Buy Wholesale Cheeper or Make Products?

[tvarcor]

I have a startup to where I sell fishing weights and lures. I make good profit on weights and can compete, but lures I can make a profit but can't compete well if I account into the price my labor. I don't pay myself for labor. For pricing my products out I priced them out as if I was paying myself so in the future I don't need to "raise" my prices. I can buy lures from Wholesalers cheeper than what I can make them if I count my labor time into it. If I don't count my labor into the price I am way under other wholesalers.

My question is do I buy from wholesalers or should I make the product. Which would be better down the line? Same time right now or save money?

[turboguy]

It seems to me that if you can't make money on something there isn't much sense in doing it unless you enjoy it as a hobby. Would there be a possibility that what you could make would be better than what you can buy wholesale which would let it be sold at a premium price? I am thinking standard lures and premium lures. If not make the weights and buy the lures. Maybe you can find something complimentary to make at a good profit.

[Harold Mansfield]

I'm not a big fishing enthusiasts, but I'm assuming the wholesale lures are machine made. What kind of lures do you make? In fly fishing aren't hand made lures a thing? I mean aren't they supposed to be the way you want your lures made if your a serious fly fisherman?

Can't you continue making them and charge more because they are hand made? Seems like that should get a premium price as opposed to trying to compete on price with machine made lures.

I'm just spit balling here

[Fulcrum]

How are you making the lures currently? All by hand or is there some sort of automation (advanced cnc or simple press)? With automation you will pick up efficiencies, though you will need to account for the equipment and maintenance.

I agree with Turboguy. If you cannot make the same, or better, money manufacturing as you could buying in wholesale, then focus on the weights and look for a complimentary product.

Edit:
I reread the original post and I realized that you haven't told us your primary sales method. Are you selling direct to the consumer, retailer, or other wholesalers/distributors?