I get this question often either through social media channels or in real life. Quite often the idea of defaulting to a quick answer strikes my mind. Here are a few things to consider if you want to take on live bait vending as a business.
Develop a Plan
Every business needs a business plan. The old saying goes, "Fail to Plan and you will Plan to Fail." These words apply to live bait vending as well. A clear business plan and vision show the road map to your vending success. My business plan was written on one piece of college rule lined paper. The plan was mapped out in these areas.
Learn the Market
It is obvious that the market is fishing and your target customer is fisherman/women. But did you know that there is a large number of different fishing people in this fishing market? In my business plan, I needed to learn and understand my target customer and market. The general fishermen were the market I was targeting. Example: the general fisherman is a live bait fisherman that will need the bare essentials on his/her fishing trip. This fisherman will be looking for consistent quality of live bait and various options for his/her area fishing waters.
Once you have identified your market and target customer it is time to research your supply chain. The supply chain could include wholesale suppliers, small business distributors and even the kid next door. Okay, the kid next door may not be the most reliable option but may like getting paid to find your worms.
Having your supply chain and distributors down on paper is a benefit that will help you down the road. More importantly, this list of business will prove to be vital in your growth of live bait vending.
Learn the Water
You must learn the area of which you will be placing your machine on location beforehand. Example:
- How many boats fish there?
- Is the area only known for one species?
- Does the water get closed for season/catches quickly? Short Season?
- Is there restrictions on the area lakes, rivers or ponds for fishing. Example: ecoli, an invasive pest, and or overcrowding of people.....
These are things you will want to learn about the water before placing your machine in any nearby location.
You have to be extremely good with money management in order to be successful in any business. In addition, you need to have a good practice of keeping organized and documenting all aspects of your business. In doing so, you will be able to find that your profitability will be made or broken by these abilities. Failure to have a good handle on income and expenses will leave you and your business with a clear path to disaster.
To Be Continued:
In a later blog post, I will share openly on some of the downfalls and lessons I have learned about live bait vending. Stay Tuned!
*If you are interested in discussing the purchase of Village Tackle Live Bait Vending machines or route. Please contact me on the Contact US page.