What It’s Really Like Owning A Fishing Business

So you love spending your days out on the lake fishing and have always wondered what it would be like to make your hobby a full time business?

Is It Possible To Make A Living By Owning A Fishing Business?

 

Well…Yes! Anything is possible!

Now, before you start jumping for joy and ordering molds, visiting scrap yards for lead, and begin to fantasize about long days on the lake and working when you want…we need to chat.

Owning a fishing business is the most difficult thing I’ve done in my entire life up to this point.  There are times where you work weeks on end without seeing so much as a paycheck, and most months you will lose money out of the year.

Still sounding like a good idea?  May I ask do you mind learning how to brand yourself? Can you network?

These are just a few things to consider before you choose some clever name and open the doors in this highly competitive market.

I will break this article down extensively so that you don’t just quit your day job and jump into something you’re not ready for.  Keep in mind:

• • • You will not have money coming in most times of the year
    • You have to be able to adapt to unforeseen events
    • Nobody cares if you go broke!
    • You have to understand your role in business
    • Networking is an art you must master!
    • This is a long term game

 

Why Most Fishing Lure Businesses Really Fail

If you’ve read the statistics when it comes to opening a new business there’s an 80% chance of going out of business within the first few years.  I’d say when it comes to a fishing business, not a hobby where you make an extra few grand on the side of your primary employment, that number is going to be closer to 95%!

It’s just such an incredibly saturated market at this time, and separating yourself from everyone else without the trusted, time tested brand name like a Zoom or a Berkley means you’re climbing a steep hill out of the gate.

I know several guys who own small lure companies who do well with their sales but not well enough to leave the comfort of a secure nine to five and when they have to start dipping into their personal savings to keep the business afloat, it’s just a matter of time before the doors will close.  

Cashflow ignorance and lack of work ethic are the true culprits in the demise of fishing businesses.

 

How I Got My Start Into The Fishing Business

 

I was reaching my mid 30’s and well into my career in a great paying, secure, federal job.  I had just reached a position unheard of for my age through several promotions and could have ridden things out safely and comfortably. 

There’s just one problem with that…

I’m a creature of change.  I can’t stay stagnant in anything I do.  I will fight, claw, and work my way to the top but once I reach the top of the mountain I jump off like a mad man without a parachute!

The only constant in my life has been fishing.  It’s not a passion, addiction, or obsession.  I take it to a level sometimes that isn’t healthy.  It’s all I think about and has been forever.  When my friends were going out on dates I was taking my river Jon out onto local lakes trying to teach myself techniques that I now share throughout this site.

When it was time for my friends to start getting married, I was spending all of my money on new boats and fishing tournaments.  I just didn’t care!

Then back in 2016 I decided I wanted to open up an online retail business.  I’ll never forget the first day I launched the site.  I went to bed and the next morning I had a sale! 

That was the greatest $30.00 (gross income) I had ever made!

For the next year I contacted every small company I could, and asked if I could retail their products on my site.  Some said yes and some said no but in the end I was able to make enough to keep my hosting fees and other costs in check but never made any real money doing it.

On one fateful day I contacted a small lure company down at Kentucky Lake that had been around since the 1970’s.  The gentleman was elderly and mistook my request thinking that I was trying to buy him out which was not the case.

After hashing everything out I added him to my lineup and quickly noticed that his baits were outselling everyone else’s I was carrying so I decided to take another look into purchasing his business.

It took 3 years of tough negotiations but we eventually settled on a price in late November 2019.

I inherited his remaining lead stock, about 80 Do-It Molds, and most importantly his retailer’s list and spent the first winter making products to get ready for my first year of sales which brings me to a very important point.

 

You Will Not Have Money Coming In Most Times Of The Year

 

Shelton’s Lures LLC is a company specializing in pan fishing.  If you’re familiar with it you’ll understand that these fish are sought after mostly during the spring leaving the other months open to just trying to cover your costs.  

From about March through early June is when I’m able to bring in enough money to cover personal expenses like house payments, meals, etc.  

From late November up through February you basically make no money.  This is the time when you need to be building up your inventory levels which can be mentally draining when you’re working 12 hour days and never seeing a check.

If you don’t have the stomach for this or the discipline of maintaining cash flow then you need to stop right here and be grateful for your employer.  So many folks who entered the fishing businesses have found out the hard way.

 

You Have To Be Able To Adapt To Unforeseen Events

 

I think we’re all aware of what happened in 2020… The lockdowns came in and knocked many small business down to the mat, many of which never got back up.  As for me… It was insane!

Governors in local states were literally telling folks to stay home from work and just “go fishing”.  I had produced enough baits in my first few months to sell based off of the last several years sales and was over run with orders.

I would spend twelve hours making deliveries to bait shops around the Kentucky area and come home completely empty handed forcing me to stay up late nights trying to get caught back up.  I would leave a bait shop full of bluegill bugs, curly tails, jig heads, on a Friday, then would get a call Monday that they were out.

So what did I do for 2021?  I made triple the amount of products to make sure not to get caught with no supplies and my sales got crushed.  Every single weekend when anglers would be out in April and May brought in either heavy rains or unseasonably cool temperatures leaving stock unsold.

As a business owner you have to know what to do and so we were able to expand into another state thus taking some of the sting out but cash was extremely tight which brings me to my next point.

 

Nobody Cares If You Go Broke

 

It’s just the harsh reality and nature of business.  Those who have what it takes and get lucky can run a fishing business all they way up until they’re ready to retire, but it’s still rare.

Young spirited, bright minds who eventually become unable to adapt lose savings, homes, and worst of all relationships.  

In this dog eat dog world, if you know your competitor is going out of business it means more market share for you.  If it’s you on the other hand hanging on by a thread, your competitors will do anything they can to turn your lights out. 

And I wouldn’t have it any other way

 

You Have To Understand Your Role In Business

 

Your job as the owner of a fishing business is to meet customer’s demands.  Fishermen are looking to consume products that better their lives and you need to be there to provide it. 

This means you need to work hard to bring value to them and you DO OWE IT TO THEM.  They are keeping your doors open after all.  Always learn how to negotiate your costs whether you’re purchasing plastic, hooks, or lead to save them money.

Provide value and don’t cut corners!

When it comes to your retailers, you are there for them and not the other way around.  Be grateful when a bait shop takes a chance on you.  Understand that in order for your business to succeed it’s just as important that they must succeed!  You don’t go to them in the fall time and drop baits onto their shelves that won’t sell for six months because you could hurt their cash flow!  

This helps build trust and relationships.

 

Networking Is An Art You Must Master

 

If you’re introverted you may as well put this pipe dream of owning a fishing business away now.

You have to learn how to walk up to a stranger who owns a retail shop and within 30 seconds convince them to at the very least to look at your products.  After that you’ll get about two minutes to sell yourself which is just as important.

If you’re given this time and the owner still says no, be polite and tell them that if they change their mind that you’d love to have them.  Don’t get upset because bait shops network and your name could get out there pretty quick in ways you don’t want.

I also work with competitors… Yes, you read that right.

I’m only out to get my piece of the pie and not the entire thing, so if I can work with other businesses to purchase raw materials at a discount then it’s quite possible to make more money by saving money.  Sales isn’t everything!

 

This Is A Long Term Game

 

If your goal setting out is to replace your income then I’ve got some pretty bad news for you…It’s not likely to happen until the latter years of being in business.  During this time your main focus should be building inventory to a maintainable level and expanding your retailer’s list

I don’t make a third of what I made when I left my job but one day I do plan to sell the business when the time is right.  Each and every jig I add to my inventory is a jig that will be sold at a later date and at a higher price due to inflation, kind of like a stock.

Quick gratification in any field does not exist.  Behind any success story you read or hear about you will find a hardened entrepreneur who worked crazy hours and likely lived off of Ramen Noodles for an extended amount of time.  You won’t hear of the businesses that failed due to undercapitalization because there is no sizzle in that steak.

 

If You Truly Have The Passion Then All Will Work Out

 

I’ve been pretty harsh going into this article but it’s for a good reason.  You need to know now so that you can save yourself a lot of pain. 

I’ve seen on so many threads where people ask if this is a viable business and then cringe when I look at the responses.  Too many people with negative responses are there to make excuses why they couldn’t make it work when the truth is they didn’t put in the work. 

To prove my point, it is 3:14 AM on November 12th 2021 and I’m up writing this article.  I’ve got a hot coffee sitting next to me and my lead is warming up in my shop.  Soon I will walk out to a cold building and begin spinning lures out for folks that won’t purchase them until May of next year and I couldn’t be happier.

I’m not saying I can’t end up a casualty but if I do, it won’t be anyone’s fault but my own.

If owning a fishing business is your purpose in life then make it happen, don’t listen to those who treated it like a hobby or side hustle!