![]() Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips. Use online tools like the Step by Step Business Name Generator.Avoid location-based names that might hinder future expansion.Name should allow for expansion, for ex: “Jim’s Bakery” over “Jim’s Cookies”.Including keywords, such as “bait shop” or “bait and tackle shop”, boosts SEO.Ask around - family, friends, colleagues, social media - for suggestions.Name should be relevant to your product or service offerings.Names that are easy to say and spell tend to do better.Short, unique, and catchy names tend to stand out.Here are some ideas for brainstorming your business name: You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals. Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. Ready-to-use space with no major renovations or repairs needed.Flexible lease that can be extended as your business grows.Ventilated and spacious, with good natural light.When choosing a commercial space, you may want to follow these rules of thumb: You can find commercial space to rent in your area on sites such as Craigslist, Crexi, and Instant Offices. You’ll need to rent out a storefront for your bait shop near a body of water where people fish. You should spread out your marketing to include sites like TikTok, Instagram, and Facebook. Your target market will be local anglers, which is a broad category. Remember, the prices you use at launch should be subject to change if warranted by the market. Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. ![]() Your profit margin after cost of goods, rent, and overhead should be about 30%. Check prices in your local area to make sure you’re competitive. Prices for fishing supplies and tackle vary. Prices for bait vary, but average about $4 to $5 per dozen. You could also offer snacks and beverages. You can sell a variety of fishing supplies and equipment including: ![]() What? Determine your products or services This could jumpstart your word-of-mouth marketing and attract clients right away. You might consider targeting a niche market by specializing in a certain aspect of your industry, such as live bait or frozen bait. With annual revenue of $456,000, you’d make a handsome profit of $137,000. As your shop becomes more well known, you might get 50 customers a day. This would mean $41,000 in profit, assuming that 30% margin. In your first year or two, you might have an average of 15 customers a day, bringing in $137,000 in annual revenue. These calculations will assume an average sale per customer of $25. How much can you earn from a bait shop business? Setting up a business name and corporation ![]() You’ll need a handful of items to successfully launch your bait shop business, including: Costs include the space rental, equipment, and inventory. Startup costs for a small bait shop range from $10,000 to $20,000. How much does it cost to start a bait shop business?
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