Observations I've made over the years:
1) Shipping costs have soared stressing the profit threshold, either charge more or eat profit in an effort to stay competitive. I used a 3% increase rule starting every January, it wasn't enough but it did ease some of the overall profit loss.
2) One of the mistakes I made was not weighing out the savings I would have by purchasing plastic in bulk. Had I done this sooner I would've doubled my profit over the long term.
3) Limiting waste, by this I mean I calculated out as near to the ounce I required for each pour based on cavity count. I was set on only using fresh plastic for my baits because of this it was much simpler to be consistent with the colors.
4) Building a new business and continuing it's growth are two different issues. I observed how certain company's were growing or not in most cases it was obvious why in either. I got caught up in the biggest trap for a period of time and had to make the decision to step back or I wasn't going to last much longer. The trap was the desire to have product in any retailer that wanted it which leads to all sorts of issues including the increase in time producing to meet demand. That might sound like a good problem to have, trust me it's not, between the mental and physical stress I almost had a nervous breakdown.
5) Good publicity isn't always good for a business: I give an example, it was my first year when I received a message from a major publication asking me to send some baits for an episode of their TV show. I was flattered at first then the reality of the opportunity hit me. I had one modified 5 cavity mold for that particular bait the allure of being on TV and a free add in their magazine would've caused a demand I could never fulfill. There was no way I could afford at the time to purchase and modify more molds to keep up. Good publicity would've turned into bad publicity because I would be known as the guy that couldn't supply. The moral of the story is just because it has potential that potential can't influence your decision making to the point it can bury you.