Run a cost analysis of what you think your operating costs would be for the worst month of the year of operation and see what it is to break even. Then decide if you want to have a bait shop. 99% of all bait shops are “maw & pa” run and they live with them 24/7 and in reality, you cannot buy product at the competing pricing competing with the big box stores. Also consider, your competing with internet sales. Where you buying your stock from? Most items stocked will have to be purchased thru wholesalers or middle men as you won’t have the buying power to make small purchases in items from dealing direct thru manufacturers. Check out who the wholesalers are. Water for minnows. Well or City? Bait shop will tie you down.