Business Elements
Click on the boxes below to learn more about elements of a business that may need to be modified when starting/expanding alternative marketing.
- Business Planning
Business Planning Resources
Business Planning Tips
Seafood Direct Marketing Manual, 6th Edition. Chapter 2. AK, WA, OR, & CA Sea Grant.Seafood Direct Marketing Manual, 6th Edition. Appendix I. AK, WA, OR, & CA Sea Grant.
AgPlan
University of MN. A free online resource specifically designed to help farmers, ranchers, fishermen, and small businesses write sound business plans.Business Plan for a Startup Business Template
SCORE.Create Your Business Plan
US Small Business Administration (SBA).Alaska Sea Grant. Financial and business tools for Alaska commercial seafood harvesters.
Financial Planning Resources
Calculating profitability for a direct marketing operation.
AK Sea Grant.Determining marketing costs and returns in alternative marketing channels.
Renewable Agriculture and Food Systems.Fishing Business Spreadsheets.
FishBiz. AK Sea Grant.Tracking Your Money: A Quick Guide for Alaska’s Skiff Fisherman and Catcher-Seller.
AK Sea Grant.- Business Structure
The way a business is structured has implications for taxes, personal liability, and flexibility of ownership. Changing or adding an alternative market to a fishing business may affect these components of a business. As such, the business structure may need to be modified, with these among the general types:
- Sole proprietorship
- Limited liability company
- Cooperative
- S corporation
- Partnership
See Resources below for definitions of and further information about each type as well as state-specific variations.
Contact
A tax accountant or attorney can help to determine the most appropriate business structure for a given fishing business.
Resources
Business Structures.
US Internal Revenue Service (IRS)Business Structure: Which Works best for You?
SCORE Association.Choose Your Business Structure.
US Small Business Administration (SBA).West Coast State-Specific
Selecting a Business Structure.
California Tax Service Center.Select Your Business Name and Structure.
Oregon Secretary of State.Creating a Business Structure.
Washington State Licensing Service.Washington Business and Organization Structure Considerations.
Washington State. Tables comparing types of business structures.- Business Taxes
Changing or adding an alternative market to a fishing business may have tax implications. For example, if employees are hired, the following federal and state tax responsibilities may change:
Federal
- Income tax
- Self-employment tax
- Taxes for employers
- Excise taxes
State
- Income tax
- Employment tax
Contact
A tax accountant or attorney can help determine the tax implications of developing seafood alternative markets.
Resources
Determine Your State Tax Obligations.
US Small Business Administration (SBA).Filing & Paying Taxes.
US Small Business Administration (SBA).Small Business and Self-Employed Tax Center.
US Internal Revenue Service (IRS).West Coast State-Specific
Taxes for Your Business (California).
California Tax Service Center.Oregon Express: Taxes.
Oregon Office of the Secreatary of State. Business Xpress.Business and Occupation Taxes (Washington).
Washington Department of Revenue.- Insurance
To protect one’s business and oneself against risks associated with seafood alternative marketing, fishermen may need and/or benefit from additional insurance coverage such as:
- Product liability: For risks associated with selling defective products that can cause injury to consumers (e.g., spoilage, food poisoning, allergic reaction).
- Product transportation (cargo): For risks associated with moving product to stores and customers.
- Premises liability: For risks of injury to customers at your market, on your vessel or at the docks.
- Property insurance: For damage to physical property.
- Workman’s compensation: For on-the-job injuries.
Contact
A qualified insurance agent – preferably one with experience with food businesses including fishing, farming and aquaculture – can help determine whether new alternative marketing efforts are covered under one’s current policy and whether additional insurance may be needed or worthwhile.
Resources
Buying Insurance: Five Tips for Buying Business Insurance.
US Small Business Administration. A tool to determine what types of insurance are best for your business, and how to secure coverage to provide adequate protection and minimize risks.Insurance Resources.
US Small Business Administration. Links to websites that provide guidance for purchasing business insurance and include "InsureU for small business" and "Information about insurance companies."