drof99 Posted November 24, 2008 Report Share Posted November 24, 2008 I am looking for some insight from some of you that have your own bait business. I am wondering if you can make some decent money from the baits. Now I am not looking to know how much you make. Quite frankly its none of my business. I'm just wondering if its worth the time you put into it. I got started in this at a bad time of year for where I live. Most of the fishing has settled down now and the hunting is picking up. What have you done that gives you the most return, internet website, local sales, sponsoring someone? Most of you know I haven't poured alot but I really enjoy it. I don't think I could every use all the baits I pour, or that I want to anyway. I have gave away some samples to so close friends. I got them to send me pics of them with the bait and with fish they have caught. I told them I may someday use these to promote the baits and they were ok with that. I've had a bunch of "friends" also put in their orders for some free samples. At this point I have not filled any of those requests. I did a lot of reading here and just decided I couldn't afford to that. I have no problems giving away some to promote my baits but if I'm giving them away I sure won't be able to ever sell them. Most of you warned me about this being addictive, and I have found that it is. I'm trying to get the wife to let me buy a wooden shed for outside to turn into my workshop, I'll also have a few other uses but that's beside the point. Any suggestions you guys can give would further help me get ahead of the game. I'm not looking to start this today but wouldn't mind selling a few this Spring. I've only got several molds that I'm comfortable with right now. It hasn't taken too long but I've also followed the many suggestions here. The molds that I do have now I can regularly without defects. I've also order a large color kit and have greatly expanded the colors I pour. After Christmas I will be getting a few more molds to expand even more. Like I said, I'm not looking for you to open your wallet and so me what you've got stuffed in there. Just looking for suggestions. I've been doing a bunch of looking into the legal part and don't need much in that way. Just some ideas as to promoting the baits and things that I haven't even thought of. Sorry for such the lost post but you guys should have warned me this was so addictive.....Oh wait...you did! Quote Link to comment Share on other sites More sharing options...
Bountiful Waters Posted November 24, 2008 Report Share Posted November 24, 2008 I like your ambition. I do not want to get lengthy, but I will recommend a few things. Don't go overboard in the beginning. Buy a few molds and pay for them as you go. Be careful that a very enjoyable hobby does not become a tedious job. In the last 11 months, I have out app. 22,500 into my business and with sales, I am still about 7k in the red. I estimated 3 years before I was in the black and may reach it a little earlier. Have your own niche. I started out with a market plan based on how I like to fish and found out there are many other people that share my techniques. Good luck and please make sure that it always stays fun. Quote Link to comment Share on other sites More sharing options...
bhorlings Posted November 24, 2008 Report Share Posted November 24, 2008 Great poin bountiful waters. I am going through the same process right now. I bought up a bunch of molds that I did not even fish this year because of the way I fish. Long story short... in the beginning keep it simple. If you build it slowly it may take longer but the rewards will be greater because of the time invested and satisfaction gained from it. Make sure you have a stable process. I create a spreadsheet detailing my costs you would be amazed how much each bag actually costs. A year ago I too had the grand vision that you are experiencing. I now realize that in the near future I will not be quitting my day job to start my tackle business. Make it a profitable hobby and you will be happy... make it a job and it is just a job you have to do after your real job. Quote Link to comment Share on other sites More sharing options...
drof99 Posted November 24, 2008 Author Report Share Posted November 24, 2008 Great point about buying molds that you fish. I never really thought of it but all the molds I have now are things that I fish with regularly. The ones that I plan on buying in the near future are also ones that I plan on using personally. I like the idea of profitable hobby. That makes a lot of sense and something that I would like to follow. I don't plan on making this my full time career but would like the pouring to support itself and make a little money in the process. I do plan on paying cash for all the molds as I go. Any ideas on how to market the baits? Is it better to build up some stock and sell that or take orders? I also don't want to HAVE to pour everyday if I don't feel like doing it at that time. Thanks for the suggestions, hopefully they keep coming! Quote Link to comment Share on other sites More sharing options...
Bountiful Waters Posted November 24, 2008 Report Share Posted November 24, 2008 It will take you awhile to figure out how much inventory you should build based on daily, weekly, and monthly demand. I don't want to speak for everyone, but speaking for myself, I don't do it for the money. At the same time, I don't want to dump a large sum down the drain. In the process of building this small business, my greatest income has been meeting new and interesting people and developing friends. Please just make sure you enjoy yourself and if you make some extra money, that a bonus. I would put some of the guys on here against any developer from other large companies and being biased, I thing many of us on here are pretty unique. I welcome you to this passion. Quote Link to comment Share on other sites More sharing options...
rsinyard Posted November 24, 2008 Report Share Posted November 24, 2008 I have been making baits for almost 4 years now. I started off making jigs for myself but as you pointed out the numbers added up in a hurry vs. the number I was using. So, I signed up for an ebay account and started dumping excess there. In the last three months, I have started pouring my own plastics along with making jigs. Long story short. I just enjoy making a few baits and being around guys like here on TU and my customers. And if I can make an extra buck or two at it, it's that much better. My advice is don't try to force it. Especially if you have a fulltime job. Just enjoy what you are doing and the business will come in time. Quote Link to comment Share on other sites More sharing options...
Bass-Boys Posted November 24, 2008 Report Share Posted November 24, 2008 Great advice guys.. I too got into to it to fast and have sdpent over $ 8000.00 in apx 2 years. I am still apx. $ 5000.00 behind. It will take me 3-4 years more to come out on top.It is great fun to make baits you can catch fish on. Our baits work great and we catch lots of fish.. But getting other people to change from what they use and are doing well with is NOT easy.. good luck with what ever you do.. Jeff Quote Link to comment Share on other sites More sharing options...
b75nweav Posted November 25, 2008 Report Share Posted November 25, 2008 It will take you awhile to figure out how much inventory you should build based on daily, weekly, and monthly demand. I don't want to speak for everyone, but speaking for myself, I don't do it for the money. At the same time, I don't want to dump a large sum down the drain. In the process of building this small business, my greatest income has been meeting new and interesting people and developing friends. Please just make sure you enjoy yourself and if you make some extra money, that a bonus. I would put some of the guys on here against any developer from other large companies and being biased, I thing many of us on here are pretty unique. I welcome you to this passion.I agree totally Jay! I enjoy meeting the great people that share our passion too! I like answering every email personally, discussing their latest catch, new ideas, whatever. That really makes this hobby worth it... Quote Link to comment Share on other sites More sharing options...
pastorshane Posted November 25, 2008 Report Share Posted November 25, 2008 Fortunatly, I have bought everything as I go. I have bought everything a little at a time. If I don't sell one more bait ever again I'm still ok. My business has doubled in a year, and looks to do that again soon. Start slow so you don't feel the preasure of HAVING to sell baits. It's fun and rewarding. I sure hope it stay's that way. Quote Link to comment Share on other sites More sharing options...
braveviper Posted November 25, 2008 Report Share Posted November 25, 2008 Is e-bay worth it? Quote Link to comment Share on other sites More sharing options...
MTfishingrods Posted November 25, 2008 Report Share Posted November 25, 2008 Everyone has about covered it all. Keep it fun. If it can pay for the gas in the boat. Bonus! Whatever you do, Dont sell something you dont fish !!!! The biggest problem I have is someone not knowing their products. Quote Link to comment Share on other sites More sharing options...
bear21211 Posted November 26, 2008 Report Share Posted November 26, 2008 Is e-bay worth it? Braveviper That is for you personally to decide. I myself say no it is not. On ebay unless you have something specific that people are looking for then you will just be 1 fish amongst many. Ebay is nothing more than a great big mall that is open to anyone to become a retailer. What will stand you out from the next guy that pours soft plastics? If you do not have that special something that people will come to you speciffacly for then I personally believe you are waisting your time. If you think you will sell a lot of common baits there for your asking price I again personally do not believe it will happen. The Fees Ebay charges now will eat your profit up very fast. If you look on ebay you will find hand pours for $1.29 for 15 baits Jig Trailers. I would rather give my baits away before I would sell anyone a bag of 15 baits for $1.29 . However that seller values his time at absolutely nothing or maybe even feels he should pay someone else for him to be able to work for them. Packaging, plastic, color, scent, salt, electricity, so on and so on all cost you money. Why pay them to make baits for them? Does not make good sense to me. There are way better avenus out there that may require a little more effort and maybe even a few dollars to advertise your baits but to me will give you a better customer base to be dealing with. Example........YourFavoriteFishingSite.com , Bass Clubs Web Site, Local store and yes you will probably have to put them in there on comission but it is cheap advertisment. Yea I know we all view this differently also but in my opnion I have this choice, Sit and wait for someone to say I want a bag of baits and only pour when they need me to, Or I can pour when I feel like it and can afford it to keep my interest in this hobby. Sure the baits you poured cost you money so did the bags and all the material you put into this but, it is smething you wanted to do. And you are doing it because you enjoy it sure it cost us money but what doesnt that we enjoy to do. Ebay if you have that special something something then absolutely it is a great place to market your product, If you do not have it and just a common fish in the sea, I would look for different avenues. Even for a hobbist to try to sell his baits on ebay I feel it is a waste of time. This is just one silly ole southern Boys opnion and we all know what they say bout those!! So take out of it what you like and leave the rest for someone else. Good Luck Quote Link to comment Share on other sites More sharing options...
braveviper Posted November 26, 2008 Report Share Posted November 26, 2008 Thanks bear....Its what I figured. Quote Link to comment Share on other sites More sharing options...
rxfish Posted November 26, 2008 Report Share Posted November 26, 2008 I'm with pastorshane on this one. I own everything related to the business and make just enough to buy what it takes to keep it running. I'm not addicted to it thats for sure. The only real satisfaction I get out of it is having somebody buy a couple bags of baits and then telling me they loaded the boat using those baits. The real plus side is I can make my own baits for the tournaments I fish. It could be called a hobby of sorts and a tax write off but not much more. Quote Link to comment Share on other sites More sharing options...
GB GONE Posted November 26, 2008 Report Share Posted November 26, 2008 I will tactfully disagree on the ebay take. If you can tell me one other place you can advertise/sell your bag of baits (at whatever price) for less than $1, let me know. It must be a place that shows your baits of world wide as well..... Nowhere else!! I don't recommend that you use ebay as your main place of business as those days are gone however I find that for every bag of baits I sell, I see a $50-$100 order come in. Not bad for a .35 ebay auction! Website ads are $50 to $500 per month, magazines even more... My whole take on ebay is to use it as advertising, not as a money making venture. An ad here or there to get your products seen when you are starting out goes a long way to building a solid following IF you sell quality baits, not seconds or blems. As mentioned, start with what you know and you will enjoy it and be successful. Just my ..... Jim Quote Link to comment Share on other sites More sharing options...
VANNDALIZER Posted November 26, 2008 Report Share Posted November 26, 2008 I have to agree with Ghost. Every time I run an add on e-bay I get a ton of visits to my site. Well worth .35 cent!!! But if you dont keep it fun you will soon loose interest. Good Luck! MAV Quote Link to comment Share on other sites More sharing options...
braveviper Posted November 26, 2008 Report Share Posted November 26, 2008 A good point Ghost. Quote Link to comment Share on other sites More sharing options...
Bountiful Waters Posted November 26, 2008 Report Share Posted November 26, 2008 I was waiting for Ghost to reply to the Ebay issue. I personally don't like Ebay, but do agree with Jim. It is a good place to get your product seen. You have to use the right keywords, etc. to make it worth your while. Quote Link to comment Share on other sites More sharing options...
Vodkaman Posted November 26, 2008 Report Share Posted November 26, 2008 I notice no one has mentioned the 'T' word yet. It has to be considered as Mr T will want his cut of the profits too. Dave Quote Link to comment Share on other sites More sharing options...
carolinamike Posted November 27, 2008 Report Share Posted November 27, 2008 Drof99, I think Dave is referring to taxes, and if so, he's right, no one has mentioned those yet. Get all of your licenses, tax numbers and all things that your state requires. There is a federal excise tax of 10% on sales of fishing related products. If you sell before you do this you leave yourself open for a competitor to turn you in to the IRS. This happens more than you ever thought it would. Ebay is a great place for exposure but unless your bait is really unique, you'll have to depend on people taking their time scanning Ebay to find your baits. You need a way to make them stand out. After going from hand pours to full time injection, and with many years of sales experience in retail sales of plastics, by far we did the best business with the Mom & Pop tackle stores. These shops are usually located near and around your local lakes and reservoirs. We are fortunate in our area to have 8 or 10 lakes within a 100 mile or so radius. This was the backbone of our retail business. I think you've already been forewarned about giving baits away, also be careful of sponsoring fishermen. Make absolutely sure that they are promoting your product. Also a very good way to get your name out there is to sponsor a local specialized tournament, give them a few packs of baits for door prizes or prize packages. Casting Kids is great for this. We just recently donated baits to a Special Olympics tournament, you'll never lose money supporting things like this. It will always come back to you 3 times better than what you give. The good thing about Mom & Pop stores is you can take your time and not try to move too fast, we supplied stores for 8 years with hand pours and we finally reached a point that we had to expand. You're doing exactly what you need to do at first, and that is taking your time and researching. As you grow TU is a great place to find ways to expand your business and promote your business and up your production when needed, in a costly fashion. So many people on here give great advice on this subject. It's been 1 year of being a full time plastic man myself so I can speak of the addiction, no matter how many thousands of baits I turn out, I still have that fascination that I can produce something that people can go out and catch fish on. I think this is the key thing that we all love about this hobby and business. Good luck on your endeavor, anything I can help you with feel free to PM anytime. Happy Thanksgiving to all in TU land! Quote Link to comment Share on other sites More sharing options...
braveviper Posted November 27, 2008 Report Share Posted November 27, 2008 Well said again.....For the record can anyone explain the tax thing again? I thought you were taxed on a product only if you sold over a certain ammount,for example if i sell less than 10k worth a year? Quote Link to comment Share on other sites More sharing options...
carolinamike Posted November 27, 2008 Report Share Posted November 27, 2008 The federal excise tax applies to all sales. You will need to check with your state regarding sales & use tax, but in NC if you make a sale to a customer in NC that is not to a sales tax exempt merchant for resale there is a 6.75% sales tax. Also, in NC there is a 1% use tax for materials used. That's why it is important to check with your own state for applicable taxes due. For the federal excise tax: Per the IRS Form 720: "The tax on sport fishing equipment is 10% (.10) of the sales price. The tax is paid by the manufacturer, producer, or importer. Taxable articles include reels, fly fishing lines (and other lines not over 130 pounds test), fishing spears, spear guns, spear tips, terminal tackle (which includes artificial lures see publication 510), fishing supplies and accessories, and any parts or accessories sold on or in connection with these articles." So as you can see, taxes for us can be up to nearly 18% of sales. The best thing to do is to contact an IRS rep if you have questions on the excise tax. If you're on the up and up, and keep up with all your sales records, you will find these are easy folks to deal with. Quote Link to comment Share on other sites More sharing options...
COBRA Posted November 27, 2008 Report Share Posted November 27, 2008 i have been in business over 10 years, the more colors and products you produce the less time there is to make each particular product and the more time there is producing all the products. right now i have 5 production soft plastics at 12 colors so thats 60 variations then another 4 salt water baits with, 2 with two colors, so thats another 4, then one with 6, then one with 3, so it all adds up, i am a one man operation also, can get overwelming. Quote Link to comment Share on other sites More sharing options...
JSC Posted November 27, 2008 Report Share Posted November 27, 2008 I was waiting on the excise tax ... it all ways comes up.. Be warned as Carolina Mike laid it all out .... and if selling at retail you have the sales tax that must be taken care of ... make sure you check from local all the way to state and of course the feds. Bood Luck JSC Quote Link to comment Share on other sites More sharing options...
braveviper Posted November 28, 2008 Report Share Posted November 28, 2008 So lemme get this right, i make a bunch of baits,get a table at a flea market somewhere and are supposed to charge the customer tax? Quote Link to comment Share on other sites More sharing options...
