How To Start A Boat Business – Maybe you’re eager to get out of the 9-to-5 game. Maybe you’re looking for a change in lifestyle — or just a change of pace. Maybe it’s an opportunity to be your own boss.
Whatever your reason for wanting to start your own day rental business, we applaud you. Who wouldn’t want to spend a day on the water, meet friendly travelers, make new friends and do what makes you happy? But what may at first seem like a long-term dream can come true – and sooner than you think.
How To Start A Boat Business
Before you get too excited about the prospect of submitting a notice and jump in headfirst, you’ll want to review some of the basic basics you need to cover in order to successfully launch your new business. In the charter world it is quite true to say,
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So get organized, do your homework and set yourself up for success! Create a document with your business plan and answer all the questions posed in the following sections. This article will help you identify and shed light on all the key questions you will need to ask yourself when evaluating the feasibility of this business venture.
Any good yacht broker will be able to help you through this process. It makes sense to start talking to a broker sooner rather than later as they will have inside information on the market and have realistic expected returns available. They will also be able to offer support and links to charter booking agencies. These agencies provide your initial customer base and are an essential component in the startup phase.
If you’re reading this, then this first step is one you may have already taken. However, it is probably the most important stage in this process and deserves a formal reassessment. Ask yourself, do I really want to do this? You’ll probably say yes, of course, but why not… right? But too few charter companies understand and consider this a serious business. It will be a lot of fun and a very exciting adventure, but sometimes it will be a lot of hard work and you will be tested mentally and physically on a regular basis.
Where do you want to start your day charter business? Why? Is there a demand for daily rentals in the area? Are there other areas that would be more successful? These are the questions you need to ask yourself at this stage. Consider things like historical tourism trends and where charter guests are coming from. Whether they are out-of-town visitors, cruise guests, or locals looking for fun on the water. How much do others in the area charge, how many charters do they do per year?
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Using the information you developed in phase two, create a SWOT analysis. If you are new to using the SWOT (Strengths, Weaknesses, Opportunities, Threats) tool, we highly recommend that you skim through this exercise to analyze the local tourism/charter industry and discover how you can be competitive and offer value to your charter guests. Learn more about SWOT analysis
What will you offer and how will it differentiate you from the competition? Don’t be afraid to be different! Will your guests take a bath? Will you offer diving trips? Are dinner cruises possible? Will you be targeting the upper end of the market? if so, you will need to align your offer with these requirements. Or will you compete on cost, targeting travelers and budget vacationers? What is currently available and how can you provide a competitive advantage?
As you delve into this list, consider how you will find and attract guests, and most importantly, how they will book and pay. Will you be managing a booking agency for this? Do you have a business model that takes care of guests all day? Do you have beach access and raft access for small boats and maintenance arrangements for larger boats? Will you do the accounting yourself or hire someone to do it for you? Will the marketing be internal or external? These are all extremely important questions to include in your business plan. To successfully launch a new day charter business, you will need to address each of these.
Continuing with the previous stages and based on the information you have now gathered, create a profit and loss forecast for your day charter business. The most critical aspect of the overall result of this calculation is the initial outlay for the boat(s) and the maximum number of passengers – numbers over which you will have no control. Number of trips per day/week/season, price per person, etc. they are all variables that you may be able to adjust later to meet changing market conditions. You can download the profit and loss calculation example for Seawind 1160 Resort HERE. In this case, we based our calculations on an operation in Phuket, Thailand.
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Remember why you’re doing it! to have fun and make a living doing what you love. As you work on your plan and develop the numbers, it may be helpful to repeat these steps several times.
Contact one of our charter experts to learn how to start, prepare and successfully complete your journey to charter business ownership today! Still not convinced? Email us with any questions about what your next steps should be and how to determine if this is the right choice for you. Raphael Sauleau notes that new demographic groups are entering the market and traditional customers are accelerating their purchases.
Fraser CEO Raphael Sauleau noted on Tuesday that young bitcoin investors and CEOs of tech startups have contributed greatly to the boom in nautical companies.
“We’ve seen a change in our average demographic,” Sauleau told “Mornings with Maria” on Tuesday, noting that “a few years ago, the average customer age was between 55 and 65, but now we’re down to 45 to 55.”
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“So they’re coming from bitcoin, they’re coming from tech startups, but also hedge funds, and we’ve seen a lot of clients coming from these different backgrounds and younger clients, both on the sell side and on the charter side.”
Sauleau also pointed out that the interest from the new demographic is on top of the business generated by traditional customers.
“The pandemic has affected a lot of people,” he told host Maria Bartiromo, noting that “the fact that we were restricted and couldn’t travel for a while” accelerated interest in yachts.
“Some of our existing customers said, ‘You know what? Maybe it’s time to have a bigger yacht or a bigger yacht.’ Some of us said, ‘I’ve always been a renter, why don’t I buy a yacht now?,'” Sauleau said. “So we’ve seen this whole phenomenon that has obviously had a very positive impact on the yachting industry.”
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Sauleau’s yacht company, which specializes in the sale and charter of luxury yachts, experienced a 175 percent jump from 2020 to 2021, Bartiromo said, citing Fraser data.
“2021 saw the highest demand for yachts and yachts Fraser Brokers has ever experienced,” the company said.
Sauleau pointed out that the company was able to attract many new customers “because of the possibility of some degree of freedom of travel.”
He noted that Fraser “has seen a jump of about 61% in new customers,” with 40% of those new customers being first-timers to yachts.
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“So these numbers are really amazing and clearly show that yachting is attracting a lot of new people today,” Sauleau told Bartirom.
Sauleau also discussed Tuesday why he thinks the boating business is booming since the start of the coronavirus pandemic, noting that “people are looking for a place to feel safer.”
He emphasized that on a yacht, “you control your environment, you decide where you travel [and] who you travel with.”
Earlier this month, the National Marine Manufacturers Association (NMMA) noted that demand for boating continues to reach near-record highs as more Americans turn to boating as an outdoor activity, especially as COVID-19 continues to impact sports and travel , as omicron cases increased. .
Start A Rental Business
The association found that boatbuilders experienced supply chain disruptions during the pandemic, which affected the delivery of new boats to retailers and hampered growth in 2021, when the industry faced higher demand.
Still, new U.S. powerboat sales are expected to top 300,000 units for the second year in a row, estimated to be 4 to 6% below 2020’s record highs and 7% above the five-year sales average by the end of 2021, according to NMMA .
The association also noted that manufacturing productivity is accelerating to meet demand for new boats, with boat production approaching pre-pandemic levels as supply chain constraints ease.
Fraser CEO Raphael Sauleau discusses why he believes the boat business is booming since the start of the coronavirus pandemic.
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Sauleau admitted that the yacht is “still an expensive ticket”, but stressed that there are “misconceptions” about the yacht being accessible only to the rich and famous. There are many reasons why people start a boat business. Some people may be passionate about boats and enjoy spending time on the water. Others may see it as
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