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.
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.
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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..jpg "Fishing Tackle Business")
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.
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Fishing, Fishing Tackle, Fishing Tackle Business, How to Start a Fishing Tackle Business
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