When does the hobby try to become a biz? - 2CoolFishing
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Old 12-08-2015, 11:48 AM   #1
oldredsled
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When does the hobby try to become a biz?

I have been tinkering with fishing lures since i was 10. I have sold some salmon lures on the side for quite some time ( lived in Oregon 13 years).. growing up in Stuart Florida, and Texas - and now back in Texas - I want to explore selling my favorite two lures.

A top water that I found a guy in china to produce with my modifications to their basic design - i took a vid of my prototype
https://youtu.be/cm6a1OB3CtI

and a shrimp lure.. that is a hybrid popping cork style shrimp lure rig that acts more like crappie jigging under a bobber (confusing I know right.. but sure lures in the big trout.. 8lb my best)

I even have a line on distributing a "cyclone fish and game wash bucket".. long name but amazing thingy that some redneck Einstein invented in south Texas.

The question is what is reality for making my hobby a business. I have met both "custom rod guy" at small fishing expo's and garry loomis.. and the only difference between them is the millions of dollars in sales. Being from Stuart I also know "salt life" and "native" .... again same type of person.. only separated by millions of dollars in sales.

The start-up I currently work for is most likely dead come Jan 1.. i want to take 6-8 months to dedicate myself full time to starting a lure company.. my wife hyperventilates during that discussion. Money is the same for me as everyone else - scarce. But is there ever REALLY going to bet that "prefect moment" in this disturbingly short life we all live?

To my estimation "brilliant risk taker" and "bad decision maker" are only separated by outcomes. Elon Musk fails to make his 100 million investment in overly engineered golf carts (Tesla) work.. then he is a moron. If it works he is the Next Thomas Edison.

at 42 i am fully in grasp of "its time to do what i want with my life" .. i have managed a bad idea started by two doctors from a few hundred k and sales to multi millions a year. I work for a start up that could of been the biggest idea in human history -- that is being defunded by the investors.. In my estimation its timing - luck and effort... but as my wife points out (desperately) I can only control the effort - as timing and luck are run by the universe...

what to do next ... thanks for the listen

Joshua
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Old 12-08-2015, 12:05 PM   #2
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Sweet looking lure for sure! To just jump in and rely solely on lure making and a wash bucket as your means of in come I brave. I couldn't do it, but I hope the best for you.
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Old 12-08-2015, 12:18 PM   #3
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Why not build up a decent inventory and put them on the market as a part time gig? I personally couldn't quit my full time employment until my part time sales equaled my income. Then I would make the jump.
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Old 12-15-2015, 08:22 PM   #4
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I could talk to you for days about this. If your interested I can tell you my story.
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Old 12-16-2015, 06:26 PM   #5
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I'm a retired senior citizen; however, most of my life I ran my own businesses. Some were hobby; some were serious bread-for-the-table ones.

The hobby ones were fun until they became profitable, then busy and not fun any more. Be aware that the fun you have from the hobby might not be fun ever again.

The few ventures that made lots of money were based on skill sets I had, backed by education and training. But the main ingredient in them all was my sales ability and kill-to-get-the-sale attitude. No excuses made or accepted. Get the order without mercy. All was above board and honest, but ruthless. Once I discovered that each sale and building customer confidence, was my ticket to making money, I was relentless. and, BTW, my customers trusted me, because they made money too.

I always was in business-to-business ventures. Retail sales are too risky. It was easier to sell $400 to a retailer that $20 bucks worth to a retail customer. That retailer would order every month to have inventory to sell, because he wanted to make money.

Do you have it within you to look a customer squarely in the eyes, tell them they need your stuff, step forward, and hold out your hand for the money? If you're the shy type, don't work for yourself.

For example, my last business that I sold before retiring was magazine publishing. I did it all. Editing, writing, AND sold 100-percent of all the ads. It was a freebie monthly with 55,000 copies printed monthly. No subscribers. Only income came from ads.

The first year was a loss. The second broke even but with minimal salary.

Then luckily, it took off. I made money. Almost 3X what I made at GM before they cut me loose in the 1980's (along with tens of thousand others). Sold it after eight years of steadily increasing sales volume. One check and walked. Never looked back. It was not a hobby, so I had no emotional attachment. Three years later, the company that bought it, went out of business, for a variety of reasons.

BTW, my father helped me get it going. He funded it. I never could have or would have been able to get a bank loan. MONEY is important to keep you going until you "make it." I was lucky; my dad helped me.

The vast majority of small businesses fail. It's a deadly game out there, so be aware if you make it, you'll be the rare breed.

Fishing stuff and lures are tough ways to make money, because there is so much competition. Even on eBay, tens of thousands of lures are sold (or at least listed.) Not sure how many get sold.

I can help you add a couple products I wanted to take to market; however, since I'm retired, I didn't.

Last edited by BobBobber; 12-16-2015 at 06:35 PM. Reason: edit
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Old 12-16-2015, 06:35 PM   #6
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BTW, China will rip off your designs, molds, etc. You will not have a chance in he** trusting them either. You'll need to be extremely cautious.

Otherwise, you'll be handing them your baby on a silver platter, which will carry a "CAUTION about lethal in California" when your orphaned baby shows up in Walmart stores.
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Old 01-16-2016, 07:37 PM   #7
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BobBobber all I can say it your a wise man.
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Old 01-21-2016, 11:02 AM   #8
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If you enjoy fishing when YOU want to....................................DO NOT start a fishing related business!

I speak from experience!

Good Luck and God Bless!
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