I only have a couple things to chime in about. First, I always talk to the lady who runs the local Bait and Tackle, and the poor women never gets a chance to fish. It seems like when everyone else is out fishing, she has to be there to run the store. Now you can always hire help, yadda yadda, but that's more money, trust issues...etc. Second of all, when was the last time you went to the local Bait and Tackle for anything other than a box of crawlers, some shiners, or a last minute Item you needed for a day of fishing? I never buy any of my gear or tackle from the bait and tackle shops. I know it sounds bad, you should support local business. But bait and tackle shops are over priced, they don't carry a wide variety of tackle, they don't have sites on the web you can browse. Most of the gear is back behind counters, you can't really rummage through it like other stores where there are walls and walls of lures and stuff.(that's one of the reasons I like going to the big stores in the first place. ) Once in awhile I stop in, buy some shiner for some bait slinging and make small talk. See what the biggest catch lately is, etc. But I don;t see how you can make a real good living with it. Then again this is up in Northern Mass in a pretty urbanized city. I figure in a more rural setting a B&T may do better. I dunno, it's a lot of thinking. Owning your own business no matter what it is, is a lot of stress, pressure, $ and risk. Are you ready for all of that?
I would guess that back in the day, 30 years ago when most fishing was done with minnows or worms, Bait and tackle stores were a booming business. But now, it's all about the newest lure, rod, reel. And that's the stuff you get from outdoor retailers like BPS or cabelas. Or go to Dick's sporting goods for. You'll still need a place to go and get bait from, since the retailers don;t reguarly sell shiners, frozen bait, leeches, crawfish, etc. So I don;t think they'll even not be around as long as fishing is here(or until big business finds a way to capitalize and profit from such items)
But in the end, it's your own decision. Anyway, you jsut started college. Concentrate on getting: drunk, laid, and passing grades(no one says you need to get straight A's) And make sure you make time to fish. I'm sure after a few years of college under your belt you'll have a better idea of the big picture when it comes to operating and owning a business. But like KVD says: never stop dreaming.