Well Derek
Like the others i had my time for trying this, i used to tie micro flies for certain shops to supplement my college days.
It was impossible to compete with commercial flies,but they dont really make size 18's down, so a niche was there to be filled. After a while people ask you to make flies for them(usually ones they cant buy) the real difference is they dont fall to bits. So 50p a fly is good value when it lasts 10 times longer than a 20p fly.
There is still no commercial value in doing this as the cost of decent hooks and materials eat up a lot of the cost and as the guys say if you work it out at an hourly rate you need to churn out 20 flies an hour to scrape over the minimum wage.If you take pride in what you tie then 20 flies an hour can be very frustrating
The super realistic flies are where the money lies, but they are works of art and take ages to make, its more like model making than flytying.
Classic salmon flies too as Peter says, but thats a real artform too.
These days i have to confess, i still love tying flies (after 23 years) but it is spiders, simple dries and nymphs that make me smile, getting a waterhen bloa to look just right is very satisfying
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Sandy