Advice For Small Business

[Big Jig Rangler]

I'm reposting this on each forum:

Hey Everybody, I'm new to this site, I usually post on the BBC Boards. I'm really impressed with all the vast information on here, it's become really helpful for me. Currently I'm considering taking my hobby to a new level. I already do a lot customized paint schemes for people that want something more than what bass pro or other vendors offer. Fishing lures have always intrigued me and my dream since childhood has always been to become a lure manufacturer. Well now I'm thirty years old and I've decided to start pursuing this dream. I was recently contacted by a friend of mine whose brother bought a lure business from a man back in the 90's. It's scale consisted of several retailers along with a local wal mart. However, several years ago this man started having health issues and stopped the business all together. Unfortunately last year the man pasted away. His wife was left everything including all business and the equipment. Well I was asked yesterday if I would be interested in getting it from her. Well they didn't have to twist my arm much before I said yes. Right now I'm just waiting on price negotiating. If it all comes together I consider it a great blessing for me. Right now though I do have some questions about speeding up process, equipment I should look into buying and clear coats.
Right now I buy blanks or strip old lures then paint them. When it comes to scale masking what's a faster process? I've been told pad printing and if so where would I get the pad designs?

When it comes to clear coats I currently use either Devcon or MCU. Mainly only use devcon for greet applications. Is there a better way to do glitter then just devcon? And I want to find a more industrial type clear coat rather than MCU. What out there holds up better?

Finally equipment.....I want to speed up my process and still retain detail. I've thought about going to photo/foil applications because it does seem faster than painting but I'm open to suggestions. I'm also currently looking for thin holographic foil with an adhesive side(or without if I have no other option), , does anyone on here know of a retailer that I can buy that from?

Again I'm looking and hoping for any good, sound advice that anyone can give me. I'm gonna do my best to try to make the business work. I know a lot of big dreams have small beginnings and this is Hondas just take a lot of time and money to make happen. But God willing it's gonna happen. Thanks for any info.           

[Salty's]

Get an EXCISE tax number from Cincinnati and do it right from the start. MOST don't and the penalties are steep. The amount of guys who sell under the table in this industry is disgusting. Easy to find this stuff these days on the internet.

 

Don't overpay for what you think is a business. You are not going to make the money you think. Fishing lures is a tough business to compete in. Don't plan on being a millionaire

 

Lastly....TEST TEST TEST and make sure the stuff is bulletproof before you start selling. Give people the best and nothing to complain about and your stuff will sell itself.

[smalljaw]

Depending on what you are making means different equipment and different material, and keeping it to this forums topic of wire baits, if you are going to be making items that are cast then look into getting a spin casting machine along with a vulcanizer to make your molds. There is also another route for you to take, and that is prototype business, meaning you produce a lure that works and refine it to how you want and then take it to a manufacturing facility, the only one I know of is GLC, if you want to see what they make you can go to there website but to see it in action just look at the chatterbait, GLC makes it for Z-man, at least they used to. There was a guy around my area, he made the Bass Stalker jig and it became so popular that he had to go to an outside company in order to make them and send them to him to be packaged and sold, the company now is owned by Uncle Josh. The biggest payday making lures for the little guy is to become a regional success so much that a big name isn't selling and then they come in and buy you out, but other than that there is little profit. Go to you tube and look to see a video of the A.C. Shiner lure company, they are successful but still small and you can have that as long as you have a following and then stay true to that following, good luck on the business front.

[BLT]

Wow, those spin casters are expensive! Take a while to get a ROI there for a start up co.

 

I 2nd the excise tax number, and any state tax numbers you may need. In Pa., it called a "use" tax for me.  If I know of someone doing it under the table and are taking away shelf space from me, I will not sit by and watch.  They can charge a cheaper price because of that.