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From Hobby to Business: The Journey of Wildlands Precision Bait Co.

Wildlands Precision Bait Co. was founded by Tim Kubetz and his partners after six years of bait-making as a hobby, aiming to hone their skills, gain business insights, and fund future projects at the Wildlands Project. The business plan includes a purpose statement that focuses on creating high-quality, handcrafted fishing lures to raise money for their school. With an efficient assembly line production process, WPB Co. aims to streamline operations and expand their market presence in local tackle shops while experimenting with new lure designs.

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From Hobby to Business: The Journey of Wildlands Precision Bait Co.

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Presentation Transcript

  1. By: Tim Kubetz

  2. How WPB Co. Was Started • Started bait making as a hobby 6 years ago • Founded Wildlands Precision Bait Co. with a three fold purpose 1. To become more skilled in the craft while teaching others 2. To gain insight and experience in running a business 3. To raise money to fund future projects at Wildlands

  3. Project Participants • Tim Kubetz: Co-founder, Production Overseer and Painting and Finishing Technician • Dan Wiersgalla: Co-founder, Hardware installation and lure assembly • Alex Gajewsky: Lathe operator and Carving Technician

  4. Creating a Business Plan • Necessary to see if business will be profitable • Contains three main sections

  5. 1. The Cover Page • This section contains your purpose statement

  6. WPB Co. Purpose Statement • To raise money for our school by manufacturing and selling top quality, hand crafted fishing lures.

  7. 2. Business Overview • Outlines all the main facts about the business and how it will operate • Contains four parts: 1. Description of business 2. Marketing 3. Operating Procedure 4. Personnel

  8. 3. Financial Data • Tells you whether your business will profit or not • Includes: Capital spending list Breakeven analysis Profit projections

  9. Starting Production

  10. Organizing equipment and supplies

  11. WPB Co. Production facts • Started first baits on Oct. 12 • Lures are produced in “assembly line” fashion • Initial batch was 34 lures. Finished on Jan 10.

  12. How we make ‘em

  13. Shaping the blank

  14. Drilling holes for hook hangers

  15. Installing the hardware

  16. Sealing the blank Motorized Drying Wheel

  17. Painting and finishing Darth Vadar

  18. The Finished Products

  19. The POP-arrazi!!!

  20. Available in four color patterns Copy Cat: Baby Bass: Citrus Shad: Feelin’ Froggy:

  21. The Disco Dog

  22. Available in three color patterns Baby Bass: Copy Cat: Tablerock Shad:

  23. The Tweeder

  24. Available in three color patterns Fire tiger: Baby Bass: Copy Cat:

  25. Marketing and selling the product

  26. Determining a price point • In order to insure profit • Projected price of materials was $1.40 per bait • Labor is donated and thus no expense • Based on competitor prices • Cost of equivalent factory lures $5-18 • Cost of hand crafted lures $10-50 • All WPB Co. models cost $9 each

  27. Bringing the Baits to Market • To friends and acquaintances (face to face sales) • Tackle Stores • Swap meet at the WBFN Representatives meeting

  28. Swap Meet Sales Results • Sold 9 lures • Raised $87 to donate to the schools project fund

  29. What’s next for WPB Co. • Streamline production work for more efficiency • Get our baits into tackle shops to sell • Continue with some of the current models but also experiment with other styles.

  30. 10 years later… Imagine this: Your walking down the aisles at Bass Pro Shops, just drooling at all the lures and wishing you could by all of them. All of a sudden a familiar sight catches the eye. It’s a Wildlands Bait Co. logo. WPB Co. has made the big time!

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