Help I wanna open a baitshop

Discussion in 'General Conversation' started by bigredsbbq, Mar 2, 2007.

  1. bigredsbbq

    bigredsbbq New Member

    Messages:
    293
    State:
    Illinois
    Should I open a baitshop
    This is something I've always wanted to do but I always thought when I retired this is what I would want to do but I'm thinking now might be the time. My main concern is would it be proffitable?
    I wanna sell bait tackle and all the high $ bass equiptment (bass fishermen spend lots of $) and of course crappie and for sure I'll stock all the catfishing stuff that we all love here on the BOC in the winter I'm thinking switch focus to my other love hunting supplies and deer proccessing stuff casings, meat grinders, stuffers, butchering supplies. Another thing would be bbq supplies.
    Also with all my spare time hanging out in a baitshop all day I'd get a computer internet connection and put use to my webstore that I already have that I'm not using at the moment I'm thinking becoming a BOC sponser and opperate a online tackle shop and there is always ebay I could sell on there too
    Is anyone knowledgeable on this? has anyone tried this, any words of advice
    One of my key things is location I've found a great location close to a big lake where there is no competition you have to drive all the way to the other side of town where there is no water to buy bait so if you live on the lake you have to drive 15 mile round trip to get a can of worms on the other hand if my shop opened I would be 1 mile from the lake
    please if you could help me in anyway (advice) charm in
    I think now would be the perfect time to get in on this before the spring fishing craze gets into full blume Thanks in advance for any comments
    Trevor
     
  2. Mark J

    Mark J New Member

    Messages:
    9,407
    State:
    Four Oaks, NC
    back when i was involved the mark up on live bait was 125%. Good weekend you would pull in a 1000 on live bait alone.

    But I say you are either nuts or dont like to fish because if you own one your fishing days are over or severely limited. Its very hard to find someone you can entrust with a tackle store that dont have friends that fish if you get my drift.

    I would put a little something at the house in the way of live bait. Catch me at home for bait or go elsewhere.
     

  3. SkiMax

    SkiMax Well-Known Member

    Messages:
    2,012
    State:
    Rising Sun, IN
    I agree that it would cut down on your fishing time. but you can find somebody trust worthy! I would love working at a bait shop and would never think of stealing anything (except all the poeples tips!) I know a guy that owns a baitshop and he said the markup on poles and such was not much and you gotta run quite a bit through to make it profitable. but if u got a corner on the market, go for it! I would think of instead of a baitshop a little deli/grocery store area. There are two bait shops on my way to the lake and I always go to the one with some cold cut sandwiches and stuff to grab a meal or a drink or something. I think that can greatly help the amount of people that will come.
     
  4. Mark J

    Mark J New Member

    Messages:
    9,407
    State:
    Four Oaks, NC
    Having the coldest beer in town is the biggest draw you can have.

    I can find someone that wont steal. Finding someone that will run it like it ought to be run and dont discount merchandaise to friends is another matter.
    You want someon running it that knows fishing. They can upsale.
    Folks that like to fish dont want to mind store though.

    I thought it would be neat too. No way no how. Waving to folks going fishing sucks.

    Absentee owner and baitshop dont mix.
     
  5. RamRod

    RamRod New Member

    Messages:
    2,047
    State:
    Ohio
    I too considered this, but I have to agree with Mark. No fun watching others go fishing while you're stuck their WORKing!
     
  6. SubnetZero

    SubnetZero New Member

    Messages:
    1,619
    State:
    Sherman IL
    Trevor, this gonna be by Sangchris?

    I thought and thought about opening a webstore for catfish supplies, like Catfish connection.. Poked around for suppliers and looked up everything I could on find on the net about wholesale items... I wasnt looking to make much, just few dollars for the pocket and access to cheap tackle :wink:

    Just never could get the point of pulling the trigger on it... Keep me posted if you open it, I'll come by an find some things to buy hehe....
     
  7. Jerry60k

    Jerry60k Member

    Messages:
    882
    State:
    Chelyan, West V
    Plan and plan some more.I have a thread on here somewhere with lots of very good info.I am in the next to final stages of getting a bait shop opened.
     
  8. Jerry60k

    Jerry60k Member

    Messages:
    882
    State:
    Chelyan, West V
  9. smells like old liver!

    smells like old liver! New Member

    Messages:
    95
    State:
    kentucky
    I've always thought that everone should try to live their dream, I never wanted to be old and wished I'd had tried something that I didn't. running your own bussiness is not for everyone. you have to decide of this is going to be a hobby or a bussiness theirs alot of difference. I've seen time in my bussiness where the people that worked for me made more money than I did. I had to work a another job just to put the money in a bussiness that was loseing money. that stinks!! but sometimes it happens. If I could give you some addvice I would say go for your dreams! but never have a partner/co owner Keep your overhead down(it's a small bussiness killer) have another plan to fall back on if it fails or you get tired of working 24-7 for $1.20hr. Expect to spend at lest 2X the amount you think it will take to make this thing work.. oh yea!! and Never Never!! get drunk and buy a bar. good luck with you dreams..
     
  10. tfabry

    tfabry New Member

    Messages:
    38
    State:
    Fremont, Wisconsin
    Hey Randy hit the nail on the head and sunk it in one blow. We sold our company recently. It was and still is doinig very well. But at the end of the day when you are paying work comp, liability, futa suta, fixing broken tools and equipment or buying equipment, buying your own health insurance, and no real retirement, we didnt have to lease or rent property - so you have that too along with insurance on that, elect, phone ect. Make sure the insurance coverage is high too incase someone slips on the floor by the minnow tank. It may become their bait shop. Also INCORPORATE from day one. It will protect you personally (can only take the company not you personally) Draw back to INC is higher taxes but more offsetting write offs. - you start to ask yourself WHY. Not trying to burst your bubble - but its supercostly to get started, then funding it personally for the first 6 months min. I thought about opening a bait shop too. But the margins are just not there Sell Bait rasie your own worms and keep it small if you must. But rods, reels and tackle - margins are hard to make when the big boys are playing too. See ya sorry for being blunt
     
  11. tfabry

    tfabry New Member

    Messages:
    38
    State:
    Fremont, Wisconsin
    Hey try and find something that has low overhead and and minimal start up costs. Just a thought. That where Im at right now looking outside the box so to speak.
     
  12. Mark J

    Mark J New Member

    Messages:
    9,407
    State:
    Four Oaks, NC
    Thats why I say sell live bait at home.
    The only overhead is the lightbill.
    Mom and the kids can sell bait when you arent there. When nobody is there leave a couple of tubs of worms in an old mailbox with the honor system.
    Take the old outbuilding and put the necessities on the wall. Some hooks, a few corks, and some weights.
    Keep minnow buckets to sell and cricket tubes ( if yall have crickets up there):lol:

    Old fella close to here has been doing it for years. He isnt living in a mansion but I imagine its paying for every bit of his fishing and hunting and thats all he does year round.

    If you want to make money on minnows invest right off the bat with a Living Stream. its the only way to go unless you want to lay block , seal block and make real minnow pools.
     
  13. PeZ

    PeZ New Member

    Messages:
    757
    State:
    Oklahoma
    I used too own a bait shop i sold it about 6 years ago i can ansewer any question u may have i used to make about 3k a month profit wasnt getting rich thats for sure and its alot of work. I thought it was a dream job too turned out to not be all its cracked up too be.
     
  14. Redd

    Redd New Member

    Messages:
    790
    State:
    Southeast Kansas
    I think the general way you plan on settin' it up sounds good to me. I agree with an above post though, get some food of some sort goin' on in there, and it'll be a big plus imo. And a wall of fame would be cool too. With pics of people and their fish that's used your products. And with the no fishin' deal...you can get out and hit the water come those spring and summer nights, still. Best fishin' during then, anyway imo. Anyway, once it's all said and done and it's not the job you want, you can always sell out. With a handy location like what you described, I don't think there'd be a problem there at all. Anyway, I wish you luck. And let us know what you decide.

    -Red
     
  15. wolfman

    wolfman Well-Known Member

    Messages:
    9,227
    State:
    Triadelphia, WV
    Name:
    Walter Flack
    As far as location is concerned, take in consideration the lakes and rivers that host a lot of catfish tournaments or bass tournaments. The counties with the highest deer harvest each year. On top of that the counties that have the most public hunting and fishing access. Location would be the key to success when running a business
     
  16. Pastor E

    Pastor E New Member

    Messages:
    3,194
    State:
    Beebe AR
    Location location Then advertise advertise Life is to short to look back and say I wish I had
     
  17. Salmonid

    Salmonid New Member

    Messages:
    1,833
    State:
    SW Ohio
    College Business Class 101 says "Never turn a hobby into a business" for many reasons. Yes, there are folks out there who are making money by fishing but they have paid there dues, thats for sure. I know, Im looking at some other types of fishing related business and from someone who also does guiding, trust me that is far from a Dream Job, watching someone else put wear and tear on your tackle while you watch.

    Salmonid
    PS If your serious, let me know and Ill call you and do my best to talk you out of it.....Thats what friends are for:wink:
     
  18. rich-online

    rich-online New Member

    Messages:
    343
    State:
    California
    One other issue you'll have to consider is how much of a cash reserve to keep, or how far you can afford to go into debt. Small businesses generally need some time to become profitable. Not being in retail myself, I can't tell you how long that might be.

    -- Rich
     
  19. Jay Jay

    Jay Jay New Member

    Messages:
    136
    State:
    Wisconsin
    Trevor , there are alot of sucess stories about people following there dreams,those are the ones you hear about. That made it .Heres my advice ,go to a bait shop ,tell the owner you will work for min. wage , dont want no overtime pay, will work all hoidays such as Christmas , Easter ,etc , also you you dont need benifits , just love 10 hr. days . , willing to put in 70 hrs. a week , more if necessary . Do that for a year , then you will have a feel for it . Sorry to be so disheartening ! Been their ,done that ,took along ,long time to buy a $10.00 cigar !
     
  20. riverdawg-1

    riverdawg-1 New Member

    Messages:
    738
    State:
    salem, va
    Unfortunately, in my town Wally World and other big box stores have put all but 1 baitshop out of biz. Now if I want to buy bait I either have to drive 30 min out if my way or hope to find it at the few that are open near the lake. The one that was near me went out a few years ago./ The guy that owned it said he never made alot of money, but it was enough to help put both his daughters throu college.