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"Fish Bait and Tackle Shop Business": How to Get Started

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For fishing enthusiasts or anglers, opening a fish tackle and bait shop, as well as owning their own lake are most likely their dream job. However, even for those who haven't tried fishing, this business can be a very exciting venture as well as a profitable opportunity.

If you are an angler, starting this business will be almost a breeze, with you understanding the needs of fellow anglers, as well as understanding the current trend of the fishing world. For beginners, you'll need a bit of catching up to do. However, many resources are available both online and offline to help you gather the necessary knowledge.

Your job will not only be selling baits, tackles, and other equipment. Sometimes giving advice and sharing the current news and trends of the fishing hobby can make a big difference in influencing potential client's purchase intent. In short, you'll need to be a well-round salesperson equipped with sufficient knowledge of the industry.

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Interested in starting your own fish bait and tackle shop?
Here are a few things to help get you started.

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1. Startup Investment
Your biggest investment will most likely go to renting a space, with the lease cost of a property will be depending on your location. However, a good location will certainly help with your marketability. Try to find a spot near well-known fishing spot if possible, but make sure to research the current competition before you settle on a spot. As a general rule, if possible, set aside six months of rent as a startup investment and also for contingency purpose.

Another investment you'll need is your initial stock. Try to find a good supplier with the best deal possible, as maintaining cost will be an essential part of the business. It's safe to say you can start with $10,000-$50,000 depending on your planned size and location.

2. License and Permit
At the very least, you'll need a business permit and trading permit. However, the requirement for license or permit varies depending on locations. Consult your local authority to get a better information regarding required license or permit.

3. Marketing
In a niche business like this, you'll need to penetrate into the community to introduce your business. If you're a fishing enthusiast, chances are you already joined in some sort of community, both online or offline. It can be a good start to promote your business. Build a website, preferably with e-commerce feature that can act as another sales channel for your business. If you're closely located to a fishing spot, spread fliers or brochures there to increase awareness about your business.

4. Franchise
Franchise opportunities are available for this business, and can certainly help in building your initial reputation and customer base. However, franchise licenses can be costly, so make sure you do enough research before deciding on buying a franchise. If you are confident in building your own customer base, it's better to setup independent shop.

Earning Potential

The U.S. average earning for fish bait and tackle shop is around $56,000, but of course, it will vary depending on your scale of business and many other factors.

The key to this business is marketing, and maintaining relationships with your customer base.