In a world of austerity, you would imagine all fishermen do up their own lures, as they are easy to make and the cost insignificant.
But you would be surprised how many people are still heading to the stores to get their lures and other fishing gear.
As I explained in our “make money fishing” post, a few days ago, this industry is growing like no other.
Considering the easy effort and low cost involved in creating lures, it would be a good idea to get into this business as a fishing lures supplier.
The entry barrier is really low and almost anyone can make a profit in this venture.
In that respect, selling would probably be slightly challenging, but if you happen to know the right people and are willing to work hard, you can bet that this can be a money-making business.
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If you are interested in making money by making and selling fishing lures, here is a quick 4 step guide to help you get started:
1. Choosing the Kind of Lure You’ll Make
Make up your mind on the lures to make. The variety covers jigs, spoons, worms and what have you.
A little bit of research on what your targeted fishermen use will help you choose the right one.
2. Doing a Tester Batch
Make small batch purchases for the supplies so you can carry out some test batches. Be sure on what you can make them out to be, test your new ideas, experiment with color patterns and more.
After comprehensive research, draw on your observation and make a decision on what could potentially sell well with reasonable effort. Bulk purchase (to save cost) your supplies and you are ready for business.
3. Making Lures with Efficiency
Incorporate the efficient “assembly line” system. The idea is to produce as many defect-free lures with minimum investment on time.
Every “production” line should churn out lures in the hundreds.
As for packaging, make sure it is done in an appealing way with inexpensive package material. It also helps if you want to create your own brand.
For marketing, start with the neighborhood tackle shops and sports equipment stores. Assure them of a decent profit for agreeing to carry your fishing lures in their stores.
Going forward, you may want to explore the idea of setting up booths at fishing, boating and outdoor shows where there could be significant human traffic with the aim of buying new equipment.
A website is a must to tell the world what you are selling. It can function as an additional avenue to sell your lures but for this purpose, you need to equip your website with payment systems like PayPal.
The Bottom Line
As in any venture that sells physical merchandise, your fishing lures supplies would need time for it to hit the big time. But if your fishing lures are of superior quality at a cheap enough price tag, people will be driven to your products.
Now this is how a hobby can turn into a real money-spinner.