Thanks all!
NewAngler, I have sold some of my baits and you're right, you can make decent money at it.
As for cost, once you're set up for making baits, it will only cost $2-5 to make them, plus time. Getting set up can be pricey though. Here's a list of most of what I use for my baits.
Wood- I use whatever I have on hand (usually pine)
Paint- Wal-Mart craft paints, Rust-Oleum spray paint and some Krylon spray paint (the Rust-Oleum spray is much better quality)
Hook hangers- 18 gauge galvanized wire
Epoxy glue- Flex-Coat rod builders glue
Topcoat- Flex-Coat Ultra V rod finish
Hooks- Mustad 35647 hooks (they come very dull)
Split rings- fishing split rings can be bought at just about any tackle retailer
This is not a complete list, but it covers the basics. Flex-Coat can be bought from Mudhole. I buy my hooks, split rings and scale mesh from Barlows.
Hope this helps.
Ben