Most of the advice here is good. My family and I have run a shop for 35 years. Its a lot of work for the return. Sounds like you are aware. Advice for bait. Get a good supplier. Consistency is the key. Keep your tanks clean and run fresh water on them 24 hours a day. Makes a huge difference on the bait vs a recirculated system. Don’t give your bait away. You will never win the price war and in turn you won’t make any money. If you have the best bait your customers will want it. As far as tackle goes, it is getting harder and harder to make money on it. Expect about a 10-25% margin on everything. Our philosophy the last few years has been carry more options of the most popular product lines for our market. Example would be instead of having 6 each of 6 colors carry 3 each of 12 colors and just reorder more often. Plus the best place to make your money on tackle is the small impulse items such as bobbers, minnow dippers, terminal tackle, etc. My biggest advice is to keep your store clean and well lit. It has become a family sport and you need to appeal to the wife and kids too. If you have space add an aquarium with some fish, the kids love it. Good luck with everything!
Jason Erlandson