Business And Marketing 101 I Need Help!

[milrtyme24]

Ok I know some of you might be reluctant to give a guy some info about business and marketing of a small lure company that I plan to start " one day ". I know some of you rely on making baits as your only source of income and I would also be reluctant to give out any info to. But someway or somehow the people on this site are different, most of you guys that I have given me previous advice I really do appreciate it. Now with that being said, you guys who do this for a living, fear not. I'm a one person guy working out of his garage that only wants to make enough money to pay for my hobby to get the wife off my back, I know you guys warned me about this, haha. So I'm asking how do you get a product from my garage to the customers if your baits are brand has never been heard of. Now I've not starting selling yet but I've been researching. I've only been at the very addicting hobby that I want to turn into a very small business for about 4 months. With the help of the people on TU I have made a lot of progress as far as bait making goes but I'm kinda a perfectionist but in no way are my baits perfect, I'm just saying i work hard at small details and I'm getting better with your help so far. My short term goal is to offer around 6 or 7 different style baits in many color availability options on my on web site. I've already invested around 4 grand in 4 months getting molds, injectors, plastic, paint, and the overall learning process of making baits. My goal is to stay busy and make high quality baits that fisherman catch fish on while paying for my hobby/business and keeping the wife off my back, she will say " Well when are you going to start selling some of this stuff, I can't even get my car in the garage anymore " lol. I try to explain that there's a lot to learn and I just can't up and start selling baits in 4 months, it might take a year or more, stall tatic-didn't work, haha. So I have researched business, I have a 2 year business degree but that was 20 years ago and I never used it because I've been a locomotive engineer for 21 years. So with all that being said, can anyone point me in the right direction? I have researched books on amazon about small business and marketing but all seem to target larger companies with employees, I'm looking for info on a one to two person type business and especially how to sell these baits I've got all over the garage. No being serious for a moment really you guys who do this for a living I'm not trying to cut in on your piece of the pie which it might seem that way because I know a dollar is a dollar in business and I very much understand if I don't get any replies. I know there is a thing called the Internet and eBay and retail stores but I don't know where exactly to start. Sorry to make this so long but I've just not found the right book or info for a guy working out of his garage trying to get a product (plastic baits) to sell. I want to cover all the basics before jumping in and getting a tax I'd number and all that stuff then not being able to sell, does that make sense? I know most of you guys who do sell probably just did it and took the leap and were either successful or failed. I need some Info ( book titles or anything to help point me in the right direction. So for all you TU members that sell or you don't sell or you sell a little, I give a big thanks for any help.

[SHK]

for starters, you will need to have the baits you want to offer, figure out your costs per bait for each bait, then how you are going to package them (how many per bag, what size bags will you need to cary? etc) then work on your packaging (logos, labels etc) remember, the more professional you can make your packaging look the easier it will be to sell to retailers. Figure out your price structure (Cost-wholesale-retail pricing) this is where it is very easy to cut yourself short. after you have figured it all out and you reach a point where you think you are competitive you can start hitting the pavement and pitching to some local tackle shops. Also start advertising on some local websites, give aways etc. and just branch out from there.

[smallmouthaholic]

On a small business level-

1- Don't quit your day job!

2- Small tackle stores want a 40% discount minimum-stay away from the consignment trap

3-As a manufacturer,you're responsible for filling quarterly form #720 (excise tax) 10% of gross sales-trying to fly under the radar screen on this one may result in a visit from the I.R.S. and possible penalties and interest.They want their quarterly excise tax for sure!

4-How do you wish to be paid/?- credit cards or pay pal-either will cost you 4+ % as a level 4 merchant

5- You'll need to be PCI-DDS certified to process credit cards on your own website

6--Creating your own line of unique and productive,multi-cavity CNC injection molds is very expensive

7-- Be prepared to give out plenty of samples to the gimme crowd w/hopefully a small return.

8-- Allow 5 years to become established

9-- Developing an internet website/catalog can be costly using an outside web designer

Good luck!

Edited September 5, 2011 by smallmouthaholic

[JSC]

Check out a lot of the old posts that have been made on this subject.

I think you will find that it it is all covered.

Good Luck

JSC

[Maddoglures]

Getting started in a small plastics business, for Bass Fishing? WOW!

This is a big deal, I hope you have the business sense that you are going to need just to get started.

We have fished for 50 plus years and have made our own tackle most of the time. started making our own lead sinkers then went on to bass jigs and now plastics.

With that being said, the short story is start off on Ebay. Gets you world wide exposure, tells you what price fishiermen are wanting to pay for your product.

Write up articles about your products and your ability to catch fish on them.

Give out lots of samples to tournament anglers, this will tell you what fishermen want to use.

Now if you are not willing to take a leap in faith, and invest in your own custom molds? You will be just trying to compete with everyone else using the same molds.

Get yourself right with the Federal & Local Tax Laws and Business Licenses.

Do not try and use the cheapest plastics on the market. Try to set your products apart from the rest. Be very proud of your components, in colors made and your custom creature baits.

Write articles telling about the unique qualities of your products. Go to all the tackle shops in your state, give out samples to be passed out.

Be willing to accept failure, when you have given the public a fair chance to use and see your products. Now this might take years. Just ask yourself these key questions.

How much will I invest? If you are trying to get in cheap? Do not even start. How many different products are you thinking about, Plastics, Jigs, Spinnerbaits, Hooks, Swimbaits,

Wish you all the best of luck, we made it work trying to give fishermen the highest quality products.

[milrtyme24]

Getting started in a small plastics business, for Bass Fishing? WOW!

This is a big deal, I hope you have the business sense that you are going to need just to get started.

We have fished for 50 plus years and have made our own tackle most of the time. started making our own lead sinkers then went on to bass jigs and now plastics.

With that being said, the short story is start off on Ebay. Gets you world wide exposure, tells you what price fishiermen are wanting to pay for your product.

Write up articles about your products and your ability to catch fish on them.

Give out lots of samples to tournament anglers, this will tell you what fishermen want to use.

Now if you are not willing to take a leap in faith, and invest in your own custom molds? You will be just trying to compete with everyone else using the same molds.

Get yourself right with the Federal & Local Tax Laws and Business Licenses.

Do not try and use the cheapest plastics on the market. Try to set your products apart from the rest. Be very proud of your components, in colors made and your custom creature baits.

Write articles telling about the unique qualities of your products. Go to all the tackle shops in your state, give out samples to be passed out.

Be willing to accept failure, when you have given the public a fair chance to use and see your products. Now this might take years. Just ask yourself these key questions.

How much will I invest? If you are trying to get in cheap? Do not even start. How many different products are you thinking about, Plastics, Jigs, Spinnerbaits, Hooks, Swimbaits,

Wish you all the best of luck, we made it work trying to give fishermen the highest quality products.

Thanks for all the info guys. The members on here who do this for a living Im finding out must have a small profit margin to work with therefore Its very important to get the best quality components at the cheapest price, I respect you guys for doing this. Im still learning, Im not going to give up on this and Im going to give it a try but I realize Im far from ready, maybe farther than I thought. I looked at your site maddog and I love your spinnerbaits and jigs. Are you going to offer the 1/2 ounce in a willow/colorado combo. I think I jumped into without a business plan and Im getting off on the wrong foot. But I will hang with it. There is more to learn and right now Im a one man operation, thinking about bringing in my brother-in-law who is the lead expert but this is way more than I originally thought. Just a quick note of other interest, I was looking on ebay and came across a baitcaster at $675, I thought who would pay that for a reel. It was made by megabass. i went to thier homepage and they actually sell some for 2 grand. Somebody must be making some serious money and it aint me. It would be nice to be like I think the guys name is Yuki Ito. I guess he is an engineer by trade, but I think Ill stick to plastics and maybe some spinnerbaits and jigs but again thanks and I wish you guys the best.