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| I would like some input from the business side of fishing. I am thinking about starting a business. I plan to start very small(Less than part time, as I am not going to give up my day job yet.) and work my way up to full time someday in the future.
I hope to create a line of baits(down the road) and use the business to fish in tournaments (now).
I will be talking to a lawyer and CPA about it......BUT...... I am interested how you guys started. Were there shortcuts or are there things you would never do again, etc? I would like to hear the good and the bad stories.
Thanks.
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Posts: 376
Location: Lake Vermilion Tower, MN | Hi Sharphooks,
The first few years of guiding can
be frustrating. There are plenty of very good full time guides that don't fill their books.
Starting your own website, is the best way to get your foot in the door. Other forms of advertising
can be a waste of time and money.
Tournament fishing can be fun, but very few anglers make any money. Many anglers underestimate the
amount of time and money, it takes to be successful at it.
Edited by guideman 2/1/2003 8:07 AM
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| The first question you need to ask yourself is what do you want from the business? Do you want to be #1 in the industry someday or have a hobby that sustains itself including some fishing for you? I always wanted to start a business for the hobby and love of musky fishing. I ended up collaborating with some guys, who in the beginning, agreed with what we wanted in a partnership musky business, but soon personalities start to conflict and hidden agendas start to arise. What started as something “I did for the hat” quickly became, “You can’t have a hat, I’m the majority owner and I’ll run it like Enron if I want too”. So after many letdowns I decided to resign. The bottom line in that lesson would be to not have partners and do it yourself.
I found the musky world business to be much smaller than you would anticipate it to be. Within a couple of years you’ll get to know the who’s who and the “in’s” and “out’s” of the industry. There are many genuinely helpful people out there, and then there are some who want $5,000 to fish with your lure. You’ll know which type you are dealing with when you meet them.
I’ve been in the custom tooling and injection molding industry my whole life and you’d be surprised by the learning curve you’ll need to go through to do what you perceive as an easy project. However, with today’s solid modeling and Stereo lithography technology, prototyping can be a fast and easy phase and new molds these days are cheaper than they would have been 5 years ago. I’m out for now, but I will once again join the musky business in a couple of years when my “non-compete” runs out, but I’ll hit the ground running next time around.
All in all it’s easy to do and worth it if done right.
Good Luck
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Posts: 212
Location: Madison, WI | #1, no way. I don't want that type of pressure. I am looking for added income so that I can fish more than I do now. I was originally thinking that the bait would be made out of wood. So plastic wasn't an option. BUT..... Doesn't plastic molding come with expensive startup costs? Wouldn't the number of baits that would need to be made and sold increase to show a very modest profit? But I suppose, once the technology is in place, product cost lowers and profits increase. Can you recommend a manufacturer that knows the fishing business? | |
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| Sharphooks:
I think the previous post hit on the head about how small the musky bait world business is. How many new bait manufactures stay around, the come out with alot of hype and slowly dissapear. Unless you have something that is time proven and very reliable I think it is tough field to break in. My dad starting making and distributing Walleye and panfish jigs, sold a lot of jig's, custom hand painted jigs with 17 steps to produce. Awsome jigs, only need to produce about 200,000 a year to make a living. He too thought it would become extra income and a good side business, ended up not fishing and mostly making baits. Now makes them for himself and friends.
NEVER GIVE UP ON YOUR DREAM THOUGH!
Troyz | |
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Posts: 355
Location: Silver Lake, WI | Definitely don't give up on your dream.
My $0.02 though, if you are looking to make some extra money to do more fishing then going into the bait business won't do it for you.
The best way to get started is to get some prototypes made up and get them into the hands of some people who can get you some exposure. You need to create a buzz so average consumers are hearing about it and want to have one.
The problem this creates though is you need to be able to mass produce the bait quickly. If you can't, you will get bashed severely - probably on the internet the most. When people can't get their hands on your bait, they will find something else to fish with. Soon your bait will get forgotten. Guides will stop using your bait because they can't promote something that clients can't get their hands on. It becomes a vicious circle and you get the short end of the stick.
Just about every one I know who got started to make some extra money has ended up fishing very little and spending most of their time making baits. | |
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Beginning a business in the fishing industry