The Idea
Nigeria is blessed with access to the Atlantic Ocean, Sea, Rivers, Lagoons and with it, a wide variety of Sea foods. In recent times, more people have joined in fish farming (various Catfish farmers), all adding to the high abundance of fish and other seafood produces in Nigeria. But one wonders why we still import canned fish product like Sardines, Tuna, Geisha into Nigeria.
The abundant Fish produced to make a locally made Canned Fish product to The price of Sardine has increased in recent times as well due to the fall of the Naira against the dollar. These canned fish product are brought in through the Sea (shipped) and do spend 6-8 weeks on their way to Nigeria. If we had our own, Nigerian made canned fish product, we would have an advantage of fresher products as at the time it gets to the Market. Here lies the 12th Idea of our 52 Business Startup ideas for Nigeria.
canned fish 2
Canned fish are fish, which have been processed, sealed in an airtight container such as a sealed tin can, and subjected to heat. Canning is a method of preserving food, and provides a typical shelf life ranging from one to five years.
You could start your own brand of canned fish product. Yours could be canned catfish with the bones removed, or Tilapia, even Titus. You would need a Cannery to help with the Tin Can
Idea Summary
Canned fish
Get in touch with a Fish farmer or farmers depending on the scale you desire. Your continuous supply of Fishes will ensure your continuous existence in Business.
Agree on how to move the Fishes to your factory, if the farmers are delivering to you or you would get them by yourself.
Arrange to purchase (or simply rent) a vehicle (truck) for transportation depending on number 2 above.
Process your fishes; add the preservatives and other additives needed in the sauce. Package the fish in the Tin cans.
Contact your prospective customers (Retail stores, Big departmental stores), let them know you can supply and the price you are offering
Run your promotional campaign; create awareness about the new product.
As demands arise, make the supply, get paid
The Business
Value Proposition: Canned Fish product, which has been processed and packaged to preserve the rich taste and nutrients in the Fishes, having longer shelf lifes.
Customer Segment: Corner shops, retailers, departmental stores (Spar, Shoprite) Markets, etc.
Distribution Channels: Sales team, middle marketers or distribution agents. A dedicated phone line, a website and good social media presence would serve as a good channel to distribute and communicate the Value proposed.
Customer Relationship: Direct and Mass.
Key Activities: Food Processing and Packaging, Selling, Logistics, negotiating, supply chain management, customer service, delivery etc.
Key Resources: Startup funds, vehicle for logistics, depot (depending on scale of operation), Workforce (Food processing assistants, Sales team, delivery team, Management team, quality control etc.
Key Partners: Fish production and other related unions or associations, Fish Farmers, Government regulatory agencies, 3rd party logistics, Retailers, etc.
Cost Structure: Staff pay, work related equipment (Vehicle purchase or rental, Fish processing equipment), Cannery cost, Promotions, licenses (NAFDAC) and other needed permits, etc. These are just a few costs related with this Business, more research would therefore be needed before embarking on this.
Revenue Stream: Sales from selling the Canned Fish product
Competition
There will be competition from others who could also go into this Business. Its capital intensiveness (depending on scale) can serve as barrier to enter the market.
Other imported foreign canned fish products will also compete with a new made in Nigeria Canned fish products as it would take a while before Nigerians warm up towards, or trust the new locally produced Canned fish product.
Risks
Some possible risks.
Government policies and regulations can affect the Business and it could also provide advantage aswell. E.g If a policy bans importation of Canned fish into Nigeria citing health reasons, this could provide great advantage to the Business
A mistake or poor delivery in quality of processed and packaged fish can be a Public health hazard and could easily have disastrous consequence. Quality and Hygiene should have the highest priority.
Summary
This week’s idea explored taking advantage of serve the Nigerian market and provide an alternative for imported canned fish products. This can create employment opportunities and generate revenue for Nigeria.
Thanks for following this series.
Till next week, stay inspired.
For more information, comments questions or feedbacks, get in touch.
Twitter: @Mrebis
Email: mrebis1@gmail.com
Links:
https://en.wikipedia.org/wiki/Canned_fish
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