How to Start a Small Business
How to Start a Fishing Bait & Tackle Business
This advice is ideal for aspiring entrepreneurs who want to open a fishing bait and tackle business. Read this article before you start!
Thinking about opening a fishing bait and tackle business? We tell you what you need to know to get started.
Becoming a Fishing Bait & Tackle Business Owner
A fishing bait & tackle business is a deceptively simple startup target. On the surface, it would seem like all you need to get up and running is a small storefront and of course, a passion for the sport of fishing.
But what many bait shop entrepreneurs fail to consider is the amount of resources it takes to get even a modest bait and tackle store off the ground. Today's fishing enthusiasts demand much more than a garage-based bait shop selling worms in a Styrofoam cup. Convenience, industry expertise and access to cutting edge products are essential elements for highly profitable bait & tackle shops.
Startup Costs for a Fishing Bait & Tackle Business
Assuming you already have access to a viable location, you will need at least $5,000 in startup capital to launch a barebones, bait & tackle shop. But that figure can easily climb higher based on the inventory and equipment you stock in your shop.
- Aerators. Bait shops use aerators and tanks to stock live minnows and other baitfish. If you buy cheap aeration systems, you run the risk of losing your entire baitfish inventory.
- Gear & tackle. Most bait shops also sell fishing gear and tackle. Stocking your shelves with quality fishing gear isn't cheap. Depending on the size of your shop, you could easily incur thousands of dollars worth of expenses to secure a minimal amount of inventory.
- Refrigeration. Many types of bait require refrigeration. Fisherman (and fisherwomen) want their bait to be "fresh" -- and that could mean you'll need to purchase multiple refrigeration units to provide quality bait to your customers.
- Bait vending machines. As your bait and tackle shop grows, you may want to consider purchasing bait vending machines. Bait vending units can be placed on site, but a more productive strategy may be to place them at various locations throughout the community to expand your reach and create additional revenue streams.
Creating a Business Plan for a Fishing Bait & Tackle Business
A common mistake for a small business owner is to not create a business plan.
The key benefit of writing a business plan is that it defines the game plan. The absence of an effective business plan inevitably results in impulsive leadership, choosing short-term opportunities at the expense of long-term benefits.
Before you make another business decision and before you start writing a business plan, you need to create a mission statement. Once you're satisfied with your fishing bait and tackle business's mission, you can begin to build on it with goals, budget estimates, marketing plans and other elements that are typically found in startup business plans.
Where to Locate the Business
For fishing bait and tackle businesses to be successful, the business concept has to fly in the local marketplace. As an aspiring entrepreneur, the most important advice we can give you is to avoid investing in an underperforming, unprofitable location. If you have to pay a little more for a better location, it's almost always worth the extra expense.
Investigate the Competition
Long before you open a fishing bait and tackle business in your area, it's essential to determine what the competition looks like. Try our link below to find competitors in your area. After clicking on the link, type in your city, state and zip code to get a list of fishing bait and tackle businesses near you.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
If you are interested in starting a fishing bait and tackle business, it's a smart move to speak with somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. The last thing they want to do is help you to be a better competitor.
However, a fellow entrepreneur who has started a fishing bait and tackle business on the other side of the country will be much more likely to talk with you, provided that you won't be directly competing with them. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Want the scoop on finding an owner of a fishing bait and tackle business that lives outside of your area?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Advantages of a Fishing Bait & Tackle Business Purchase
As a would-be fishing bait and tackle business owner, the impulse to build a company from scratch is in your blood. But the harsh reality is that startup fishing bait and tackle businesses experience a high failure rate compared to entrepreneurs who buy existing fishing bait and tackle businesses.
There are a lot of factors that need to be considered in buying vs. starting a business. Although startup owners may have greater control over the shape and scope of their companies, they lack the advantage of a proven business model. Along the same lines, it can take years for a startup company to achieve brand recognition while an existing business may already be a trusted name in your target market.
Franchising May Be a Better Way to Go
Purchasing a franchising lets you take advantage of the knowledge that the franchisor has accumulated over the years.
Before opening a fishing bait and tackle business, it's worthwhile to investigate whether buying a franchise could alleviate your startup process.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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