10 Tips for Starting a Fishing Tackle Retailing Business

Any avid angler dreams of settling in a cozy resort village and opening a bait and tackle shop. There’s no better feeling than opening a business where you can share your hard-earned fishing skills and knowledge while supplying other avid anglers with the finest gear and equipment available following years of you casting the rod. 

There’s no better place to start a fishing tackle retailing business than the United States. Why? Because we are a nation of anglers. 37% of Americans go fishing between 4 to 11 times a year. Because of this, compared to other business ventures, establishing a good bait and tackle shop is a sensible goal. You can be successful by setting up in the right location and supplying good quality products. So if you want to become the central hub of a local fishing community, rest assured that it’s fully realizable. 

If you’re looking to invest some of your savings and expertise into opening a bait and tackle shop, here are some tips that can help you:

1. Get To Know the Industry

Those in the fishing tackle industry sell equipment like hooks, lines, rods, reels, bait, and nets through retail establishments. Fishing tackle is usually associated with fishing gear for recreational fishing. A bait and tackle shop is not a complex business to start because it’s not very captain intensive, and you have to find the right community to settle in. You need to get the right brands anglers want to buy and be good with your record keeping to run a bait and tackle shop successfully. 

2. Choose What Niche to Concentrate On

A bait and tackle shop is already a niche idea because it concentrates on retailing specific goods to a certain demographic; anglers. It’s rare for a fishing tackle business to sell anything beyond hooks, lines, sinkers, floats, rods, reels, baits, lures, spears, nets, gaffs, traps, waders, tackle boxes, and fishing accessories et al., to retailing fishing boats and other fishing vessels, and being able to provide a fishing license to anglers. If you want to set yourself apart from the competition, try deciding what niche to concentrate on. For example, you can specialize in selling fly fishing equipment if no other shop in your area does.

3. Keep Up With Competitors

A fishing tackle shop is not exempted from the competition. No matter the industry’s competition level, you can make headway by doing your due diligence, branding, and promoting your business correctly. Retail companies also do well when they carry a variety of goods from different brands and price points. So make sure you can stock up on a wide range of products from other manufacturers. You also should research your target market and find out what they’re attracted to. 

4. Decide Whether You’re Franchising or Starting from Scratch

Your business vision and mission statement should guide this decision. Starting a bait and tackle shop from scratch is less stressful than starting another type of small business. You can also buy a franchise that already connects you with manufacturers. The most important thing to note is that you need to set up your shop where there is a fishing community. 

5. Pick a Suitable Location for Your Business

This is one of the most important decisions you must make when starting a bait and tackle business. It’s not a business you can start at any location because you will need the approval of the local council and other regulating authorities of the area. Having the right place is essential for a successful business. Choose somewhere where there is a solid demographic of anglers and where you can be easily accessible. Other things you should consider when choosing a place are considering the purchasing power of people in the area, being aware of other bait and tackle businesses in the area, and considering the traffic and security of the location.

6. Come Up With a Marketing Plan

You must come up with unique marketing strategies to be able to carve out a market for your tackle and bait shop. Make sure you create a compelling company profile for your tackle and bait shop. You need to clearly state what you have achieved as an angler or expert aside from your qualifications and experience. 

7. Calculate Your Expenses and Buy Necessary Equipment

Knowing what you need to stock your small business with, you must consider how and where to store your inventory. A small business like a tackle and bait shop can initially cost around $50,000, so make wise purchases and consider other overhead costs. If you’re selling live bait, you need industrial refrigerators to keep them fresh. Fishing supplies and outdoor gear should be neatly arranged and accessible, so purchase things like shelves, baskets, and more to organize your fishing products. 

8. Think About Ways to Retain Clients and Customers

One of the easiest ways to increase customer retention and attract new customers is to produce results and have great customer service. If your customers are satisfied with your fishing products and customer service, they will be less likely to look for another bait and tackle shop. You can even have customer incentive programs by providing discounts and other promos. This can also attract new customers.

9. Have Insurance Coverage

Any business, even a bait and tackle shop, needs insurance coverage. Even though this small business isn’t prone to accidents or injuries, you still need to consider a few types of insurance policies for your employees, professional liability, and property. Discuss with an agent what insurance policies are best for a shop owner like you.

10. Consider Going Online

Everything can be found online nowadays; sometimes, people can’t be bothered to visit a physical shop. Putting up your bait and tackle shop online can expand your customer base and make your small business more visible and accessible to a larger market. Going online can also help you keep track of what people are buying and what the current trends are.