Opening a fishing tackle store

  • Kaloyan Marinov
    Posts: 1

    So the fact that there is no tackle store in the Park Ridge IL area always annoyed me, Having to drive long ways to get gear. So,I was thinking if opening my own shop would be a good idea. Any advise? Any of you live in this area and would you be happy if a fishing store opened up? Or is there a reason there is no store in the first place lol?

    tim hurley
    Posts: 5210

    I love tackle stores-Best of luck-I cannot give you advice except lots of variety, I spend money at all of them.

    Nevis, MN
    Posts: 5116

    I don’t know what you’re education is but do some serious figuring. You’ll have rent, inventory carrying costs, utilities, insurance, an employee maybe, tanks for live bait?

    Add up your expenses and divide by 22, or how many days per month you plan to be open. Then you’ll have to hit that number in sales daily before your profit kicks in. Gotta sell a lot of $2 jigs!
    Would your town provide enough support? Is finding tackle a fairly common complaint amongst the locals?
    If you’re doing it right it will consume you in the beginning.

    Matt Moen
    South Minneapolis
    Posts: 3834

    You need to start writing a business plan and see if you can justify the cost….there are a million factors that go into it.

    I applaud the desire but be very careful and conservative in your approach because I don’t believe bait shops are real big revenue generator. High startup costs, high inventory carrying costs, leases, etc make the barriers to entry high.

    Also, how does this impact your lifestyle? Will you have time to fish if you have shop open 6-7 days a week at 0600? Likely you can’t hire anyone to start so it’s gonna be you or your family.

    I’d lean towards bad idea…..likely there is a reason there isn’t one.

    Randy Wieland
    Lebanon. WI
    Posts: 13210

    I’ve been in industry for a long time. Came up through tournaments, pro staff, and then manufacturers rep for over 100 companies. Seen great success and too often major failures. Your welcome to call me for any assistance, just shoot me a pm.

    1st and foremost, common sense must prevail. If your too expensive because of high over head or greed, your done. If you don’t create visibility and develop a customer base, your done. If you don’t develop relationships with your reps and distributors, your done. I can assure you spring and fall goods are about the most competitive markets. So dam hard to make it…..however it also has some of the
    Most loyal customer bases you can find. As mentioned above, develop your business plan. Then read it, think about it, critique it, revise it, and LISTEN to others with both success and failure and apply it. If your plan proves it can be achieved, good idea, if it proves it’s not viable……then you know

    Brian Klawitter
    Minnesota/Wisconsin Mississippi River
    Posts: 59802

    Hope you don’t like to fish. That’s all I got. crazy

    Posts: 4459

    With so many people in love with online shopping I always thought for rural areas if there wasnt any type of middle man available. A brick and mortar where one could pick it up, try it on, returns are easy, with a small selection of year round tackle that can be picked away at when customers are in. Some type of small convenience fee on top to make the dough.

    Just a thought.

    Dubuque, Iowa
    Posts: 416

    X2 on other replies. Big problem is competition from Walmart, Internet, Bass Pro, Farm stores etc. They can buy lower, sell lower, advertise more and generate traffic with wide range of products compared to the little guy. To make it you have to have a good location and some niche to bring customers to your door. Bait and tackle sales can have ups and downs due to weather and seasons. Consider products like kayak and canoe sales and rentals or archery pro shop to increase traffic and per sale revenue.
    Check with state and other small business development resources for free counseling and financial assistance.
    Good Luck and don’t give up your day job yet.

    Posts: 1631

    Friend of mine has a bait archery shop. Last 2 years have been great. Luckily he had an extra 100k in inventory from a horrible 2 years prior. When unemployment supplements and stimulus checks hit. The people too busy to fish, were fishing several days a week. The $10 bait customer became a $100+ new rod and reel, tackle, $100 bait bucket customer. Anything he could get his hands on to sell. Another shop I frequent has been for sale for 2 years. Second generation shop. No competition near. Banks have been cold to financing. Also said one wholesaler hadn’t had a customer hang him with bankruptcy in his whole career. Had several prior to covid. Notice you seem pretty far from the Lake and Fox river. Is there much fishing in your local area? Agree with, hope you rather talk about fishing than actually go fishing.

Viewing 9 posts - 1 through 8 (of 8 total)

You must be logged in to reply to this topic.