8 Step To Become a Boat Charter Company [ business plan sample]

Do you live in a place close to the Sea? Are you interested in funding in the marine/tourism industry? Or you live in a beach town or community? Then boat rental might be the perfect business for you. Boat rentals involve hiring out boats to fishermen, tourists, law enforcing agents and other people who need such services, in exchange for cash. Boat renting is a very lucrative business and to start your own, you need the following information:

Download the following supporting documents sample Boat Charter business model and Boat Charter business plan template

9 Kind of Boats

Initial, you have to understand that boats come in various shapes and sizes and each of these boats has various uses. For instance, there are -:
  1. Fishing boats-: Explicitly used for fishing. 
  2. Canoe-: A canoe is operated through water using a paddle. 
  3. Bowser-: This type of boat is used to transport water or fuel. 
  4. House boat-: A houseboat just like the title implies, is built like a house and people that rent it do so to use it as short accommodation on holidays or for vacation
  5. Cabin Cruiser-: This type of boat is usually large sufficient for people to sleep and dine in.  
  6. Speed boat-: Speedboats usually have engines and can move very fast on water. 
  7. Lifeboat-: A lifeboat is utilised to rescue people when there has been an accident on the water. 
  8. Submersible-: A type of boat that can move underwater.
  9. Steamboat-: A type of boat that is powered by steam. 

How to Start a Boat Rental Business

Successful boat businesss owners usually have boat rental clubs on the side, to generate more revenue. This involves getting people to register as a member of your boat club in exchange for access to your boats at specified times. Boat rental clubs help you to make more money and improve your registered members to save money by receiving discounted prices. Also, people see it as an opportunity to network and socialise.
Buying your Boats

To run a boat rental business, you certainly need boats and not just boats; you need stable ships. This means that you must exercise caution when shopping around for vessels for your boat rental business so that you can get ones with best features and perfect prices.

You may approach boat dealers yourself or boat construction companies and give them a design of what you want. You may also contact a broker to purchase it on your behalf. These people possess extensive knowledge about boats and would be able to help you choose the right ships for your business. To start your boat rental company, these are the steps you should take-:

8 Steps to Starting a Boat Charter Company

Step  1. Find out the legal requirements-: 

You would have to pay a visit to the local water authorities (Ministry of Inland Water Ways) to find out the basic requirements for starting a boat rental company in your area. For instance, you may have to hire a professional captain for your boats in some states while in other countries, this may not be a necessary requirement.

Step 2. Choose the type of vessel you want to rent out-:

 I already listed some of the popular types of boats that are usually stocked by boat rental companies. But it is left for you to study your area carefully to decide on the kind of ships that are likely to be in high demand before you buy them. You also need to factor in your location. For instance, if you want to start your business in a tourist town, luxury boats and cruise boats would do well in such areas. Also, you should look into your budget to determine how many such ships you can afford.

Step 3. Purchase your boats-: 

At this stage, you can now purchase your boats. Since you are totally unfamiliar with this business, it is more advisable for you to buy a small fleet with additions when your business becomes bigger.

Step 4. Build a dock to store your boats-: 

You would need a place to store your boats to keep them safe and allow your customer's easy access to them. You can either choose to dock your ships on water or opt for dry-docking instead.

Step 5. Ensure your boats-: 

Boat renting is a hazardous business and accidents may happen on water which may lead to loss of lives and your assets-boats. The insurance company would be able to take the burden off your neck at least to reduce the financial consequences to the barest minimum. In some cases, you may be required to pay compensation to the family members of people who lost their lives or sustained injuries in the accident; this is when having an adequate insurance policy comes in handy. 

step 6. Set your prices and determine services you would render-: 

The next step to take is to really sit down to design packages according to the facilities you would provide and then identify the prices for each box. For instance, you can offer buffet or romantic dinners on board, massages or any other unique services that would help to improve your client’s experience onboard.

Step 7. Safety regulations:

Comply with safety regulations and purchase enough safety gadgets to keep your clients safe at all times.

Step 8. Marketing-: 

This is yet another critical aspect of this business. You should market your business using all mediums available to you. However, some of these strategies can draw customers to your business;
  1. Create a website-: This would make it easy for people looking for such services in your area to find you online. 
  2. Organize events-: You can also promote your boat hiring business by organising events like fishing, boat races, dinners and other fun activities.
  3. Hire agents to sell cruise packages-: If you look on the internet, you will find the different boat and cruising companies offering different packages for people to enjoy. You can come up with your own box and then engage the services of tourist agencies, travel agents, affiliates and ticketing agencies to help you sell your cruise packages for a chance to earn attractive commissions. 
  4. Partner with event planners-: Lastly, you can partner with event planners to encourage their clients to host events on your huge boats.

Boat Charter business plan template


Post a Comment