Begin Crayfish Business in Nigeria | Crayfish Business Plan & Feasibility Study
In this article, we will show you How To Start Crayfish Business In Nigeria, Ghana, Cameroon, South Africa, etc. Seeing this article, the fist question that comes to your mind is how much is a bag of crayfish in the local market? First and foremost, before we begin, lets go to crayfish details first.
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How To Start Profitable Crayfish Business In Nigeria as an Entrepreneur
Generally speaking, we all know that Crayfish resembles normal fish, however, it is not as big as water crabs and other sea fishes. As a matter of fact, you can make a fortune out of crayfish business in you locality in Lagos, Abuja, Aba, Akwa Ibom, Cross River, Kano, Kaduna, Sokoto, Owerri, Warri, Portharcourt, Bayelsa, Makurdi etc. Furthermore, you may know that Crayfish business is quite lucrative in the country and several men and women are making huge profit from it. Above all, the business is not difficult to run with proper pelatihan and orientation.
Crayfish Processing and Packaging for Profit in Nigeria
Crayfish Business! How Profitable as a Business in Nigeria? I am here to give you a free lecture on the aspect of the crayfish business in Nigeria, and I will leave a feedback space below so that you can discuss with our team. In this post, I am fully prepared to cover all the hidden basic requirements and details for starting up a crayfish business and running this business here in Nigeria not minding the state or LGA you reside in.
Crayfish Business! How Profitable? - Business
In the light of this, this article is for prospective business minded people who are looking for the following;
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Crayfish Details
Moreover, according to Wikipedia, Crafish are Astacoidea Animal. Crayfish, also known as crawfish, crawdads, freshwater lobsters, mountain lobsters, mudbugs or yabbies, are freshwater crustaceans resembling small lobsters, to which they are related; taxonomically.
Above all, note that Crayfish matures in about ninety (90) days to mature about four hundred (400) to nine hundred (900) new offspring of crayfish are born at an instance. Crayfish is harvested within November and February of the year.
The Market Projection And Prospects For Crayfish Business
Generally speaking, the first question that comes to mind as regards to taking to crayfish business is, “where will I sell my crayfish?”. As can be seen, since people are already doing this business, it therefore means there is a market for it already. What do you need to do now? As a matter of fact, all you have to do is to locate the market closest to you and dominate. You may even move to bigger markets as your expansion plan when the time is right. On the other hand, written below are some recommendation markets for crayfish business which you can leverage on.
- Dormitories
- Fast food.
- Hotels
- Offices/Establishments
- Online (Internet)
- Restaurant
- Road side food vendors
- The Open market
Comparatively, you can also free free to locate places with prospects of this business in your community and make supplies. All things considered, it is recommended that you keeps your prices as low as possible and maintain consistency as a starter.
In the long run, buying crayfish in large quantities directly from the source will be cheaper when compared to buying at retail prices. As a matter of fact, retail prices are most times twice or triple the usual cost. Of course, buying and selling in bulk is the main key to making huge profit. But if you don't have the finance to start big, you better start small and grow it with time.
Failures/Pitfalls To Avoid in Crayfish Business
All things considered, crayfish business, in the same way is just like every other business has its up’s and downs. Learning how to avoid these pitfalls early on would be the ideal thing to do. For this reason, see some of my recommendations below:
You Must Avoid Bad Debts and Sales on Credit
As can be seen that debts can run you down. That being said, do not imbibe the sales-on-credit approach. However, if you must, make sure the clients are working-class people, so that you will not lose out. Moreover, it is good practice to sell and get back to the Crayfish depot for more bags.
Furthermore, immediately your crayfish supplier realizes that you are a regular buyer, he/she is likely to readjust the price for you against other customers.
Avoid Leaking your Business Secret to Your Competitors/Customers
Sometimes you need to hide your business strategy because it is your weapon in the market. Generally speaking, your competitors and customers must not get to know your business secrets. If not, they may stop purchasing from you hoping that you sale at cost prices to them. They would rather prefer the known alternative which may be cheaper.
Avoid Diabolical Powers (Voodoo/Juju/Witchcraft Doctors)
As much as you keep your hands clean from evil powers and stick to the ethics of the business, you are to always expect success with the power and grace of God. In the light of this, funny as this might sound, a common practice in Crayfish business is the application of diabolical means to create wealth. In short, but then, they do not usually stand the test of time.
Requirements For Smooth Running Of A Crayfish Business
- You need shop space
- Proper research
- Market surveying
- Registration
- Advertisement
- Get Office Space
All things considered, since you are setting out on a commercial note, you would have to rent a space on a site where many people can easily locate you. Ordinarily, this would serve as your store for storing your bags of crayfish especially if you plan to sell in wholesale too. In short, getting a good office space or store is more than necessary.
Meanwhile, if you are just a started with say, one or half a bag of crayfish the need for space or store may not really be there. For this reason, you can always make do with what avails for the time being.
1. Conduct Proper research
First and foremost, we know that no lucrative business succeeds without proper research. As a matter of fact, you need to ask salient questions before jump starting. Generally speaking, this should cover how it is being operated, necessary changes, possibility of failure and success. Furthermore, likely challenges faced in this business and possibilities for success should also be considered.
Above all, the research will help a serious businessman or businesswoman to ascertain the level of capital required for the business and thereby make budgetary provisions for it.
2. Do A Market Survey
This another aspect of research, You have to study of the spending characteristics and purchasing power of the consumer who are within your business's geographic area of operation. As a matter of fact, this is a research method for defining the market parameters of a business. On the other hand, another aspect to be looked at is the market survey aspects where you need to find out people opinion about the business, what they feel was not there that should be added, what they hate, why they don’t like crayfish, you survey will help you know when such business sells most. In summary, market survey helps you know when you should kick off and when to lockup.
3. Prepare a Business Plan & Feasibility Study
We all know the simple that saying that if you fail to plan, then you plan to fail. To get a business plan, Send a Mail to martinslibrary1@gmail.com.
4. Register Your Business
You need to legalize your business as a patriotic citizen of Nigeria. Its very important to know that business registration is very cardinal to the success of any business. For instance, a CAC certificate gives the business a good and unique business identity. In a like manner, it makes the business easily traceable. All things considered, the best way to make your crayfish business standout in the market is to get it registered with a unique business name.
Ordinarily, with this registration, you would be able to place a banner strategically to direct clients and prospective customers to your business premises.
In short, it is also an ideal thing to belong to a crayfish business market union. Likewise, this will keep you updated on the current trends in the crayfish business market.
Advertise Your crayfish business
In the long run, by advertising your crayfish business, you would be boosting your sales and equally ascend your business to the next big level. As can be seen, lack of exposure for your crayfish business will subsequently, gradually lead to its extinction.
In the simpulan analysis, be smart enough to proliferate your advertorial strategies by engaging in multifarious advertorial strategies. Altogether, this includes a combination of media such as TV, Radio, Newspaper and Online Ads. Design flyers if you have to and give them out. Afterwords, send bulk SMS, email etc. This is a hidden marketing strategy. Seize this information now.
In summary, by targeting your audience properly, you would be able to reach thousands and millions of buyers over a spread of time.
In conclusion, take this Tips: overtime, it has been recorded that Akwa Ibom state, Cross river, Rivers and other Niger Delta states have been noted to offer these crayfish products at more affordable rates. Find out more and launch out to success.
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