My New Business is Off the Hook

The whole point of this blog is to start new income producing businesses. You may have read my other post about my online arcade. While the site has been doing ok and I hope it does well in the future, I am going to continue working on it and continue to look for new ways to make money.

Today I went fishing. It was a complete failure, I didn’t catch a thing. I tried to make my own bait out of dough and that was a sticky mess. So I went to the local bait shop to buy some worms and they were out. I did notice however, that they were charging $2.50 for only 12 worms. This seemed pretty expensive to me. This gave me the idea for my next business: starting a worm farm and selling the worms to a bait shop.
Fish

I had thought about the idea before and had read up about it online. Worms are fairly low maintenance, there are few start-up costs, and there is a good market for them in summer months. I had recently decided to take up fishing, so even if I never get to sell any of the worms, because it doesn’t work out for some reason, I will be able to get my bait for free.

What I will need to start:

– Large metal tub

– Starter worms

– Organic Food Sources

– Water

The worms do all the work. All you have to do is feed them and make sure that they don’t get too hot or too cold and are living in a moist environment. They reproduce quickly, so you don’t need too many to start with. I will do a little research to figure out where to get my startup worms from either online or from a local bait shop or distributor.

How much I expect to make:

I don’t have a lot of space to start a worm farm, so I doubt that it will ever become huge. This is just meant to be a side business with some potential for growth if it is fun and easy. If I ever wanted the business to become real successful I would need to buy more land since my yard is too small to raise enough worms to become very profitable. For now I am just going to farm the worms in a tub, learning the ins and outs of the business and see if its right for me.

The exit plan:

In case the business doesn’t take, off like I am hoping it will, I have an exit strategy that will allow me to make full use of the resources acquired during the startup stage of this business. As I said earlier, I plan on fishing a lot, so I will be able to use the worms as bait for myself. Also the worms create very fertile soil that I can use for potted plants or in my parents garden. Initially this will be a very small operation, just to see how it works out. I will be sure to give you guys an update on how its going in the coming weeks.

Update: The business has actually been doing quite well. You can now buy red worms at my site Earthworms4sale.com.

3 Comments

  1. This is an old case of “Finding a need and Filling it!” Great idea David! I encourage you on this cause who knows! You could become like the Worm King or something and sell bait online and at a shop and before you know it, people come to you for the bait because you have quality worms at exceptional prices! Good Luck!

    Tony

  2. I was a fisherman in a past life myself – and couldn’t stand getting a pack of worms that had half of them already dead! Keep them healthy and you’ll do well!

  3. @Tony Thats a great idea. I might be able to sell them online. I do have some internet skillz. It probably wouldn’t be that hard for me to set up a website.

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