How To Start A Charter Boat Business – Maybe you’re itching to get out of your 9-to-5 routine, maybe you’re looking for a lifestyle change or just a change of pace. It can also be an opportunity to become your own boss.
Whatever your reason for starting a same-day charter business, we applaud you. Who doesn’t want to spend a day on the water, meet friendly tourists, make new friends and do something that makes you happy? Although it may seem like a distant dream at first, it may come true sooner than you think.
How To Start A Charter Boat Business
Before you get too excited about the prospect of submitting your ad and jumping in, you’ll want to review some of the basics you’ll need to cover to successfully launch your new business. In the world of charter flights, it is absolutely true to say:
How To Start A Boat Rental Business
So get organized, do your homework, and get ready to succeed! Document this as a business plan and clear any doubts raised in the next section. This article will help you identify and highlight all the important questions you should ask yourself when evaluating the viability of this business venture.
Any competent yacht broker can help you through this process. We recommend that you start a conversation with your broker sooner rather than later, as this will give you inside information on the market and realistic expected returns. We can also provide support and connections to charter flight booking agents. These agencies provide an initial client base and are an important component in the start-up phase.
If you’re reading this, you’ve probably already taken this first step. However, this is perhaps the most important step in this process and deserves a formal re-evaluation. Ask yourself. Do I really want to do this job? You will probably answer yes. However, very few charter companies understand and consider this a serious business. It will be a very fun and exciting adventure, but it will also be very hard work at times and you will be tested mentally and physically on a regular basis.
Where would you like to start your day rental business? because? Is there demand for day trips in the area? Are there other areas that work better? These are the questions you should be asking yourself at this stage. Consider historical tourism trends, where your renters are coming from, and more. Are they city visitors, cruise ship passengers or locals looking for fun on the water? How much do other people in the area charge and how many charters do they do per year?
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Create a SWOT analysis using the information developed in Step 2. If you do not have previous experience using SWOT (Strengths, Weaknesses, Opportunities, Threats) tools, we recommend that you use this exercise to analyze your local tourism/survey industry to see how you can stay competitive and add value can deliver to your customers. charter. . Learn more about SWOT analysis
What will you offer and how will you differentiate yourself from the competition? Don’t be afraid to be different! Guests swimming? Do you offer diving tours? Is the dinner cruise an option? Will you focus on the high-end market? If so, you must match your offer to these requirements. Or will it compete on cost with budget backpackers and tourists? What is available now and how can it give you a competitive advantage?
Take a closer look at this list to consider how you find and attract guests, especially how they book and pay. Do you want to use a booking agent to manage it? Do you have a business model to interact with guests all day long? Beach access and launch access for small boats and maintenance arrangements for larger boats? Will you do the bookkeeping yourself, or will you hire someone to do it for you? Will marketing be in-house or outsourced? These are all very important questions to include in your business plan. Each of these issues must be addressed in order to successfully launch a new one-day rental business.
Go through the steps above and use the information you just gathered to generate a profit and loss forecast for your rental business per day. The most important aspects of the overall result of this calculation are the vessel’s initial expenses and maximum number of passengers. We cannot control these numbers. Trips per day/week/season, cost per person, etc. are all variables that can be adjusted later to accommodate changing market conditions. You can download a sample P&L calculation for the Seawind 1160 resort here. In this example, the calculations are based on work in Phuket, Thailand.
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Don’t forget why you’re doing it! To have fun and make a living doing what you love. It can be helpful to go through these steps several times as you plan and develop your numbers.
Contact one of our charter experts and learn how to successfully start, prepare and complete your charter ownership journey today! Not sure yet? Email us with any questions about next steps and how to decide if this is the right option for you. If you’ve ever considered trading your suit and tie and air conditioner for deck shoes and salty air and running your own business, a boat rental business may be just what you need to satisfy your entrepreneurial spirit and appetite for the outdoors. .
Here is a simple yet practical guide on how to successfully start a charter boat business in Australia or New Zealand. Watch Pete Johnson’s video at Pegasus Charter to hear his story.
If you have no experience with a boat of this size, ideally a sailing or motorboat lesson for the type of boat you want to own is a good place to start. This can be done informally through a friend or yacht club, or more formally through a boat training program.
How Much Does It Cost To Charter A Yacht?
Join a local yacht club as a crew member and you’ll be on the water in no time. Or, if you’re in Sydney, join the Multihull Cruising Yacht Club as a crew. Visit here: https://www.multihullcruising.org.au/
We partner with Pacific Sailing School to provide skilled crew and daily captain level training through the RYA curriculum.
Charter boat operators are always looking for good, reliable and passionate crew members to help charter. It’s a great way to learn the tricks of the charter boat business and get a taste of the charter style you’d expect. It will also help you record the time required on a commercial vessel to qualify as a commercial skipper.
If you intend to operate a charter boat in Australia, you will need the appropriate qualifications and these qualifications will depend on the length of your vessel. Australia has teaching schools that provide essential education.
Chartering Your Own Yacht
If you intend to operate a boat under 40 feet in length, you will need a Coxswain Cert II ticket (the most common and easiest to obtain). See the courses offered by Seaschool here: https://www.seaschool.com.au/commercial-certificate-courses/coxswain-cert-II
A certified master engine driver 3 is required if you plan to drive a boat longer than 12 meters and less than 24 meters. This is a more rigorous course with more times recorded. See the courses offered by Seaschool here: https://www.seaschool.com.au/commercial-certificate-courses/marine-engine-driver
It is important to work with your accountant to develop a business plan. Things to consider are hourly rates or ticket prices, how many charter flights are available per week or per season and where new opportunities are coming from. Then consider costs such as deck hand (or skipper if unqualified) fees, maintenance, insurance and mooring/marina fees. How will your favorite ship fit into the existing market? Below is an example of what the NLP of the Sydney Harbor based Seawind 1160 Resort charter boat might look like.
Charter boat operators in the Whitsundays and Sydney are already seeing strong bookings as Australians rediscover their backyards despite restrictions on interstate travel. Trevor Rees of Whitsundays Escape <> or to view the full replay of the webinar interview with Russell Waddy of Pittwater Yacht Charters <>
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A professional boat charter accountant can be referred for professional advice. Contact Peter Jabour or Andrew Schilling at Jabour Accountants on 02-4626 9900.
As with any financing through a banking institution, there are usually two main considerations: 1 – Security and 2 – Serviceability
Financing a boat is not always easy. This is because banks do not tend to favor floating assets that can be navigated in bricks and cement. So it definitely helps if you have home equity that you can use as collateral for your boat financing.
