2. UNIVERSITY OF EDUCATION, WINNEBA
DEPARTMENT OF SOCIAL STUDIES EDUCATION
COURSE TITLE: ENTREPRENEURSHIP
COUSRSE CODE: SSE 351
LECTURERS: DR. SAMUEL POATOB, DR. ALEXANDER NII ADJEI SOWAH, MISS
DORINDA NPOINDEN NYALA; M
BUSINESS NAME: AQUA ADVENTURE CATFISH FARM BUSINESS PLAN
MAJOR AREA: SOCIAL STUDIES (GROUP 39)
NAMES INDEX
NUMBER
1st
meeting
(19/02/20
24)
2nd
meeting
(06/03/2024)
3rd
meeting
(13/03/2024)
4th
meeting
(19/03/2024)
ISAIAH AMENYA 220029302 / / / /
ESTHER SIKA 220029280 / / / /
BISMARKACHEAMPONG 220029082 / / / /
SILAS YEBOAH 220029309 / / 0 /
GEORGINA K. KANGAH 220029049 / / / /
ABIGAIL NYAABA 220029113 / / 0 /
HANNAH GYASI 220029263 / 0 / /
RODNEY CLOTTEY 220029057 0 / 0 /
THOMAS O. MENSAH 220029127 0 0 0 0
3. CONTENT PAGES
A. Executive summary…………………………...1
B. Business/company description ……………….2
Mission statement
Business objectives and goals
Business structure
C. Market research……………………………….6
D. Product and Service Line…………………….7
Industry
Target market
E. Marketing and sales strategies………………..8
4Ps of marketing
F. Funding request………………………………9
G. Financial projections…………………………10
4. Executive Summary
Aqua Adventure Farm is partnership fish farming business located at Ada Foah an area with
access to a clean and natural water source. Our mission is to provide high-quality, fresh, and
organic fish products while promoting sustainability and environmental protection. Our
target market include; restaurants, hotels, fast food eateries, health-conscious individuals and
families who value fresh and natural food. We aim to produce and sell 500 kg of catfish per
month within the first year, increase sales by 20% in the second year, and achieve 100%
customer satisfaction by providing high-quality products and exceptional customer service.
We are seeking a funding request of Ghc120, 000 whiles partners will contribute 180,000
making a total of Ghc300, 000 to cover startup costs, including equipment, labour,
fingerlings, packaging materials, and marketing expenses. Our financial projections indicate
that we will break even in the second year and start making a profit in the third year.
Company Description
Aqua Adventure Farm is a partnership business established in 2024 and it is registered by The
Registrar of Companies. Our farm is designed to accommodate various species of fish and
provide them with the best living conditions. We use organic and environmentally friendly
practices to ensure the health and wellbeing of our fish. Our farm is equipped with modern
technology to monitor and regulate water quality, temperature, and oxygen levels. We operate on
Mission Statement
Our mission is to provide high-quality, fresh, and organic fish products while promoting
sustainability and environmental protection. We are committed to using natural and
environmentally friendly practices to ensure the health and wellbeing of our fish. We aim to
contribute to the local economy and provide job opportunities for the community.
Business Goals and Objectives
- Produce and sell 500 kg catfish per month within the first year.
- Increase sales by 20% in the second year.
5. - Expand the farm to accommodate additional species of fish in the third year.
- Achieve 100% customer satisfaction by providing high-quality products and exceptional
customer service
Business Structure
Aqua Adventure farm is a partnership with various partnership working in the company
[Isaiah Amenya] -- Chief Executive Officer (CEO)-Oversees overall business operations and
strategic direction.
[Silas Yeboah] - Chief Financial Officer (CFO)-Manages financial planning, budgeting, and
investment decisions.
[Esther Sika] - Chief Operating Officer (COO)-Responsible for day-to-day farm operations and
production management.
[Bismarck Acheampong] - Chief Marketing Officer (CMO)-Leads marketing and sales strategies
to promote brand awareness and drive revenue growth.
[Abigail Nyaaba] -Chief Technology Officer (CTO)-Implements technology solutions to
optimize farming processes and efficiency.
[Hannah Gyasi] -Human Resource Manager (HRM)-Handles recruitment, training, and
employee relations.
[Amina Alhasan] - Quality Assurance Manager (QAR)-Ensures compliance with food safety
standards and quality control measures.
[Georgina Karen Kangah] - Sustainability Officer (SO) -Develops and implements
environmental sustainability initiatives.
[Rodney Clottey] - Supply Chain Manager (SCM)-Manages procurement, inventory, and
distribution logistics.
[Thomas Opong Mensah] - Legal Counsel (LC)-Provides legal advice and ensures compliance
with regulations.
6. Market Research
Industry and market environment: The fish farming industry has been growing steadily over the
past few years, driven by increasing demand for fresh and organic fish products. According to a
report by Grand View Research, the global fish farming market size was valued at $256.9 billion
in 2019 and is expected to grow at a compound annual growth rate of 5.0% from 2020 to 2027.
This growth can be attributed to factors such as the rising popularity of seafood, the growing
health consciousness among consumers, and the need for sustainable food sources.
Customers: Our research indicates that our target market is health-conscious individuals and
families who value fresh and natural food. They are willing to pay a premium for fresh and
organic fish products and prefer products that are packaged in eco-friendly and biodegradable
materials. They are also interested in the sustainable practices used by fish farms and are willing
to support local businesses.
Competitors: Our main competitors are other local fish farms and supermarkets that sell
imported fish products. However, our differentiation strategy is to offer fresh and organic fish,
provide exceptional customer service, and promote sustainability. We will also differentiate
ourselves by offering a variety of fish species, including tilapia, catfish, and trout, and by using
environmentally friendly practices to ensure the health and well-being of our fish.
Products/Services Line
Aqua Adventure Farm will offer the production of catfish in the initial stages of the business and
later expand to other species of fish including tilapia and trout when the business thrives. Our
fish will be available in different sizes and cuts to accommodate different customer preferences.
We will sell our fish fresh or frozen, depending on customer demand. Our products will be
packaged in eco-friendly and biodegradable materials.
Industry
7. Aqua Adventure Fish Farm will operate within the aquaculture industry, focusing on sustainable
and environmentally responsible fish farming practices. The aquaculture industry has
experienced significant growth in recent years due to increasing global demand for seafood,
concerns about overfishing, and the recognition of aquaculture as a viable solution to supplement
wild-caught fish production.
Competitors in the aquaculture industry include both large-scale commercial fish farms and
smaller, niche-focused operations. Some of the key competitors in the industry include:
1. Large Commercial Fish Farms
- These operations typically focus on high-volume production of popular fish species such as
salmon, tilapia, and trout.
2. Niche Aquaculture Farms
- Niche operations may specialize in specific species or unique farming methods, such as
organic or sustainable aquaculture
Aqua Adventure Fish Farm aims to differentiate itself from competitors through the
following strategies:
i. Emphasis on Sustainability
- Aqua Adventure Fish Farm will prioritize sustainable aquaculture practices, including low-
impact farming methods, responsible feed sourcing, and minimal antibiotic use.
ii. Focus on High-Quality, Specialty Species
- Rather than competing directly with large commercial fish farms, Aqua Adventure Fish Farm
will focus on producing high-quality, specialty fish species that are less commonly available in
the market.
Iii. Community Engagement and Transparency
- We will engage with local communities through educational programs, farm tours, and
outreach initiatives to build trust and transparency around our farming practices
Iv. Product Differentiation and Branding
8. - Aqua Adventure Fish Farm will differentiate its products through branding that emphasizes
the farm's commitment to sustainability, quality, and ethical production methods.
- By building a strong brand identity, we aim to create a loyal customer base that values our
products for their unique qualities and ethical standards.
Target Market
With the location of our business in the Ada East District and particularly Ada-foah (Lolonya-
kope) to be specific, we hope to enjoy a huge patronage of the large population there. The
following include the category of people and business that we will market our tilapia to;
restaurants, hotels, fast food eateries, households and health conscious individuals and who value
fresh and natural food. We will also target supermarkets that are interested in sourcing fresh and
organic fish products.
Marketing and Sales Strategies
We will use a mix of online and offline marketing and sales strategies to reach our target market.
Our online strategies will include social media marketing, email marketing, and online
advertising. Our offline strategies will include participating in local farmers' markets, attending
food expos, and distributing flyers and brochures. We will also offer promotions and discounts to
attract new customers and retain existing ones. We will also resort to the 4ps of marketing
strategies.
Product
Our products are in high demand in the market. There is great need and demand for catfish. We
intend to grow our product to be very qualitative and beat down all imported fish in the market.
Our products will be fresh or frozen, depending on customer demand, and will be packaged in
eco-friendly and biodegradable materials.
Price
9. Our product price would be fair to those in our target market. We also have considered our prices
and have seen that selling our products by giving a discount will increase customer demand and
will give us much higher profit as compared to other sellers in the market who may be selling at
a higher price than us.
Place
We have a greater advantage as buying from us will mean the buyer will not incur transportation
cost as our farm house is close to all our target market. We will also target local restaurants and
supermarkets that are interested in sourcing fresh and organic fish products. We will participate
in local farmers' markets, attend food expos, and distribute flyers and brochures to reach our
target market.
Promotion
We will use a mix of online and offline marketing and sales strategies to promote our products
and reach our target market. Our online strategies will include social media marketing, email
marketing, and online advertising. Our offline strategies will include participating in local
farmers' markets, attending food expos, and distributing flyers and brochures. We will also offer
promotions and discounts to attract new customers retain existing ones.
Funding Request
1. Equity Investment
Aqua Adventure Fish Farm plans to seek equity investment from private investors or venture
capitalists. The farm will offer ownership stakes in exchange for capital investment. It is
projected that an equity investment of Ghc70, 000 will be sought to support initial start-up costs,
facility development, and operational expenses.
2. Small Business Administration (SBA) Loan:
The farm will apply for a Small Business Administration (SBA) loan to secure additional
funding for start-up and operational expenses. The SBA loan program offers favorable terms and
interest rates for small businesses. Aqua Adventure Fish Farm plans to request a loan amount of
10. Ghc10, 000 to supplement the initial investment and ensure sufficient working capital. Farm
plans to secure a line of credit with a limit of Ghc50, 000 to ensure liquidity and financial
stability during the initial phases of operation.
3. Contribution from partners: members contributing a total amount of Ghc 180,000
SOURCE OF FUND AMOUNT (GHC)
Equity Investment 70,000
Small Business Administration (SBA) Loan 50,000
Contribution from partners 180,000
TOTAL 300,000
Financial projections
Balance sheet
Details YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
Sales 250, 000 300,000 375, 000 420, 000 462, 000
Direct
material cost
(160, 000) (160, 000) 170, 000 205, 000 240,000
Direct labour
cost
(60, 000) (60, 000) (60,000) (60,000) (60,000)
Gross Profit 20, 000 80, 000 145,000 155,000 162,000
Indirect cost (50, 000) (80, 000) (90,000) (90000) (90,000)
Net Profit (20, 000) 0 55,000 65,000 75,000
Our financial projections indicate that we will break even in the second year and start making a
profit in the third year. We project revenue of Ghc250, 000 in the first year, Ghc300, 000 in the
second year, and Ghc375, 000 in the third year. We project expenses of Ghc280, 000 in the first
year, Ghc30, 000 in the second year, and Ghc100, 000 in the third year. Our break-even point is
300 kg of fish per month.
11. ITEMS YEAR 1 YEAR 2 YEAR 3
Beginning cash Receipt
(Sales)
- (20,000) (0000)
Cash Inflow 250,000 300,000 375,000
Operating Expenses (38,000) (38,000) (40,000)
Fingerlings (37,000) (37,000) (50,000)
Feed (78,000) (78,600) (100,000)
Chemical (6,000) (8,200) (12,000)
Labour (60,000) (60,000) (70,000)
Harvesting and Haulage (47,000) (52,400) (65,000)
Others (4,000) (5,800) (8,000)
Total Outflow (270,000) (280,000) (345,000)
Cash Available 250,000 280,000 375,000
CASH BALANCE (20,000) 0 30,000
