Need Advice on pricing

[mouthsmasherbaits]

Okay fellas,

I am thinking about starting to put bait kits together and selling them..the kit would be as follows..

the kit would contain all componets to perform a certain fishing technique..

Example:

Texas Rig Kit would contain 15 hooks, 15 bullet sinkers (customer could choose hook size and weight size)
then it would contain 50 baits of the same style (ie: creatures, craws, worms, etc.) after bait is selected then customer would select 5 colors.. The baits would be 10 baits per color in the kit. for a total of 50 baits. I think a fair price would be 25.00.. It would be name brand hooks like (trokar, gamakatsu, or mustad) customers choice...so what do you fellas think. It would all be in a Plano 3600 box.

[CrabbyBass]

You would be underselling yourself big time if you sold this kit for $25.  I checked out prices at Bass Pro for the materials listed and this is what I found:

The prices are approximate and not exact.

1-3600 box-$6
15-3/0 EWG Gamakatsu hooks-$11
15-1/4 BPS bullet weights-$4

That is $21 right there not including tax.  That would mean they would be spending less than $4 for 50 of your homemade custom lures.  The lures alone should be sold for approx $20-$25.  Hope this helps!

Chuck   
 

[el rat]

2x --- way to cheap.

[mouthsmasherbaits]

the hooks i can get in bulk from barlows or janns netcraft in bulk foe 1000 for like 300 dollars. so thats like 30 cents per hook. 30 cents per sinker. so thats 9 dollars for the hooks and sinkers. the box is 3.50 each. thats 12.50 total not counting the baits. i figure the 50 baits at 5 cents each to make for a total of 15.00 dollars for eveything... am i missing on the cost of the baits.. i am not counting the cost of the mold or the  of my time because i am going to be doing it as a hobby. but was going to make a 100 or so kits just toh sell at my local tourneys and stuff.

[andrewlamberson]

I've thought of kits is something I buy when I don't know exactly what I want/need....or I want to test a bait and some of its colors. I also like kits that don't make me choose...but instead are already thought out with the proper size hook for the bait...weight for shallow-med-deep. "Best" colors.....

Who is your target for this kit?
What is their need/problem?
Does this kit address those needs?
What would be the objections to the kit?

I would suggest you make up a couple versions based upon what you anticipate the needs are...and let the customer tell you what the best combo is.

In regards to price...I would price it out at full retail (like Crabby did)..and then promote it at a "special" price. I would also suggest that after you get your concept kits together you then try to hit a "price point" that has the least "price resistance". For example you will sell a lot more for $19.99  than $25.

[Frank]

Kit to me SCREAMS beginner. And lower price or at least discounted. Custom on the other hand means it cost more but it is what YOU want. And people pay it whem they want it. If you are going to sell at tourneys do you think they  are beginners? You will sell way more customs there. Most of them know what color they want but may not be able to get there favorite color in that bait. Thats MONEY there. 5cts a bait? is it real small? I have 7cts of plastic in a small brush hog. That is figuring my plastic at 27cts per ounce. Dont cheat your self out of labor as all it does is cheapens the whole industry. And it also cheapens these guys you are asking for help here on this site. Some of us are trying to actually make a living out of it. Do custom colors and small bags you will make just as much money and get in with some of the best fishermen. You will fish with them and always know that hot bait. Just my opinion. Frank

[Jason]

A lot of wisdom is being shared in this thread...

[el rat]

I think you should always consider your time.  What plastic do you use?

[pjmcla]

You don't think you can sell Trokars at that price point.  I believe you are way underpriced as well.  If you are close to a lake that has a lot of "guest" fishermen; a kit of "whats hot on Falcon, or lake XXX" might get enough interest to make it worthwhile.  But; I would suggest baits only, unless it is an unusual complimentary hook. 

[superharmonix]

Kit to me SCREAMS beginner. And lower price or at least discounted. Custom on the other hand means it cost more but it is what YOU want. And people pay it whem they want it. If you are going to sell at tourneys do you think they  are beginners? You will sell way more customs there. Most of them know what color they want but may not be able to get there favorite color in that bait. Thats MONEY there. 5cts a bait? is it real small? I have 7cts of plastic in a small brush hog. That is figuring my plastic at 27cts per ounce. Dont cheat your self out of labor as all it does is cheapens the whole industry. And it also cheapens these guys you are asking for help here on this site. Some of us are trying to actually make a living out of it. Do custom colors and small bags you will make just as much money and get in with some of the best fishermen. You will fish with them and always know that hot bait. Just my opinion. Frank

x2-

This is not a hobby for me, so I am in agreement with everything Frank is saying here. 

[mouthsmasherbaits]

I agree with everything that is being said. I underdtand that KIT might be more geared towards the Novice fishermen and women.

I feel that the kits I am talking about putting together would be for somebody that wants to save room in there boats.. If I carried all of the fishing stuff I have on a boat I would need a tug boat to pull my boat. My kits could be geared to a certain style. Below is a example of the type of kits I am talking about...

Fishing Kits

All kits will include 50 baits in 5 different colors. The kits will also include 10 each of the following items specific to the kits technique. Hooks, sinkers, jig heads, o-rings, and worm nose sinkers. Shaky jigs will be Trokar hooks. All other hooks will be Gamakatsu or Mustad. Each kit will retail for $29.99.

1. Texas Rig Kit
Each kit will contain 10 hooks, 10 sinkers of customers choice of size and weight.

A. Worms (5 Colors)
B. Creatures (5 Colors)
C. Lizards (5 Colors)
D. Craws (5 Colors)

2. Shaky Rig Kit
Each kit will contain 10 shaky head jigs customers choice of weight.

A. Worms (5 Colors)
B. Lizards (5 Colors)
C. Twin Tail Shad (5 Colors)

3. Neko Rig Kit
Each kit will contain 10 hooks, 10 nose sinkers, 10 o-rings customers choice of weight and size

A. Worms (5 Colors)
B. Twin Tail Shad (5 Colors)

4. Jig N Kit

A. Worms (5 Colors)
B. Twin Tail Shad (5 Colors)
C. Lizards (5 Colors)
D. Craws (5 Colors)

5. Drop Shot Kit

A. Worms (5 Colors)
B. Twin Tail Shad (5 Colors)

6. Wacky Rig Kit
Each kit will contain 10 weighted or non- weighted hooks. Customers choice of size and weight.
A. Worms (5 Colors)

[biglewers]

Have you weighed all your baits?  Do you know how much it cost to make each one?  for you craws how big are they.  The ones I make cost about 15 cents each.   Worms range anywhere from .05-.08 cents each.  all on weight alone in plastic.  not including color, glitter, and your time.    Good luck.

[kipbass]

5 gallons of plastic shipped to me $166.15 always include the shipping you paid for, and make the customer pay it back.
$166.15/640oz= .26 per oz
4oz of plastic = $1.04
I can make (11) 3" Mad Dads with 4oz
640oz plastic divided by 4 times 11 = .09 cents per bait
That's not including colorants, glitter, heat stabilizer, worm oil, etc... Probably the best way to get those is to weigh each one before the batch and weigh again after the batch...or you can just make up a number roughly like .05 cents for each.
That's more than you're charging per bait just in plastic alone. Then you should multiply the cost of a bag of baits time 50% for labor and add that too it. Or add it to the overall cost of you taking the time to box it all together for the convenience of having it all in one place.