master_baiter Posted March 5, 2012 Report Share Posted March 5, 2012 hi i joined a while back and started making my own plastics, well i figured id get back on a catch up and start getting more interactive on here. but i have thought about selling some of my worms and such at local bait shops and at a local feed store. i figured id ask for some do's and dont's and some pointers of all the more experienced pourers out there. Quote Link to comment Share on other sites More sharing options...
MonteSS Posted March 5, 2012 Report Share Posted March 5, 2012 (edited) Figure if it is going to be a "legal" (pay taxes) company or "under the table". Figure your exact expences per pack. (plastic, color, glitter, scent, salt, bags, electricity. etc) What is retail and cost to shops. How long does it take to make a pack. Taking it from a hobby to a profitable business is not that easy. Unless you have large pots, multiple molds, and buy in bulk (55 gal drums of plastic) I found there is not much profit to be made. And if you figure in your time, you are working for peanuts. Lets say a pacck of 10 cost you $2.00 to make. Retail is $5.00. You sell to Tackle shop for $2.50. You make $.50 per pack. You can make 10 packs per hour. You just made $5.00 per hour. As far as I know, that is below minimum wage. This is my opinion after looking into it for myself. Others who have done it will certainly have more experience and different opinions. Edited March 5, 2012 by MonteSS Quote Link to comment Share on other sites More sharing options...
Driftwood Posted March 10, 2012 Report Share Posted March 10, 2012 NEVER put products in the stores on a consignment basis, they have no reason to sell your product over one they have to purchase from a distibuter. Start with some local bass clubs to get your name out there. After enough people start asking for your product, it will be easier to get the stores to stock your product. Quote Link to comment Share on other sites More sharing options...
Slims Posted March 10, 2012 Report Share Posted March 10, 2012 Honestly, I would say just sell them on ebay. Thats what I recently decided for myself. If you enjoy pouring and using the baits, just sell enough on ebay to cover more plastic and new colors/additives. I look at it like this: I spent 22 dollars on plastic, and whatever else on color/glitter. Ive been shooting trout worms. With that much plastic I have made over 1200 worms. If I sell packs of 12 for 1.99 on ebay, I only have to sell 15-20 packs of worms to cover my initial investment. Thats less than 20% of the product. Now I can buy more plastic and shoot more trout worms, or use the money to buy different molds, and so on. Like was said earlier, unless you are willing to invest a couple grand to get a pretty large scale operation going, you probably wont make enough to quit your day job. Ive actually been giving away packs to people at the local lakes if they ask my what Im jigging with when Im catching. I post pictures on locally known socal message boards, and people are always interested in trying new hand poured products. It will get your name out there. Also, you wont have to pay taxes or secure a bar code or any of that other nonsense. Just my 2 cents on the matter. Quote Link to comment Share on other sites More sharing options...
Frank Posted March 11, 2012 Report Share Posted March 11, 2012 Also, you wont have to pay taxes or secure a bar code or any of that other nonsense. Just my 2 cents on the matter. Some would think that the tax is not owed but there is a record of the sale on ebay and the tax is owed and can be collected from the goverment at any time. Dont think at anytime that the 10% excise tax will be dismissed. When they put a lean on your house or your next tax return. Funny thing is they always think there is more owed and it is your job to prove the anout is not as high as they think. Had a friend that this happened to, from an article in a news paper. Kind of like this public forum where some people actually admit they sell and dont pay the tax. Frank Quote Link to comment Share on other sites More sharing options...
Bobby Saffel Posted March 30, 2012 Report Share Posted March 30, 2012 I have a question, if I get a mold from del or basstackle or where ever for that matter, and the company that sells the mold calls it one thing and I make the baits and call it another and sell it to a bait shop, did I break any laws? Quote Link to comment Share on other sites More sharing options...
JSC Posted March 30, 2012 Report Share Posted March 30, 2012 I have a question, if I get a mold from del or basstackle or where ever for that matter, and the company that sells the mold calls it one thing and I make the baits and call it another and sell it to a bait shop, did I break any laws? NO Quote Link to comment Share on other sites More sharing options...
smallmouthaholic Posted April 1, 2012 Report Share Posted April 1, 2012 Some would think that the tax is not owed but there is a record of the sale on ebay and the tax is owed and can be collected from the goverment at any time. Dont think at anytime that the 10% excise tax will be dismissed. When they put a lean on your house or your next tax return. Funny thing is they always think there is more owed and it is your job to prove the anout is not as high as they think. Had a friend that this happened to, from an article in a news paper. Kind of like this public forum where some people actually admit they sell and dont pay the tax. Frank Funny you shou;d mention that Frank. Two weeks ago i had the need to call the I.R.S. agent who signed my form #637-6 years ago. We got into a discussion about "under the table " tackle manufacturers. I was told no matter how small they are they will be checked-out over time. I was also asked if I had any names for them to investigate.There are many ways the cash boys can get nailred for sure Big brother wants his excise tax .. 10% on gross sales is cheaper then 10% plus penalties and interest. Quote Link to comment Share on other sites More sharing options...
