Let me see I make a great living doing this. Yes until the end of the year and we figure out all the taxes including 10% Excise tax on anything you make and sell for fishing. Yes that is 10% to the Government for excise tax. Now you can just say I did not know about that tax. You may go 3 to 5 years but they will bust you. Then its the 10% + interest and fines. That runs into big bucks of you sold many at all.
So to figure your price start out knowing what you have in it with making the bait, PLus hardware to rig the bait, Painting,Packaging, Promoting and overhead Without knowing each step and what you have in your baits its hard for someone else to price yours.
Good luck and hope your the next big hit and sell them faster then you can make it. But don't plan on this being your only means of income. If so enjoy the ramen noodle meals and water.
We own 7 injection molds and lots of products out of those. Plus a spin-casting machine and still its just a tax write off for our real jobs.
Pete