Fish Tank Building Supplies

How to start a bait shop in town?

I would like to start a baitshop this summer. I have a perfect location, I live right in the heart of the kaskaskia river valley and right off of lake shelbyville. (IL)
I want to start a baitshop with minnow tanks, leeches, nightcrawlers, and make my own jig heads, hooks, weights, etc.
I know a distributor not too far away that supplies most of the baitshops around here.
I live in a town of about 5,000 people. There are some baitshops in the country but none in town. You always have to go pay outrageous prices at the gas station.
I would like to make money and as well make it a hobby. I love fishing.

How would I go about getting all the licenses, a building or structure, etc. I know I would get business this summer and fall.
I am of age I am 21.
how would you get a building to do it though? I don’t have perfect credit or anything and i sure as hell don’t have 20 grand to spend lol.

http://ezinearticles.com/?How-To-Start-A-Bait-Shop&id=477569

This handy little article should get you started. It answers the questions you asked sufficiently to “get the ball rolling.” I used to fish, and often a source of bait was a challenge to find. I think you could do well, and I certainly hope so.

You seem to have researched your market at least somewhat. The article covers much of the basic information, but you will want to think about getting customers right away. Ads in papers or on bulletin boards or other places can help. You might put up signs (with permission, of course) in sporting goods shops, convenience stores, hotel and motels, laundromats, and anywhere else you can think of. Word of mouth can be powerful advertising.

Check around for other information on running a business, too, and if you give it enough work and proper attention, your business should be a great hobby and money maker.

ADDED: Minors can run businesses in my state (Wisconsin), so I would nor worry about that. Even if is so in Illinois, there are ways to get help to make it happen for you.

If you are a minor, you will want to seek legal advice on liability–it is possible your parents could be liable for damages and costs under some conditions. If you wanted to incorporate, you will need adult (probably parental) assistance and participation. One thing minors cannot do in any state is to sign a contract by themselves.

We may be getting too complicated here, for we don’t know if you are a minor. Hey, once again, good luck.
Here is a link to official business laws and regulations and more specifically for Illinois.

http://business.illinois.gov/starting.cfm

ADDED: See, we were getting too complicated. Thanks for the clarification on your age.

ADDED AGAIN: The building, yes. Do you have enough cash to rent a small place? Credit is still important in rentals, especially nowadays, but if you can show a good, solid business plan that shows how you expect to run the business, projected costs and revenues (guidelines, of course, not absolutes), the need in your town for such a business, and everything else you can think of for running a small business.

You might check to see if there is a business-development office in your town or county, as they might be able to help get you going.

Could you find a partner–maybe someone who would help finance the operation for a share of the profits. It could even be a silent partner who pretty much lets you run the business, or it could be someone who would be active. After all, bait shops almost demand long hours to cater to the wide range of customers and their timing. Sometimes people with a lot of money or money they’d like to invest even at high risk, often considering the possibilities of tax losses, will help fund small business operations such as you are considering. If the business fails, they can use a tax deduction on the loss, or if it succeeds, they make some money.

The SBA sometimes can help with business financing, but first you would have to be turned down by banks, and you would still NEED that business plan. You library or online sources could provide info on business plans.

If you are skilled at concrete work and plumbing, you could build your own tanks if the landlord would let you install them. He or she might, since even if your business did not make it, the facilities would still be there for future possibilities.

In my town a family ran a bait business right out of their home. They built tanks outside the house but right up against it, and in the winter, they heated the water just enough to keep it from freezing. The minnows did well, and do did their business, which also offered some fishing accessories such as hooks, bobbers, some artificial lures, and assorted other things.

One other thought just popped into my head. Could you approach a bait shop owner in another town with the idea of setting up one in your town? You could work for them at first, or maybe they would set it up sort of as a franchise. This might be worth considering.

One more. What is the possibility of setting up such a shop as part of someone’s existing business? It might attract customers to them who would then buy other things, too. After all, it would keep them in the store a bit longer, and they would likely stop for more than just bait. I am sure you have seen restaurants like sub shops, taco shops, bakeries, and similar places existing as part of a convenience store/gas station. Often they are run independently.

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