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Posts: 190
| I feel Fat Fingers and Castmaster have it right. It is not likely for many of us to get rich doing this and the reason we began thit hobby was because we enjoyed it. The people that enjoy and have a passion for designing usually see at some point that they can build a few more and pay for their hobby of fishing.
Then they are approached by a retailer with interest of carying their baits and now they have to build more. Now their labor of love and passion becomes less "fun " and more like work and there is no longer anought time for the quality they like to put out and it turns more to quantity and sacrifices have to be made.
Add in the day job, family and mowing the grass and now there is no time to fish which is all we wanted to do in the first place, isnt it? It is hard to keep this in prospective and gets worse when one adds in the taxman and the politics that go along with what we do.
There can only be two end results....... Keep it small, fish often and enjoy life and designing baits and sell some customs on the side.........Or deal with the politics taxes and stress of making enough baits to make some money and the possibility of going overseas to compete in this market.
Doug Bradley |
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Posts: 786
Location: Minnesota | castmaster,
I was referring to the small guy making a few hundred bait per year. I doubt many of those guys know of this tax. I for one have been buying from the "catalogs" for a few years and have yet to see that sentance. That is because I am not looking for it, I am looking for parts. But, I did know of htis tax from teh start as I am very anal on the IRS and what is required. I have another small business and it took me a year to get going as I had to do FDA, IRS, and more to get that one going. It taught me a lot of little things. I still have bad dreams. But, that one makes me about $200/hours now for my time. Sucks to get these things going but if you do it right you can make a crap load. If you do it wrong you will fall flat on your ars!
James |
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Posts: 786
Location: Minnesota | Doug,
At the end of the day it I want to go big I will have to go to China. No ands ifs or butts about it. If you want to make money you need to make one hell of a lure taht you can get $100 for or go to China and make 10,000 or more lures per year and sell them against the big boys. Not sure I want to stop fishing to go that way yet  In fact, the Grunt lure make be done after I make 400 more this year... I like fishing more than making lures!
James |
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Posts: 1504
Location: Oregon | There can only be two end results....... Keep it small, fish often and enjoy life and designing baits and sell some customs on the side.........Or deal with the politics taxes and stress of making enough baits to make some money and the possibility of going overseas to compete in this market.
Doug Bradley
Well said Doug.
jed v. |
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Posts: 786
Location: Minnesota | Just an FYI-Nothing is on the home page of Stamina about this Federal Exise Tax.
http://www.staminainc.com/ |
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