How to Start a Fishing Tackle Business

Saturday, March 15, 2014

How to Start a Fishing Tackle Business

Spending the weekend or a week long vacation at a nearby lake is a favorite activity during the summer months and around major holidays such as Memorial Day, the Fourth of July and Labor Day weekend. While some people relax by swimming or boating, as of 2008 approximately 40 million people spend their time catching fish, according to the American Sport fishing Association. To supply individuals who enjoy fishing with the supplies they need to make a catch, start a fishing tackle business.

Things You'll Need

Fishing equipment and supplies
Facility zoned for commercial or retail use
Business license

Instructions:

Step 1

Create a business plan. Perform an assessment of the current fishing and tackle businesses in existence in your community. Determine what needs or niche of the market isn't being served. Establish a plan for how to finance your own fishing tackle business including how you plan to transition from using start up funds to making a profit from your business. Develop goals and a timeline for making your business successful while also deciding how you'll market and staff your business.

Step 2

Seek out financing. Review your credit report for inaccuracies before visiting with a loan officer from a bank or credit union to get the funds needed to start your new business. Apply for loans with the bank or credit union as well as the Small Business Administration, which offers guaranteed and low-interest loans specifically designed for new business owners. Take on a partner to finance the start up of your fishing tackle business if a poor credit history prevents you from getting the financing you need on your own.

Step 3

Obtain licenses and registrations. Apply for an employer identification number (EIN) from the Internal Revenue Service to register your fishing tackle business with the federal government. Learn what sales tax regulations apply to your business by contacting a representative from the local and state department of revenue. Get a business license from your local city or county government by completing an application and submitting a licensing fee at city hall or the county municipal building. Contact the fish and game department in your state to learn what process you need to complete to be able to sell fishing licenses at your location.

Step 4

Seek out a facility. Look for commercial properties near lakes and other bodies of water frequented by people who enjoy fishing. Hire a commercial real estate agent to assist you with finding the right facility. Consider purchasing land zoned for commercial use and constructing your own building if you are unable to find a property that suits your needs.

Step 5

Purchase products and supplies. Learn what common items are used for bait in your area, and keep them in stock for people to buy before or during their fishing trips. Get other fishing equipment a person may need to replace his or her own if destroyed or damaged while reeling in a fish. This includes fishing line, bobbers, hooks and even a new reel in some cases. Contact manufacturers of fishing equipment to buy products directly from them at a wholesale price.

Step 6

Hire staff. Recruit employees to work in your fishing tackle shop who are knowledgeable about fishing and provide good customer service. Encourage them to make recommendations to clients on specific products and bait to use since this can help increase sales. Seek out an administrative assistant to help you in managing the daily operations of your business including answering the phone and managing the finances and records for your tackle shop.

Step 7

Promote your business. Place advertisements on radio, television and newspapers before and during major summer holidays when many people enjoy fishing. Create billboards advertising your business and place them near entrances to parks and lakes. Network with park rangers and game wardens who can refer customers to you when they ask where to go to get more bait or specific supplies and equipment. Consider offering additional supplies and products for camping, swimming and other lake activities since this can bring people who aren't fishing into your store to spend money.

References (3)

Resources

Internal Revenue Service: Employer Identification Number

Photo Credit (2)

2 comments:

AnonymousOctober 5, 2013 at 9:25 PM
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Fishing TackleMarch 15, 2014 at 6:38 PM
Fishing, Fishing Tackle, Fishing Tackle Business, How to Start a Fishing Tackle Business
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Easy Tips and Ideas to Start Business

Although anyone can start a business, many people fail because of a bad product or improper research. If you want to start your own business, you can improve your chances for success before you even begin. In order to make your business successful, start strong and make sure that your idea will hold out for the long haul.

Have a Good Product

Ensure that you plan to sell something useful. Although you may think that your product is important or special, that doesn't mean the general public will agree. Ask friends, family and strangers what they think of your product. If they don't seem that interested, ask them why. With their suggestions, you can either improve the product or scrap the idea completely. According to Brad Sugars of Entrepreneur magazine, most small businesses fail because they sold a product that didn't have an adequate market. This also applies to small businesses that provide a service. A lawn-care business might be useful for part of the year in a northern state, but it is in-demand year-round in the south. Consider whether people will actually want to use your service and get constructive advice from those not afraid to give their opinion.

Research Local Businesses

Research local companies before starting up your own business. This will not only give you an idea of the amount of competition you will have, but it will also help you price your product or service. If you're looking to start a wedding photography business, you may find during your research that the market is over-saturated in your area. If not over-saturated, you should contact each business and ask them for a price list. Alter your prices so you can stay competitive with the competition in town. Researching similar local businesses will also help you decide where to locate your business location. Try not to start up a store or office close to another business of your type. If your small business is located away from similar business types, this will cause locals to choose you over businesses that are farther away from where they live.

Get Professional Advice

You may know someone who has started their own successful business. Ask him for advice and listen to his stories of how he started his company. You may gain useful advice on the good and bad ways to start a business. Local entrepreneurs can also introduce you to local product providers or advertisers that you may not have met without their help. Accept any advice with open arms, especially if the advice is coming from someone successful in the area.

How to Calculate Business Start Up Costs

Starting a business in no easy endeavor. It takes a great deal of research, perseverance and hard work. While sweat equity will make your small business more successful, you will most likely need real capital to get the business started. Before you start raising capital and/or investing your own funds, the first thing you need to do is determine the total start-up costs.

Step 1

Determine your costs of sales. For most small businesses this means inventory, the cost of raw materials, manufacturing equipment, shipping, packaging, and warehousing. However, not all businesses sell products. In this case, the cost of sales is primarily the direct labor involved in making the sale. For example, to open a small shoe business entails purchasing enough inventory ($10,000) to stock the store.

Step 2

Determine professional fees. Planning your business structure, i.e., limited liability corporation or general partnership, means hiring an attorney. There may also be the need to pay an attorney for help with establishing trademarks, copyrights, and patents. In this scenario, that puts total professional fees at an estimated $20,000.

Step 3

Determine technology costs. Technology can greatly reduce the cost of labor for small business if used effectively. Most small businesses require computers, printers, cell phones, website development, Internet access, software applications, information security, data storage, and outsourced information technology (IT) consulting. If the cost of technology is $10,000 to start, add an additional $5,000 a year for maintenance (hint: maintenance is not included in start-up costs).

Step 4

Determine administrative costs. This varies with business types and may include items such as business insurance, office supplies, product packaging, parking, rent, express shipping, desks, chairs, fax machines, phones, or anything else necessary to operate the business daily. A good estimate for start-up administrative costs would be $5,000 for the first six months.

Step 5

Determine initial sales and marketing costs. Now that you have your product, you need to let folks know about it. Sales and marketing costs generally include marketing materials for presentations, printing stationery, business cards, advertising, trade show events, and public relations. These initial sales and marketing costs can add up to $3,000.

Step 6

Determine the wages and benefits needed to secure a staff. This includes employee salaries, benefits, workers compensation, and payroll taxes. Let's put the cost of wages and benefits estimated at $20,000 for the first three months of business.

Step 7

Add all costs associated with starting the business for a total. Be sure to only include business start-up costs that will be incurred in the first three to six months of operations. For this example, the calculation is: $10,000 + $20,000 + $10,000 + $5,000 + $3,000 + $20,000 = $68,000.

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Saturday, March 15, 2014