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How to Start a Fishing Lure Business

If you want to start a fishing lure business, you will need to know a great deal about fishing. You should know what anglers need and you have to offer a wide range of fishing accessories.

Prepare a business plan and use it when addressing different startup issues. Good luck.

There are many fishing enthusiasts all over the world. If you want to attract anglers, you can start your own fishing lure business. In order to succeed, it is important that you find a great location for the store. It should be located near lakes and rivers in your area where fisher folks love to catch fish. You will need to decorate the store appropriately. A fishing lure business is best when it looks rugged. Anglers are easily attracted to these places because they feel more comfortable. Start with a plan, so that you will know what to do. This is will also help you in keeping track of your startup activities.

Starting a Fishing Lure Business

Focusing on a lure business is good but since you’re just starting, it is important that you offer other essentials like nets, reels, rods, and other vital accessories. You should also offer canned drinks, coolers, and food. Most anglers camp out, hoping to catch many fishes. If your store can provide them with their needs, they don’t have to go to other stores. You need to find suppliers of fishing lure and fishing accessories so that you can negotiate for a lower price. If you can do this, you can sell the items at a much lower cost.

Determine the licenses and permits that the business needs to secure. You can consult with a lawyer to find out the requirements and the fees that you have to pay. Selling items will require you to collect sales tax and for this reason, you need to obtain a certificate. Otherwise, you can’t just collect it from your customers. If you have a helper in the store, you have to get EIN. You can get this from the IRS and of course, a license. You can inquire at the Secretary of State to find out the documents that you must submit.

When all legalities a have been attended to, you can now schedule for the opening of the fishing lure business. Since the business is new, it can be hard to attract clients. To make sure that your store is well known in the area, you will need to advertise. There are many ways to do this like giving away fliers, business cards, and posters. You can even create a brochure that features the different fishing lures that you’re selling, complete with details. Present your products in a systematic manner and in no time, you can sell many items. Use accounting software to monitor the financials.

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3 Comments

  • david foss said on March 15, 2011
    I'm looking at starting my own business up in selling hand painted crappie and walleye jigs. Just me doing The work no one else. Just wanting a few pointers on what I need to do. To get it up and going.
  • Cedric Price said on December 28, 2011
    I would like information on selling my own custom made soft plastic swimbaits and creature baits. Location Hampton and Virginia Beach,VA
  • Norman E. Mosby, II said on March 24, 2014
    help me to start a fishing lure business in Natchez, Mississippi

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