Income $60,000 $300,000
The ranges of income for the first year will depend upon how many bins you decide to start with. Worms can be harvested year round, so you will be able to create a stable income the first year.
It is possible to care for as many as 100 worm bins without any assistance. The average earnings you can expect will be around $100,000 per year.
This particular farming concept will take less time than most. First of all you need to either purchase or make your own work bins. Next add bedding to hold moisture. Red worms are thought to be the most satisfactory of all the worms. The ratio is about one pound of worms in a pound of kitchen table waste and anything organic.
Your clients will consist of tackle shops, boat docks and stores that sell fishing gear. If you are able to manage it, this is one business where selling directly to the public will provide a much higher return than relying solely on a wholesale business. You might want to set up a stand near popular fishing locations, or approach local produce stands and have them add the worms to their stock.
Your marketing plan should be very direct. Talk with the fresh fish markets and restaurants personally in order to set up a delivery route, which will include produce stands that don’t already have local resources for worms. Approach local retail locations first and then work your way up to the larger retail chain stores, as your production reaches a stable yield.
Your Power Partners will consist of those who has the same distribution points as you do. They should include any other bait producers, tackle manufacturers, commercial fishing outfits, and others related to the sport of fishing. The conversations with these Power Partners should indicate your willingness to include them in your referrals as you become aware of clients that need their services. It is important you meet with these Power Partners in person the first time. You’ll want to keep in touch with them weekly by email or by a phone and make sure that you keep discovering reasons.
This business has been very well documented, so it should be easier to start your business from scratch and do well. The amount of land you will require will depend upon how large a farm you would like to start with. You may either lease or purchase the land, but you need only as little as 3 acres to yield an average of $60,000 per year.
Here are a number of resources which I have come across: http://www.magicworms.com/http://home.alphalink.com.au/~salo/rivers/page34.html http://www.newfarm.org/features/0903/worms/index.shtml
Personality Type: Analytical, Amiable
Total Start Up Costs: Less than $5,000(includes business cards, tools, a phone, worms, land and marketing)