In defense of Shep, I did tournaments for a year with him. He ended up the season with over one million dollars. he went on to bigger and greater things after that one year with me. He even coined a new phrase in the walleye world that you may have heard of. His famous quote is: " If you want to make a million dollars fishing walleye tournaments make sure that you start with two million dollars."  Sheeeez guys! Loosen up a little, the winter is over and the fishing is starting to get hot. Check out your boat, dust off those rods and go fishing. You'll get a better attitude. Shep was giving you tongue and cheek answers. He was trying to share his wit and humor (which he has a lot of). Lighten up. On a serious note: I have been running my guide/tournament business for about 10 years. Truthfully, I could not do this without the guide business and good sponsors. You need to show a profit after a period of time or it is a hobby like others mentioned. Different rules in both categories. My advice is to get a good accountant who can keep you out of trouble and keep meticulous records. I have seen great sticks come and go who frankly kicked my butt fishing. But they had no business sense and sold the farm on a wish and prayer. Don't put yourself into hock chasing a dream or it will turn into a nightmare. If you are married it gets worst if you put yourself into financial problems and you do not communicate with your wife. You need her total support in more than one way. Everyone envisions "the business" as a way to fish for free. They visual tournament fishermen having fun in sunny skies, a hot bite with mild winds. The rude awakening occurs when you wake up after 4 -5 hours sleep and for those initial 20 seconds you forget where you are, what state you are visiting and what day it is. No one realizes that last summer most of us were spending $100 a day for gas alone seeking the dream. Your days start very early in the morning and last late into the night. Besides fishing you are tying crawler harnesses, changing line, cleaning/maintaining the boat, checking out tips, dialoguing with associates, making phone calls, fulfilling sponsorship duties, pouring over maps etc.etc.etc. My advice to anyone considering the adventure is to sit down and do the math for expenses versus possible winnings. This has been discussed many times but the economy is making it even more difficult. As an example: Entry fee = $1500 (add $250 for AIM) Hotel costs = $400 Food = $150 Bait = $100 Gas = $600 Misc. fishing needs = $150 Boat oil = $40 Total cost of minimum expenses getting by cheaply is usually $3,000 a tournament for national level tournaments. Now look at payouts for AIM and FLW. AIM (with a full field) pays $2500 for 11th place FLW (with a full field) pays $3,500 for 16th-20th (unless you have the right boat and motor, then add $1,000. Let those figures sink in a bit. We all think that we are the best in the nation and can compete, otherwise we wouldn’t be there. The question to ask is how consistently will you place in the top 20 or top 10. That’s how you make money (but little) tournament fishing. To make it financially you need to generate income other ways to survive. Good sponsorship helps a great deal but lots of that has dried up during these tough economic times. Guiding pays the bills for me. Many have real jobs ( I do too). Develop a name and seminars will help. Writing pays too little to think about but keeps your name out there and helps with sponsorship. I write all of this to help and have anyone considering the leap to go in with eyes wide open. Before I get slammed, I do not do the full circuit in either the FLW Tour or AIM. I’m one of those that pick and choose events that I can get into. I usually do 2-3 national events a year and then I do state level tournaments. Why? Do the math above. Please do not interpret this message as being negative. I love doing what I do. You have too love it to keep going. It has to be a passion and almost and addiction to keep doing it. I honor those on this site that they call the “iron men”. I am amazed that they have the stamina, love, passion and desire to keep going every year doing the amount of tournaments that they do. | 
Fishing Tournaments as a Business