Topic: Act as a Business Consultant and Provide Counsel on this Issue - page 2. (Read 211 times)

In my opinion, she should not continue with the business. If she wants to continue, she needs to pay attention to the following 4 issues.

1. Gain experience
Working for an established fishing company or seeking out a mentor who can provide guidance and support.

2. Secure funding
She should explore all funding options, including grants, loans, and equity financing. However, it is important to have a solid business plan and financial projections in place before approaching potential investors or lenders.

3. Evaluate the market
She should conduct a thorough market analysis to determine the demand for her product, the competition, and the potential profitability of the business.

4. Consider the time commitment
Starting a business, even as a side hustle, requires a significant time commitment. She should carefully consider whether she has the time and energy to devote to the business while also maintaining her main job

Fisheries and other forms of husbandry like setting up a small to medium-scale poultry farm is never going to be counted as a side hustle. The daily maintenance alone would already cover someone's day, and judging by the way this person looks at it, is something that she will not be capable of committing. Furthermore, there is no substantial information nor experience on her part. Hearsays could only get you so far, and echo chambers like Facebook and Twitter wouldn't do her any good as most of them rely on quack medicine and unscientific practices which would not only harm her business but her community too, environmentally and health-wise.

Issue with funding could be overlooked as loans can be taken in the bank to supplant the lack of capital, but the other points of interest must be examined with great focus, and thus, if I was her financial advisor, I would severely disagree with her plan. It's messy, dangerous, and a massive commitment that I don't think she could take.

I would suggest go for it even with loan but the sector we are talking is the only barrier because fishery can't be successful without experience so if she really interested then first to get some experience on the field cause we know the potential but we may not sure whether we are capable of reaching the potential or not.

most CEO's have no experience in the product. they have business skills of delegating workers and accounting
elon musk is not a rocket scientist, nor is bezos

as long as she is employing experienced workers that can do the job then it can work, even if it is part time. fish usually look after themselves. you just throw a bucket of feed in the winter months when natural vegetation is lower.. which is a half an hour job a day.
usually call in a vet once in a while to check for any disease. its not really a task that requires 24/7 labour

as for the repayments. obviously it takes a few month to let the fish grow/reproduce and so the first few months are not going to yield income and so having a back up of other income to make the monthly payments until harvest is a good idea.

what should be asked is has she calculated all costs. such as land, water, vets, labour.. is the pond/tank predator proof or is she just wanting to dig a ditch and fill it with water. has she secured it with clean water supply and netting to avoid losses of fish before harvest

.. has she got a list of merchants/fish mongers willing to take the fish. in most cases people are planning fish needs ahead of harvest. so she should have an idea of how much demand there is, pricing of demand and expectation of results to know how much fish to have initially to meet objectives. are the customers nearby, or does she just dream/hope to travel miles and hope to find someone at harvest time

if the business plan is just 'buy some fish, get them to mate and procreate, sell some fish" where there is no numbers or costs attached. then she has not planned well.. but if she has done the number and there is enough profit margin/buffer to account for any unforeseen bad events and still break eve/profit then she should go about it

dont think that just because she said part-time/side hustle, that it means it will fail. becasue certain businesses dont require 24/7 operation

.. other advice is.
dont be so much in a rush taking out a large loan and instantly be committed to making repayments for years.
even if you know you can afford repayments. dont rush

instead. delay the loan and project. and continue on main income job but put aside a couple months worth of loan payment amounts in to savings. as a buffer. (bad harvest fund)
then when you take the loan your not living paycheque to paycheque where by losing your job also instantly causes issues for the side business. because you have another couple months of payments saved up to keep you going until harvest

but do look into if she has done the math of cost vs potential income

Firstly Pisciculture or Fish Farming isn’t a very hard thing to venture into since she has read a thing or about it and also has an experience person to guide her then it is good to go into it because the experience would come from her venturing into it.

The problem now is the funding, because businesses that involves live stock rearing are very risky that I wouldn’t advise some to venture into. This fishes also have some cases of mortality rate and some of the times it gets one into loss, so loaning findings to start up the business is way too big of a risk. Since she is having a side hustle then i will rather advise her to save up some money and start up even with a single pond. This little start will keep her away from taking loan and also gain experience through this period. And as times goes on she could go bigger after the first harvest which normally around 4 to 5 months.

Aside the funding there is nothing wrong for her to go into it because fish farming doesn’t need you to be there 24hours all week. She could do the changing of the water (if it is an artificial pond) on are work free day and then instruct someone to just throw their feeds to them in the afternoon when she is away. The morning feeding can be done by her before going to work and that of the evening when she is at home

First fishery is not just a common business that one should venture into without experience, then going to add it as side hustle may not bring any yielding results because there will be less attention given to the business, or let's say you wanna employ a worker who would take care of the business while she focused on her job is not a welcomed idea because every business needs nurturing and grooming.
Besides fishery is a very hard business for one to venture without a total experience or haven't worked with someone who have the idea before she could finally go into it.

Here are my little suggestions or conclusion;
1. first she shouldn't venture into such business.
2. Since is a start up business, borrowing money isn't that encouraging.
3. She needs an experience to start such business in other to be able rear fish.
4. The business may not grow well since is a side hustle rather than main focused of business. Meaning this fishery should be her main business in other to succeed.

Of course she shouldn't. In other words, she wants to do it backwards from the way it should be done. She does not know the market and has no financing, so the most likely scenario is the busines won't work. On top of that, if you say that she has debts, although you don't specify, I imagine that they will be consumer debts. If she came to ask me for money, I wouldn't give her a penny.

Business, even if it is a side hustle, should be done just the opposite way. Do it on something that you not only know very well, but that you are passionate about, and if possible start with very little capital from your own pocket and little by little as the business is running you grow more and more.

A client comes to me with a potential business idea - Fishery. She has conducted her market research. It is a viable business. She has written down her business plan and the rest of them. Here is are the main issues:-

a) Experience - She lacks the experience in fishery. All she knows about the potential business is hearsay, her research both online and offline, and the Facebook groups she joined. She claims she's going to have a guide from a friend who has done the business in the past.

b) Funding -  She has no funding or rather, she has less than 10% of the funds needed to kick-start the business. She is therefore considering debt financing.

Furthermore, according to her, this is going to be a side-hustle for the main time as he already has a job that brings in income every one. When I quizzed her on how she intends to pay the debts she said from her main job.

I want you to act as a financial analyst and provide advice to her. Should she go ahead with the business, since she said it is serving as a side hustle or should she not even venture into it considering that she has no experience and even though she may be able to pay off the debt from her main job, her lack of experience may cause the business to fail ?