In Australia, the commercial fishing industry is worth around $3.1 billion per year, with Commonwealth fisheries generating over $390 million alone according to ABARES. The big numbers may make the industry appealing to you and you might want to dive into it straight away. But really, how will you succeed in this industry amongst your competitors? Let’s walk through the steps in starting a fishery business. First, what is a fishery business?
Fishery Business
A fishery business can consist of culturing, processing, preserving, transporting, marketing or selling actual fish or fish products. Australia’s Commonwealth, state and territory governments manage fisheries in consultation with the fishing industry, scientists and economists. These management processes are in place to provide regulations of fishing methods and manage Australia’s fisheries in a sustainable way.
Where to start:
Step 1) Create a business plan
Grab a piece of pen and paper and start answering the following questions.
- What makes your business different?
- Are your products or services totally new? If not, how will you stand out?
- Who is your target market and how will you reach them?
- What is the name of your business?
- Where will you be located?
- What are the startup and ongoing costs? How will you cover these costs?
- Who will be your suppliers?
- What is your business goal? Do you have a mission statement?
- How much will your charge customers for each product or service?
These are just the basics in setting up a business. Ensure you have a detailed answer to all of the above. This will really help you form a basic idea of where you would like your fishery business to head.
Create your own Business Plan for free.
Customise, update and download our Business Plan.
Get startedStep 2) Register an ABN
In Australia, there are 3 main types of business structures:
- Sole trader/proprietorship
- Partnership
- Company
You can read about the advantages and disadvantages of each type of business here. Examine the different tax and legal obligations of each type of business. Once you have chosen a structure, consider whether you need to register your business. You can do this by applying for an Australian Business Number (ABN) which identifies your business.
Step 3) Gather all the equipments for starting a fishery business
Depending on the type fishery business you wish to operate, the equipments you may need can differ. However, some of the basic equipments that all fishery business commonly have are:
- Different types of nets (gill net, filter net, cast net etc.)
- Fishing storage
- Fishing reels
- Basic fishing accessories
- Baits
Remember, these are merely some of the equipments you may need in starting a fishery business. You should conduct targeted research into the specific fishery business.
How to grow:
Step 4) Advertise your fishery business
Now you can start to think about marketing strategies. You can choose to market on sites such as Google and social media platforms. Build a collection of reviews, as this gives your customers an insight into the great experiences other people had with your business. Many businesses are hopping on utilising Facebook Ads, due to its ability to target more specific audience. Test the different ways you can advertise your fishery business and stick to the one with the most engagement.
Good luck!
