold the barbed hooks up in the air until the epoxy has dried. Also supplied by Greene Rubber Products and cost $.35 each. Lead time, allow two to three weeks.
• Epoxy. Supplied by Chilton Industries Inc. of Ashland, Long Island. It is supplied in five-gallon buckets (four colors: teal, red, cobalt, and black). It is $63.98/gal. Each kit contains 1/2 oz. tube of each color. Cost per kit, assuming 128 oz. per gallon. Cost per ounce $.50, cost per kit $1.00.
• Hardener. Also from Chilton Industries. Cost $178.95 per gallon. Sold in five-gallon buckets. Each kit contains two one-ounce tubes of hardener. Cost per ounce is $1.40, cost per kit is $2.80.
• Tubes. Supplied by Tripex Los Angeles, California. Six are needed per kit. Cost $278.00 per 1,000, cost per kit $1.67. These are rather light but bulky items, add 10% for shipping. Cost per kit is $1.84.
• Filling of Tubes with resin and hardener. This will be done by Lucaplan Labs in Columbus, Ohio. Cost: $0.50 per tube ,plus $10 for pallet wrapping. Per kit cost $3.00, assume $3.50 with wrapping and shipping charges.
• Stirring sticks. Approximately 30 small plastic sticks will be bundled and placed in each kit. Supplied by Sysco Restaurant Supplies. Approximately 60,000 will cost $30.00. Price per kit: approximately $0.02.
• Instruction Card. A plastic laminated card with instructions and warranties will be enclosed in each kit. They will cost $.50 each.
• Label. To be sewn onto kit face. Estimated cost, $.50 each.
• Outer carton. Each carton to hold six kits. Cost $.54 each, cost per kit $.09.
• Zip Lock Bag. Each kit will be in a separate bag with a hole at the top for placement in a retail wire hook. Cost is $82, cost per kit: $.32.
• Fulfillment. This is the cost of assembling the kits. This will be done by Antique Industries in Salem, Oregon for $1.00 per kit.

Total Unit Costs: $26.48 per kit

Royalty Income: Royalty income is very difficult to predict because the royalty percentages can range widely. We have chosen three percent which is at the low end of the royalty percentages spectrum. We have assumed that this income will not begin until the second year (2002) of operation. We have estimated a total potential for the U.S. alone of $300,000 annually. We will assume a royalty of $50,000 in 2002 and $75,000 in 2003. This revenue is net of any related costs.

5.4 Milestones

A major milestone is the securing of financing. Borrowing will be necessary either through the Small Business Administration (SBA) or alternative sources. It may be possible to arrange for some of this amount to be financed by the subcontractor of the barbs. The funds need to be committed to by the end of November at the latest.

The next step is to order the materials necessary for making up the kit and to have the kits ready for sale. This will take 45 days, and will begin when financing has been secured.

Joining the ASA is important, as is signing up for the ASA Trade Show in Las Vegas in July. Both of these things can be arranged in December, 2000.

An exclusive manufacturer needs to be located either domestically or internationally before March 2001. This should be an easier task than finding the right marketing company.

A licensee marketing company needs to be found who is willing to commit the resources necessary to mass market the hook. A short list should be found soon, initial contact made, and follow-up phone calls placed. Meetings at the trade show will be indispensible and will prove to be very profitable.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

A goal of the company is to sign a licensee agreement with an aggressive marketing company who will take over all aspects of the business of marketing the Supreme. Seacliff will not need an extensive management team to succeed at this. However, until the licensee agreement can be completed, Seacliff management will have to bring the product to market in kit form. Most of the load of management in doing this has been limited by subcontracting the manufacturing to others. The kits will even be assembled by a professional fulfillment company. By relying on the services of a manufacturer’s representative, as well as wholesalers/distributors, Seacliff will further limit the extent of administrative involvement.

6.1 Personnel Plan

The payroll will include a monthly salary for the president in the first year, increasing annually in year two, and year three. In addition, a bookkeeper/office manager will be necessary to enter the accounts into the computer (QuickBooks Pro), and to take orders over the phone, as well as to respond to email inquiries. His or her monthly salary will be established at the time of hiring for the first year of operation, increasing in the second and third years.

Financial Plan investor-ready personnel plan .">

The financial plan will require outside sources of funds. It is hoped that this amount can be obtained from the SBA. Seacliff has already succeeded in attracting significant private funding through the sale of common stock. This source of funds is still attractive due to the exciting features of the patent. It is assumed that the necessary funding will be found, and that it will be repaid in the first year.

7.1 Break-even Analysis

In the first year of operations, monthly expenses are projected to include interest expenses on initial borrowing. Although some sales will certainly come via Seacliff’s website at close to the suggested retail price of $129.95, for purposes of determining the break-even point we have assumed that all kits will be sold through the full distribution channel (representative, wholesaler, retailer).

The break-even chart shows the number kits needed to be sold each month to cover all variable and fixed costs. If we capitalize start-up costs (see section 2.2, Start-up Summary) and amortize them over five years and then added this to monthly fixed costs the break-even point would increase kits per month sold.

7.2 Important Assumptions

Although there is likely to be sales of replacement items from the kits, such as barbs, epoxy, etc. (see price list in the appendix) these items have been ignored in this business plan for projection purposes. The following table outlines the basic assumptions of Seacliff.

7.3 Business Ratios

The following table outlines the important ratios of the sports and athletic goods manufacturing industry, as described in the Standard Industry Classification (SIC) Index, 3949.

7.4 Projected Profit and Loss

Because virtually all aspects of the production of the kits are being subcontracted, the ongoing monthly expenses are relatively small.

• Advertising and Promotion : The main focus is to try to get as much free publicity as possible. Once a licensee has been located to market the Supreme, sales of the kits will benefit from the advertising and promotional efforts of the licensee. However, some point-of-sale advertising is likely to be needed (assume $500 monthly). An extra $400 will be needed to join the ASA in January 2001, and to participate in the ASA trade show in July will require an additional $2,500.
• Travel : Travel to trade shows, with the connected hotel and meal expenses, we estimate at $600 monthly.
• Miscellaneous : We will allot $200 per month to cover any unexpected expenses.
• Depreciation : The only fixed assets that will be depreciated are minor pieces of office equipment which will be depreciated over three years at $75 per month. The larger fixed asset (patent number 6,038,806) of $480,000 will not depreciate.
• Utilities : Utilities are basically telephone, heat, and Internet connection. Assume $200 monthly in year one, increasing to $300 in years two and three.
• Insurance : Standard business liability insurance should be arranged. Assume $1,200 yearly.
• Rent : Free office space is available in premises owned by a family member.
• Consultants : A provision is being made to cover periodic review and updating of the business plan. Assume $2,400 annually.

7.5 Projected Cash Flow

The initial borrowing will be repaid monthly, beginning in the third month.

7.6 Projected Balance Sheet

The annual figures for the Pprojected Balance Sheet are presented below. First year monthlies are available in the appendix.

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