Advice For Small Business

[Big Jig Rangler]

Hey Everybody, I'm new to this site, I usually post on the BBC Boards. I'm really impressed with all the vast information on here, it's become really helpful for me. Currently I'm considering taking my hobby to a new level. I already do a lot customized paint schemes for people that want something more than what bass pro or other vendors offer. Fishing lures have always intrigued me and my dream since childhood has always been to become a lure manufacturer. Well now I'm thirty years old and I've decided to start pursuing this dream. I was recently contacted by a friend of mine whose brother bought a lure business from a man back in the 90's. It's scale consisted of several retailers along with a local wal mart. However, several years ago this man started having health issues and stopped the business all together. Unfortunately last year the man pasted away. His wife was left everything including all business and the equipment. Well I was asked yesterday if I would be interested in getting it from her. Well they didn't have to twist my arm much before I said yes. Right now I'm just waiting on price negotiating.If it all comes together I consider it a great blessing for me. Right now though i do have some questions about speeding up process, equipment I should look into buying and clear coats.

Right now I buy blanks or strip old lures then paint them. When it comes to scale masking what's a faster process? I've been told pad printing and if so where would I get the pad designs?

When it comes to clear coats I currently use either Devcon or MCU. Mainly only use devcon for greet applications. Is there a better way to do glitter then just devcon? And I want to find a more industrial type clear coat rather than MCU. What out there holds up better?

Finally equipment.....I want to speed up my process and still retain detail. I've thought about going to photo/foil applications because it does seem faster than painting but I'm open to suggestions. I'm also currently looking for thin holographic foil with an adhesive side(or without if I have no other option), , does anyone on here know of a retailer that I can buy that from?

Again I'm looking and hoping for any good, sound advice that anyone can give me. I'm gonna do my best to try to make the business work. I know a lot of big dreams have small beginnings and this is Hondas just take a lot of time and money to make happen. But God willing it's gonna happen. Thanks for any info.

[toadfrog]

I assume you know about all the taxes and legal crap you are going to have to deal with . Also before you jump in and start trying to kill snakes by speeding up the process it is wise to opperate as is and work out the bugs slowly . I was your age when I decided to go whole hog . I did not have TU to guide me then and I wasted a lot of time and money . There is a world of advice using the search . I'd start with taxes . It will take you days to read all this sage advice . Last but not least I hope you got deep pockets cause what your thinking with pad printing and all is EXPENSIVE !!!!!!!! Just my 2 cents Pard

[Matt M]

Start with an LLC or Corporation. It will help to protect your personal assets. Good luck in your endeavor.

[sonoman]

 IMO automotive clearcoat would speed your process up, also as far as glitter goes I  get house of color glitters and mix them with the clear coat and spray it on, very consistent and very durable...if you are doing it as a business though I'm sure there will be requirements on paint storage and obviously ventilation and personal protection. good luck.

[woodieb8]

after legalitys.

are your lures wood,plastic.rubber . foam.

that's one thing. painting processes are all different upon types of lures.. if your lucky enuff try to learn process from a builder that does it for a living.

hobby painting and manufacturinf process can differ greatly. cost...time and tweaking profit margins all factor in.

[Big Jig Rangler]

As far as taxes yes I'm going to do my research, but I also have an accountant that has his Ph.D. in tax law. As far as lures I'm looking start with balsa and eventually plastics when affordable. Also jigs, spinners and buzz baits, that is what I'm currently looking into. I possibly have a chance buying a business from a man but I'm expecting any thing. I thinking about actually building a duplicator instead of buying one since i do have tech program, electrical and fabrication experience. I know fully that it's gonna take time and money, what doesn't? I have a few thousand invested just in my customizing business so I'm expecting this venture to cost me ten times that at startup.

Edited October 11, 2013 by Big Jig Rangler

[Bester]

That's awesome! Way to follow your dream. Hoping for the best for you

[bassguy]

Good luck with your adventure, you can't move forward by sitting on your hands.

 

Jerry

[Uncle Jays Fishin Shack]

I can help you with the holographic foil. I get mine on ebay from paper street plastics. He is in NJ and ships fast and secure. He also has a large variety of colors to choose from. The first, third and fourth photos are lures I made with his material. The second photo here is just a roll of air conditioning tape. I hope this helps and good luck with the lure biz!

Edited October 15, 2013 by J. Griffing Lures

[Big Jig Rangler]

Thanks for the foil tip. I'll check his products out.

[fatfingers]

I would suggest you pick a market in which you can be competitive...that alone is an accomplishment when you consider that you are competing with companies that have incredibly cheap labor, established infrastructure for mass production and an established distribution chain.

If you are talking about making baits one at a time by yourself, you've got an uphill battle. If you are going to hire help in order to increase production, you've got an uphill battle. I'm not saying you can't win, but those are the facts.

Others mentioned taxes. Don't forget insurance either. Someone steps on a treble hook, and right or wrong, you may have a lawsuit to address.