Shrimp farming is a Lucrative Business.
Of all cultivated species, including fish such as tilapia, salmon, trout, and certain crustaceans, shrimp have some of the highest market prices as a luxury commodity.
As a result of this, shrimp farming has the potential to become a very lucrative business if you manage it well.
Shrimp dominates the aquaculture production by value.
Also shrimp is one of the fastest growing aquaculture products in the world.
WHAT YOU NEED TO START A SHRIMP FARMING BUSINESS
BUSINESS PLAN WILL HELP YOU FOCUS
First you need to develop a Business Plan for your shrimp farming business.
This will help you to set-up your goal and at the same time it will be easier for you list up your basic needs in preparing your tools and equipments that are necessary for your shrimp farming business.
Every business needs clear goals that make them unique.
Careful business planning is recommended for your shrimp farming business as there have been cases of shrimp ponds with zero production resulting in losses.
Your shrimp farming business needs to cope with many uncontrollable variables so you need to plan carefully to ensure survival and profitability.
Failing to plan translates directly to planning to fail therefore sufficient and accurate planning is crucial before embarking on raising shrimps for profit.
Planning is not a one-time event but a continuous approach that aims to align planned expectations with actual outcomes.
You need to have a budget so as to know exactly how much you have and how much you will need towards your shrimp farming business.
You need to have a start-up capital to develop and maintain your shrimp farming business.
You will need to include set-up expenses like installing the pond and buying your equipment.
You will need equipments such as:
- an aerator,
- water meters and
- other equipment.
This will be your largest outlay in your shrimp farming business.
You may already have an appropriate pond, or you may want to use an above ground swimming pool in a building you can heat.
So you will have to get these costs nailed down.
You will need to take note of ongoing expenses which includes items like:
- cost of purchasing your juveniles each year,
- the cost of their feed,
- the cost of the sign you put out front letting potential customers know when harvest day will be.
DO A MARKET RESEARCH
Like any business, you want to make a profit in your shrimp farming business so you really need to assess the market.
Do your homework first, before making an investment to see if there is a market and where the market is.
Is there a market for shrimps; is the market for fresh or frozen shrimps?
Understanding that you are still new to the business of shrimp farming, you should learn from other shrimp farmers in your local area.
From them you can practically learn about the basics of shrimp keeping, learn how to take care of your shrimps, how to keep them healthy, and checking water quality to ensure that everything runs smoothly.
CARRY OUT A FEASIBILITY STUDY BEFORE YOU START SHRIMP FARMING BUSINESS
However you cannot just venture into shrimp farming business without studying the necessary requirements or cost it involves.
It is better to carry out a proper and detailed feasibility study in order to determine the practicality of the shrimp farming business, the profitability, financial implications and the cost of keeping shrimps before you start.
Start small with a large tank, small swimming pool or hot tub. Growers usually raise freshwater shrimp in ponds, but this takes a lot of work. Use a tank, pool or hot tub the first year to simplify the process.
Store the tank, swimming pool or hot tub preferably in a barn or basement.
This keeps the shrimp protected from outside factors, such as sun, and allows you to control the water.
DETERMINE HOW STRONG YOUR COMPETITION IS
It’s essential to determine how strong your competition is, if you notice any.
It’s important to be aware of what your competition is doing, take the time to visit your competition to properly assess their strengths and weaknesses.
This will help you analyze your own shrimp farming business;
determine areas where there is need for improvement.
CHOOSE AN APPROPRIATE LOCATION FOR YOUR SHRIMP FARMING BUSINESS
Factors which you need to take into consideration concerning the location for your shrimp farm include climate, proximity to the ocean and ease of access to larval shrimp.
Let your location have a warm climate as shrimp farms in warm climates have longer shrimp-growing seasons than farms in cold ones.
Ensure that you have a good location readily available for building your shrimp ponds.
Cold climates will have shorter shrimp-growing cycles, while a closer proximity to the ocean allows you to easily stock the ponds with naturally occurring populations of larval shrimp and water straight from the ocean.
Shrimp farms should not be located in mangrove areas, sea grass beds or other coastal wetlands.
In cases where you remove mangroves for allowable purposes, you must replace them by replanting an area three times as large.
The type of soil for your shrimp farming business is the most critical when you are selecting a site, since your shrimps will be spending most of their time in the pond bottom.
Clay or loam-based soil containing more than 90% clay and pH of 6.5-8.5 is the best for your shrimp farming business.
Avoid sites with sandy or silty soil due to their porous nature that may lead to erosion, seepage of water and easy infiltration of waste into the soil.
Prepare a place for your shrimp farming. You can either use a pond, but a swimming pool or a tank will do if it is deep enough to hold 0.6 meters of water.
Ponds must be in an area not prone to flooding and unaffected by runoff from areas utilizing pesticides.
Ponds are built to be both drainable and seinable (long harvest net). Ponds built with internal or external harvesting basins are easiest to harvest.
The success of your shrimp farming business depends greatly on the quality of your pond.
A well-designed pond is one that would allow circulation of the water such that wastes will be accumulated at the center of the pond.
You need to oxygenate the water well, shrimps need oxygen to survive and grow.
Visit your local fish store and ask the experts there to help you find a pump appropriate for the size of your operation.
Water quality is very important in your shrimp ponds.
You should screen water quality parameters, such as temperature, pH, alkalinity and hardness.
TAKE NOTE OF THE VARIOUS PRACTICES YOU CAN DEVELOP IN YOUR SHRIMP FARMING BUSINESS
Shrimp farming, as with any other aquaculture industry, has a variety of practices that can be developed.
Farms are divided into:
- semi-intensive, and
- intensive levels,
each of which has been classified according to the actual practices used for the farm.
Extensive farms are more traditional and less productive, while intensive farms use the most technology and have the highest production.
No matter what the farm production or level of technology used, you must address the shrimp species cultivated, feed, equipment, location of the farm, and disease outbreak management.
Shrimp farming can occur in many separate stages, you may choose to have more extensive facilities than others.
The three different facilities that might be needed in your shrimp farming business would be a:
- nursery, and
- grow-out ponds.
Each one of these stages needs slightly different equipment to be successful and to obtain an optimal survival rate.
For a beginner only grow out ponds are needed but if you feel you have good knowledge of breeding shrimps, you can add the hatchery and nursery.
Cost of feed constitutes a major part of the production cost and accounts for 50% to 70% of the total variable cost.
The use of feeds will help improve your shrimp production and increase profits.
Therefore, feed and feeding practices for shrimp farming require you to have a basic understanding of shrimp nutrition and feed requirements.
SPEND TIME STUDYING YOUR SHRIMPS
Spending quality time with you shrimps every day examining and studying them is a time well spent.
By doing this, you can learn the normal behaviour and attitude of your shrimps.
If something goes wrong or you notice any irregularities, you will address it quickly before the condition gets worse.
RAISING YOUR SHRIMPS PROPERLY WILL MAKE YOUR BUSINESS PRODUCTIVE
When you raise your shrimps with enough oxygen, feed, clean pond water, and access to quality feed and environment daily; you will have healthy shrimps that cost you a minimal investment.
This will make your shrimps healthy during harvest; therefore your shrimp farming business will be a productive one in the end.
MANAGING YOUR SHRIMP FARMING BUSINESS
PRACTISE GOOD FARM MANAGEMENT
Shrimps suffer from various diseases due to infectious and non-infectious causes. Infectious diseases are caused by viruses, bacteria, fungi and certain parasites.
The best way is for you to get rid of diseases is by practicing good farm management or prevention.
YOU MUST HAVE A GOOD AND PROPER RECORD KEEPING SYSTEM
Record keeping is important for your business because records provide: early warning of developing problems, clues to basic weaknesses in the management program, information for budgeting or feasibility.
Records will help you measure the growth of your business and give you an idea of areas you need to make amends.
MARKET YOUR SHRIMP FARM BUSINESS
USE CREATIVE MARKETING STRATEGIES TO INCREASE YOUR SHRIMP FARMING BUSINESS PROFIT
Managing your water to grow a quality product is 50% of the equation for a profitable shrimp farming business, and effective marketing is the other 50%.
You can increase your profit substantially by using creative marketing strategies.
Also selling directly to your customers at retail rather than selling at wholesale is an easy way to boost profits.
Advertising your shrimp farming business will enhance the potential of receiving more profits other than looking for private buyers.
Let the people and the market know exactly what you sell.
Promoting your business will yield more income, sell at a very reasonable price a little below your competitors to win people over.
Once you are sure that you are ready to sell and have consistent number of shrimps week to week, you can start seeking out commercial customers.
- shrimp markets,
- agricultural publications
- individuals that feed on shrimps,
- grocery stores, etc.
Never stop learning, ensure you continue to learn more about your shrimp farming business and gather all the updated information about the industry.
You should always do more research about new methods of keeping shrimps if any.
All of these simple guidelines will surely help you to boom on your own shrimp farming business.
SHRIMP FARMING BUSINESS RESOURCES
- Shrimp Farming Business.com
- Guide To Starting Your Own Shrimp Farming Business
- Best Selling Shrimp Farming Books
How To Start A Shrimp Farming Business
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