I also am trying to start up a lure business, I started 5 years ago when I retired and I also had the same thoughts as you, cranks, spinnerbaits etc. stick to one lure make it the best you can. If its good they will buy. Now you just have to promote it to a bunch of guys that have $100.00s of dollars in their tackel box and have only 5 lures that they go to, now if you can make one of the ones they go to then you got a winner. Start Small and keep it simple (KISS). I have done flea markets which I like but a losing deal, but I just like talking to the guys and get their input. Web site again (KISS). I would not worry about patents, unless you just won the lottery it takes money and stay away from those TV ads for patents they just want your money. If you think you have something good then just look in the catalogs and take a look at your competition they all look pretty dam good. All said don't give up on your dreams if you don't it will bug you all your life. Do get it out of you system and enjoy fishing. REMEMBER THIS "one does not know how close they were to success when they gave up" GOOD LUCK an the best to you and your venture.
WOW I don't belive I said all that.
Wayne