11 replies to this topic
Posted 09 October 2011 - 10:08 PM
Hey guys i've gotten to the point in making my baits that i'm looking to start selling them. I've got one tackle shop that said they would sell them for me and another guy who said he might sell them on his website for me. The question i have to other people who sell their lures is there and advice or things i should look out for when starting to sell my baits. I'm mainly looking for advice on things not to do and any problems you might have ran into. Here is a picture of the first batch of lures i plan on selling.
Posted 09 October 2011 - 11:50 PM
Keep it simple, in your own hands, and help those people meaning well realize you cant make unlimited stock... find methods that keep your stock on hand moving, and take care of those who develop an interest and liking in your baits, the baits will sell themselves if they are of qualities others can see and use.
Everyone wants one for FREE to try... sell your baits dont give em away...
Posted 10 October 2011 - 10:31 AM
Just like Herman said, but if want to sell them be sure to get the proper papers in order for your taxes and your tax I.D. number make suren you charge tax and always keep money aside in case Uncle Sam comes knocking!!There has been a lot of crack downs lately by the government.
Posted 10 October 2011 - 01:33 PM
Don't forget the excise tax at 10% paid to the government as well as state sales tax. You need all of these to start selling them without taking a chance and running your business under the radar which is not a very good idea.
Also, if you live in town you'd better check with your town hall to make sure you are even zoned for selling products out of your home as well as any licensing they require.
This ain't the america we all grew up in. Can't just make a little money on the side without keeping the government out of it......again unless you do it illegally and under the radar. I hope you don't for your sake should the government find out about it. You don't want them knocking on your door.
Posted 10 October 2011 - 02:09 PM
I don't make baits for sale so I have no experience with that, but in our area there are community websites that are sponsored by the chambers of commerce of different cities that allow free ads for products your trying to sell. This might be an easy way to get your stuff online. Might be worth checking in to.
Posted 10 October 2011 - 04:22 PM
The best advice I can give you is to get a free consult with an accountant. Tell them what you're trying to do. If you're successful, hire that accountant to file your taxes. If you fail your taxes will be pretty simple. An accountant is the best investment you'll make. I took my guy out for lunch and he talked to me for about an hour and a half, no charge. They'll know about things like sales tax and if you really need an LLC. You might be able to go sole proprietorship and pay taxes as earned income. Much simpler. Your accountant can tell you all about it.
Accountants are way more valuable when getting started than lawyers. And less expensive.
Final advice - if you are going to LLC, do it yourself. I did mine with a couple hours of research on the 'net. Saved about $500. If you can read, you can do it.
Posted 10 October 2011 - 04:34 PM
Good suggestions one and all. I as well as many others on this site sell through Ebay. You Can try the Tackle shop, I would try a hand full of lures through them anyways. A couple of things to think about, as CatchingConcepts says if the lures are of quality they will sell themselves. You will need proper packaging, one to protect the lure and second to promote future sales. When someone buys a lure that catches fish they look for that same packaging on the shelf or the lure itself online. Secondly, Quality hardware, nothing downgrades the lure like cheap hooks and hardware. If I was to try production style lures as these I would put some type of name on them... ie... your initials, your store name or initials, or some type of marking showing them as yours. Once the packaging is thrown away, and a person catches fish on them they can find your products that way.... You may want to look at the link below to get some ideas... Good Luck and best fortunes with it.
Posted 10 October 2011 - 10:40 PM
Thanks guys for all the good advice I am putting my name on all my baits and I've been thinking of using mustad tripled grip hooks for the baits I'm selling I've been using kvd hooks but I think those are too expensive to put on the ones Im going to be selling. The tackle shop that's gonna sell them for me is going to do a consignment type deal and its a really big tackle shop that has tons of fishing stuff. I also have a buddy who I went to college with that's an accountant and I might have to give him a call. I'm not looking to get rich I just enjoy making baits and maybe I can make some money to keep my hobby going.
Posted 11 October 2011 - 09:30 AM
I guess I will go against the grain here [as usual], but unless your going to claim the income/expenses on your personal taxes I see no reason to license as a business. It isn't worth the headache if your just trying to recoup expenses to buy more supplies. The truth is if you can clear enough money per season to buy a quality hunting rifle then it was a good year.
Posted 11 October 2011 - 11:29 AM
That's where I was headed as well, Gunnie. I think an accountant would give that advice as well. (My accountant did.)
Posted 15 October 2011 - 07:21 AM
You can actually make good money selling your baits, since your working out of your home you will have MANY deductions, phone bill portion of your elect bill Internet service, vehicle depreciation, mileage, interest on your vehicle payment, fuel and MANY, MANYothers. The key for you is to keep VERY good records and organize your receipts. My accountant has saved me thousands just last year. I also fish tournaments and she takes care of this also. An accountant is work the money you pay them.
Posted 19 October 2011 - 03:05 PM
First Off ,
Before thinking of selling your baits , they have to be Inspected , it's like buying new underwear , there's that tag which your undies are (Inspected) by #4 ,
so then , I'd need one of each color , size & diving depth In-Order to start this testing for you & I have some really nice Inspection tags. All this is Free of charge. "Laughing"
All kidding Aside , Those are some really nice looking baits , I think I may have to get a few.
Edited by MikePaintsBaits, 19 October 2011 - 03:05 PM.