Motivation and Goals in Setting up Aquaculture Venture

• The first step to starting an aquaculture business is to carefully consider one’s goals and motivation. An individual interested in starting an aquaculture business must fully understand why he or she wants to do this. Some individuals enjoy working outdoors with fish and dislike office work and paperwork. These individuals may do an admirable job like raising fish on the farm. However, inadequate attention to the business aspects of the aquaculture business will result in financial failure. If the owner spends all his or her time caring for the fish, who will take care of the permits, regulations, financial statements, and economic performance of the business?

• Others who wish to start an aquaculture business may view it as a way to make a great deal of money. There certainly are success stories of aquaculture businesses that have become profitable businesses. However, aquaculture businesses are intensive businesses that require management committed to working long hours under often difficult conditions. Who will provide that level of management?

• Still others view aquaculture as the wave of the future and want to get in on the ground floor. However, businesses developed to raise the latest “hot” species with the newest production technology frequently are beset with substantial levels of financial, price, and yield risk. Aquaculture entrepreneurs must be prepared to manage the degree of risk associated with their business model and plan. It is important to develop clear and specific goals for the business from the beginning. For example, what is adequate revenue for one individual may not be sufficient to entice another to invest the necessary time and money.

• The effects of starting a new business on the farmer’s family must be considered carefully. Will family members be supportive and helpful or will they resent the time that must be invested in the business? The early years of an aquaculture business may generate minimal revenue, and the family may be required to live for a time on reduced income.