Jdeee Posted August 3, 2014 Report Share Posted August 3, 2014 EXACTLY Quote Link to comment Share on other sites More sharing options...
RayburnGuy Posted August 3, 2014 Report Share Posted August 3, 2014 I've been following this thread and one thing that really hasn't been covered extensively is how tough you are. When everything is running smoothly, and the money is coming in on time, things are easy and seem to rock along without much effort. When paychecks and materials don't come in on time and it seems as if everything you touch turns to crap in a basket that's when you find out how tough you are. I have yet to hear of a business that hasn't had to struggle with setbacks of some kind from time to time. Your suppliers really don't care if your truck broke down or if you've had the flu or whatever. Same thing with your customers. Your suppliers want their money and your customers want product on the shelf. A lot of being in business for yourself is what kind of sacrifices your willing to make to be an independent business man. More than likely it's going to be hard to make ends meet the first several years and you'll have to put most, if not all, of your profits back into the business. That's of course if you make a profit the first year or so. Starting and running a business isn't easy, but it can be done. I would suggest taking some business courses and making a business plan. There's a lot more to running a successful business than just opening the doors and turning out product. If you decide to give it a go I wish you the best of luck. Ben Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted January 31, 2015 Author Report Share Posted January 31, 2015 Update here. I quit my job at Fleet Farm to pursue my lures . I have been selling lures on ebay and to anybody else that wants them. Its going pretty damn great right now. I am making a decent amount and am happy. I evwn have one on there thats up to $21.56... a ko. Few days left on them. Life is good! Quote Link to comment Share on other sites More sharing options...
IronBass Posted January 31, 2015 Report Share Posted January 31, 2015 What is the name of your company?? Quote Link to comment Share on other sites More sharing options...
Matt M Posted January 31, 2015 Report Share Posted January 31, 2015 Congrats Quote Link to comment Share on other sites More sharing options...
Seeking 56 Posted January 31, 2015 Report Share Posted January 31, 2015 Be careful what you wish for guys...You may soon discover that lure making may just be a creative release of energy. Don't ask me how I know. s56 Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted January 31, 2015 Author Report Share Posted January 31, 2015 Eric's Custom Crankbaits Quote Link to comment Share on other sites More sharing options...
bobv Posted January 31, 2015 Report Share Posted January 31, 2015 Don't quit your day job! 1 Quote Link to comment Share on other sites More sharing options...
Venutian_Lures Posted January 31, 2015 Report Share Posted January 31, 2015 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. Bubonic Customs paints blanks for a living and has only been doing it for maybe 5 ish years? I don't know what his secret is but feel free to ask him and he has since QUIT his day job I basically agree with everyone else though, my start up costs just on the HOBBY level were well over $2,000 for all the materials just to paint blanks, not including the jigs I decided to get into and everything else. Even selling 30+ lures a month I'm not truly making a profit because I end up dumping 90% of that money back into supplies. 1 Quote Link to comment Share on other sites More sharing options...
ravenlures Posted January 31, 2015 Report Share Posted January 31, 2015 I must say I have to give a little more thought, I am about to send out to 50 shops some advertising I have one that is reordering from me now, I think I will just start with hopeing to get 5 to 10 more shops. I just can't get to far ahead of myself waiting for payment. My pockets are not that deep. I have a 5 year plan if it works my son and grandson can have it. As far as the youngster wanting to start a business go to the library and read about starting up a business. Talk to anyone that will lsten and ask questions, start slow and remember that when you are making a lure you are not fishing. What do you want to do, good luck. Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted January 31, 2015 Author Report Share Posted January 31, 2015 I dont know if I am going to purse it as a career yet. If you read the older posts I am 16 so all I need to pay for now if the cell phone bill and gas. My lures seem to be pretty popular on ebay. I am working on a big order of 19 baits right now. Everybody at my old job thought I was going to be broke... i am not making as much as I was but I am a lot happier. I am like 10000% sure making a living can be done and I honestly think everybody is just over thinking it. I will use Mepps spinners as an example. I only live 2 hours away from their hq and I took a tour if the place. All it is is alot of people making alot of lures. I might be way off but thats all we gotta do right? I understand theres costs in having a buisness but Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted January 31, 2015 Author Report Share Posted January 31, 2015 Theres costs in every buisness. I think it takes more guts then anything. If you have the guts to dive into it and devote yourself to it can be done. 1 Quote Link to comment Share on other sites More sharing options...
Travis Posted January 31, 2015 Report Share Posted January 31, 2015 (edited) Yes there are guys that make a living at it but many that don't qualify in my book as making a living. I am all for everyone to make a go at it if they desire but you have to be honest with the numbers and so many aren't or their way of living would leave me very uncomfortable with my life situation. Bottom line for those in a situation of a permanent job, take whatever your job is now and you have to make the same if we just take by default that is making a living. My making a living now is also paying for my "living" after I am done working. I can't tell you how many "retired" people I come across that based retirement purely off an age and had nothing to do with being debt free and a savings. As he pointed out he is a kid... he isn't making a living. Someone else associated with him is making a living however. He thinks people are over thinking it because he doesn't think or comprehend the true magnitude of everything else at this point. Very understandable and perfectly OK as he is a kid problem is many don't every learn and go into adulthood with the same perspective. There are things such as insurance (home, vehicle, property, life, etc..) 401k (company match potentially and reduction of taxable income), feeding a family, paying for childcare, buying clothes, vehicles, electronics, paying utilities, property taxes, house payment, oh as many know the list goes on. As long as these things are taken into account when one starts to talk about making a living doing something all is good. Anyone looking at I make x dollars when I sell a lure and doesn't take into account all that has to be taken out of that dollar and the time they spent to make that dollar is foolish. Edited January 31, 2015 by Travis Quote Link to comment Share on other sites More sharing options...
bass100 Posted January 31, 2015 Report Share Posted January 31, 2015 I say go for it. Those that go for it are better off in the long run with their decision making than those who have never gone after it. If you fail you will have a much better understanding of how to approach the next adventure. Just do your home work to the best of your ability and be realistic. 1 Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted January 31, 2015 Author Report Share Posted January 31, 2015 Travis ik theres things like that. Dispite that people do it. All it is is starting a buisness. If you know how to do it and people buy the product it can be done. My dad started a plumbing buisness from nothing and hes been going like 14 years strong. Quote Link to comment Share on other sites More sharing options...
Travis Posted January 31, 2015 Report Share Posted January 31, 2015 Travis ik theres things like that. Dispite that people do it. All it is is starting a buisness. If you know how to do it and people buy the product it can be done. My dad started a plumbing buisness from nothing and hes been going like 14 years strong. I agree it can be done and yes people that don't take anything into account make it and people that are honestly complete idiots make it. Just as people that come up with business plans, market analysis, etc.. fail everyday. Like I said people should go for it if they want I just find many hobbyists make the jump to make a living and aren't exactly honest with their claims. Over the years many guys on sites like this, wood working sites, etc.. I frequent talk about making a living doing what they love. Some in fact are and great but the vast majority are not. I know too many guys that are always starting a new business. Reality they have nothing to show for it but felt very important for many years. I know most of the discussion in pointless on this matter as you have two camps. Some that look at as a true business and what it needs to be to meet their families needs and then others that essentially it is the flavor of the day. My dad used to point it with his buddies. They would run a guide service for so many years, then start a decking company for so many years, then they would be opening this or that, etc.. Next thing you know my Dad and others are retired (stupid for working for the man) and start up business guy are still starting businesses 10 years later and have no retirement, own nothing, etc.. but are living that lifestyle. I hope it works out for you as it can definitely work and heck would say at your age nothing really to lose. I would be too afraid to do anything similar as I have 4 others dependent upon me. Me not making what I make now at the hours I spend doing it would mean less time with my kids and wife and them living a very different lifestyle. Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted January 31, 2015 Author Report Share Posted January 31, 2015 I gotcha now Quote Link to comment Share on other sites More sharing options...
smallmouthaholic Posted January 31, 2015 Report Share Posted January 31, 2015 . My dad started a plumbing buisness from nothing and hes been going like 14 years strong. A plumbing business and making custom crank-baits for a living is as different as apples and oranges.A Master Plumber is a respected tradesman.A small lure manufacturing business is good for those nearing or in retirement that have a good business mind and experience.Get a good education and then become established in your career.After you have a nice retirement portfolio built up and are nearing the age of 55,start looking into your lure mfg. as a hobby/business.A sole proprietorship ( w/o employees) works as long as you are healthy and have above average initiative . Quote Link to comment Share on other sites More sharing options...
bobv Posted January 31, 2015 Report Share Posted January 31, 2015 A plumbing business and making custom crank-baits for a living is as different as apples and oranges.A Master Plumber is a respected tradesman.A small lure manufacturing business is good for those nearing or in retirement that have a good business mind and experience.Get a good education and then become established in your career.After you have a nice retirement portfolio built up and are nearing the age of 55,start looking into your lure mfg. as a hobby/business.A sole proprietorship ( w/o employees) works as long as you are healthy and have above average initiative . Excellent advice my friend............... Quote Link to comment Share on other sites More sharing options...
CustomBaits4You Posted January 31, 2015 Author Report Share Posted January 31, 2015 I dont plan on making all my money on it when I am an adult but I think I will always make and sell them. It feels pretty good when people tell you how much they love your baits. Quote Link to comment Share on other sites More sharing options...
smallmouthaholic Posted February 1, 2015 Report Share Posted February 1, 2015 It feels pretty good when people tell you how much they love your baits. I don't mean to rain on your parade but I hear the same praise all the time but- 1- I still invest $ into the business after11 years of heavy financial commitment 2- Countless hrs. go into my website / videos and of course $ 3- I work 40+ hrs weekly and that will soon become 50-60 hrs- The rivers and lakes here are frozen but early orders keep coming in) 12 hr days will be the norm soon 4- I have to push myself on bad days to keep producing- if I stop ,the business stops Could I support myself w/ the profit ?- NOT A CHANCE! Retirement portfolio and Social Security does that.The business provides me with some extra income to spend on my fresh water fishing adventures.You're young and easily mislead by all the dock talk,hot-air and the gimme crowd w/their hands open and no $ for you.. What ever path you choose, do not ever put your product in a store on consignment. I get plenty of e-mails every spring and some throughout the year from fishermen asking for sponsorship/pro-staff positions. They all start out by saying"I love your Baits"--some even have the nerve to say " I'll make you famous". I ask them all one simple question- " If you love my baits so much why isn't your name on my customer data base ?". The gimme crowd never sleeps and there is a new group of them every year! This is one cutthroat business where aggravation,B.S.,backstabbing and price gouging runs rampant- plus the "under the table crowd". I sincerely wish you good luck ! You're welcome to call me via telephone if you'd like more info on operating a legitimate,small-custom tackle MFG business. Quote Link to comment Share on other sites More sharing options...
mark poulson Posted February 1, 2015 Report Share Posted February 1, 2015 Update here. I quit my job at Fleet Farm to pursue my lures . I have been selling lures on ebay and to anybody else that wants them. Its going pretty damn great right now. I am making a decent amount and am happy. I evwn have one on there thats up to $21.56... a ko. Few days left on them. Life is good! Sounds great! Good luck! Quote Link to comment Share on other sites More sharing options...
Fishhead15 Posted February 2, 2015 Report Share Posted February 2, 2015 (edited) ok, so this is an interesting conversation, and I am way late to jump in...but, this has brought up several questions for me.. start off by saying I am not looking to make a living. I would like to think I can make enough to supplement my day job income. I have been selling custom painted lures and doing some repaints. I had about $1200 in sales through 8 months of last year...it mostly all went right back into buying materials....I saw something about excise tax and have a few questions: 1 - do I need to register my "business" with the federal gov't? I did register with the state of CA for a resellers permit, and while I did not buy any of my materials at wholesale, I did pay state tax on sales in CA. (most of my sales were out of state) I do not have a website, but have been selling through facebook, instagram, and have most all of my transactions through paypal 2 - does the excise tax apply to me as somebody who buys components and puts them together, including custom paint, for sale? Isnt the excise tax already paid by the hook manufacturer, the blank manufacturer, etc? I want to keep it on the up and up and seeing as I registered for my reseller permit, I am kinda on the radar... thanks Eric Edited February 2, 2015 by Fishhead15 Quote Link to comment Share on other sites More sharing options...
saltshaker Posted February 2, 2015 Report Share Posted February 2, 2015 I've been on a break from Ebay since back in late summer, so, I haven't been keeping up with the goings-on over there. Well, the past couple days I've been getting phone calls, texts and emails about how someone has (apparently) stolen my Ebay identity. I logged in last night and, I must say, I was a bit shocked at what I found. This had not only been using the identical patterns that I've used for years....he had also adopted my pattern names and copied my auction title and item description....almost to the letter. Now, the pattern stuff is no biggie. I don't care who uses those patterns. It's not like they're mine. The rest of the stuff did kinda piss me off, tho.....I ain't gonna lie. If this dude ever does start a company that designs and builds fishing lures....I wouldn't be a bit surprised if it turns out to be someone else's designs. I'm done. Quote Link to comment Share on other sites More sharing options...
smallmouthaholic Posted February 2, 2015 Report Share Posted February 2, 2015 ok, so this is an interesting conversation, and I am way late to jump in...but, this has brought up several questions for me.. start off by saying I am not looking to make a living. I would like to think I can make enough to supplement my day job income. I have been selling custom painted lures and doing some repaints. I had about $1200 in sales through 8 months of last year...it mostly all went right back into buying materials....I saw something about excise tax and have a few questions: 1 - do I need to register my "business" with the federal gov't? I did register with the state of CA for a resellers permit, and while I did not buy any of my materials at wholesale, I did pay state tax on sales in CA. (most of my sales were out of state) I do not have a website, but have been selling through facebook, instagram, and have most all of my transactions through paypal 2 - does the excise tax apply to me as somebody who buys components and puts them together, including custom paint, for sale? Isnt the excise tax already paid by the hook manufacturer, the blank manufacturer, etc? I want to keep it on the up and up and seeing as I registered for my reseller permit, I am kinda on the radar... thanks Eric You are selling sport fishing tackle. 1-You will need an E.I.N. number from the government( federal identification number) 2-You will need to file and pay the quarterly -10% excise tax on gross sales If you get caught ,the penalties and interest are not pleasant.The I.R. S. will and does investigate small tackle manufacturers and sellers.. You stated you're on Facebook/Instagram so you are already on their radar screen Thank you for wanting to do business properly and pay your taxes. That said, the net profit will really hit home after you legally operate your business and pay your necessary taxes. Do it right and sleep @ night Quote Link to comment Share on other sites More sharing options...
