CustomBaits4You Posted July 18, 2014 Report Share Posted July 18, 2014 I have been recently making wooden crankbaits and I discovered a new design on accident and its a fish magnet! I want to make a company that sells wooden crankbaits, spinnerbaits, jigs, and maybe buzzbaits. Is this realistic if I can come up with an efficient way to produce them? Do you make a living on a lure business? Thanks Quote Link to comment Share on other sites More sharing options...
Salty's Posted July 18, 2014 Report Share Posted July 18, 2014 title...hahahahahahahahahahahahaha ahhh ok lemme compose myself LOL I spit my coffee on my monitor First lemme just say after 13 years of "making a living" in this business there is nothing new. People told me this back then and it holds true today. It's all been done before. Ok, if you think you are going to "make a living" in this business, figure out what your going to invest in the first year or so and then go down to the corner store and buy scratch tickets with it all. Cuz it ain't what you think it is. First you will pay self employment taxes etc that are so high it's ridiculous, then there is the FET and everything else you need. Add liability insurance, and monthly overhead....faaaggettaboutit. I can show you wholesale catalogs and pricelists from 50 years ago that have higher prices than what stuff sells for today. Meanwhile the cost of living/raw materials continues to climb, and fishing lures don't appreciate at the same level. Hence my comment abt buying scratch tickets. You would be better off LOL You will compete against hundreds and thousands of black market businesses who couldn't care less abt taking money out of your pocket or what their "business" does to anyone else. Fishing tackle is a money LOSING business. You will put more into it than what you will get out of it. Trust me when I say this. I'm sure others will echo most if not all of these comments. If you don't believe me then make the investment give it 5 years and come buy me a beer and tell me your success story. 1 Quote Link to comment Share on other sites More sharing options...
woodieb8 Posted July 18, 2014 Report Share Posted July 18, 2014 start your business with 2 million. quit at 1 million. you will be a millionaire. lol. in reality it was said in the above post. ive been in the biz 30 years.,my fine china is paper plates and solo cups. 1 Quote Link to comment Share on other sites More sharing options...
HAWGFAN Posted July 18, 2014 Report Share Posted July 18, 2014 I've never looked into at the level you are, but I do sell a few baits as a hobby. I can tell you that making a living at it would be very difficult, for all the reasons Salty mentioned. Possibly the most important being, it's all been done before. There probably isn't a lot of patentable intellectual property left. I suspect that even if you do have some unique quirk to your bait, someone somewhere has done it before. If you did try to mass produce it, it would immediately get copied. Just look at the trends among major brands. One releases something a little different and the rest jump on board within a month or two. Then the next season smaller players go to market with their offering for half the price. Of course, I don't know the specifics of your idea, so I could be completely wrong. I certainly don't know a lot about the industry, nor do I claim to. I also suspect that the business looks more glamorous from afar that it actually is. After a while you may turn what you enjoy into just another job. I'd recommend staying small. You may develop a nice following that would be willing to pay a premium for your bait. If your desire is to make it big in the business, I wish you the best of luck. Everyone got their start somewhere. Who knows, you might be the next big thing. That's what this country was founded on. Quote Link to comment Share on other sites More sharing options...
mark poulson Posted July 18, 2014 Report Share Posted July 18, 2014 Building lures for a living takes the fun out of it. 1 Quote Link to comment Share on other sites More sharing options...
rhersh Posted July 18, 2014 Report Share Posted July 18, 2014 I have been recently making wooden crankbaits and I discovered a new design on accident and its a fish magnet! I want to make a company that sells wooden crankbaits, spinnerbaits, jigs, and maybe buzzbaits. Is this realistic if I can come up with an efficient way to produce them? Do you make a living on a lure business? Thanks If it is a true new design try taking it to one of the big company's to see if they would be interested or willing to pick it up. Save you the headache,s of all that goes with it. Either sell it to them or take royalty,s on it. Quote Link to comment Share on other sites More sharing options...
joetheplumber Posted July 18, 2014 Report Share Posted July 18, 2014 I can see it being very difficult to make a living just off of making lures. I just sell painted blanks and do repaints for folks and let me tell you it is a very cutthroat business. Not all the guys in the custom lure business are as friendly as the folks around here. Compound that with the huge chunk you'll be giving Uncle Sam and it makes it tough. I sell enough to make my truck payment each month but that's about as far as I want to take it.(very small payment LOL) I can't imagine trying to feed my wife and 2 kids from just painting/building lures. But who knows... you could be one of the few to make it big. If some people didn't strive to make their dreams come true there would be a lot more less than average Joe's in the world. Quote Link to comment Share on other sites More sharing options...
rhersh Posted July 18, 2014 Report Share Posted July 18, 2014 Lure Company---------Check out this post too. Has some more good info for you. Quote Link to comment Share on other sites More sharing options...
ravenlures Posted July 18, 2014 Report Share Posted July 18, 2014 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 Quote Link to comment Share on other sites More sharing options...
barrybait Posted July 18, 2014 Report Share Posted July 18, 2014 It's a fish magnet? I already want one. I'm with Mark in that I don't want to take the fun out of it by making it work. Good luck if you decide to go for it and I have one suggestion. If it really is a fish magnet, a game changer, then keep it to yourself and get out there and win some local tournaments, then some opens. That will get you some working capital and a following for when you let out your secret. If you're winning their money they will want plenty of them. Or, hey, I've got a tournament this weekend! Best of Luck! Quote Link to comment Share on other sites More sharing options...
GillGrabber Posted July 18, 2014 Report Share Posted July 18, 2014 I'm with rhersh that if you do have something unique, license it to a larger company and reap the royalties. Just protect yourself and don't let them steal your idea. Quote Link to comment Share on other sites More sharing options...
dlaery Posted July 18, 2014 Report Share Posted July 18, 2014 Is this realistic if I can come up with an efficient way to produce them? Do you make a living on a lure business? Yes, the key word is "efficient" and Yes i make a living, not a very good one and I am still having fun after 27 years. I make spinnerbaits, buzzbaits, jigs and spoons. Powder paint, spray paint and assemble. I don't have as much overhead as others do. I do this in my garage so I am not paying rent. Just remember on the "efficient way", I have taken out of my vocabulary the words, "it should work" Things never work the way I think they will, even on "sure things" IF you want to proceed, you need to figure out how much money you are willing to give away or invest. Do a business plan. Figure what is would cost to make products. If you think you have a good cost of production, then figure you will only be 80% efficient. And refer to Saltys advise on taxes. You will be doing good if you can get 1/2 of retail price when you sell to retailers, but that's a complicated subject. I'm at a crossroad, I need to get bigger or quit. In order to get bigger, I need to write a business plan and convince 3 people, me, the bank and my wife. the score is 2 out of 3, So that's what you need to do, write a business plan and convince 3 people. In order to make a living, you will need to rely on employees. They will not do it as efficient and as good as you. There are exceptions. My hurdles are rejects/waste, production time. One other thing, after you get the business, you need to be able to deliver on time. You have to have the lures in your customers store before the bass tournaments of fishing shows. But you will need to do hundreds of thousands a year, be sure and do the math and that will take several people and when you get several people you won't work anymore, you will be constantly managing them. You need to attract customers, not fish. Quote Link to comment Share on other sites More sharing options...
mark poulson Posted July 18, 2014 Report Share Posted July 18, 2014 I keep waiting for someone to post that they have made it as a small lure maker, and how they did it..... Seriously, the common thread in all these posts, from guys here on TU who've doing this a long time, seems to be "don't quit your day job". I don't think this is meant to discourage you, just to help you avoid having your heart broken, and your bank account drained. Quote Link to comment Share on other sites More sharing options...
BobP Posted July 18, 2014 Report Share Posted July 18, 2014 I come from a family of independent businessmen and can say for sure - having a great product is one thing; producing it, selling it at a profit, and making a living from it is a different thing. First you have to be a good businessman and then you have to be able to make a quality product in enough volume and on a schedule that will satisfy your customers. If you are weak in any area, you fail. Can it be done? Yes. But realistically, if you look at the number of small and large bait companies, the marketplace seems saturated and competition is fierce. If you want to build baits as a side business, that's more do-able and can serve as a stepping stone to bigger things if you find out that you want to move in that direction. Quote Link to comment Share on other sites More sharing options...
BobP Posted July 18, 2014 Report Share Posted July 18, 2014 Yeah Mark, I think the message to Rick is "It's hard but not impossible". With enough smarts, energy and hard work, you may be able to succeed. But it ain't no walk in the park. Quote Link to comment Share on other sites More sharing options...
woodieb8 Posted July 18, 2014 Report Share Posted July 18, 2014 in todays world lure shelve life is 3 years before your knocked off by offshore. I have been a painter for 30 years now, for companies. we also manu our own product lines. truly be prepared to never look at hourly wage. its a life cycle,.. .. being on the great lakes theres very few companies that live long,in the small arena.. the most important thing is be honest, prompt and a man of your word.. that will gain respect in the industry. Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted July 18, 2014 Author Report Share Posted July 18, 2014 Lol thanks for all the answers, I understand that it would be hard but I believe it's possible. I think keeping up with demand wouldn't be a hard part, it's actually people buying them. 1 Quote Link to comment Share on other sites More sharing options...
Salty's Posted July 19, 2014 Report Share Posted July 19, 2014 Here I'll make it easy for you. Gimme your address and I'll send you blank envelopes you can fill with cash. I will send you jokes with the envelopes...you'll laugh and be happier than the headaches you'll be facing otherwise 1 Quote Link to comment Share on other sites More sharing options...
Salty's Posted July 19, 2014 Report Share Posted July 19, 2014 Seriously there's alot of good answers here. Your not going to find it easy and your going to waste alot of money. Don't forget that address Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted July 19, 2014 Author Report Share Posted July 19, 2014 Thanks everybody, I didn't mention it but I'm only 16 so I have some time to prepare before I "go big" I am going to start by maybe trying to sell a few baits to tackle shops around my area just to get my name out there. A little different question now, how should I calculate my dealer price? Quote Link to comment Share on other sites More sharing options...
Salty's Posted July 19, 2014 Report Share Posted July 19, 2014 Thanks everybody, I didn't mention it but I'm only 16 so I have some time to prepare before I "go big" I am going to start by maybe trying to sell a few baits to tackle shops around my area just to get my name out there. A little different question now, how should I calculate my dealer price? And I've said it before and will say it again. This is the A#1 problem in this business and why people fail. Everyone thinks there's money to be made in this. Your 16 years old....Do everyone a favor please. Do it right. Get your tax number don't just think you can start selling to tackle shops without being on the same foot as others. You'll be out of business in 6 months once you realize how much work it is and people don't want to be guinea pigs to a 16 year old selling lures that doesn't have much experience. My advise? Save for college, Give the fishing lure stuff a few years. Get some research under your belt, talk to others who do it legit. Then decide if you want to do it. I'm sure your mum and dad will agree when they find out they are liable to uncle sam for taxes and penalties because you got caught with your finger in the cookie jar... Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted July 20, 2014 Author Report Share Posted July 20, 2014 I asked how to calculate a dealer price not how to plan my life.... Quote Link to comment Share on other sites More sharing options...
saltshaker Posted July 20, 2014 Report Share Posted July 20, 2014 "Decide how much you want to pay yourself." This shouldn't be too hard to figger. Anything left over (if any) after all deductions are met......is yours. This amount comes in two colors................red and black. 1 Quote Link to comment Share on other sites More sharing options...
rhersh Posted July 20, 2014 Report Share Posted July 20, 2014 A lot of successfully buissness men-women had a lot of failures before they made it successful. Good luck with your adventure, don't give up. Quote Link to comment Share on other sites More sharing options...
fishon-son Posted July 20, 2014 Report Share Posted July 20, 2014 go for it ..theres nobody on here that is going to tell you they made it and are doing great...if they tell you how they have done it or post it ..then everyone would go down that rode....and remember YOU are there competition and when you raking in the big bucks nobody like competition...... Quote Link to comment Share on other sites More sharing options...
