That all depends on how much you want to spend!
Seriously though, I know some guys who make all their plugs with a belt sander. I personally use both a belt sander ($60-100) and a lathe ($120-300) for most of the work I do. I also already had a dremel for some of the shaping ($100). If you are into wood working you may already have most of the tools. As time goes on, I buy more and more stuff.
The supplies to make plugs like eyes, hooks & swivels can be found at your local tackle shop. I hope that helps you make your decision. Beware, this hobby becomes very addicting!
Bass Holl's hit the nail right on the head...but another way to look at it is: "How much do you spend on off-the-shelf lures a season?" Chances are you'll break even pretty quickly on your tools and that's before you even factor in the fun of making your own stuff...
Another thing you might want to consider is the possibility of selling a few of your pieces when you get fairly decent at making them. I've been to a few fishing flea markets recently and even the simplest of lures and plugs are selling for between $15 and $25.00!! Not bad for a piece of broomstick, some paint and a dollars worth of hardware huh? That would sure help you recoup your initial investment in quick order. Another consideration is e-bay and other sale/auction sites. Also, something that you might want to look into Kev is an excellent book that BassHoll (THANKS BASS!! ) recommended to me. I ordered it from amazon.com it's called C. Boyd Pfieffer's Complete Book of Tacklemaking. I was considering an attempt at making a few myself. I'm not sure where I saw it, I thought it might have even been here somewhere, but I seem to remember a picture of a rigged up variable speed electric drill that someone used to turn plugs. If anyone could help me out with that I would appreciate it.
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