How To Set Up A Fishing Business In 4 Steps

How To Set Up A Fishing Business In 4 StepsSource: Pixabay

Have you ever thought about turning your passion for fishing into a career? You could hit the open waters and spend your workdays at sea doing what you love. Or, if you own a good stretch of water that has a fish population, you do not even need to travel the ocean. You can set your fishing business up near where you live. You may also want to consider cutting out the fishing part completely and work with fisherman to sell the fish. This can be a very profitable business. But first, you will need to put some things into place.

1. Get Funding

Whatever fishing business you are starting you will need to secure funding for your new company. It’s not possible to start a company without having some money in the bank. The cost will vary depending on how big your business is going to be. We suggest you start small and then work your way up. For instance, at first look to only borrow approximately ten thousand. This will be easy to pay back and is less of a risk than the five hundred grand some business owners choose to borrow. Your business is not particularly commercially viable so your best route to take for funding is to get a private business loan. When borrowing the money, be careful, that you know what the interest rate is and that you will be able to pay it back.

2. Getting Permission

If you own the stretch of water, you won’t have to get any permission to fish. Usually, this means you have inherited a lake or part of a river. It does not commonly mean that you own part of the ocean. If you did, we imagine you would already be fishing in it, making a nice living. You will have to get fishing permission directly from the government, and they will tell you where you can fish as well as your limits.

3. Choose the Type of Business

Are you going to be fishing to sell on what you catch or teaching others to fish? You might not even take part in the fishing process at all. Perhaps you just want to invest in a business that prepares the fish other fishermen catch. If not, you may want to think about hiring a service like this, unless you want to prepare your own fish as well.

But the type of business you set up will determine what you need to buy. For instance, if you’re fishing out in the ocean you will certainly need a boat, and you don’t want to spend a fortune on it. But, you can find used boats & vessels for sale online. You may, however, want to hire an expert to examine the boat before you commit to purchasing it. If you’re fishing for stock, you’re also going to need cooling facilities on the boat and if you’re staying out for more than a day, living quarters. You must think about all these issues when deciding your business.

4. Getting Taxed

Lastly, as soon as you set up this business you must let the government know and setup taxation. If you do not do this, you can end up in a lot of bother further down the line.

Good luck with your new venture, we hope you enjoy the open seas.