Business Report

On
Ornamental Fish

Submitted by
Md. Parvej Hossain
Student ID: 192307
Session: 2019-20 (2nd batch)
Department of Marketing

Submitted to
Md. Chhali Uddin
Assistant Professor
Department of Marketing

Department of Marketing
Jashore University of Science and Technology
Date of submission: 01/04/2023
 Executive summary

Ornamental fish business has become a very popular industry in Bangladesh due to the high
demand for exotic species in domestic and international markets. Bangladesh has a favorable
climate and geographical location for ornamental fish cultivating, making it a profitable
business for entrepreneurs. We plan to operate Jashore and Dhaka, to tap into a large
customer base and leverage the cities strong transportation service for importing and
exporting. We have done our market research and feasibility studies and we were able to
secure ten hectares of aquatic land with fresh water to start our ornamental fish farming
business. Also, we have put some strategies in place that will help us employ best practices
when it comes to ornamental fish farming. We will concentrate two main area in our
ornamental fish business that is raising and harvesting ornamental fish, selling ornamental
fishes in aquariums. In this entire report we describe potentiality, profitability, long term
success, analysis ornamental fish market and how to starting and growing ornamental fish
business in Bangladesh.

Introduction

The ornamental fish industry is experiencing a surge in demand in Bangladesh due to the
growing interest in exotic fish species as pets. This rise in demand is not limited to individual
pet owners, as commercial establishments like hotels and restaurants also utilize ornamental
fish for decorative purposes. Starting an ornamental fish business is the growing demand for
exotic fish species among pet owners and commercial establishments. As more people
become interested in keeping ornamental fish as pets or using them for decorative purposes,
the demand for high-quality and unique species continues to increase. The ornamental fish
business also offers the advantage of being potentially profitable. By acquiring the necessary
knowledge, expertise, and implementing effective marketing strategies, businesses in this
industry have the potential to generate substantial revenue and profits. As, Katabon is
recognized the primary hub for ornamental fish trading in Bangladesh also This market
controls the price and supply of ornamental fish throughout the country. And most of the
exotic species imported from outside of the country. So, we have massive opportunities for
both domestic and international growth and expansion. By focusing on breeding unique or
exotic species, we can cater to niche markets and provide distinctive and upscale products.
With the right approach, we can overcome the challenges faced by the industry and achieve
long-term success in the global market.
 Background analysis

The ornamental fish industry is a widely recognized and global aspect of trade, fisheries,
aquaculture, and progress. The demand for aquarium or ornamental fish is growing
progressively in our nation. Many ornamental fish lovers who appreciate ornamental fish tend
to keep them in their homes or offices to add a unique touch to their surroundings. However,
the potential for this sector in our country is considerable, we face challenges due to scarcity
of knowledge and technical know-how in breeding and culture techniques, and insufficient
support from government agencies. Furthermore, the industry faces infrastructural issues such
as inadequate transportation and storage facilities for live fish. As a result, businesses in this
sector face difficulties in thriving and expanding. In addition, there is fierce competition from
other countries that have already established themselves in the global ornamental fish trade.
These challenges make it tough for Bangladesh's businesses to compete in the international
market and achieve long-term success. Overcoming the challenges faced by the ornamental
fish industry in Bangladesh, Firstly, there should be an increase in knowledge and technical
expertise in breeding and culture techniques. This can be done by organizing training
programs and workshops with experts in the field. Secondly, the government can provide
more support and assistance to the industry, such as subsidies for infrastructure development
and financial aid for business expansion. Also, infrastructural issues such as transportation
and storage facilities need to be addressed. By investing in modern transportation and storage
facilities, the quality and condition of live fish during transportation and storage can be
improved, reducing the risk of losses due to poor quality or damage during transportation.
Finally, businesses in the ornamental fish sector can compete in the global market by
focusing on niche markets and offering unique and high-quality products. For instance,
companies can specialize in breeding rare or exotic species of ornamental fish and market
them as exclusive and high-end products.

Product description
Our ornamental Fish Farming Business, A Comprehensive Product Description:
We are committed to producing high-quality ornamental fish that are healthy, beautiful, and
sustainably bred. We are passionate about providing our customers with a wide variety of
species and sizes to suit their needs and preferences. Our breeding program focuses on
selective breeding to produce fish with desirable characteristics such as color, shape, and size.
We produce various species of ornamental fish, including popular species such as goldfish,
black molly, angel fish, guppy, oranda, sucker mouth catfish, comet, red cap, black moor,
zebrafish, silver dollar, tiger carp, rosy barb, black molly. Here is a brief overview of some
species and price:
Name of ornamental fish Size Rate/pair in BDT
 Gold fish 1-6 inches 100-300
Black molly 1-2 inches 250-300
Angel fish 1-3 inches 120-150
Guppy 0.25-1.5 inches 40-50
Oranda 1-6 inches 80-600
Sucker mouth catfish 2-8 inches 80-200
Comet 1-6 inches 80-600
Red cap 1-6 inches 100-300
Black moor 1-3 inches 120-150
Zebra fish 1-2 inches 30-50
Silver dollar 1-3 inches 100-150
Tiger carp 1-6 inches 50-100
Rosy barb 1-3 inches 30-50
Black molly 1-3 inches 50-100

Breeding:
Our breeding program is based on selective breeding to produce high-quality fish with
desirable characteristics. We carefully select the best males and females with desirable traits
and breed them to produce offspring with those traits. We also maintain genetic diversity to
ensure the health and vigor of our breeding stock. We provide our breeding fish with optimal
conditions to encourage breeding, including appropriate water parameters, hiding places, and
high-quality nutrition. We monitor our breeding fish closely and separate them as necessary
to prevent aggression or injury.
Gold fish breeding in tanks:

This photograph showing breeding behavior of ornamental fish, male chasing female. (A)
courtship behavior (B) male touching the head of female (C) male hitting the vent of female
(D) and fixative eggs (E) Once the eggs were collected, the male and female fish remained
composed and peaceful in a specific area of the tank without exhibiting any signs of
aggression.

Feeding:
We provide our fish with a balanced and nutritious diet to ensure their health and growth. We
feed them a combination of commercial fish feed and live foods such as brine shrimp,
daphnia, and bloodworms. We also supplement their diet with vegetables and fruits to provide
essential vitamins and minerals.
Water Quality:
Maintaining high water quality is essential for the health and well-being of our fish. We use a
recirculating aquaculture system to maintain water quality and minimize water usage. Our
system includes a combination of mechanical filtration, biological filtration, and water
treatment to ensure optimal water quality. We regularly monitor water quality parameters
such as ammonia, nitrite, nitrate, pH, and temperature to ensure that they are within
appropriate ranges for the fish species we are breeding. We also perform regular water
changes to keep the water fresh and clean.
Ornamental fish shop in different regions:
The ornamental fish businesses in Bangladesh are mainly concentrated in urban areas with
high population density, catering primarily to local customers. As well as the central hub of
the business, Dhaka has a significantly higher number of aquarium shops compared to other
locations in Bangladesh.

According to a recent discovery, the majority of ornamental fish available at Katabon Market
in Dhaka, approximately 80%, are sourced from local hatcheries. The remaining 20% are
imported from other countries. Local origins of ornamental fish can be traced back to several
hatcheries located in Kamrangir Char, Feni, Jashore, Chattogram, and Bogura.
 SWOT analysis:

Strengths:
 High demand for ornamental fish due to their aesthetics value and health benefits.
 Bangladesh has a suitable climate and geographical location for ornamental fish
farming.
 Availability of cheap labor for maintaining the fish farm.
 Technological advancements have made it easier to maintain the water quality and
health of the fish.
 Low capital investment required to start an ornamental fish farm.
Weakness:
 Lack of awareness and technical knowledge among potential investors.
 Low quality of breeding stock and fish feed.
 Difficulty in sourcing high-quality fish feed and other inputs.
 High mortality rates due to disease outbreaks.
 Limited access to finance for expanding the business.
Opportunities:
 Increasing demand for ornamental fish in both local and international markets.
 Growing popularity of fish as a source of protein and omega-3 fatty acids.
 Expansion of the ornamental fish market to include new species and varieties.
 Availability of international training and technical assistance for improving fish
breeding and management practices.
 Diversification of the business into related sectors such as aquarium design and
installation.
Threats:
 Fluctuations in the global market demand for ornamental fish.
 Outbreaks of fish diseases that can lead to high mortality rates and financial losses.
 Climate change and natural disasters, such as floods and cyclones, which can damage
the fish farm infrastructure.
 Managerial plan

Ornamental fish business is a growing industry that requires careful management in order to
succeed. Our ornamental fish business will be managed by our experienced labor who are
hardworking and reliable.
Managerial activities:
Fish handling and maintaining: Our fish handler employees are responsible for handling and
caring for the fish. Also, they should have experience working with fish and knowledge of
proper care and maintenance.
Sales staff: These employees are responsible for selling our fish to customers. They should
have good communication skills and knowledge of the different types of fish and their care
requirements.
Maintenance staff: These employees are responsible for maintaining the tanks and other
equipment. They should have knowledge of plumbing and electrical systems. Also, they have
knowledge about breeding, feeding and water quality.
Market distribution: Market distributors are essential for getting our products into stores
and in front of customers. In our distributive channel we have distributors who working with
live animals and understand unique needs. Also, the distributors have a strong network of
stores and retailers to help us get our products in front of customers.
Supply chain: Managing inventory and supply chain is crucial for the success. Our supply
chain management team work with suppliers who offer high-quality products at competitive
prices. Also, keeping our fish in good condition by maintaining the right temperature and
water quality.
In conclusion, running an ornamental fish business necessitates astute planning and
management across a variety of domains. By hiring the most competent employees, finding
the right market distributors, effectively managing staff, promoting business via social media,
and managing inventory and supply chain meticulously, we can develop a successful and
profitable business in this growing industry.

Marketing plan
Ornamental fish industry is rapidly growing market in Bangladesh, offering numerous
opportunities for our local entrepreneurs to establish a successful and profitable business in
this market. In order to maximize profits and expand our customer base, we will focus the
following marketing strategies:
Target Customers: Our main focus will be on pet owners, aquarium enthusiasts, and
hobbyists living in urban areas, as they are our primary target customers. We will also aim to
attract commercial establishments such as hotels, restaurants, private hospitals and corporate
offices that desire ornamental fish as a decorative element for their interior design. Moreover,
we will be focusing on educational institutions and research centers that need fish for
educational or research purposes.
Product Range: We will offer a wide variety of ornamental fish species, including exotic and
rare species, to cater to the diverse preferences of our customers. We will also provide a range
of tank sizes and equipment’s to meet the potential needs of our customers.
Sales Channels: Our sales strategy involves utilizing various marketing channels to
distribute our products, which includes retail stores, wholesaler of Katabon market, online
marketplaces, and direct sales. Our retail stores will be located in busy areas of urban cities
and staffed with well-informed sales personnel to provide best customer service. Also, we
plan to make our products available to a broader audience by selling through leading online
marketplaces like Daraz and AjkerDeal.
Social Media Marketing: Our strategy for social media marketing involves establishing a
strong online appearance across various platforms, including Facebook, Instagram, and
YouTube. Our aim is to expand our reach and promote brand awareness by sharing
informative and compelling content, such as tutorial videos and feedback from satisfied
customers, that highlights our products and knowledge in the entire business across the
country.
Events and Exhibitions: To expand our reach and showcase our offerings to a larger
audience, we plan to participate in pet shows, exhibitions, fish fair and trade fairs. This will
not only allow us to promote our products and services, but also provide opportunities to
network with target customers, industry professionals, and suppliers.
Partnerships: To increase our market presence and attachment existing customer bases, we
intend to form partnerships with well-established pet stores and aquarium shops.

Hatchery Katabon
Market

Ornamental
fish shop

Aquarium
keeper
 Marketing channel of ornamental fish species

Our objective is to establish a developing and profitable ornamental fish business in

Bangladesh by establishing these marketing strategies. Our main focus will be on giving best
quality products, best customer service, and an exceptional customer experience to create a
strong brand image.

Financial plan

We have developed a comprehensive financial plan to ensure the success of our business in
Bangladesh. Our sales plan will focus on diversifying revenue streams by offering wide
variety of ornamental fish species, including exotic and rare species as well as best customer
support to increase customer loyalty. Our ornamental fish business aims to establish store in
aquarium fish in other union and district across the country. The financial plan outlined for
the ornamental fish business in Bangladesh indicates a promising and viable venture. It
encompasses a comprehensive forecast of revenue, expenses, and profits, coupled with an
analysis of important financial metrics such as break-even point and ROI. Additionally, the
plan incorporates tactics to address cash flow management and minimize financial risks while
highlighting the sources and utilization of funds.
To provide a visual representation of the financial plan, here is a hypothetical sales report of
ornamental fish business for the next 10 years:
Year Units Sold Price per Total Revenue
Unit
1 2000 300 BDT 600000 BDT
2 2200 325 BDT 715000 BDT
3 2420 350 BDT 847000 BDT
4 2620 375 BDT 982500 BDT
5 2982 400 BDT 1192800 BDT
6 3210 425 BDT 1364250 BDT
7 3531 450 BDT 1588950 BDT
8 3911 475 BDT 1857725 BDT
9 4341 500 BDT 2170500 BDT
10 4745 525 BDT 2491125 BDT
Overall, this sales report provides a realistic projection for the growth and profitability of our
ornamental fish business in Bangladesh over the next 10 years.
The sales report provided suggests that the ornamental fish business in Bangladesh will
witness consistent expansion in the coming decade. Hence, the financial plan must account
for various expenditures and costs linked to the business, including production costs,
marketing expenses, employee wages, and initial setup costs.
Assuming an initial setup cost of 10,00,000 BDT and a production cost of 100 BDT per unit,
the total production cost for the 4745 units sold in the tenth year would be 4,74,500 BDT.
When adding this production cost to other expenses such as marketing and salaries, the total
cost is estimated to be around 20,00,000 BDT.
The sales report for year 10 shows that the revenue generated by the ornamental fish business
in Bangladesh would be 24,91,125 BDT, surpassing the total cost of production and other
expenses. This suggests that the business has the capacity to be lucrative over time.
However, it's important to note that this financial plan is based on hypothetical assumptions
and projections, and actual results may vary depending on various factors such as market
competition, changes in consumer behavior, and unexpected events.
The presented financial plan and sales report suggest that the ornamental fish business in
Bangladesh can yield substantial profits in the coming decade, thereby presenting a lucrative
investment option. However, it is crucial to regularly assess the market conditions and adapt
the financial plan accordingly to ensure the sustained growth and prosperity of the business.
Here is a table representing the budget plan for the ornamental fish business in Bangladesh:
Expense Category Estimated Cost
Fish tanks and equipment 1000000 BDT
Ornamental fish inventory 400000 BDT
Fish feed and supplies 200000 BDT
Labor costs 200000 BDT
Rent and utilities 50000 BDT
Marketing and advertising 50000 BDT
Insurance and legal fees 40000 BDT
Miscellaneous expenses 60000 BDT
Total Estimated Costs 2000000 BDT

The budget plan table demonstrates that launching an ornamental fish business in Bangladesh
necessitates a substantial financial investment. The most significant expenditure is for fish
tanks and equipment, which constitutes 50% of the total budget. Meanwhile, ornamental fish
inventory and fish feed and supplies account for 20% and 10% of the budget, respectively.
10% of the budget is allocated for labor costs, which include employee salaries and wages.
The remaining 10% of the budget is designated for other expenses, such as rent and utilities,
marketing and advertising, insurance and legal fees, and miscellaneous costs. It is clear from
the budget plan that establishing an ornamental fish business requires careful financial
planning and management to ensure efficient resource allocation and minimize financial
risks. Furthermore, conducting thorough market research is essential to make informed
decisions about potential customers and competitors.

Growth strategy
Here's a growth strategy for an ornamental fish business in Bangladesh that focus on meeting
the needs of customers and adapting to the ever-changing market could involve the following:
Catering to Local Market: To appeal to local customers in Bangladesh, the ornamental fish
business should identify their preferences and offer popular fish species like Guppies,
Mollies, and Swordtails. This strategy can help increase the customer base and revenue of the
business.
Develop an Online Presence: To expand the customer base in Bangladesh, it is essential for
the ornamental fish business to establish a robust online presence. This can involve creating
user-friendly websites, social media pages, and online sales platforms that can effectively
engage with customers and facilitate sales.
Partner with Local Retailers: To enhance the business's reach and boost sales in
Bangladesh, it is recommended for the ornamental fish business to form partnerships with
local retailers. This can be achieved by offering bulk orders at discounted rates and ensuring
prompt and efficient deliveries.
Conduct Regular Market Research: To stay ahead of the competition and adapt to the
evolving market in Bangladesh, it is important for the ornamental fish business to monitor the
changing market trends and customer preferences. This approach can help in identifying
potential opportunities and threats, and in making informed decisions about product
development, pricing, and marketing strategies.
Ensure Quality Control: To ensure customer satisfaction and improve the business's
reputation, it is vital for the ornamental fish business to prioritize maintaining high-quality
standards for fish health, water quality, and equipment maintenance.
Provide Excellent Customer Service: To increase customer loyalty and generate positive
word-of-mouth referrals, it is recommended for the ornamental fish business in Bangladesh to
focus on providing a personalized and efficient customer experience.
A growth strategy for an ornamental fish business in Bangladesh that focuses on meeting the
needs of customers and adapting to the ever-changing market involves catering to local
market preferences, developing an online presence, partnering with local retailers, conducting
regular market research, ensuring quality control, and providing excellent customer service.

Competitor analysis
As the ornamental fish business in Bangladesh is rapidly growing, competition is emerging in
the market. However, we will analysis the competition of several competitor in the market:
Aquatic World: Aquatic World is a sole proprietorship organization in the ornamental fish
business market in Bangladesh. They have a wide range of fish species and various type of
aquarium supplies available for customers. They are the suppliers of Munshiganj district.
Fish Bangladesh: Fish Bangladesh is another significant competitor. They provide a large
selection of fish species, including exotic and wide range of varieties. The company has a
strong social media presence and regularly offers discounts and promotions to entice
customers.
Aqua Garden: Aqua Garden is a relatively new competitor to the ornamental fish market in
Bangladesh. They are located in Dhaka University Market, Katabon. They have a well-
designed website and Facebook page offer free delivery service to customers within Dhaka
city.
Aquatech: Aquatech is a long-standing competitor in this market. They have automatic
controlling electric water purifier machine. They also provide maintenance and installation
services to their customers.
Fish Hub: Fish Hub is a largest ornamental fish company in Bangladesh. They have gained a
customer base by providing a wide range of exotic fish species and affordable prices. They
have a website and they also provide free delivery services to customers inside Dhaka city.
Overall, the ornamental fish business in Bangladesh is becoming increasingly competitive,
with several competitor vying for market share. To succeed in this market, we should
prioritize delivering top-notch products and especial customer service, while also being able
to adjust to evolving market trends. Consistently conducting market research and building a
strong online presence can help us in maintaining a competitive edge.

Conclusion and recommendation

In conclusion, Bangladesh's ornamental fish industry is rapidly growing and competitive,
with established and emerging players vying for a share of the market. To succeed we must
prioritize providing high-quality products, excellent customer service, and staying up-to-date
with market trends. Regular market research and establishing a strong online presence can
also help businesses stay ahead of the competition. The majority of aquarium shops in
Bangladesh are located in urban areas, especially in Dhaka, and serve the local consumer
market. To succeed in this industry, we must focus on meeting the needs and preferences of
local customers while also keeping up with industry trends. By providing high-quality
products, excellent customer service, and unique offerings.
Recommendations:
 Identifying effective marketing channels that yield profits and exploring potential
markets for selling aquarium fish.
 Introducing enhanced breeding techniques for commonly found wild fish species and
indigenous species.
 A comparative feasibility study is needed to explore the potential of aquarium fish
cultivation as an alternative to food fish farming for lower-income households in
Bangladesh.
 Improvement of crossbreeding methods to diversify the range of available species of
ornamental fish.
 Collaborate with other businesses in the industry to share knowledge and resources
for mutual benefit.