Highly Profitable Iconic Lifestyle Business
Growth Opportunities

Growth Opportunities

Fishermen’s Wharf Seafoods is so much more than 2 retail shops. The owners have been exploring several growth opportunities for expanding the existing business model. These include:

  • Reconfigure and increase the floor space for Bub’s Fish and Chips in order to increase revenue.

(Bub’s currently enjoys much higher profit margins than the fresh seafood shop.)

Extend opening hours:

  • Current retail hours are 11-3 Sunday to Wednesday and 11am-8pm Thursday to Saturday.
  • Missed opportunities exist for dinner customers on those evenings it is not open and also those who would like to dine after 8pm.

Invest in staff development:

  • The current owners observe that their hands on involvement and focus on ‘up-selling’ in the peak periods increases the average customer spend and directly impacts the business revenue and profitability – the current management team and counter staff could be incentivised to achieve similar results with some simple sales training.

Partner with local tour operators:

  • Dolphin and whale watching are popular tours in Nelson Bay. There is opportunity to partner with these tour operators to combine a meal at Bub’s as part of the tour.
  • Fishing tours could start or end at Bub’s for a meal. The opportunities are huge …

Increase the range of gourmet options:

  • The current range of gourmet seafood could be expanded to promote ‘today’s catch’ to local residents as a meal solution. This may involve marinated individual portions of seafood.
  • Joanne and Peter have created their own range of gourmet seafood sauces. Not only do these sauces place Fishermen’s Wharf Seafoods and Bub’s at a higher level than their competition but they also encourage a higher spend per customer. The range of these take home sauces could be further expanded.
Wholesale Growth

Wholesale Growth

The current owners are exploring exciting wholesale seafood opportunities in the area.

Currently there is only one ‘reseller’ who supplies the seafood to the local Hunter Region restaurants, hotels, function centres and clubs.

This is a huge opportunity for the new owners given Fishermen’s Wharf’s competitive advantage of selling fresh seafood directly from the Co-op. There is no middle man, so profit margins may be higher than their only competition.

Develop Additional Revenue Streams

Develop Additional Revenue Streams

With the evolution of the online food sector, there are opportunities to sell portion sized fish to time poor customers outside the region, particularly in capital cities. These could be carefully branded to promote the seafood’s source from the pristine and renowned waters of Nelson Bay.

Not only would this provide an additional revenue stream for the business but also increase brand recognition of Fishermen’s Wharf Seafoods around Australia.

In turn this should increase visits to the area – particularly to Bub’s takeaway.

Overseas export opportunities are endless. In 2016 the aquaculture market grew 12% to $2.8 billion. The new owners could upgrade the current facilities to export certification standard and obtain an export licence. With this would come the opportunity to export to Vietnam, Hong Kong, Japan, China and Singapore where there is high demand for Australian seafood.

The Port Stephens region is renowned for its tuna species which include Yellowfin, Bigeye, Southern Bluefin, Albacore and East Coast Tuna. Australia has an internationally renowned reputation as a supplier of safe, environmentally sustainable, high-quality seafood.

Capitalise on Brand Value

Capitalise on Brand Value

Bub’s has a reputation that extends far beyond Nelson Bay. They are seriously famous for their fresh and delicious fish and chips on the water. Bub’s has a website – www.bubsfish.com.au – Facebook and Instagram accounts.

Social media marketing has not been a focus and this shows with only 400 Instagram and 800 Facebook followers. Expanding Bub’s social media presence and digital marketing activities such as Google remarketing and Search Engine Optimisation would further capitalise on the existing brand value.

The new owners may consider sponsorships of local sporting teams. Again this creates positive associations of the brand within the local community.