There is no doubt that boating is considered a fun activity by both tourists and locals alike.
Around 1.4 billion people participated in supporting global tourism in 2018. These statistics show large figures that were attained two years before the date that experts had predicted. This simply shows how hot the travel industry currently is and how cash flow is going strong within the tourism industry. The best part is that the boating industry has seen the largest percentage of profits and has also attracted the most amount of tourists. Even companies offering excellent boat equipment like Far East Sails are rising in demand.
Water sports and activities are quite popular in regions/countries with warmer climates. So, there is no doubt that boating is considered a fun activity by both tourists and locals alike.
If all of this has you convinced about starting a charter boat business, then you are in the right spot. Today, we shall look at how you can set up your own boat business and reap amazing profits.
1. Devise a business plan
Believing that you and your conditions are fit to run a boat business is not enough, you need to come up with a suitable plan for your sailing business. Make sure to cover all types of expenses and costs in your business plan including maintenance, gas, and boat payment including what you are going to charge for your services to reap profits. It is also a good idea to survey other similar boat businesses in your locality to see what packages or services they are offering, how much they charge, and what profits you can hope to generate including the number of visitors in each season.
2. Pick a boat style
You can find an array of charter boats so it is a good idea to pick a design that will cater to tourists and one that fits your budget. For example, you could pick a boat with fishing tanks, fishing rails, and other features that are fit for fishing if you want to offer a fishing experience to your customers.
However, if you wish to offer a cruising experience, then you will need a boat with large decks, a commercial kitchen, and other luxuries. It is a smart move to pick a boat style that will please the type of customers you wish to attract or want to cater to and then select features depending on your budget.
3. Purchase your boat and get your business registered
Once you have picked a boat style, the next step is purchasing your boat. Also make sure to buy any accessories, equipment, and other supplies you will need to offer tourists an enriching experience. When all of this is done, the next important step is to head over to the IRS site and register your boating business.
As a beginner, you can register your business as a sole proprietorship. However, it is important to know that this does put you at risk of being sued if you fail to fulfill certain liabilities. It is a good idea to get an accountant or lawyer on board to register your LLC and find out how you should go about registering your business and learn more about tax information.
4. Select a dock
As soon as your company is registered and your boat purchase is in progress, you will have to select a suitable dock. This is the place where you will pick up and drop off tourists. Make sure the location is attractive and can get you the most customers. Paying a little extra for a dock will pay off in the long run in the form of numerous clients. Make sure to look out for docks offering discounts and longer leasing so you can opt-out of paying costly rent each month.
5. Begin marketing
The last thing you need to do is market your business and get ready to onboard tourists. You can start marketing your business online using Facebook ads, sponsored blog posts, articles and even pasting posters around or near your dock. If you have the budget, you can also set up a website to start pre-booking. If you do not have a budget, make sure to eventually save up and set some money aside for online marketing. A proper website is the best way you can reach customers and expand your business.
Endnote
Launching a charter boat business is a great idea to reap profits if you have the market, budget, and passion required to run this business. Make sure to come up with a solid business plan to assess where you truly stand so that you do not run into trouble later on.
