It is on record that over thirty million people aged 16 and older went recreational fishing in 2006, the latest year for which the U.S. Building a bait and tackle shop can profit greatly if you set it up in an area ripe with opportunity.
That means you have to run your business just as any retailer: choose the right location, promote and create an appealing atmosphere for your customers. Some bait and tackle shops also make additional profit by selling food and drinks.
Other shops may open a café to serve coffee and breakfast fare to the early risers. A good bait and tackle shop can make about $45,000 per year, if it’s small.
Host special events like contests, and sponsor charitable community work. If you want to be a retailer with considerable net worth, focus on any product or category that will generate sales and consumer following.
Cynthia is a prolific writer and editor extraordinaire with a quirky sense of humor. Cynthia has a B.Sc. in Mass Communication and a Master’s degree in Personnel Met.
She also has a background in journalism with years of experience in business research, freelance writing and copy editing. Some examples are hooks, lines, sinkers, floats, rods, reels, baits, lures, spears, nets, gaffs, traps, waders and tackle boxes.
The companies holding the largest market share in the TackleS hops industry include Gander Mountain, Dick’s Sporting Goods Inc., Cabala’s and Bass Pro Shops Inc. Getting the right brands that people want to buy and good record keeping are the secrets of running a bait and fishing tackle shop.
There are few barriers to entry into the bait and tackle shop business, and usually, all inputs are readily available. This business may decide to go beyond retailing hooks, lines, sinkers, floats, rods, reels, baits, lures, spears, nets, gaffs, traps, waders and tackle boxes et al., to retailing fishing boats and other fishing vessels.
Just ensure you stock your store with a wide range of hooks, lines, sinkers, floats, rods, reels, baits, lures, spears, nets, gaffs, traps, waders and tackle boxes and other related products from different manufacturing companies, and you know how to attract and reach out to your target market. It is important to also state that the competition in the Fishing Tackle Industry is not restricted to competitions amongst fishing bait and tackle shops but also includes pet shops that retail hooks, lines, sinkers, floats, rods, reels, baits, lures, spears, nets, gaffs, traps, waders and tackle boxes et al.
Know Your Major Competitors in the Industry Here are some of the most popular fishing bait and tackle shops in the United States of America; When it comes to starting a fishing bait and tackle shop you just have to get your costing come economic analysis right if your intention of building the business is to generate profits, grow and expand the business and start selling franchise.
When conducting costing and economic analysis for your fishing bait and tackle shop, you just have to critically examine these key factors; place, pricing, and promotion. As a matter of fact, you would have to continue to review these key factors at regular interval while running your fishing bait and tackle shop.
With fishing bait and tackle shop business, you just need to secure a shop that is close to a fishing community and then leverage on every marketing tools within your disposal especially the internet to market your hooks, lines, sinkers, floats, rods, reels, baits, lures, spears, nets, gaffs, traps, waders and tackle boxes and other related products. Please note that most of the successful fishing bait and tackle shops around started from the scratch, and they were able to build a solid business brand.
Choose the Most Suitable Legal Entity (LLC, C Corp, S Corp) Generally, you have the option of choosing a general partnership, Limited Liability Company which is commonly called an LLC, or a sole proprietorship for your fishing bait and tackle shop. But if your intention is to grow the business and have chains of fishing bait and tackle shops across the United States of America and other countries of the world via franchising and opening online store, then choosing sole proprietor is not an option for you.
Here are some of the options you can explore when sourcing for startup capital for your fishing bait and tackle shop business; As a matter of fact, you will need approval from local council and other regulating authorities in the city you intend opening your business.
Most importantly, before choosing a location for your fishing bait and tackle shop business, ensure that you first conduct a thorough feasibility studies and market survey. The possibility of you coming across similar business that just closed shop in the location you want to open yours can’t be ruled out.
These are some of the key factors that you should consider before choosing a location for your fishing bait and tackle shop business; You will also need computers/laptops, internet facility, telephone, fax machine and office furniture (chairs, tables, and shelves) amongst others and all these can be gotten as fairly used.
Basically, it is the duty of the merchandise manager to help the store stock goods (a wide range of hooks, lines, sinkers, floats, rods, reels, baits, lures, spears, nets, gaffs, traps, waders and tackle boxes and other related products from different manufacturing brands). On the other hand, they are also expected to deliver orders made by clients if such services are available in their store.
It is important to state that a fishing bait and tackle shop may decide to improvise or adopt any business process and structure that will guarantee them efficiency and flexibility; the above stated fishing bait and tackle shop business process is not cast on stone. Introduce your fishing bait and tackle shop by sending introductory letters alongside your catalog to fishermen and women, children fishing clubs, schools, households and key stakeholders in and around the location where your shop is located Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al. Making your first impression count positively to those patronize your fishing bait and tackle shop for the first time Make use of attractive hand bills to create awareness and also to give direction to your fishing bait and tackle shop Engage in roadshow in targeted communities from time to time to market your fishing bait and tackle shop Advertise your services in community based newspapers, local TV and radio stations List your business and products on yellow pages ads (local directories) Leverage on the internet to promote your fishing bait and tackle shop Engage in direct marketing and sales Encourage the use of Word of mouth marketing (referrals) Leverage on the internet to promote your fishing bait and tackle shop (when you blog regularly on key issues as it relates to your business, people who consider you an expert in the field) Join local chambers of commerce and industries around you with the main aim of networking and marketing your fishing bait and tackle shop; you are likely going to get referrals from such networks.
The truth is the higher the quantity of items that you purchase directly from the manufacturers, the cheaper you tend to get them. Another strategy that will help you retail your fishing baits and tackles at the right price is to ensure that you cut operational cost to the barest minimum, channel your efforts towards marketing and promoting your brand name.
Develop an Iron-clad Competitive Strategies to Help You Win The availability of a wide range of hooks, lines, sinkers, floats, rods, reels, baits, lures, spears, nets, gaffs, traps, waders and tackle boxes and other related products from different manufacturing brands in your store, your business process and of course your pricing model are part of what you need to stay competitive in the industry. Another possible competitive strategy for winning your competitors in this particular industry is to build a robust clientele base.
Over and above, ensure that your organization is well positioned, key members of your team are highly qualified and your product can favorably compete with the same of the best in the industry. Part of what you need to do to achieve this is to track progress, results or outputs with the aim of improving on them quickly as the case demands.
With a customized CRM system, you can easily stay in touch with your clients (you can carry out quick surveys, you can introduce new products and prices to them without any hitch, you can felicitate with them on their birthdays and other anniversaries, you can keep track of their progress, you can send bulk SMS and customized e-mails and above all, you can easily receive compliant and feedback from them). Develop Strategies to Boost Brand Awareness and Create a Corporate Identity If you are in business, and you are not conscious about boosting you brand awareness and communicating your corporate identity, then you should be ready to take on whatever the society portray your business to be.
Joy Kokomo is a Freelance Business Journalist, researcher, translator and sales trainer who have worked with numerous clients amongst which is Women in World Banking, a business research NGO in New York, United States of America. You have found the perfect business idea, and now you are ready to take the next step.
We have put together this simple guide to starting your bait & tackle shop. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
It will also cover the shop’s basic supplies, like tanks, aerators, refrigeration, gear, tackle, and vending machines. As a bait tackle shop grows, it’ll need more supplies to keep fishers happy.
Expenses include gasoline for water trips and bait nets. If you want to source your own bait from another provider, expect to pay about $20 per bucket of shiners, snappers, suckers, or fat heads.
Establish your bait and tackle shop near a beach, a pier, a lake, or a river. Others, meanwhile, offer lures, hooks, line, and even spare rod pieces.
Depending on the location, a bait and tackle shop will offer different items. A good bait and tackle shop can make about $45,000 per year, if it’s small.
Host special events like contests, and sponsor charitable community work. Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your bait & tackle shop is sued.
Select Your StateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict Of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew Hampshire Jersey Medicine York North Carolina North DakotaOhioOklahomaOregonPennsylvaniaRhode Island South Carolina South DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingSEARCH NOW LLC formation packages usually include a free year of registered agent services.
You will need to register for a variety of state and federal taxes before you can open for business. You can acquire your EIN for free through the IRS website, via fax, or by mail.
Using dedicated business banking and credit accounts is essential for personal asset protection. It also builds your company's credit history, which can be useful to raise money and investment later on.
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down. Certain state permits and licenses may be needed to operate a bait & tackle business.
Certificate of Occupancy A bait shop business is generally run out of a shack or storefront. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO).
A CO confirms that all building codes, zoning laws and government regulations have been met. If you plan to lease a location : It is generally the landlord’s responsibility to obtain a CO. Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a bait & tackle business.
If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued. If you plan to purchase or build a location : You will be responsible for obtaining a valid CO from a local government authority.
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.
If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners, we'll give you helpful tips and advice for creating the best unique logo for your business. Retain customers by being fully stocked, offering good advice, and being accommodating.
A lot of fishers return to the same bait and tackle shops out of habit, so make sure you’re kind to your regulars. A business website allows customers to learn more about your company and the products or services you offer.