NDBass,
After the initial cost of buying all the equipment, tools, etc... I had to figure the costs out for my books (I used to have a business doing this). A spinnerbait cost me between $2.25 and $2.85 to build, depending on the size lure being built and colors involved. If I used larger blades and premium skirt material (halo, prints, etc...), the cost was at the high end.
An average 3/8 oz spinnerbait with #3 and #5 blades, using quality skirt material, the best blades I could buy, premium hook, Sampo ball-bearing swivel, etc... cost me about $2.50 to build. If you used lesser quality blades, swivel, and skirt material, you could further reduce that price.
When I started doing this, I didn't build to keep the costs down. I started building my own because I couldn't find anyone that offered what I wanted in a spinnerbait. Every one of them had hooks that were either too small, not sharp, poorly designed, etc... After I started building them, friends got interested in what I was making, so I got a business license and started building and selling them. What I didn't realize when I started this is that all lures manufactured are subject to excise tax, which I had to pay and file quarterly. That ate up a lot of the profit. If you are building them for $2.50, charging $3.50 to a dealer so he can sell them for $4.00 and still make his profit, PLUS you pay a tax on every lure you build, you just don't turn a huge profit. Especially making each and every one by hand like I do. It just wasn't worth it in the end, and I finally closed the small home-business.
I only make them for myself and friends now, and I really enjoy making them. It's more enjoyable when you don't have a deadline and orders to fill.
All the best,
Glenn
Edited today to add - I started buying blades in bulk at some point in this evolution (1000 count), as well as bulk skirt material and Sampo swivels. At that point, the annotations on cost in my notebook dropped the cost of a 1/4 oz spinnerbait to $1.66, and a 3/8 oz spinnerbait to $1.74.