Crayfish resembles fish, but it is not as big as water crabs. You can make a fortune out of crayfish business. Crayfish business is quite lucrative and not hard to run with proper training and orientation. That aspect of the crayfish business is what I’m here to discuss with you. I’ll cover the basic requirements for running this business here in Nigeria.
Crayfish matures in about 90 days to mature about 400 to 900 new offspring of crayfish are born at an instance and it is harvested within November and February of the year.
Prospects for crayfish business
The first question that comes to mind as regards to taking to crayfish business is, “where will I sell?”. Since people are already doing this business, it therefore means there is a market for it. All you have to do is locate the market best for you and dominate. 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
Export Market Projection
Crayfish is one protein base cooking ingredient that is in high demand abroad.
Since there are large numbers of Nigerians and other Africans living in the European Counties that order Nigerian food stuffs on regular basis
The high demand for crayfish and other foodstuffs has created opportunities for some few exporters who make lots of cash exporting the commodity from Nigeria to the UK and US.
You too can start exporting Crayfish in small scale from Nigeria and make some cool cash in Pounds & Dollars for yourself.
With the minimum of thirty thousand (N30, 000) naira you can start exporting dried Crayfish in small scale to buyers in the US and the UK and make up to 80% as profit and getting Dried Crayfish for export is not a difficult thing in Nigeria. Just visit any major market in the South-South, South West and South Eastern states of the country and you will get large quantities of Dried Crayfish to buy at a cheap price.
The open market
Also, locate places with prospects of this business in your community and make supplies. Keep your prices as low as possible and maintain consistency. Buying crayfish in large quantities directly from the source will be cheaper when compared to buying at retail prices. Retail prices are most times twice or triple the usual cost. So, buying and selling in bulk is key.
Pitfalls to avoid in crayfish business
Crayfish business, 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. See some of my recommendations below: Avoid Bad Debts and Sales on Credit; do not imbibe the sales-on-credit approach. But if you must, make sure the clients are working-class people, so that you will not lose out. It is good practice to sell and get back to the Crayfish depot for more bags.
Once your 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
Your competitors and customers must not get to know your business secrets. Else, 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
Insofar as you keep to the ethics of the business, always expect success with the power and grace of God. Funny as this might sound, a common practice in Crayfish business is the application of diabolical means to create wealth. But then, they do not usually stand the test of time.
Requirements For Smooth Running Of A Crayfish Business
To start an effective crayfish business, the following is requires: Space; Proper research; Market surveying; Registration; Advertisement; Get Office Space.
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. This would serve as your store for storing your bags of crayfish especially if you plan to sell in wholesale too. So, getting a good office space or store is more than necessary but 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. You can always make do with what avails for the time being.
Conduct proper research
No lucrative business succeeds without proper research. You need to ask salient questions before jump starting. This should cover how it is being operated, necessary changes, possibility of failure and success. Likely challenges faced in this business and possibilities for success should also be considered.
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.
Do a market survey
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. Market survey helps you know when you should kick off and when to lockup.
Register your business
Business registration is very cardinal to the success of any business. For one, it gives the business a good and unique Identity. Also, it makes the business easily traceable. The best way to make your crayfish business standout in the market is to get it registered with a unique business name. With this, you would be able to place a banner strategically to direct clients and prospective customers to your business premises.
It is also an ideal thing to belong to a crayfish business market union. This will keep you updated on the current trends in the crayfish business market.
Advertise your crayfish business
By advertising your crayfish business, you would be boosting your sales and equally ascend your business to the next big level. Lack of exposure for your crayfish business will subsequently, gradually lead to its extinction.
Be smart enough to proliferate your advertorial strategies by engaging in multifarious advertorial strategies. This includes a combination of media such as Tv, radio and newspaper. Give out flyers and send bulk SMS, email etc.
By targeting your audience properly, you would be able to reach thousands and millions of buyers over a spread of time.
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