What you Get With Oyster Farming Business Plan Package
| 6 Chapter Business Plan Template in MS Word | Free Pitch Deck Template in PPT |
| 5 Year Financial Model Template in MS Excel | Free Financial Dashboard Template in MS Excel |
| Immediate Download After Purchase | MAC &PC Compatible, Unlocked, NO VBA Macro |
| Bank/Investor/Grant Ready Package | No Accounting Or Financial Knowledge Needed |
I.- Executive Summary
Problem
The Portland, Oregon area is in desperate need of sustainably-sourced seafood options that are locally-sourced, wild-caught, and of the highest quality. Seafood enthusiasts and novices alike are looking for a place to purchase whole or shucked oysters and specialty items such as platters, gift baskets, and condiments. In addition, customers want a full-service bar and lounge with craft beers and cocktails, with over-water seating and views of Mount Hood in the distance. The Oyster Spot will fill this need by providing a diverse selection of sustainably sourced oysters from the Pacific Northwest, Asia and the European coast. In addition, The Oyster Spot will offer a unique educational experience, offering seminars on the safe and responsible harvesting and consumption of seafood language.
Solution
The Oyster Spot (TOS) will provide a high-quality selection of sustainable, locally-sourced, wild-caught oysters to the greater Portland area. TOS will source fresh-from-the-ocean seafood, as well as a variety of European and Asian oysters cultivated and harvested from nearby fisheries. In addition to fresh oyster products, TOS will also offer full-service catering for special events and occasions, educational seminars for the safe and responsible harvesting and consumption of seafood, and custom-mixed platters, gift baskets, and a variety of sauces and condiments. Other features of TOS include a full service bar and lounge with craft beers and cocktails, over-water seating, and views of Mount Hood in the distance. All of these offerings provide a comprehensive solution to the need of a quality source of sustainable and locally-sourced seafood in the Portland area.
Target Market
The Oyster Spot (TOS) targets a defined customer base looking to purchase high-quality, sustainable seafood in the greater Portland area. Our customers are individuals who are looking for an enjoyable and educational dining experience, as well as visitors and locals who are looking for a convenient, affordable seafood meal. Additionally, TOS is targeting business owners and customers looking to host special events, such as corporate functions, birthday parties, and weddings, who are seeking a premium seafood catering service. TOS will also serve those who are looking for a unique seafood dining experience, with over-water seating and views of Mount Hood.
Competition
The Oyster Spot (TOS) will be entering an already competitive marketplace, facing off against traditional oyster providers as well as ethnic restaurants that serve a variety of seafood dishes. Depending on the location, TOS could also be competing against chains that offer oysters and other seafood dishes, as well as fishmongers, supermarkets, and other non-traditional competitors. To remain competitive, TOS must distinguish itself through quality, service, and innovation with regards to the seafood it sources, the variety of oysters and specialty items it offers, and the unparalleled atmosphere it can provide customers. Furthermore, TOS must ensure that it is offering an all-around superior experience as compared to what customers can get from its competitors.
Financial Summary
The Oyster Spot (TOS) financial plan outlines key costs, sales, and profitability that will guide the business moving forward. The highlights of the plan include:
- Projected startup costs for constructing the facility and purchasing oysters, equipment and supplies.
- Projected sales for on-site dining and catering, as well as take-home oysters.
- Projected profit margins for the services and products offered by The Oyster Spot.
- Projected cash flow analysis that demonstrates sustainable profitability in the long-term.
Funding Requirements
In order to get The Oyster Spot off the ground, the following funding requirements will need to be met:
- Rent for the building and property
- Capital to purchase equipment and inventory
- Advertising/marketing campaigns to generate awareness for TOS
- Salary for the initial staff
- Ongoing operating costs (utilities, etc.)
It is estimated that a total investment of approximately $500,000 is necessary to fund the startup, expansion, and operations of The Oyster Spot.
Milestones and Traction
The Oyster Spot (TOS) has identified a number of key milestones that will be targeted during the development and launch of the business. The plan is to open the spot during the summer of 2021, and by the end of 2021, the storefront will be operational and catering services will be launched.
The plan also incorporates the development and launch of the education and seminar services, as well as the addition of speciality items for purchase. The grand opening of the lounge and bar is anticipated for early 2022, complete with craft beers and cocktails.
TOS has secured an experienced team of seafood industry professionals to help develop and implement the business plan, as well as its associated objectives. The team will provide industry insight and guidance on marketing and operations, as well as an in-depth analysis of the local market.
In order to meet the demands of customers and sustain operations, TOS will focus heavily on building relationships with local suppliers, relationships that will serve to ensure product reliability and quality. A comprehensive marketing and promotion plan will be developed that includes the use of social media, print media, and local events.
II.- Products & Services
Problem
The consumption of seafood is steadily increasing in the Portland area, yet accessibility to high-quality sustainable seafood remains limited. Many restaurants and food outlets offer unsustainable, weakly-sourced seafood, while the limited number of higher-end seafood markets have products that are often unaffordable or of dubious quality. This leaves many Portland residents longing for a source of fresh, sustainable, delicious seafood that is both reasonably priced and dependable.
The Oyster Spot (TOS) seeks to fill this need; by providing its customers with a responsibly-sourced selection of oysters and other seafood items, as well as full service catering for special events, seminars on responsible seafood consumption, full service bar and lounge, over-water seating, and breathtaking views.
Solution:
The Oyster Spot (TOS) aims to provide a comprehensive solution to the difficulties of access to fresh, responsibly sourced oysters in the greater Portland area. Customers have the option to purchase either fresh or pre-shucked oysters for home consumption, as well as a range of specialty items such as custom-mixed platters, gift baskets, and a variety of sauces and condiments. These items are available both in-store, and as part of our catering services. Our full-service bar and lounge also provides a number of craft beers and cocktails, and provides customers with the opportunity to enjoy a meal while taking in the view of Mount Hood in the distance.
In addition, TOS will provide educational seminars for customers on the responsible and safe harvesting and consumption of seafood. Thanks to our commitment to sustainably sourced seafood, customers can be sure that the oysters they purchase from TOS have been responsibly harvested and are of the highest quality.
Validation of Problem and Solution
The Oyster Spot has conducted extensive research around the demand for sustainable seafood options that cater to a wider consumer base, including those who enjoy sophisticated styling, high-quality service, and seafood prepared with responsibly-sourced ingredients. The results indicated a strong consumer interest in wild-caught and sustainably-grown seafood, and an appreciation for services that offer an education around the safe and responsible harvesting and consumption of seafood. In addition, customer feedback points to a need for an upscale seafood offering with the convenience of a local seafood store, a full-service bar, and a modern atmosphere with comforting views of Mt. Hood.
The research conducted further validates the value of TOS’s products and services as a sought-after provider of premium seafood and related services. The findings on consumer values, needs and preferences further confirm the potential for success in the Portland market.
Product Overview
The Oyster Spot (TOS) provides customers with a premier selection of sustainable, locally-sourced, and wild-caught oysters. We ensure the highest quality of seafood, no matter how simple or sophisticated the customer’s palette may be. Our comprehensive selection of oysters includes European and Asian varieties cultivated and harvested from nearby fisheries, as well as fresh-from-the-ocean seafood. Our services extend beyond oysters and include full-service catering options for special events and occasions, as well as educational seminars on the safe and responsible harvesting and consumption of seafood. We also offer a number of specialty items such as gift baskets and custom-mixed platters, as well as a variety of sauces and condiments. Additionally, our full service bar and lounge with craft beers and cocktails, over-water seating, and views of Mount Hood create a beautiful and unique atmosphere for customers to enjoy.
Competition
The Portland area currently has a handful of seafood restaurants that offer some kind of oyster dish, as well as oyster bars and markets. However, TOS will provide something unique that cannot be found in any other restaurant or establishment: fresh-from-the-ocean oysters and the opportunity for customers to enroll in educational seminars on the safe and responsible harvesting and consumption of seafood. Additionally, the over-water seating, bar and lounge, and views of Mt. Hood, offer a unique and special experience for patrons looking for something special.
Roadmap
The Oyster Spot (TOS) is committed to providing high-quality, sustainable seafood products to the greater Portland area. We have already begun this process by sourcing wild-caught oysters from local and international fisheries. In the coming months, we are planning to establish the following services:
1. Full-service catering for special events and occasions.
2. Oyster-focused educational seminars for both businesses and individuals.
3. Provision of fresh ‘take-home’ oysters, as well as specialty items such as custom-mixed platters, gift baskets, and sauces and condiments.
4. Full-service bar and lounge, offering craft beers and cocktails.
5. Over-water seating with views of Mount Hood in the distance.
These services, coupled with sustainable sourcing techniques, will help The Oyster Spot provide the highest quality oysters and seafood to Portland’s oyster fanatics.
III.- Market Analysis
Market Segmentation
The Oyster Spot (TOS) will offer its services to a variety of customers, ranging from individuals and small groups looking to buy a few oysters to businesses and organizations looking to host large events and seminars. There are multiple potential market segments for The Oyster Spot, and each has its own unique needs and expectations.
The most immediate and obvious market segment for The Oyster Spot is Portland's large and discerning foodie community. These customers have a deep appreciation for the quality of local, high-end seafood, and are willing to pay a premium for it. The Oyster Spot's selection of hand-harvested, sustainably-sourced, wild-caught oysters and carefully prepared accompaniments should capture the attention of this growing, devoted market.
Another significant market segment for The Oyster Spot is the business and sociocultural community of the Portland area. Organizations looking to provide memorable events or educational seminars need to be able to rely on the quality, caliber, and safety of the food they serve their guests and employees. With its unique combination of locally-sourced seafood, knowledgeable and helpful staff, and convenient, upscale accommodations, The Oyster Spot will be a top destination for these customers.
Finally, The Oyster Spot will also offer services to the general public and individuals. Offering up lots of options for retail (shucked or whole oysters by the dozen, gift baskets, etc.), customers of all ages, backgrounds, and budgets have the opportunity to enjoy the fruits of the sea in a safe and enjoyable atmosphere.
Table 1.0, below, details the various market segments and their respective characteristics:
| Market Segment | Characteristics |
|---|---|
| Foodies | Deep appreciation for high-end seafood, willing to pay a premium for quality |
| Business & Sociocultural | Seeking reliable quality and safety of food, high-end atmosphere and amenities |
| General Public | Retail customers of all ages and budgets, looking for an enjoyable atmosphere to enjoy seafood |
Target Market Segment Strategy
Our ideal customer for our oyster farming business is anyone looking for a healthy and sustainable source of delicious oysters for their menu. Examples of potential customers include restaurants, seafood markets, caterers, and individuals ordering in bulk. We plan to focus on high-end establishments that specialize in seafood dishes and feature oysters on their menus, as well as on any other commercial or industrial customers looking for large-scale orders.
At the same time, we also plan to develop our own consumer-facing business model. We will reach out to discerning customers who appreciate and are willing to pay for the highest quality seafood. These potential customers will be in both commercial and consumer categories, with each consumer representing multiple potential orders.
Key Customers
Our ideal customer is an individual or organization looking to compliment their seafood offering with succulent, local, sustainable oysters. This could be a restaurant looking to source direct from oyster farms, a seafood market looking to create customer loyalty, a private home looking to extend the fresh seafood selection, or an institution with a commitment to sustainability. Oyster farming customers will benefit from consistent and fresh supply, prompt delivery and access to a range of specific information about origin and farming areas.
Future Markets
As seen from the previous sections, the oyster farming market is an attractive investment opportunity that continues to grow. Our Oyster farming business strategy will actively pursue opportunities to expand the existing business by targeting new potential markets. We plan to assess and analyze the needs of potential markets to determine our product offering in each region. Our current strategy involves considering markets in Asia, Europe and the USA, as well as premium oyster species such as Pacific Oysters, Kumamoto Oysters, Wych Harbor Oysters, and other varieties. Our goal is to capitalize on the expansion of the global oyster farming industry, while at the same time best serving the needs of the local markets we are targeting.
Competition
The competitive market for oysters in the greater Portland area consists of a variety of purveyors. While The Oyster Spot is able to offer a selection of fresh, locally-sourced oysters, there are a number of other competitors offering similar services. Competitors range from small, individual oyster farmers to larger, more established businesses. Below is a table of potential competitors:
| Competitor | Services |
|---|---|
| Oyster Bar | Quality seafood, full service bar and lounge, over water seating |
| Salty Oyster | Wide variety of European and Asian oysters, shucking services, gift baskets |
| Seaside Shellfish | Sustainable seafood options, catering services, educational seminars |
| Shoreline Seafoods | Fresh-from-the-ocean seafood, take-home options, custom-mixed platters |
In addition to the competitors listed above, there are a variety of restaurants in the surrounding area that offer oysters on their menus. However, none of these competitors offer the same combination of locally-sourced, wild-caught oysters and full-service catering, as well as educational seminars and a view of Mount Hood, that The Oyster Spot is able to provide.
IV.- Marketing and Sales Plan
Marketing Plan
The Oyster Spot (TOS) will endeavor to establish itself as Portland's premier seafood market and lounge. TOS will focus on utilizing a variety of marketing and advertising channels in order to reach the widest target market possible. The following is an outline of TOS' marketing and advertising strategy.
Advertising Channels: TOS will use a combination of online and offline advertising channels to reach its target market. These will include digital print campaigns, paid advertisements in newspapers and local magazines, radio, television, and an optimized website. TOS will also take advantage of popular social media platforms to further increase exposure, reach more customers, and create a strong brand presence.
Costs: The total cost of TOS' marketing and advertising efforts will depend upon the scale and scope of the campaign. However, it is estimated that the cost for these projects will be between $2000-4500 per month.
Goals: The goal of TOS' marketing and advertising efforts is to open the door to a more diverse customer base by targeting new markets, establishing a stronger presence in the Portland food and beverage scene, and increasing awareness of the company's product offerings. Ultimately, TOS will strive to become the preferred seafood destination for locals, as well as visitors to the city.
Sales Plan
Our sales plan is based on expected market conditions, our available production capacity, pricing strategy, and other factors. We estimate that we can make monthly sales of around 200 oysters on average. We plan to update our sales plan regularly to remain competitive in the market and to reach our objectives.
Location and Facilities
The Oyster Spot will be located in the vibrant Northwest district of Portland, Oregon, providing easy access for residents and travelers alike. The facility will boast an over-water setting, providing breathtaking views of Mount Hood in the distance. Shelled oysters and other seafood served in the restaurant will be hand-selected from local and regional fisheries, guaranteeing the freshest seafood possible. The facility will also feature a bar and lounge with craft beers and cocktails, along with full-service catering for special events and occasions.
In addition to the stunning views and delicious menu, the location will offer ample parking and public transportation for customers wishing to visit The Oyster Spot. The facility has been designed to offer a unique experience to visitors, with each of the building's windows illuminating the views of the surrounding environment. Operating costs are expected to be low due to the revenue generated from the seafood sales and the bar and lounge services.
Technology
Our oyster farm has a vision to revolutionize traditional oyster farming operations. We plan to leverage the latest technology to increase cost efficiency, safety, and sustainability. Specifically, we plan to integrate advanced robotics, automation, and tracking capabilities into our farm operations. For example, we plan to use IoT-enabled sensors to monitor water pH and measure salinity in real time. This will allow us to optimize oyster habitat environments and also provide us with valuable data to enhance our farming operations.
Equipment and Tools
A successful oyster farming business requires substantial investment in equipment used for caring for the oysters and for managing the business. In this section we will outline the equipment and tools required for oyster production and set out the associated costs for either purchasing or renting them.
The key pieces of equipment for oyster production include wash tanks and sorting tables for sorting harvested oysters, aeration and flow systems for keeping them alive before sale, and lastly cooler and refrigeration to preserve the peak flavor of the oysters.
| Equipment | Purchase Price | Rental Price |
|---|---|---|
| Wash Tanks and Sorting Tables | $9000 | $200/mo |
| Aeration and Flow Systems | $3000 | $100/mo |
| Coolers and Refrigeration | $5000 | $150/mo |
V.- Management and Organization
Organizational Structure
The organizational structure of our oyster farming business is designed to ensure that all necessary functions are efficiently managed and completed in an organized and productive manner. Our organizational structure will include the owners, management team, and line staff members. Each party has their own respective roles and responsibilities to ensure the successful operation of the business. The following table outlines the structure of our business, including roles, responsibilities, and the flow of information between levels.
| Level | Roles and Responsibilities | Flow of Information |
|---|---|---|
| Owners | Making decisions, developing the business plan, and creating policies and procedures | Downward to management and line staff |
| Management Team | Executing business plan and policies, monitoring activities and tasks, and overseeing line staff | Downward to line staff and upward to owners |
| Line Staff | Performing daily activities, tasks, and maintenance of the business | Upward to management team |
Management Team
Once the business is established, it is important to ensure that it is properly managed and staffed. We have identified a list of potential candidates who could fill the high-level roles within the company. The table below outlines the anticipated roles and the associated responsibilities.
| Position | Responsibilities |
|---|---|
| CEO | Overall leadership of the company, strategic planning, financial reporting, and fund raising activities. |
| Operations Manager | Daily operations of the business, management of staff, training, and production. |
| Marketing Director | Development and execution of marketing efforts, management of branding activities, and customer support. |
Management Team Gaps
At this time, the management team of our oyster farming business is incomplete. While the core team of directors, managers and staff brings with it a wealth of experience, there are still areas of expertise that require candidates to fill. Currently, these areas include marketing, finance, and IT support.
We believe that building out the management team and increasing our collective experience and expertise in these areas will be beneficial and strengthen our overall operations. We are actively searching for the best individuals to help us continue to grow our business and realize our goals.
Personnel Plan
In order to run our oyster farming business effectively, we have identified the personnel that we expect to need at various stages of our business operations. The table below outlines the potential positions that may be required:
| Position | Description |
|---|---|
| Farm Owner/Manager | Responsible for overall management and operations of oyster farm, as well as development and implementation of policies and procedures. |
| Hatchery Manager | Responsible for day-to-day set-up, maintenance, and operations of an oyster hatchery facility. |
| Farm Hand | Provides general labor support related to the farming, harvesting, and packaging of oysters. |
| Administrative Assistant | Assists with administrative, clerical, and office duties, such as filing, ordering supplies, data entry, customer support, etc. |
Company History and Ownership
The Oyster Spot (TOS) is an oyster farming business started in 2021 to bring the freshest wild-caught oysters to the city of Portland, Oregon. Our owner, John Smith, was born and raised in the area and has been a passionate long-term supporter of sustainable seafood practices. Through establishing TOS, he hopes to change the way Portlanders view and access seafood and continue to promote seafood sustainability among the local population.
The Oyster Spot is committed to delivering quality seafood for locals, as well as furthering knowledge of the ocean’s ecology, seafood sustainability and responsible harvesting. We strive to set a higher standard for the seafood industry in Portland by providing the freshest seafood and premium quality goods to our customers.
Milestones
Our detailed roadmap of specific goals and objectives for our oyster farming business will help to manage, steer and chart our progress as a business. We have identified the primary milestones that we need to achieve over the course of the next few years to ensure our business is successful and thriving. Some of these milestones may include, but are not limited to:
- Secure financial investments to launch the business.
- Lease or acquire appropriate land for housing and growing oysters.
- Establish direct relationships with oyster distributors and retailers.
- Create a user-friendly website for direct and retail oyster sales.
- Secure all necessary licenses and permits.
- Develop detailed plans for expansion within the first 5 years.
By working towards these milestones, we will ensure our oyster farming business plan stays on track and steadily grows over time.
Key Metrics
It is important to have key performance indicators (KPIs) in place to help measure the overall performance and health of an oyster farming business. These KPIs may include the number of oyster logs produced, size and grade of oysters, yield rate, harvesting time, and profitability. Establishing KPIs helps to measure the performance of key activities, as well as provides insight into areas needing improvement. This will help to ensure the business is running smoothly and at its most financially buoyant.
What you Get With Oyster Farming Business Plan Package
| 6 Chapter Business Plan Template in MS Word | Free Pitch Deck Template in PPT |
| 5 Year Financial Model Template in MS Excel | Free Financial Dashboard Template in MS Excel |
| Immediate Download After Purchase | MAC &PC Compatible, Unlocked, NO VBA Macro |
| Bank/Investor/Grant Ready Package | No Accounting Or Financial Knowledge Needed |
VI.- Financial Plan and Metrics
Sales Forecast
In order to evaluate the financial performance of the oyster farming business, we must accurately project sales for the next three years. We have outlined the projected sales for each year in the table below.
| Year | Projected Sales (USD) |
|---|---|
| Year 1 | $25,000 |
| Year 2 | $50,000 |
| Year 3 | $75,000 |
Oyster Farming Financial Plan Key Inputs
Expenses
The following tables outline expected and incurred costs necessary to start and operate an oyster farming business.
Startup Costs
| Item | Description | Cost |
|---|---|---|
| Farm equipment | Tanks, tanks accessories, tools, etc. | $15,000 |
| Farming land | Leasehold or purchase of coastal property | $30,000 |
| Oyster seed | sourcing from hatchery | $15, 000 |
| Marketing | Website, brochures, signage. | $5,000 |
| Startup Total | $65,000 | |
Operational Expenses
| Item | Description | Cost |
|---|---|---|
| Labor Costs | Employee wages, benefits, etc. | $35,000 |
| Feed Costs | Costs of oyster food and supplements | $4,000 |
| Transportation Costs | Shipping oysters to market | $2,000 |
| Insurance Costs | Liability, property, health and workers comp insurance | $1,000 |
| Operational Total | $42,000 | |
Financial Plan
This part of the business plan is where you present the three main financial documents of any startup: the income statement, the cash flow statement, and the balance sheet. The Income Statement shows the income and expenses of the business in a given period of time, and is used to analyze the profitability and loss of a business. The Cash Flow Statement displays all the inflows and outflows of the business in a particular period of time. Finally, the Balance Sheet is a snapshot of the business’s financial health and presents its assets, liabilities, and capital structure.
The projections and forecasts of the business’s financial plan should also be included, which include revenue and expenditure forecasts, break-even analysis, and funding requirements. This will give the investors and other stakeholders an understanding of the expected performance of the business and how the capital will be used.
Oyster Farming Financial Plan Profit & Loss Statement
Oyster Farming Financial Plan Cash Flow Statement
Oyster Farming Financial Plan Balance Sheet Statement
Personnel Plan
Our personnel plan for the oyster farming business includes an outline of who we intend to hire, what compensation is included, and how each employee will fit into our operations. We will hire 4 full-time staff to run the business, who will be responsible for farming, harvesting, and processing oysters. Along with the 4 full-time staff members, we will employ up to 5 seasonal workers depending on seasonal demand. These staff members will primarily be responsible for farming, harvesting, and packing oysters.
The compensation for our staff will be based on qualifications and experience, as well as the position. Full-time staff will receive wages, as well as additional benefits such as paid holidays, sick days, and vacation days. Seasonal staff will be paid an hourly wage for their work, with the possibility of a bonus depending on the productivity of their harvest.
Our staff will be organized into teams with each individual taking on specified roles and responsibilities. Our staff will be responsible for all of the oyster farming operations such as stocking, harvesting, and processing, as well as the sales and marketing of our products. We will also provide protective equipment and training for our employees to ensure their safety while working on the farm.
Capital Requirements and Use of Funds
The capital requirements of our oyster farming business plan reflect the amount of money needed to raise, and how it is intended to be used. We are seeking investment or a loan of $500,000 to finance the initial setup, purchase of essential equipment, training staff, implementation of our business plan and cover of any other miscellaneous costs that may arise. We plan to use these funds in the following ways:
- $200,000 for the purchase and installation of equipment needed for oyster farming, as well as for servicing them.
- $150,000 for overhead costs, such as wages, rent and utilities
- $50,000 for insurance and legal expenses
- $100,000 for marketing, branding and other promotional activities
The remainder of the funds will be put in a reserve account to cover unexpected expenses incurred during the business’s early stages.
Exit Strategy
The exit strategy for our oyster farming business plan is to eventually acquire a larger oyster production farm, allowing our oyster farming business to dramatically expand its current operations. We anticipate achieving our expansion goals within five years, at which time our operations should be more profitable and our oyster farming business more attractive to potential acquirers. Once the acquirer has been identified, we will initiate the sale process with negotiation of fair market value at the forefront of the discussion.
The sale of our oyster farming business will bring an end to our oyster farming journey. Our goal is to build a strong, profitable oyster farming business and maximize our return on investment. The successful exit from our oyster farming business will result in a substantial return for our hard work and a financial reward to our shareholders.
