How to Make Fishing Lures for Profit
- 1). Determine the type of lure you want to make for sale. Consider the lures that you like personally and have used with success. Keep in mind that the ability to make an honest advertising statement that attests to the productivity of a lure is an excellent marketing tool.
- 2). Develop a business plan that will serve as a road map as you move through the lure making, marketing and distribution process. Take the time to evaluate your position in the fishing lure market both at the local level and national level. Also consider the need for specific types of lures based on your geographical location. Distributing your lure locally is a good way to begin and save money on shipping. Make lures that can actually be used in your fishing area--at least at the start.
- 3). Make several prototype lures and test them out. Take the lures you made to the lake, river, stream or pond and see how they work. Spend time watching the lure in the water, taking note of any issues and points for correction. Continue to fine-tune the lure and then make a few more prototypes based on the design that works best. Consider having a few close friends test the lure and provide a statement that you can use in your marketing.
- 4). Estimate the cost of each lure based on the supplies needed to create it. Research lure bodies. eye screws, hooks, split rings and other components to determine the best price available. Calculate the price per unit, or lure, and then determine your selling price. Take into consideration what is fair and in line with other similar lures on the market. Make sure the profit margin, sale price minus costs, also includes any utilities you'll be using in manufacture or other expenses.
- 5). Contact local convenience stores, bait and tackle shops, groceries and other outlets where people might look to buy a lure. It may not be possible to get in with a big box store or large sporting goods retailer at first. Take advantage of any opportunity to get your lure into the hands of the fishing public.
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