How to Start a Boating Business

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So you love boats. The speed, the water, the thrill of the wind in your hair. What’s not to love? But there’s probably something else you love too – money. So who’s to say you shouldn’t combine your love of the two and start your own boating business?

Starting any business venture might seem simple initially, especially if you’ve found a unique business opportunity. But in fact, it’s an intricate process with a lot of things to consider. Having a roadmap and actionable items is crucial if you want to live the high-life and make a living as a boat owner.

Grab your captain’s hat and pull up the anchor, because we’re going to share tips and tricks on how you can start a boating business.

How to Start a Boating Business
Is a Boat Rental Business Profitable?
How do You Make Money Owning a Boat?
How Much Does it Cost to Own a Boat Per Year?
Boat Business Ideas
How to choose the ideal floating pontoon for your boating business?
How to Start a Boat Rental Business
How to Start a Boating Business in India
Starting a Fishing Charter Business in Australia
How to Start a Sailing Business
Charter Boat Business Plan
Boat Ride Business
How Can I Make Money With my Boat?
Can You Run a Business on a Boat?
5 Profitable Boat Business Ideas
How to Start a Boat Charter Business
Small Marine Business Ideas
Starting a Fishing Charter Business
Starting a Boat Repair Business
How to Start a Charter Company
How to Start a Charter Boat Business in Australia
Can You Make Money Owning a Yacht?
Is Buying a Boat a Good Investment?
How Expensive is Living on a Boat?
Can You Make Money Chartering a Boat?
How do I Start a Small Boat Rental Business?
Is Boat Refurbishing Profitable?
How do You Start a Boat Marina?
Can You Make Money Renting Jet Skis?
How Much is it to Rent a Boat in Panama City Beach?
Can I Buy a Boat in my Business Name?
Boat Rental Service Business Plan
Does GetMyBoat Provide Insurance?
Party Boat Business
Do You Need License to Drive a Boat?
Boat Rental Franchise
Does Renter Insurance Cover a Boat?
Do Boats Hold Value?
Starting a Booze Cruise Business
Boat Rental Business Plan Template
What Business Can You Start With a Boat?
How Much Work is Owning a Boat?
How Much Money Can You Make Renting Out Your Boat?
Can a Boat be an Investment?
How do You Insure a Rental Boat?
Can I Put my Boat on Airbnb?
Will Boat Prices go Down in 2022?

Create Your Business Model

Many people have great ideas about starting a business, but there’s something that sets apart the successful ideas from the flops. And that’s a business model.

Put simply, a business model is how you plan to make money. It’s the core strategy for turning your dream of owning a successful boating business into a reality. You might have a fantastic business idea, but unless you determine whether it’ll be profitable or not, you’re essentially wasting your time.

While business models can get pretty complicated, they consist of three basic elements:

What do I need?

Make a list of what you’re going to need for your boating business. This should include everything as obvious as your actual vessel to smaller details like how many crew members you’ll need and what boating license to get. You can also consider company registration service agent at Your Company Formations.

How will I sell?

Next, consider everything it’s going to take to sell your boating services. This includes things like your marketing and ongoing costs you’ll have to cover, such as boat maintenance.

Who am I selling to?

It’s important to explicitly define who your target audience is. This way, you can make sure you are catering to your customers to the best of your ability so that they’re so happy with your services, they’ll become loyal customers. This is such an important aspect that we’ve delved deeper into it below.

Once you’ve created your business model, put it in a safe place but also somewhere you can easily refer to it to make sure your business is on track. And don’t be afraid to tweak your business model as needed. As your business changes over time, it’s a good idea to refer back to your original model and adjust it accordingly.

Define Your Target Audience

At the core of any great business is one crucial element – the ability to solve a problem for a customer.

Before you can begin to meet your target audience’s needs, you need to define who that audience is.

Are you hoping to attract wealthy billionaires with expensive taste? If so, you’ll need to cater accordingly, with an up-market vessel that has all the fancy bells and whistles. Or are young, back-packing travelers more the type of clientele you had in mind? Then it’s less about offering champagne at sunset and more about providing the best deal at the best price.

Once you’ve determined your particular audience, it’ll be easier for you to provide a service that resonates with your audience’s interests. It’ll also help you develop effective marketing communication strategies that reach your customers in the right way.

Speaking of marketing strategies… Explore

Get the Word Out There

There’s no point in having an amazing boating business if no-one knows about it. And that’s why marketing is so important.

Gone are the days of print advertising like flyers and posters. If you’re like me, you’ll throw away any flyer handed out to you within the first five minutes!

Today is all about online content. And this means your focus should be on innovative digital marketing, from making your Instagram posts go viral to setting up a super user-friendly website.

Digital marketing is nothing new, so there’s a mind-bending number of strategies out there for you to implement. Keep in mind that the best digital strategies are the ones that are keeping up with the times. Rather than investing your time and money into traditional and somewhat outdated strategies, consider more modern approaches like growth marketing. This cutting-edge marketing strategy continually analyzes new data and optimizes accordingly to increase the likelihood of repeat customers.

If you have the capital (and if this all sounds a bit too much for you), think about hiring a specialized digital marketing team. You could even start small with just one person who can focus solely on social media, video marketing, SEO optimization, and paid media. This way, you can focus on all those important bits like keeping your boat in tip-top shape and giving your customers the best boating experience.

Suss Out the Competition

If you’re near a body of water (which I hope you are since you’re starting a boating business), the beauty is that you can expect to have a lot of tourists in the area, especially if you’re in a warm-weather destination. But there’s something else you should expect – some healthy competition.

You’re not the first person to start a boating business, and you’re certainly not the last. There’s going to be plenty of other boating businesses for your target audience to choose from. So you’ve got to set yourself apart from the rest.

Start off really understanding what you’re up against by doing a full competitor analysis. Your analysis should include these steps:

Identify your top competitors

This step might seem obvious, but it’s an essential first step. Make a list of your biggest competitors for you to assess and keep an eye on. It can be as few five to as many as 50, depending on how busy the area is.

If you’re unsure of who your competition is, a great place to start is Google. Search for the type of service you are offering and what you think a customer would search for, for example ‘charter boats Miami’.

Analyze their online presence

Now that you’ve identified your competitors, it’s time to dig a bit deeper into how they’re presenting themselves to potential customers. Have a look at everything from their website to the type of content creation they focus on. Do they send out newsletters? Have they got a YouTube channel? How often do they post on Instagram?

Once you’ve analyzed their content, you’ll know the quality and type of content you need to produce to be that much better than them.

Consider their pricing

You might be offering a significantly better service than what your competitors are, but if it’s double the price, you might not get any customers. Do some online research to determine how much your competitors are charging their customers. Or better yet, pick up the phone and give them a call to find out what services they’re offering and at what cost.

This way, you can work out how much you should be offering your boating services for so that it’s at a competitive advantage in terms of both price and service. You can also determine if there are any deals you should be offering during a particular season.

Visit them in person

If you can, and if they have a brick and mortar store, pay a visit to your competitors in person. Analyze everything about their business, from how they treat their customers to their opening hours. If you’re worried about blowing your cover as a potential competitor, ask a friend or family member to go in your place and get all the details for you.

Once you’ve done a proper evaluation of your competition, you can see if there’s a business opportunity for a service that is not currently being served, and which you might have overlooked. Perhaps you were thinking of doing charter boat trips, but you’ve realized a gap in the market for eco-friendly whale watching tours.

Having a unique angle will give your boating business a competitive edge.

Consider Your Costs

Let’s be honest – owning a boat, or even renting one, isn’t the cheapest thing in the world.

Unlike cars, whose manufacturing process is almost wholly automated, boats have to be built mostly by hand. As well as being labor-intensive and taking a long time to build, the materials used are expensive as they need to stand up to the elements. And then on top of that, there’s maintenance and upkeep!

Don’t let this deter you from starting your boating business, because if done right, there’s a lot of money to be made. In fact, the global recreational boating industry is forecast to be worth a whopping $30 billion by 2022!

That being said, being aware of all the costs involved in your boating business is crucial to ensuring your boating business stays afloat. Here are just some of the costs for you to consider:

Boat Insurance

Whether you’re renting a boat or buying one, choosing the right insurance policy for your vessel is crucial. There are essentially two types of marine cover – liability coverage and physical damage.

Liability coverage ensures you’ll be covered for costs associated with the damage to another person or property due to the usage of your boat. This includes things like injuries to your passengers, loss of life, or accidentally damaging another boat or marine infrastructure.

On the other hand, there’s physical damage coverage. This type of insurance will cover the damage or accidental loss to your boat and its machinery, from the engine to the sails to the equipment needed to operate your boat.

Different policies will have different liability coverage limits, so make sure you understand what you are insured for and for how much before you take out a policy.

Boating License

The type of boating license you need will depend on the kind of boating business you are planning to run. For example, if you plan to have passengers-for-hire and will be operating the vessel yourself, you’ll need to get a Captain’s license.

You also need to ensure you secure the proper licenses based on the regulations of the country or state your boating business is in, as different areas will have different rules.

For example, in Germany, someone who wants to rent and drive your sailboat does not need a license if the boat has less than five horsepower. On the other hand, in Croatia, it is mandatory for anyone renting a boat to have a boat license and a VHF radio license (CRR) to sail.

Ensuring you understand which licenses you need and how much they cost will save you from any fines and penalties your business could incur in the long run.

Winter Storage

Unless your boating business is somewhere with a warm climate year-round, you’ll need to budget for winter boat storage. Costs for winter storage vary depending on place and state.

To get a general idea of the costs, the cost of indoor storage in the US is between $50 and $200 per foot of boat and between $20 and $50 for outdoor storage.

As well as actual storage space, you should factor in boat wrapping costs. The best way to wrap a boat is to have it shrink-wrapped by a professional, who will use the boat’s size to determine the total cost. You can expect to spend between $300 and $500 each winter to have your boat winterized by a professional. Or, if you’re more of a DIY type, you can learn how to shrink wrap your boat yourself.

Maintenance & Upkeep

Boats require a fair amount of TLC to keep them in good shape. The maintenance costs you can expect to pay will depend on quite a few factors, from the size of your boat to its age, condition, and build quality.

For example, to maintain a cruising sailboat, you can expect to pay between $2 000 and $5 000 per year. While this might seem like a lot, it will pay off in the long run. If your boat is neglected for months on end without maintenance, the cost of repairs will increase exponentially, and you’ll end up with a whopping bill.

Is a Boat Rental Business Profitable?

Online boat renting is a lucrative business and to start it by your own you should use best boat rental script. Lucrative boat ventures have both online boat rental websites and boat rental clubs to generate more revenue for your business.

Boat rental website involves many people to get register as a member of the site for accessing boats for specific period. Boat rental website makes the boat rental host who is assigned by admin of the site to gain more commission.

This offers your regular customer in boat rental website earns more discounted price and offers. Online boat rental business is primarily focused on renting small boats on hourly or daily basis to individuals or team.

Where a business is located and the type of market that business can tap into are two of the key factors that help determine business success.

In the boat rental business, these factors can influence the entire operation, including the types of watercraft for rent, the pricing structure, and even the regulatory requirements for the business. It is imperative that business owners carefully assess locations and markets before venturing into business.

Ideally, a personal watercraft rental business should be located within easy navigation of large bodies of water. This can include access to oceans as well as larger lakes or reservoirs. High volumes of tourists visiting the area are beneficial; tourists are the lifeblood of many boat rental companies.

The characteristics of waterways in the area can also help business owners determine what types or styles of watercraft to rent. On larger lakes or oceanfront locations, powerboats and personal watercraft (PWCs) like jet skis are popular choices.

Yachts with overnight or weekend accommodations also make sense for rentals near larger bodies of water. In less open locations, such as on rivers or smaller lakes, small powerboats, paddleboats, and craft like kayaks or canoes may make more sense.

How do You Make Money Owning a Boat?

You have probably come to realize that allowing a boat to sit unused for extended periods of time isn’t good for it. So, not only will you feel better by making money with your boat (helping to pay off any potential financing or loans you still have remaining), your boat will be better off, too.

Although in many cases you can’t expect to make a full-time living with it, defraying the cost of the boat and then some is quite doable.

1. Get a captain’s license and run charters

Whether you’re an angler, a sailor, or a live-aboard snow-bird, there are plenty of other people out there who share your passion but don’t have a boat of their own.

Depending upon the waters in which you operate additional licenses may be necessary (in many states you need a guide’s license to run fishing charters, for example), but if you’re willing to jump through the regulatory hoops you may well be able to turn a buck with your boat.

Just how big a buck might that be? In the grand scheme of things chartering is one of the more effective ways of profitably boating. There are oodles of full-timers out there, making the mortgage payment while afloat to the tune of several hundred dollars a day.

But it’s a risky business. You’re at the mercy of many uncontrollable factors, like the weather, how willing to bite the fish are (or are not), and of course, mechanical break-down. Many charter operators have second jobs, and many others are retirees who have a reliable secondary income flow.

2. Peer-to-Peer Boat Rentals

Boat sharing and peer-to-peer rental services are probably the fastest, easiest, most realistic way to bring in a few bucks with your boat asap. Like other peer-to-peer services (like Airbnb, for example), those designed for boats like Boatsetter, GetMyBoat, SamBoat, or RentABoat, are platforms you interact with via an app or webpage, where you can sign up to rent your boat to a fellow mariner who’s boatless.

How it Works

You set the pricing and then the service takes a cut to cover their expenses and insurance.
When someone applies to rent your boat, you get to choose whether to accept or reject the rental. So you always maintain control of who takes out your pride and joy.
Then when the appointed date and time arrive, you meet the renters at the dock, show them the boat, hand off the keys, and watch your bank account balance go up.

“Boats need to be utilized in order to keep them in good working order,” notes Jackie Baumgarten, CEO and co-founder of Boatsetter. “Most owners come to us because it allows them to offset the cost of ownership and keep their boats in good working condition. The average owner will book $15,400 over a two-year period, and our top owners make several hundred thousand dollars a year.”

3. Run eco-tours

These are becoming more and more popular, as vacationers want to experience the nautical side of nature. Whale and dolphin watching, cruises into the marsh, and “photography tours” (where you take people to get unusual views of wildlife or landmarks) can all turn a day of boating into a money-making venture.

Profitability for this type of business depends to a large degree on where you live. Locals aren’t likely to provide a steady flow of clients, so a large population of vacationers is a must. As a result, most successful eco-tour operations are located in resort towns.

It also depends on what type of boat you have. Obviously you’ll need to keep running and maintenance expenses down, which can be particularly difficult when it comes to fuel costs since many eco-tours last just an hour or two, and you may spend much of that time in transit.

4. Vending from Your Vessel

You may have to jump through some licensing hoops to satisfy the government-types, but if you live near an area that’s popular with boaters you can turn your own boat into a money-making machine by selling stuff.

Concession stands are the usual move, and you can find boats rigged with freezers that sell ice cream, other that have grills for peddling hot dogs and burgers, and still others that have been rigged with huge livewells to sell live bait.

Aside from figuring out what licenses you may need, the biggest hurdle to making money with this method is usually the seasonal limitations. In most areas of the nation, you’ll only remain profitable during the warmer months of the year, and in others only prime summer weekends will have enough people out on the water to make it worthwhile.

Still, imagine how much fun it would be to deliver ice cream to smiling boaters on a hot summer afternoon, and fill your pockets with cash at the very same time.

How Much Does it Cost to Own a Boat Per Year?

Let us go through the estimates

Purchase price

This may be the one cost of boat ownership that you can truly control. If you are pushing for a teeny tiny sailboat, while your partner dreams of owning a powerful 40-footer.

If you compromise in the middle on a J-22, which is 22-feet long, we could pick up a new 2010 model for about $23,000 or a used 2003 model for about $15,000, according to NADA guides.

Cost: $20,000

Taxes

State tax laws on boats vary.

In Rhode Island, there is no boat tax. In other states, like South Carolina, boat owners pay a tax equal to 10.5% of the boats assessed value yearly if the boat spends more than 180 days in the state.

Cost: varies

Insurance

Rates average about 1.5% of the boat’s insured value.

In this case, a $20,000 boat would cost about $300 to insure. Rates are higher in hurricane-prone areas.

Cost: $300

Registration

Just like a motor vehicle, the registration costs vary by state, from pocket change in some states to more than $250 in New Jersey for a boat 65-feet or longer.

Cost: varies

Mooring

Wait lists for a mooring can run years, so if you’re lucky enough to get one, plan to spend anywhere from the low hundreds annually to as much as $1,000 per month for larger boats.

Cost: varies

Alternative: Instead of paying for a mooring, find a boat yard where you can store your boat in between sails for a seasonal fee. This also negates the need for No. 6 and No. 7.

Little boat

If you get a mooring, you’ll need a row boat, dinghy, or kayak to get to your boat at its mooring.

A basic row boat with oars will cost you about $1,000 new or about $500 used.

You may be able to find one significantly cheaper (and significantly worse for wear) on Craigslist, where I saw an 8-foot dinghy going for $100.

Cost: $500

Alternative: A more expensive option is to keep your boat at the dock, a cost that is typically calculated by the foot. So the bigger the boat, the more you pay. Some docks have a flat fee for various size categories.

Trailer

In the off-season, you’ll need a trailer to haul the boat to your backyard or winter storage facility.

If you opt to keep your boat in your backyard year-round, your trailer will get a lot of use!

A trailer for a 22-foot sailboat can run $300 used on Craigslist to more than $2,000 for a new one. You’ll also need to register your trailer with your state DMV.

Cost: $1,000

Winter storage

Unless you live in a warm climate year-round, plan on budgeting for winter boat storage.

This annual fee includes paying someone to haul the boat out of water, shrink wrap it, and set it on blocks.

Cost: about $2,000

Alternative: Free if you park your boat in your backyard or driveway, but be sure to budget for marriage counseling to resolve disputes about the eyesore.

Maintenance

Annual maintenance is roughly 10 percent of the cost of the boat, estimates Bloomberg.com.

That includes painting the hull every year, cleaning the deck, and replacing the sails every few years. So for a $20,000 boat, that 10 percent comes to $2,000 annually.

Cost: $2,000

Gas

None! A sailboat is completely wind-powered.

If you opt for a boat with an engine, remember to include costs like oil changes and mechanical repairs.

Cost: free

Safety items

You’ll want to purchase a life jackets for each member of your family and have a few extra on hand for visiting crew.

At about $70 a pop, a set of five life jackets adds up to $350. A safety kit, including a horn, visual flares, fire extinguisher, and other items, will run you about $150.

Total cost: $500

Navigation equipment

If you’re taking the budget route, plan on sticking to the harbor or very familiar waters so you can skip the GPS.

But if you plan on venturing away from port or taking an overnight trip, a low-end marine GPS starts at $200. A fancy computer system can soar into the tens of thousands.

Cost: $500

Miscellaneous costs

What am I missing on this list? Fellow boat owners, speak up!

The grand total

What’s the true annual cost of buying a $20,000 sailboat like a J-22?

Purchase price: $20,000

Taxes: varies

Insurance: $300

Registration: varies

Mooring or dock fees: varies

Little boat: $500

Trailer: $1,000

Winter storage: $2,000

Maintenance: $2,000

Gas: free

Safety Kit: $500

GPS: $500

The Grand Total For The First Year of Sailboat Ownership Comes to $26,800.

The annual tab for upkeep, including insurance, winter storage, and maintenance comes to $4,300. That’s $358 per month.

Neither of these estimates include taxes, registration, and mooring or dock fees so the real cost of owning a boat is even higher.

Boat Business Ideas

Boating business is one area that offers unlimited opportunities for anyone who has vested interests in boats. Depending on the location and the prevailing economic conditions, the following are boat business ideas that can be turned into something viable.

1. Sale of Boats

Boat sales do very well in places that are close to a large water body, like beach towns. In most of these places, boats are the main modes of transportation. Fishing boats are also a big hit in such areas since fishing is a favorite hobby and bonding sport for coastal residents.

This is one of the boat business ideas that requires a substantial amount of capital, but the returns will be very good once you establish yourself.

2. Docking Space

One of the things that discourage many people from owning their own boats is the space that boats need for anchorage. A place where they can store the boats when they are not in use.

Setting up a dock is among the best boat business ideas you can ever come up within this situation. It would be a place where people can safely leave their vessels for as long as they want, at a fee.

The one advantage of this business idea is that you will not even have to spend too much constructing a dock from the ground up. Instead, you can go for a cheaper prefabricated floating pontoon or dock that is ready to use immediately.

3. Boat Cleaning

Cleaning boats is no easy job. There is special equipment required for the job; For starters, you will need a lot of space, something like a water yard for boats to be stored, it must be big enough to handle as many boats as possible.

You will also need advanced cleaning tools like special brushes that scrub the hull clean, vacuum and steam cleaners, detergents, wood polish, glass cleaners, and so many others. Lastly, and most importantly, you will need to hire hands to help you with the job since it cannot be handled by one person alone.

4. Personalized Cruises and Tour Guides

Every holiday season, coastal towns and places that are close to large water bodies receive a significant number of visitors from other places. The allure of the beach and a chance to be on a speedboat are what attract these hordes every year.

Among the many boat business ideas, you can start a tour guide enterprise, taking your clients for a trip around the area, showing them the stand out features at a fee. You could also organize personalized cruises on yachts that can also include fishing and exploring caves and beaches.

5. Spare Parts and Repair Shop

Sometimes, when a boat develops a mechanical malfunction, it will have to be transported to a shipyard for repairs. This could be in another part of the country that is not connected by water. The boat would have to be transported by road, and this is costly.

Having a solid background in the mechanical workings of a boat gives the expertise to set up a repair shop to bring the services closer to the people. Not only will they save money, but they can also get newer spare parts anytime they need them.

6. Boat Rentals

Owning a boat is a very expensive affair. For instance, speed boats start from $75,000 while fishing boats are on the higher end of about $100,000. This is not cheap. For many people living extra to a water body, owning a boat may be out of their range, but that does not mean they should be denied the luxury of using one.

Starting a boat rental business can give them the opportunity to use these vessels, and in exchange, you get regular income from the daily rentals.

7. Boat Training Firm

Just like cars, you need a license to be able to operate a boat. Starting a company that trains people to drive boats can only work if you yourself is a licensed trainer with years of experience.

The process of getting a license can be long, and at a small fee, you can choose to act as the intermediary between the state agencies and your clients. You will also need to be well-versed in safety protocols regarding the operation of boats since all trainees will be your responsibility until the completion of the training program.

8. Start a Boat Show Event

You could organize an annual event for boat owners where they all pay a registration fee to participate in various events like races and showcasing their boats to the world.

The benefits accrued from such an event are many; for a start, depending on how big the event grows into, you could attract major sponsorship from boat brands looking to increase their customer base.

Another advantage is the congregation of people in one place opens up opportunities for other businesses like food catering and security services.

9. Wedding Cruises

Holding a wedding on a boat ranks highly on many people’s bucket lists, with many of them willing to pay an arm and a leg to have that chance. If you have a boat that is big enough, you can start operating wedding cruises for people where they pay you a fee to be able to tie their nuptials on top of a yacht as the sun sets in the horizon over the sea.

How to choose the ideal floating pontoon for your boating business?

Whatever the types of boats you have chosen to buy and whatever the waters in which you intend to sail (sea, landscaped or wild shoreline, lake, etc.), you need to choose your floating pontoon well. There are several types of floating docks for marinas and other environments. To choose yours, here are some criteria to consider:

The use of the pontoon
The place where the pontoon will be installed
The type of material
The budget
Whether or not it can be dismantled

The use of the pontoon

Depending on the use you intend to make of it, there are 4 types of floating docks

The floating dock reserved for pedestrians and boat mooring: to choose this type of pontoon, you must take into account its height and the type of boat you intend to use. This device allows access to pedal boats, oars and boats of course. If you have a sailboat or motorboat, choose a high access pontoon (floating dock with high freeboard). If you have a small boat (kayak, canoe or rowing boat), choose a low-entry pontoon (low freeboard floating dock). Making a choice that suits the size of the boat makes it easier to get in and out.
Floating docks for swimming: These devices provide safe access to lakes and rivers for swimming and family play. They must be safe and flexible.
Professional pontoons: these floating structures are useful for boat maintenance on the water, for pumping work and others.

The place where the pontoon will be installed

There are 5 types of environment where these floating structures can be installed (lake or pond, sea, developed bank, wild bank, ports and marinas). When buying your device, you will have to specify this environment to the salesman, this last one will propose you models of floating docks which will adapt to these constraints. For example, you will have to choose the ideal type of anchoring, either chains, cables, piles or dead bodies.

The type of material

Floating pontoons are made of many different materials. It is important to choose the right one:

Wooden pontoon: ideal for permanent structures, it is durable and ecological. It can be installed in all natural environments (pond, sea, lake, river…).
Polyethylene pontoon: less expensive and easy to maintain, it can be used for temporary professional applications. It also offers several anchoring possibilities.

The budget

The budget is one of the first criteria for choosing this equipment. Fortunately, there is something for everyone. The price of floating docks varies according to the different features they offer and the material used.

Whether or not it can be dismantled

Another important criterion when choosing a floating dock is whether it should be installed permanently, or if it should be disassembled and reassembled several times. For a permanent installation, choose a floating dock that is solid, durable and easy to maintain. If you want to buy a temporary floating dock, choose a flexible, lightweight and sturdy device.

Whatever your requirements and needs regarding floating docks, you will always find one that suits you. Just contact a specialized company that will certainly meet your needs.

Boat rentals involves hiring out boats to fishermen, tourists, law enforcement 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:

9 Type of Boats

First, you have to understand that boats come in different shapes and sizes and each of these boats have different uses. For instance, there are -:

Fishing boats

Used specifically for fishing.

Bowser

This kind of boat is used to transport water or fuel.

Canoe

A canoe is navigated through water using a paddle.

Cabin Cruiser

This kind of boat is usually large enough for people to sleep and dine in.

House boat

A houseboat just like the name implies, is built like a house and people who rent it do so to use it as a temporary accommodation on holidays or for vacation.

Lifeboat

A lifeboat is used to rescue people when there has been an accident on water.

Speed boat

Speed boats usually have engines and can move very fast on water.

Steamboat

A kind of boat that is powered by steam.

Submersible

A kind of boat that can move under water.

Successful boat company owners usually have boat rental clubs on the side, in order 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 help your registered members to save money by receiving discounted prices. Also, people see it as an opportunity to network and socialize.

Buying your Boats

To run a boat rental business, you certainly need boats and not just boats; you need solid boats. This means that you must exercise caution when shopping around for boats 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 approach 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 boats for your business. In order to start your boat rental company, these are the steps you should take-:

8 Steps to Starting a Boat Charter Company

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 states, this may not be a necessary requirement.

2. Choose the type of boats you want to rent out

We 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 type of boats 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 of such boats you can afford.

3. Purchase your boats

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

4. Build a dock to store your boats

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

5. Insure your boats

Boat renting is a very risky business and accidents may happen on water which may lead to loss of lives and your assets-boats. 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.

The insurance company would be able to take the burden off your neck at least to reduce the financial consequences to the barest minimum.

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 services you would provide and then determine the prices for each package. 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 on-board.

7. Comply with safety regulations and purchase enough safety gadgets

To keep your clients safe at all times.

8. Marketing

This is yet another very important 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;

Create a website

This would make it easy for people looking for such services in your area to find you online.

Hire agents to sell cruise packages

If you look on the internet, you would find different boat and cruising companies offering different packages for people to enjoy. You can come up with your own package 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.

Organize events

You can also promote your boat hiring business by organizing events like fishing, boat races, dinners and other fun events.

Partner with event planners

Lastly, you can partner with event planners to encourage their clients to host events on your very large boats.

How to Start a Boating Business in India

First check the availability of required number of boats for outright purchase or hiring foe varying lengths of time. Arrange capital accordingly. Then check with the Mecatile Marine Department at Mormugao Port or the Captain of Ports at Panaji, whether there is enough flexibility in the respective waterways(Sea/River ) for new boats to ply on hire as a Tourist service or as Commercial regular service at fixed schedules along fixed routes.

Get your Serang or Boat Master and other crew certified for the service in Goa’s waters. Get your boat checked (surveyed for sail worthy condition).

The next stage is to identify potential clients on regular basis. Tourists can be attracted through marketing services. Companies needing regular sailing trips can be accessed through direct contact, via the Yellow pages or industry references.

Once the preliminaries are over, get your hiring firm registered and have your launch ceremony

Starting a Fishing Charter Business in Australia

Hundreds of charters have sprung up in recent years, catering for tourists from all over Australia and beyond and chasing every species imaginable. But there is still a lot of money to be made in the industry, providing you do your homework before you invest too much time and money.

If you really love fishing, as long as you can earn a living, a running a fishing charter would have to be one of the best small businesses in the world.

1. Conduct a Market Research

Find out what people look for in a fishing charter. You have probably been on enough charters to know some of the things that sit well with clients and some of the things that don’t.

Talk to people in your area, give out surveys, talk to tourists, go on online forums (ask the OnDeck community), try to get as much information as possible about how you will operate your charter.

2. Get the Necessary License

You will need a charter boat that is certified for commercial operations and either a 1E or 1D license that allows you to carry passengers in smooth or partially smooth waters. You will also need a license if you plan to skipper the boat yourself.

For boats under 12 metres you can get a grade 1NC Coxswains license but for anything over that, you will need the full commercial skipper’s license. Starting with a boat under 12 metres is the best way to go.

Each state and territory has its own licensing regulations.

3. Work Out The Financials

Work out how large your overheads will be in the first year and how much revenue you could stand to make. Owners will commonly undertake tasks like cleaning the boat after tours and skippering the boat themselves for the first year to save on overheads.

You will also need to begin researching booking agencies and find out how much their fees are likely to be and the impact they will have on revenue.

4. Prepare a Launch Party

You have your boat, you are certified and licensed and you know what your first-year financial projections are. Now you should think about planning a launch party. This is a great way of getting some free marketing.

Invite local booking agents, friends and family and put on a bit of a spread with some champagne. It will give the agents a chance to look around the boat and get it on their radar. This way, you should be able to start getting bookings immediately without investing anything in marketing.

Now your boat is ready for action. The initial launch party should land you some early clients from the booking agents but you should look to invest some money into a strong marketing campaign to get your name out there.

Now you have done the easy part, you have started a fishing charter. The hard work starts now, ensuring its continued success. It isn’t easy but when things get tough, think about the old nine to five office job. Even the worst day at the fishing charter beats the best day in the office or makes for an excellent retirement plan – that’s where my head is at.

How to Start a Sailing Business

If you love to sail, make a living teaching others how to sail, offering tours for nature enthusiasts or water lovers or renting your boat as a bareboat charter to experienced sailors. You’ll need a detailed business plan to help procure financing and keep your business afloat.

1. Determine the services you will provide. A bareboat rental, where the client takes the boat out alone, requires significantly less manpower than a captained charter. You may want to hold a series of sailing classes for every level.

You may also want to accommodate clients interested in diving, fishing or kayaking (and — if the nearest body of water includes various island destinations — hiking or biking).

2. Get your captain’s license or hire someone who has one to captain your boat. Visit the National Captain’s Institute for information on obtaining your license and the personnel requirements for vessels of different sizes.

Become CPR and First Aid certified. Once you have secured your license, you will need to register your business and contact your licensing department to ensure that you are aware of all local regulations that will affect your business.

3. Secure space for a rental shop on (or close to) the marina from which you can rent diving equipment, licenses, fishing poles, nets, kayaks, blankets, coolers and equipment. Sell snacks and beverages or packed lunches if you’ve got space for a café.

4. Invest in a sailboat that is large enough to accommodate your clientele. If you will offer overnight or weekly rentals, you’ll need boats equipped with the appropriate luxuries, such as comfortable beds, showers, cabins and bunks for your crew. Other amenities may include a dining room.

Equip your boats with life jackets, flares, fire extinguishers, rubber boots, smoke detectors, a depth sounder, VHF radio, loud hailer, fog horn and a stereo system. Then contact your state Department of Wildlife to register your boat.

5. Find a liability insurance provider who specializes in marina and boat insurance. Consult with an attorney to help you draw up waivers.

6. Develop professional brochures on the surrounding island destinations and their amenities. Take high-quality images of scenic spots to include in your brochures and on your website. On your website, list information about local restaurants, grocery stores and hotels.

7. Set competitive prices based on what your competition is charging. Accept large deposits up front, about 50 percent of the total cost. Offer daily insurance for an additional fee. Consider charging a reserve deposit or allowing clients to sleep aboard the night before or evening after a trip, for a fee.

Charter Boat Business Plan

In the charter world it’s absolutely true to say, failing to prepare is preparing to fail. Therefore, get organized, do your homework and prepare to succeed! Create a document with your business plan and address all of the queries raised in the following sections.

1. Assess the market

Where do you want to start your day charter business? Why? Is there a demand for day charter in this area? Are there other areas that would perform better? These are the questions to be asking yourself in this stage.

Consider things such as historical tourism trends, and where charter guests come from. Are they out of town visitors, cruise guests or locals looking to party on the water. How much are others charging in the area, how many charters are they running per year?

2. SWOT analysis

Using the information you have developed in stage two create a SWOT analysis. If you do not have previous experience using the SWOT (Strengths, Weaknesses, Opportunities, Threats) tool, we highly recommend running through this exercise to analyze the local tourism/charter industry to discover how you can be competitive and offer value to your charter guests.

3. Offer differentiation

What will you offer, and how does this set you apart from the competition? Don’t be afraid to be different! Will your guests be swimming? Will you offer dive tours? Are dinner cruises an option? Will you target the upper end of the market? if so you will need to match your offering to these requirements.

Or will you be competing on cost, targeting backpackers and budget holiday makers? What is currently available and how can you provide a competitive advantage?

4. The nuts and bolts

Operation Model including: length of season, trips per day, average passenger load, multiple locations depending on the season.
Day-to-Day operation: Hired skipper or self-skipperd, crew roles, and customer service. Will crew assist with handling the boat, entertain the guests, serve guests or all of the above?
Launch Date – it can take 6-12 months to build a new charter boat to match your unique requirements! Seek advice from the shipyard, and take advantage of their expertise when equipping a boat
Licensing / local authority issues – your local yacht broker should know the local market and provide valuable insights.
Marketing / booking systems – Charter booking agencies and tour agencies will be vital in the initial stages of your operation. Have your broker provide you with these contacts and connections so you can lay some groundwork before the arrival of your vessel.

When delving deeper into this list, consider how will you find and attract guests, and especially how they will book and pay. Will you be using a booking agency to manage this? Do you have a business model that handles guests for the whole day?

Do you have beach access and launch access for small boats and maintenance arrangements for larger boats? Will you do your own accounting or hire someone to do this for you? Will marketing be in house or outsourced?

These are all extremely important questions to include in your business plan. You will need to address each of these in order to successfully launch your new day charter business.

5. Return on Investment Calculation

Having proceeded through the previous stages and given the information you have now gathered, create a profit and loss prediction on your day charter company.

The most critical aspect to the overall result of this calculation is the initial outlay on the boat(s) and the maximum number of passengers – these are the figures you will not have control over. The number of trips per day/week/season, the cost per head, etc are all variables you may be able to adjust later to suit changing market conditions.

Here is an example

Boat Ride Business

Whether you own a boat or already have an established tour or charter business, here are the best strategies we know to offset running costs and develop additional revenue streams.

1. Get a license and run charters and trips

If you have a well-equipped boat in good condition, why not share your boat with keen seafarers who do not? Once you have the required licenses , a whole host of options open up to you, be it chartering your boat or running tours. If you’ve already ticked this off the list, read on for ways to make money from your boat…

2. Be imaginative and find your niche

With your boat you could run fishing charters, whale and dolphin watching trips, oreco-tours… or develop your own niche. Nurture your creative entrepreneurial streak and provide your local tourism industry with what it needs!

3. Provide personalized cruises

Boat trips in popular destinations sometimes get a reputation of being packed with tourists, meaning you have to jostle for the best photo angle and, well, feel like a bit of a sardine. If your business offers personalised cruises for small groups, you can provide a welcome alternative.

4. Run photography tours

If your customers take loads of photos on your boat tours, why not offer a dedicated photography trip? Take your boat by the most scenic spots in your region, and offer plenty of time for photo stops.

If you’re a talented photographer, you could even provide a quick masterclass at the start of the trip and provide tailored advice for guests as you go.

5. Partner up with diving companies

Is your region popular for diving as well? You could think about cross-selling your tours with diving companies, partnering up for trips, or offering package deals.

6. Host special events such as wedding cruises

Another option is to offer your boat or yacht as a special venue for events that deserve a bit of celebration. For instance, you could host an afternoon wedding cruise with a few canapes on offer from your local catering company: a luxury option for your inventory!

7. Offer sailing lessons

Are you an exceptional sailor? Do you have a teaching qualification, or could that be a goal for you? Happy customers of your boat trips might be intrigued by the option, especially if they want a gift for a friend or to tick off a bucket list goal. It can be a lucrative revenue stream for you too.

8. Your customers expect to book online

Once you’ve found your niche and created your business plan, TrekkSoft provides the booking, rental, and payment software to take your boat or yacht business to the next level.

9. Consider peer-to-peer (P2P) rentals

If you own a boat or yacht, there are now a range of P2P boat rental websites you can sign up for, such as Boatsetter.com. You have the boat, they have the distribution platform, insurance and marketing.

10. Partner up with Airbnb hosts

Increasing numbers of travelers are opting to stay in alternative accommodations using platforms such as Airbnb and HomeAway on their vacation. Since this trend shows no signs of stopping, tourism companies shouldn’t ignore its potential

11. Offer your boat as a unique rental experience

Some of the most appealing options on Airbnb are the most unconventional. There are treehouses, castles, and of course: boats. If your boat has a fantast–ic interior and living space, why not rent it out for overnight stays while it is docked in the harbor?

How Can I Make Money With my Boat?

Here are 5 ways to make money with your boat:

1. Get a captain’s license and run charters.

Whether you’re an angler, a sailor, or a live-aboard snow-bird, there are plenty of other people out there who share your passion but don’t have a boat of their own. Depending upon the waters in which you operate additional licenses may be necessary (in many states you need a guide’s license to run fishing charters, for example), but if you’re willing to jump through the regulatory hoops you may well be able to turn a buck with your boat.

You’re at the mercy of many uncontrollable factors, like the weather, how willing to bite the fish are (or are not), and of course, mechanical break-down. Many charter operators have second jobs, and many others are retirees who have a reliable secondary income flow.

2. Consider peer-to-peer rentals.

Peer-to-peer (often called P2P) has become a popular way to recoup some extra cash, with assets like cars and vacation homes (think: VRBO). And there’s P2P for boaters, too. Services like Boatbound provide the platform, the insurance, and the marketing. All you have to provide is the boat.

How much money you make depends on a lot of factors—the type, age, and size of boat you own, how often you make it available for rent, and how much effort you put into becoming part of the peer-to-peer “community.” A large part of success or a lack thereof, for example, hinges on customer reviews and how the renter’s community feels about you and your boat after a first-hand experience or two.

And there are other rather obvious drawbacks, such as the fact that you may be turning over the keys to a relative stranger (though it should be noted that most services give you the final say on whether or not to rent to anyone in particular).

3. Become a waterborne peddler.

Again, depending on where you do your boating and what sort of wares you’d like to sell, different licensing requirements apply. But plenty of ambitious boaters have added freezers (for ice cream) or large grills (for dogs and burgers) to their boat, so they can service hungry boaters in highly-trafficked waters. Bay Ice Cream, in Panama City Beach, Florida, for example, runs a 17’ center console rigged with a generator and two freezers, selling ice cream up and down the beach.

Lake Dogs has a pontoon boat turned concessions stand, floating in Lobdell Lake in Michigan. And Nauti Foods sells a wide variety of snacks and beverages in the shadow of the nation’s capitol, on the Potomac River. Some other enterprising boaters have added huge livewells or net pens to their boat, to sell live bait to anglers.

Is waterborne vending a lucrative business? Not really. The expenses and practical limitations are a lot more significant than with a land-based vehicle like a truck or a cart. And the regulatory restrictions can be a real mess. But when it comes to having fun and making a little spare cash, this is a winning business model.

4. Run eco-tours.

5. Become a boating writer.

Everyone on the editorial staff here at boats.com got his or her start by being a hard-core boater, first and foremost. Each and every one of us. You also have boating in your blood, so why not take a stab at putting your experience and nautical knowledge into written words or a video, and see if it generates some cash?

Just how much will you make? How about a cool hundred bucks, to start with. If we decide to publish something you send in, you’ll get a check to deposit in your boating fund. So send your stories or videos to editor@boats.com. You never know—the next time you scroll down to the bottom of this page, the picture in the “About the author” box might just be your own.

Can You Run a Business on a Boat?

Why run a business on land when you can run one on water? Imagine sailing your café, salon or book barge on the waterways, with the freedom to change locations and open up shop at your convenience.

However, before setting up your business, there are legal requirements to meet.Firstly, your boat has to meet CRT’s construction and equipment standards.Afterwards, you canapply for a business boat licence; which is mandatory for approval from the Canal & River Trust.Next you’ll need to decide whether you require a long-term or short-term licence, as the fee depends on the size of your boat.

Most importantly, you’ll need to consider what business venture you’d like to explore. Here are five innovative ideas that will float your boat…

Beauty on Board

If you think you can’t give stylish hair do’s while you’re afloat, think again! A floating hair/nail salon is the perfect beauty onboard idea.

Now, you may think using hairdresser appliances on a boat would be costly, but there are plenty of eco-friendly alternatives. In fact, you can run your beauty salon completely off the grid by using solar power and carrying your boats own water supply in a large tank. This water supply is then heated when the engine is running, giving you instant hot water from the large tank.

You will however, need a powerful electrical system that includes a generator, large bank of batteries and an inverter which is vital for using a hairdryer.

Ice Cream and Treats

Instead of an ice cream van, how about an ice cream boat? It’s no secret that when it’s sunny outside, Brits flock to local parks and rivers to find a nice place to have a picnic and buy an ice cream. Instead of customers buying an ice cream from a van, they can buy it from your boat. You can find canal boat moorings for rent via BWML before opening up shop.

To make this a reality, you’ll need a heavy-duty freezer that will keep all the frozen treats cold during the day. It might be that the freezer is powered off the grid or via solar panels and just like the beauty salon, a generator and powerful electric system will be necessary.

Weddingson the Waterways

Finding a unique wedding venue is a challenge. By creating a wedding venue aboard your boat, you can help couples tie the knot in a completely different way. Vows could be exchanged on the deck allowing plenty of room for a small party of guests and the photographer.

If you’re canal boat doesn’t have enough room for an outdoor deck to hold the ceremony, you can hold the wedding reception instead. Whilst canal boats are narrow, modern canal boats tend to be 6ft 10 inches wide and about 72ft long. Proving plenty of indoor seating to celebrate the happy couple.

Further expansion of the business could mean hiring specialised wedding planners and offering tailored wedding packages.

Cocktail Barge

If you’re a lover of cocktails and beautiful scenery, a cocktail barge would be the best business on a boat idea for you. With modern barges being 290 ft by 50ft, which is double the capacity of earlier barges, creating a suitable dining space should be of no difficulty.

There are plenty of ways to make this a unique experience. If you’re able to get a boat with a retractable roof, you can expose your customers to the sunlight during the summer months. Perhaps even in the winter, you could use outdoor storage heaters.

If you’ve got a vintage-style boat, be sure to add modern technology such as WIFI and contactless payment.

A cocktail barge opens up further opportunities to sell food to help soak up the alcohol, such as sharing platters for groups and usual bar snacks.

Art Galleries onboard

Having your own art gallery is a great way to showcase yours and other artists’ work You could even set up an art station to create pieces of work when customers enter your boat.

The waterways offer fantastic views and opportunities for aspiring artists, with an ever-changing scenery and tonnes of wildlife.

Be sure to explore all your business on a boat options along with the right business boating licence for you.

5 Profitable Boat Business Ideas

There are many businesses you could set up. We have compiled a list of some profitable small marine business ideas you could try.

Boats and fishing vessels selling business

Selling boats and fishing vessels is undoubtedly one of the viable business ventures you could try. After all, you are pretty much in a place where the demand could be good. For example, those going fishing in the seas and lakes will always need fishing vessels and boats. You could also consider flipping boats.

The concept behind flipping boats is quite simple. You buy boats for cheap then, do some repairs and make the boat look attractive and inviting. You will then sell it at a profit!Tip: Ensure you draw a comprehensive business plan that can help attract investors to do business with you.

Boat cleaning service

Now, boats spend an immeasurable amount of time in the water. With this comes barnacles, salt corrosion, algae growth, among other issues. Boats, therefore, always require regular cleaning to keep them looking clean. Regular cleaning also ensures that the boats stay protected and well maintained.

However, cleaning boats is no easy task. There is a lot that goes into it. There is hull cleaning, polishing, and waxing. Boat owners don’t always have the time to do all that. Starting a boat cleaning business will provide a convenient option for boat owners. And for you, you get an opportunity to build a rewarding business of your own. Win! Win!

You can also go further than just the regular cleaning by providing additional services like conditioning the vinyl, polishing the metal and boat’s exterior. A mobile cleaning service where you move to where the boats are can get you more clients.

Boat repair business

The majority of boat owners do not do repairs and routine maintenance by themselves. It is a service that they are usually willing to hire someone to do. And seeing how much wear and tear boats are subjected to, a boat repair business would be a very viable business venture. If you are good at fixing things and have an appreciation for all things nautical, this could be the perfect business opportunity for you. You will need the necessary marine repair tools.

You can opt to buy the appliances one at a time to reduce the startup cost. You do not need to break a bank to get the most expensive tools. You can go for quality, affordable tools that will still get the job done. Good quality coating and sealants will also come in handy in the repair business. Once you have all the tools you will need for your repair business, you are ready to welcome your customers.

Water sporting

For some people, a fun trip to the ocean always involves pumping their adrenaline into water sports. Many people love the blast that comes out of adventurous water sports. Some do water sports to keep fit.

There are plenty of water sports such as jet skiing, parasailing, paddleboarding, among others. A business that revolves around providing access to these water sports is without a doubt bound to be lucrative, especially in places that have a high influx of tourists.

Boat rental business

Not everyone seeking to use a boat is down to buying one. And that right there is a business opportunity! A boat rental business can be a lucrative venture if you have an in-depth understanding of how the business works. You can rent out small motorized boats to those going fishing but not in a position to purchase their boats.

Tourists to the area could also be willing to rent boats to tour the waterways. Don’t forget to consider the location of your business. For example, a place that receives lots of tourists year in year out would be the perfect spot for your rental business.

However, before starting the business, you need to make sure that you have done enough research to find out all the details about the industry. The beauty is that it is easy to do your research with Internet resources. Even so, getting details of the structure of the business first-hand from someone with experience in the business would be ideal.

How to Start a Boat Charter Business

There is nothing like being on the water to invigorate your spirit. As well, what better way to invigorate your pocketbook than by taking people with you for profit? There are several things you need to think about when starting a boat charter business.

Lease versus Purchase

Checking out the clientele where you live may help you decide on the kind of boat you want for your charter business. If you purchase a boat outright, then you have the freedom to do with it as you please.

By leasing a boat, you do give up some freedom, but the responsibility of fixing it falls on that company, not you – so that alone may save you time and trouble. Compare the two ideas to decide which one feels right for you.

The Size and Style of Boat

Do you live somewhere that has a family tourism industry or a region that has a strong business vibe? Different boats exist for all types of target markets. Get a boat that can seat a good number of people comfortably, while still being small enough to be cost effective. Coolers for snacks and drinks are always a good idea, as are binoculars.

If your target is to have a fishing-charter boat business, then bait tanks and fishing pole racks are necessary. For a snorkeling business, you will need various sizes of appropriate gear.

All boats need safety gear, such as life vests, life rafts, as well as a fire extinguisher, as mandated by law and common sense. Keep a GPS on your boat at all times. Make sure it has emergency broadcast capability and that it is in good working order.

Get a Business Name and License

After choosing your business name, you will need to register it, just as you would with any other business. Whoever is driving the boat will need a captain’s license for carrying passengers. A boat-charter business also needs good insurance liability coverage.

Hoist Your Sales

Market yourself by making friends with folks at your local marina, who may be in contact with people who want to charter a boat. Get to know your local tourism industry board and speak with them about what you have to offer. Create a website that features what you’re offering, along with competitive rates clearly listed.

By starting a boat charter business, you offer people the chance to share the wonderful experience of being on the water, and all that it has to show. Keep a clear focus on the kind of experience you want to offer while marketing yourself and gathering clients. Plan carefully and thoughtfully, as you would with any business.

Small Marine Business Ideas

Sick of being stuck inside a stuffy office all summer? Wish you could spend your days dipping your toes into the water instead?

As an entrepreneur, you have the option of creating a business that fits with the lifestyle you want. And if what you want is to spend your days at the beach, here are 10 beach business ideas for you.

Vacation Rentals

If you have a home or extra space in a beach town, you can easily rent out that space to tourists on sites like Airbnb. You could even obtain a property specifically for this purpose.

Bed and Breakfast

Or you could create a more all-encompassing experience, starting a bed and breakfast in a beachside property.

Tour Guide

You could also provide tour guide services to visitors in your beachside town, setting up shop on the beach and then offering tours around your town.

Welcome Center

Or you could set up a simple welcome center where tourists can visit for maps, directions and information about local attractions.

Gift Shop

If you want to sell actual products, you can set up a gift shop that focuses on souvenirs specific to your beach town.

Market

General stores and markets can also be very successful in beach towns, since tourists often need to visit those stores for items they forgot to pack or need to make their vacation more comfortable.

Fisherman

If you enjoy fishing, you could make that your job and sell your catch to local restaurants or grocery stores.

Fishing Supply Shop

Or you could help others who visit your town and are interested in doing some fishing of their own by selling bait, hooks and other fishing related products in your own shop.

Boat Rentals

Beachgoers may also be interested in renting boats for fishing or recreation. So you can start your own beachside boat rental business.

Boat Cleaning

You can also provide cleaning services for boat owners in your community who don’t want to do that work themselves.

Starting a Fishing Charter Business

In coastal areas, fishing charter companies provide access to a variety of offshore fishing locations to locals and tourists. If you have a love of water and fishing, and enjoy spending time with different types of people, starting a fishing charter business may be a good business opportunity.

To start this business, you will need a boat, proper licenses and permits, business insurance, and knowledge of popular and remote fishing areas as customers expect to catch fish during their trip.

1. Apply for a U.S. Coast Guard captain’s license to legally operate a boat and charge people for fishing trips. Visit the USCG website for more information about the application process and fees. Apply for a business license with the county clerk’s office or small business administration office in your area.

Apply for a sales tax license through your state’s department of revenue to accept all sales tax from customers. Apply for an Employer Identification Number provided by the Internal Revenue Service. Use this number on all business tax forms and documents.

2. Purchase a boat large enough to safely carry small groups on fishing trips. Boats should be at least 25 feet in length to accommodate small groups, usually up to six people, and the crew. Select a boat in good condition and appropriate for the types of waters you will be navigating. Purchase life preservers, first aid kit and other safety items required by the laws that govern fishing charter companies in your state.

3. Obtain the necessary fishing licenses by contacting local fish and wildlife departments. Fishing licenses allow customers to fish legally during the trip. Maintain fishing licenses by paying quarterly or yearly fees. Each person on the boat will need a fishing license, so make sure to purchase enough licenses to cover the maximum number of people in charter fishing groups.

4. Purchase business insurance from a licensed insurance provider to protect your fishing charter business in the event of an accident or injury during fishing trips. Business insurance typically includes general liability, property and worker’s compensation.

5. Market your fishing charter business in local and national magazines, newspapers and online. Create a website to describe the types of fishing trips offered, prices, photos, testimonials from satisfied customers, hours of operation and safety information.

Starting a Boat Repair Business

When people own boats, they usually do not perform routine maintenance or make repairs to them on their own. That is where entrepreneurs like you come in with new small business ideas. If you love fixing things and have an appreciation for all things nautical, opening a boat repair shop could be a fun business opportunity.

It may also prove to bring you in quite a bit of income, depending on where your business is located. Consider these startup tips below to help you open a marine repair business built for success from the ground up.

Get The Tools

Once you have the idea to open a boat repair shop, start buying the basic marine repair tools your business will require. This way, you can incur those costs little by little over a longer period of time. This will lessen your startup cost requirements. Do not invest in the most expensive tools you can find or the cheapest tools you can find.

Buy affordable, quality products that will get the job done and still keep costs down. Look at your local supply shop to see if they have anything you need. You need to have the tools necessary before you can start accepting customers at your marine repair shop.

Pick A Location

Spend a lot of time and consideration choosing the best location for your marine repair shop. Location can have a huge impact on any business’s success. But, this is especially true for boat repair shops. You obviously want your business to be located as close to the water as possible.

This is a primary part of what is strategic planning for your business. The more convenient your business location is for customers, the more clients you will have. Take a lot of time picking out the best spot for your boat repair shop in order to give yourself a real shot at success.

Get Certified

If possible, get certifications to prove your knowledge in the field of marine mechanics and repairs. This will help distinguish your business from other local small business competitors. It may also prove useful if those certifications get you put on a reputable, nationwide list of certified marine repairs businesses.

In effect, you will have a priority pass in your industry. The money you spend getting certified in marine repairs is sure to benefit your bottom line in the future. Make sure you do it.

Research & Set Pricing

Conduct pricing research for boat repair services in your area. Then, create a menu of boat repair services your business will offer and set prices based on your findings. Accordingly, your service prices should be just a little bit cheaper than your competitors.

This will help you generate leads and take business away from the competition. That is why you need to take time to do this pricing research long before you open your boat repair shop doors for the first time.

Network

Before you open your boat repair business, start networking with others in the marine industry. These relationships will come in handy later. High-end Boat Manufacturers such as Sailfish Boats have a large number of very detailed specifications for their boat models, so building partnerships with these manufacturers and then advertising these partnerships would give you another leg up to the competition.

The majority of people will use a repair shop that specializes in their brand of boat. If you make the right friends, you may be able to establish partnerships with local shipyards or boat dealerships to get customer referrals.

This is a tactic that has proven effective for many business owners who have become millionaires. Having friends in the right places will give your business a leg up on the competition and a better chance at success.

Once you have built up a client base, you need to keep them coming back by offering a high quality service for reasonable pricing. When you go the extra mile for each customer, it will make them feel appreciated. They will recommend your boat repair service to their friends and family.

Most importantly, the customer will continue to give you repeat business. Since boat owners spend a lot on their vehicles and equipment, it is much better to service them regularly. Rather than trying to make money off of one repair, you can profit from the life long relationship of the client. This is much more profitable in the long run.

How to Start a Charter Company

Here is a simple but practical guide, inspired by a charter boat owners, on how to successfully launch your own charter boat business in Australia or New Zealand.

Step 1 – Get Sailing / Boating Lessons If you have absolutely no experience with boats of this size, a great place to start is taking sailing or power boat lessons, ideally on the type of boat you eventually hope to own. This can be informal from friends or through a sailing club, or more formal through a boat training program. Sign up to your local sailing club as crew and you will be on the water in no time.

Step 2 – Deckhand on another Charter Boat Charter boat operators are always in search of good, reliable and passionate deck hands to assist in their charters. This is a great way to learn the rope of the charter boat industry and get a taste for the style of charters you might expect. This will also help you log the hours required on a commercial boat to enable you to get qualified as a commercial captain.

Step 3 – Get Qualified If you plan to operate your own charter boat in Australia, you will need the appropriate qualifications and these qualifications depend on the length of the vessel. There are training schools around Australia that provide the training required. If you plan to run a boat that is less than 12 meters in length you will require a Coxswain Cert II ticket (most common and easiest to obtain).

Step 4 – Build a Business Plan It’s important to work with your accountant to build out a business plan. Things to consider are your hourly or ticket rates, how many charters a week or a season you might get, and where the new emerging opportunities are surfacing. Then consider expenses such as costs for a deck hand (or a skipper if unqualified), maintenance, insurance and marina / mooring fees. How will the boat you like fit in the existing market?

Below is an example of how a Seawind 1160 Resort charter boat PNL may look based on Sydney Harbour.

Charter boat operators in the Whitsundays and Sydney are already noticing strong bookings as Australians rediscover their backyards, despite restrictions on interstate movements.

Step 5 – Investigate Finance Like any finance from a banking institution, there are usually two main considerations including: 1 – Security and 2 – Serviceability Getting finance on a boat is not always easy as banks don’t tend to favour floating assets that can sail away over bricks and mortar.

So it certainly helps if you have equity in property that can be used as security against boating finance which also means lower interest rates and longer and lower repayment terms.

When it comes to serviceability, unless you are buying a going concern with several years of financial records, the potential income from a future boat is unlikely to be considered towards serviceability so income an existing income will be reviewed. An expert finance broker can help package this to submit to the most cooperative finance institutions.

Step 6 – Buy a boat in Commercial Survey To operate commercially with paying passengers in Australia or New Zealand, your vessel will need to be commercially compliant or in ‘Survey’. In Australia this is a nationwide system so once your boat is approved in one state you can operate with the same restrictions in another state.

Use the following table to work out your vessel service category. For example, a passenger vessel carrying 30 people and operating out to 15 nautical miles has a service category of 1C.

Common classes of survey our boats are built to include 1E (for larger groups in smooth waters), 2C (groups up to 12 for offshore charters), and 4D (bareboating in partially smooth waters).

How to Start a Charter Boat Business in Australia

Have you dreamt of swapping florescent lights with sunshine, the water cooler for the calm blue sea and air-conditioning for a salt filled breeze? Has the same old work routine worn thin and running your own business combined with a coastal lifestyle has appeal? Then you need to read this guide and avoid the three common mistakes of wrong boat, wrong location, wrong marketing.

At this very moment in time, running your own successful charter boat business in Australia has never been more achievable thanks to a booming tourism sector in both our coastal cities and regional sea side towns.

There are several areas that need to be carefully considered to ensure success. These include:

1. Identifying the opportunity in the market

2. Purchasing a purpose built charter boat that is survey compliant

3. Profit and Loss Projections and ROI

4. Launching the business and connecting with travel agents

Once you boat arrives and is ready for action, plan to launch your boat into the charter industry with a launch party and invite local travel booking agents to inspect your boat, who in turn will promote to their extensive databases.

This will ensure your new boat makes it to the market quickly, without you having to spend anything on marketing, other than booking commissions. There are about half a dozen prominent charter booking agencies on Sydney Harbour and others around the country.

Can You Make Money Owning a Yacht?

The word yacht often brings up an image of luxury living on a sleek boat in the sea with a crew of dozens. We don’t want to take the wind out of your sails, so to speak, but even a mountain of money won’t necessarily have you swimming with the truly wealthy yacht owners.

For example, Tiger Woods purchased his 155-foot superyacht, Privacy, for $20 million—and that’s cheap by swanky yacht standards.

Many yacht owners will find that they have a valuable asset that sits idle for far more time than it gets used. And, even though it’s idle, it is still costing money – moorings, maintenance, insurance.

But there are ways to turn it around so that your yacht starts to pay for itself.

Owning a luxury yacht takes truly serious money. But for those who earn a higher-than-average income, renting or leasing a vessel, teaming up with friends, or joining a boat or yacht club can make the price comparatively reasonable.

As with any equipment-heavy hobby, the costs are often higher than you think, so you’ll want an emergency fund in place for those unexpected expenses.

Is Buying a Boat a Good Investment?

A boat can be a great investment, perhaps not in the tangible way real estate or a mutual fund can increase in value, but certainly in a non-material way. Owning a boat is about the pursuit of pleasure or adventure, of bonding with family and friends, of a passion for freedom that many people find only on the water. Most boat owners will explain that their time on the water is priceless.

The trick to getting the most out of boat ownership is minimizing the costs and hassles, and maximizing the fun.

Boats are a good investment if you don’t overshoot your budget. If you research your options and go for a vessel that you can afford, nothing trumps the joy of spending time on the water.

Boats are expensive but you can get unbelievable bargains on almost new vessels if you are resourceful.

If you are passionate about spending time on the water, go for a deal that doesn’t hurt your purse, cut cost in every way possible and take good care of your boat. You will discover that there is something special about being on the water non-boaters can never understand.

How Expensive is Living on a Boat?

Living on a boat in a marina isn’t free — although we wish it were. Three different types of fees exist depending on where you reside:

Anchorage: If a local government allows liveaboards, you may be able to find free anchorage in the right areas. Though rare, free anchorage is the most economical way of living on a boat.

Marina slip:Boat slips charge you daily, weekly, monthly or long-term fees to stay in a marina. They also add a monthly charge for liveaboards because you use the marina facilities more than someone storing their boat. Some slip fees include utilities, but others require you to arrange for services on your own.
Mooring: Mooring fields allow you to secure your boat to a permanent mooring buoy that attaches to a weight resting on the bottom of the water. Moorings cost about half the price of a marina slip, which can help cut expenses. As a bonus, some mooring areas have water taxi services, dinghy storage, holding tank pump-outs and access to onshore facilities.

Maintaining a boat requires more specific and frequent tasks than what you typically complete in a house. You must consider each boat component to determine maintenance costs, including the living quarters, hull, topsides,underside, canvas and deck. The marine environment is harsh — even more so where there is direct sunlight.

Think about the following costs of boat upkeep:

Canvas: A canvas can make life aboard comfier by keeping you cool and protecting you during the summer. While an awning can shelter your boat’s cockpit and deck from the elements, you will need to maintain the material. Mildew or tearing can be an issue in harsh environments, and a special sewing kit can help you make repairs as needed.

Cleaning:It’s essential to have a regular cleaning schedule for the outside and inside of your boat. Be sure to scrub down the topsides of your yacht or sports boat and clean out your living quarters. You should also clean the scum and barnacles off the underside of your hull. Upkeep can help preserve the condition of the rig and create a beautiful living space.

Polishing:Consider the cost of polishing your hand rails, coamings, trim and other surfaces to keep your boat looking fresh.

Waxing: The part of your hull that’s above water oxidizes over time, creating a dull appearance. Waxing the surface once or twice each year can keep your boat looking clean and vibrant.
Zinc replacement: Zinc replacement helps to protect the stainless material on your boat from corrosion. As a part of your maintenance routine, inspect the zinc anodes while cleaning the boat’s hull.

If you have a large, well-accommodated yacht and plan to travel across the world, your cost of living will be higher compared to someone with a smaller boat living as a long-term mooring resident. Consider what your situation may entail so you can begin compiling a budget.

Can You Make Money Chartering a Boat?

Chartering your boat for others to use is the most common way of earning an income from your boat. The charter market has long been a thriving industry, with charterers willing to pay good money for the private use of a boat, whether it’s a luxury yacht, a weekend sailboat or a fishing day boat.

Indeed, the COVID-19 pandemic has seen this sector grow hugely, as people seek out socially distanced holidays which they can enjoy with small groups of family and friends.

There are a myriad of different ways you can charter your boat, and the best part is that you can stay firmly in the captain’s seat (proverbially or not) as you decide which set-up works best for you.

Choosing to charter your boat yourself is one option, you will need to advertise your boat, liaise with charterers, make bookings, hire a captain and crew (or captain it yourself, once you have a commercially endorsed license, commercially insure the yacht and provision your boat.

While this option means you save the commission costs of a charter agent, there is a lot more work involved for you…time you could be spending on your boat yourself.

Boat charter agencies are set up to do the hard work for you. In return for a set commission (typically between 10% – 20%), they will ensure all paperwork is in order, liaise with charterers and your crew, source professional skippers, offer a comprehensive contract and make sure everything goes smoothly.

Whether you’ve got an 80 metre (260 feet) motor yacht to charter or a 12 metre (40 feet) catamaran, there are specialist charter agents the world over, offering everything from bareboat charters to crewed charters.

How do I Start a Small Boat Rental Business?

Opening up your own boat rental business along the coastline is an entirely viable option for any seaside town.

However, there are many things that you will need to consider, before you can explore this horizon:

Do Your Research.

Before you decide to fly your sails, it’s important to find out if you have any competitors in the area. It’s also worth your time to research where your business will thrive best of all. Find out the many costs that will be involved in running this company and swot up on how to safely launch your first rental ship.

Make Sure You Tick All Of The Legislative Boxes.

There are a lot of risks involved in running a boat rental company. Risk management should be high on your agenda. There are so many factors to consider. If you’re organised, you can easily make sure that you are on the right side of the law and that you have covered your back for any potential mishaps that might occur.

Find An Ideal Location.

Location is crucial. The area where you set-up your boat rental service could make or break your company. If it is in a popular space, frequented by lots of people, then you’re likely to tempt in customers, without having to do much hard work.

Buy Your First Ships.

Start off small, and only start expanding your fleet when you have the demand to justify it. Whether you want to opt for new or used boats, that’s up to you, but they need to be able to pass strict checks, to make sure that they are safe for public use and sea-worthy. Be careful here, and only deal with reputable firms.

Begin Marketing.

Getting your company name heard is challenging for a newcomer, and it isn’t going to happen overnight. There are many ways you can approach marketing your boat rental business, but sometimes fantastic service and looking after your customer well is the best kind of marketing that any company can aspire to.

Create A Blog And Use Social Media.

A blog can set you up as an industry leader in your field, and keep your readers updated on any new, exciting developments in your company. Aim to teach and help your customers through your blog, rather than promote your business. It needs to be valuable to the people reaching your site; it’s not a tool for you to advertise yourself.

Social media is another tool you can use to enhance brand awareness. Using pictures, and showing a good (family-friendly) sense of humour, can encourage potential customers to engage with your company on a more personal level. You can even run competitions through this platform, to extend your reach.

Is Boat Refurbishing Profitable?

Buying an old boat, cleaning it, and then selling it can be very lucrative if you know how to do it. Let’s take a look at some key tips to improve your returns with each boat.

Buying a cheap boat

People assume that buying a cheap or secondhand boat is easy and simple. However, this could not be further from the truth. For good returns, it’s vital that you understand the current state of the market and major red flags to look out for when buying a boat is vital for good returns.

Buying a secondhand boat is almost always the best option; they are considerably cheaper, and all of its issues will be obvious. Therefore, fixing and cleaning it up will be easier.

As with any business endeavor, research is vital for success. If you have a particular model in mind, it is important to research it in depth. If possible, find an owner of that particular model and ask them about how the boat sails. The more research you do, the less chance of you going bankrupt.

The next step is to find a proper surveyor; this can potentially save you thousands of dollars as the surveyor may find issues you had no clue about. A surveyor can provide a list of problems allowing you to properly solve each issue.

Cleaning and fixing the boat

After you buy a cheap or secondhand boat, cleaning, and repairing are the next tasks. One of the first places to clean is the carpet of the boat. A simple yet effective method is to use a power washer to wash down the carpet. After the carpet dries, vacuum it. This will effectively clean the carpet and make it look as good as new.

To clean the vinyl, don’t use strong detergents as they may remove the anti-microbials oftentimes present. Just a simple combination of soapy water and a simple rag to wipe it off is plenty. Cushions often are full of dust and grime. Properly cleaning the cushions consists of cleaning both the cover and the inside. To properly clean the cover, simple cold water can do the trick.

Using the washing machine can cause damage to the cushions, so refrain from doing so. For the foam, placing baking soda and let it settle for a few hours before using a mixture of water and vinegar to clean it. Keep soaking with water until all the grime comes off.

The hull of the boat is often full of stains and discolorations. Use power washers for the whole hull, keeping in mind all the tiny crevices. While the boat is still wet, use a boat cleaner along with a sponge to completely remove any stains. The engine of the boat needs regular cleaning.

Think of it as similar to the one in your car and clean it the same way. If the engine is in particularly bad shape, it is better to allow a professional to clean it so that the wires and components do not suffer from damage.

Along with cleaning the boat, repairing and maintenance are just as important in order to sell for the highest price. There are two main types of repairs, breakdown, and maintenance. As the name suggests, maintenance repairs are those actions that help to avoid breakdown, which, in the long run, save money.

Due to the negligence of previous boat owners, the boat requires many repairs before it returns to mint condition. In order to find out all the possible repairs, a surveyor can be extremely helpful.

Hull damage is one of the most common types of damage. To repair the hull, you need to use a fiberglass repair kit. Remove the damaged part of the hull and replace it with fiberglass. Another type of repair is core repair, which is more expensive than other repairs.

Remove the fiberglass skin and insert a replacement core. Electrical issues can also arise, and you need to address them. Check all cables and wires to prevent any loose wiring. Inspect fuse boxes, motors, and blowers to ensure they are working at maximum efficiency.

In certain circumstances, repairing is necessary; however, the best-case scenario is boat maintenance. Some simple tips can help maintain longevity, such as

Going through the equipment whilst reading the manual
Regular maintenance of the boat
Notice any small deviations from performance and solve the issue

Selling the boat

Nowadays, in the modern age of the Internet, selling anything has never been so easy, and the same applies to boats. Various websites, such as Amazon and Craigslist, are an easy place to sell boats.

You can ask fellow boat owners if anyone is looking for a boat; word of mouth can be extremely helpful. Selling your new refurbished boat at an auction can also provide great returns. Explore all these options to get the best possible price.

How do You Start a Boat Marina?

Specific steps for opening a marina vary depending on the area you live in, specific environmental or local requirements for building and water use and what assets and resources you already possess before beginning. For example, building a marina from the ground up on undeveloped acreage has different requirements than purchasing a turn-key marina from previous ownership.

The following steps are common when starting a new business — consider your entry point and goals as you assess each one.

1. Find a Location

Buying your waterfront property, rather than leasing it, is a better idea for a marina because of all the permanent fixtures you’ll need to install both above and below the water. Make sure it’s possible to hook up all necessary utilities there, including electricity, gas and internet.

Your waterfront property should also be:

Spacious: Your marina should have enough space in the water for several mooring options, including docks, moorings, slips and long-term residential options. Everything should be spaced adequately for safe maneuvering while boats launch and moor. On land, the property must accommodate several buildings and an outdoor recreational area, like a grassy picnic spot or pet walk. If space is limited, consider becoming a private or members-only marina to manage traffic.
Accessible: For best results, choose a location close to popular attractions, like boating communities or campgrounds. Consider how much boat traffic your chosen stretch of shore receives to see what need your marina could fulfill there. Look for a spot with a nice, unobstructed view of the water — especially if you plan to offer waterfront dining or amenities — and avoid places with excessive rocks or dangerous drop-offs.
Safe: The water level at your marina should be accessible at all times. Invest in floating docks and ports so boaters can still board and exit their vessels regardless of the tide or lake level. If hurricanes are a concern, look for property that might be sheltered from extreme weather and storm surges. Consider the wind — if the area gets too windy, choppy waves will make it harder for boaters to board and moor.

Specific needs will depend on water type and condition. For example, you should avoid buying and building in an area with endangered marine ecosystems or rough, dangerous water conditions, while places with deep, calm water are ideal. Saltwater and freshwater will require different building materials and upkeep routines.

Make a formal business plan for your marina

2. Make a Formal Business Plan

Once you have named your business and chosen a piece of property, it’s time to analyze your funding needs to seek investors, grants or bank loans. This requires a formal business plan detailing your organization, its goals and projections. Most formal business plans should include:

Executive summary: This portion summarizes what your business is, its purpose, your mission statement, your location and basic information and a brief introduction to management and relevant leadership or investors.
Company description: This is where you offer a more detailed look at your business, including who your target clients are, how you plan to solve their problem and what unique advantages you hold over the competition.
Market analysis: Conduct formal market analysis, including industry and competitor research, and summarize your company’s outlook based on your findings and the need for a marina in your chosen location.
Organization description: Describe your organization, including your legal entity identification, leadership roles, management strategies and organization method. Explain who founded the business and why you chose the leaders you chose. What expertise do they offer? What qualifications do they hold?
Marketing strategy: Your marketing strategy should break down your plan for attracting your target clients, meeting their needs and keeping them happy so they will return and tell their friends. This includes in-person marketing, online advertisements, word of mouth and special events.
Funding requests and projections: If you’re creating your business plan to seek a loan or investors, outline your funds request detailing what you need, why you need it and specific allocations of those funds, like equipment, services, utilities or building materials. Offer five- and 10-year projections for your business based on those numbers and your anticipated profits.

Depending on the context, your formal business plan may also include supplemental information, like a map of the marina property, a formal water analysis or environmental regulation checklist.

3. Gather Necessary Funds

How much a marina costs depends on how much construction you have to do, the size of your space, the amenities you’re installing and local guidelines and tax costs. Detail all current and anticipated expenses, including land needs, renovations, utilities, surrounding infrastructure changes, maintenance costs and all income you plan to make from your marina and its amenities. Then, seek supplemental funding through things like:

Investors
Bank loans
Crowdfunding
Government grants
Partnership funding
Credit and advanced payments

Some areas may also have incentives available for doing business there — check with your local business bureau to learn more.

4. Form a Legal Entity and Get a Business License

Before you can get your business license and start taking on boaters, you must form a legal entity. The following are common legal entities:

Sole proprietorship: Sole proprietorships mean that you are a singular owner and are not separated from your business. Though there is less complex paperwork involved and taxes are typically more straightforward, this entity puts your personal assets at risk and offers no liability for protection. It may also be more challenging to build business credit or obtain funding in some situations.
Partnership: Partnerships are similar to sole proprietorships but involve two or more owners, some of which may be silent. Partnerships generally give you more access to resources and industry insight but can be legally complex.
Limited liability company: Limited liability companies, commonly called LLCs, protect your personal assets from business-related lawsuits and debts but require separate taxes, paperwork and annual state filings.
Corporation: Corporation owners have limited personal liability involved and are taxed separately. There are different types of corporations, like S corps and C corps, and some offer stock options.

5. Register for Taxes

Register your business for federal, state and local taxes and receive a tax identification number, also known as an employer identification number (EIN). Some governments require both federal and state EINs. Once you’re registered for taxes, you can start hiring employees and making large purchases for your property. Keep track of all transactions and receipts for tax purposes.

6. Open Business Accounts

Opening separate business banking and credit accounts for your marina will help you keep your personal finances and assets separate and organized while building business credit.

When possible, look for digital options, like mobile apps, automatic payments and paperless account options, to cut down on spending and waste and simplify your recordkeeping processes. Protect all your important software and electronics with antivirus protection.

7. Get Licenses and Permits

Your marina will need several licenses QLD boat licence and permits, depending on where you operate and what amenities you offer, such as:

Zoning permits
Building and construction permits
Environmental regulation requirements
Health department permits, where applicable
Fire department approval and occupancy limits
Other federal, state and local requirements

8. Invest in Your Property

Invest in your property to entice boaters and set your marina apart from other marinas in the area. Some popular marina amenities are:

A playground.
Wi-Fi access points.
A dog walk or a pet park.
Environmentally safe wastewater disposal.
Seasonal and temporary boat storage options.
A waterfront restaurant with outdoor dining options.
Constant security for all moored and docked vessels.
International travel coordination services, if near a border.
Clean restrooms with showers and baby changing stations.
A shaded picnic area or pavilion with picnic tables and grills.
Professional boat services, like engineers or maintenance staff.
Rentable event rooms for weddings, business meetings or parties.
On-site or on-the-water gas stations for boats and personal watercraft (PWC).
Water sport equipment rentals, like floating tubes, PWC vessels or snorkeling gear.
A shop stocked with boating supplies, necessity items, fishing gear and local souvenirs.
An information or resource center with directions, brochures, guidebooks and helpful associates.

9. Choose Your Insurance Policy

Comprehensive insurance is critical for marina ownership, especially in areas prone to extreme weather or hurricanes. In 2012, Hurricane Sandy left $50 billion worth of damage in its wake, including more than 400 marinas destroyed across three states. You should also have general liability insurance, workers’ compensation and other policies that cover your property and amenities’ specific needs.

10. Hire Employees and Start Training

Hire employees based on their skill and familiarity with boating or your on-site amenities. The more passionate people are about your business, the more equipped they are to handle customer inquiries and represent your marina well. Conduct new-hire training that reviews all safety procedures, including all emergency protocols, and continue supplementing training as your business grows and changes.

Find your ideal employee by posting your job in local outdoor areas, like campgrounds, parks or club meeting places. Online, post your advertisement in local outdoor or boating groups.

11. Create a Website

Many of your clients will find your marina through your website. The more information you provide online, the quicker you can connect with potential customers and answer any questions they might have before choosing you for storage or mooring. It will also minimize phone calls, freeing up employees to take care of in-person customers.

In addition to your marina’s name, logo and branding, your website should include:

Your address: Include your marina’s address, preferably with a map and a clickable link to GPS navigation. Don’t forget directions from nearby campgrounds and other points of interest.
Contact information: Your contact page should have your phone number, hours of contact, email address and online contact form to ask specific questions.
Hours of operation: Include operational hours for the marina and on-site amenities, like your restaurant, shop or maintenance professionals.
Property photos: Take clear photos of the marina, waterfront and all amenities to show boaters what your facility has to offer.
Services and prices: Include a list of popular services and approximate pricing information so boaters can be better prepared for arrival.
Testimonials and reviews: Collect testimonials from satisfied customers and encourage all boaters to leave an honest review you can display on your website to entice potential visitors and build your business reputation.
Helpful pages: Some additional helpful pages you might include are a FAQ page, a blog with boating tips and tricks and a news page so customers can stay up-to-date about facility changes, events and upgrades.

12. Start Marketing and Promotion

Promote your marina through one or more of the following:

Social media: A strong social media presence will help you stay connected to your boaters and answer questions or get feedback in real-time. It also allows boaters to post pictures to their account and tag the marina for others to see.
Event booths: Set up a stand at outdoor events and boating conferences advertising your marina and its services. Consider handing out coupons or promotional merchandise.
Community involvement: Staying involved in your local community through volunteer efforts and social events is a great way to earn recognition for your marina and leave others with a positive impression of your business. It also helps get the word out about who you are and what you offer — plus, it feels good to support those who support your business.
Paid advertisements: Paid advertisements, including newspaper ads, digital ads and similar, might be a good fit for you if you’re working with a larger marketing budget. Keep track of advertisement efficacy to reevaluate ads as needed.

Can You Make Money Renting Jet Skis?

A Jet ski rental business can be very profitable if you have more than 7 jet skis in your fleet. Owners can yield up to $1,000 per day in profit on weekdays, and those profit margins increase significantly on weekends with prior bookings. However, jet ski tours can reduce profit margins considerably when compared with self-tours.

Building a business is hard work. Go ask any business owner and they’ll certainly let you know about that. For instance, building my business to where it is today took several years of blood, sweat and tears.

How Much is it to Rent a Boat in Panama City Beach?

You can find yachts available to rent in Panama City and in different dream destinations around the world on the Nautal website. Flexible cancellation or changes up to 15 days before check-in is possible with selected boats. Check the conditions established with each boat owner. Although Panama City isn’t exactly large, there is still an abundance of activities for visitors to enjoy.

Whether you plan to visit Panama City for a few days or a longer period of time, you’ll never run out of things to do in this idyllic destination. Having a long seafront and being framed by the Pacific Ocean AND the Panama Canal means this city offers guaranteed fun for a group of all interests.

Renting a yacht in Panama City costs from 1450 dollars per day and from 11200 dollars per week. Yachts are generally rented with a captain and the most luxurious vessels come with a crew. Check the mandatory and included extras with the owner.

Can I Buy a Boat in my Business Name?

To legitimately buy a boat through your business, you need to have a specific reason for purchasing it as a business expense. For some, the reason is obvious: commercial and recreational fishing companies have a clear and easily-defined reason for needing a boat. But what about a typical company such as a marketing firm, accounting office, or manufacturing business? In this case, the reason is less obvious, but it still exists.

Entertainment is usually the motivation for buying a boat through your business, but the IRS has some tricky rules behind this use. In general, the IRS says you cannot deduct any expense for the use of entertainment, but you can deduct some expenses. So while you can use company money to purchase a boat (as long as the boat is used primarily business purposes), you will likely not be able to write off the purchase as a tax deduction.

However, you may be able to deduct other expenses related to the use of the boat. Food, beverages, and catering can likely be deducted. Even fishing bait or lures that were purchased for and used during entertainment of clients or employees could be considered a tax deduction. Just remember to document these expenses thoroughly.

For entertaining employees, you will also need to show that the use of your boat has a legitimate business purpose. Week-long fishing expeditions for the primary owner may not be a legitimate reason, but team-building exercises could be. The boat could even be used for enticing new employees, but again, proper documentation is crucial.

Above all, if you buy a boat for business use, it will have to primarily remain a business asset. You can’t use it for personal luxury cruises all summer, then take an employee fishing once a year and claim it as a business asset. Be honest about how you use the boat or you may come under scrutiny from the IRS.

Boat Rental Service Business Plan

Boat rental clubs help you to make more money and help your registered members to save money by receiving discounted prices. Also, people see it as an opportunity to network and socialize.

1. Find out the legal requirements

2. Choose the type of boats you want to rent out

3. Purchase your boats

4. Build a dock to store your boats

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

5. Insure your boats

6. Set your prices and determine services you would render

7. Comply with safety regulations and purchase enough safety gadgets

To keep your clients safe at all times.

8. Marketing

This is yet another very important 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;

Create a website

This would make it easy for people looking for such services in your area to find you online.

Hire agents to sell cruise packages

Organize events

You can also promote your boat hiring business by organizing events like fishing, boat races, dinners and other fun events.

Partner with event planners

Lastly, you can partner with event planners to encourage their clients to host events on your very large boats.

Does GetMyBoat Provide Insurance?

If you’re renting a boat, you should check with the boat owner to see if they have the proper insurance to cover any accidents or damages.

GetMyBoat does not and will not offer advice about insurance or compliance with regulations and requirements as these vary by location. When owners sign up, they agree that they are compliant and take complete responsibility for their own compliance as part of our terms of use.

Any insurance questions should be handled directly between a customer and owner as policies, laws, and regulations vary from state to state and by country.

Party Boat Business

This is another venture you’ll need to have a captain’s license for, and since the local population already sees the sights this sort of operation only works in tourist towns. If you happen to live in a hot vacation spot, however, this could be great way to make a few bucks while introducing people to your local waterways.

In some areas eco-tours are a good bet, and in cities built on the waterfront you may find sightseers who are willing to pay extra to check out the scene from a unique point of view. Washington D.C. alone, for example, has about a dozen different boat tour services. The down-side? Like several of these opportunities, seasonality is likely to play a role in just how many months you can operate profitably.

Each state determines the requirements for operating a powerboat, sailboat or personal watercraft (PWC) on the waters in its jurisdiction (see our State Boating Laws, Rules & Regulations Map to learn more about the requirements in your state), and most require some sort of boating safety and education certificate, which may be called a boating license.

Do You Need License to Drive a Boat?

In most cases the boat license course can be completed online, and is followed by a boat license test that is also completed online. The boating safety certificate courses are not as comprehensive as those for an automobile driver’s license; there’s usually no on-water driver’s education required, for example.

Follow these simple steps to get your boating license:

Research the boater education requirements for your state.
Complete an online, or in-person, boating safety and education course.
Successfully pass the boating license test at the end of the course.
Submit payment after course completion.
Keep your boat license or completion certificate with you whenever you’re out on the water.

Boat Rental Franchise

There are different types of boat franchises. We’ve focused the following list on those providing a service to private people, rather than B2B shipping and maritime businesses. The following are private boat rentals. We’ve chosen to focus on some of the more established franchises on the market, but there are most likely more opportunities out there.

Choosing the right franchise for you, will depend on where your interests lie, what opportunities might be available in your location and how much of a down payment you have.

Overview of the boat rental franchises currently on the market: GoBoat , Freedom Boat Club , Nautical Boat Club , Carefree Boats & SailTime GoBoat ApS and its affiliates do not provide investment advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, investment advice. You should consult your own business advisors before engaging in any transaction.

Does Renter Insurance Cover a Boat?

Homeowner’s insurance provides financial protection to your property and personal effects in the event of a disaster such as fire and other natural disasters. Renter’s insurance offers protection against damages to personal effects, but there are several exclusions.

Most insurance companies include 10% of your home’s value or $1,000 coverage for small watercrafts. However, a home or renter’s insurance policy does not include boat coverage. In case a homeowner’s or renter’s insurance policy includes boat insurance, liability coverage is excluded. You have to pay extra for third party bodily injury and property damage coverage. If you want collision coverage, you have to pay the agreed deductible from the insurer.

If you have a yacht or a bigger watercraft or any boat with a speed of 25 mph of horsepower, it is more practical to buy a boat insurance policy. A separate insurance may be needed for wave runners, jet skis and similar watercrafts.

In some cases, paying extra for options against your home insurance policy is feasible but there are limitations. If you do decide to get boat insurance coverage, it is wiser to insure your boat from a legitimate boat insurance company.

Two Types of Boat Insurance

The quote for boat insurance depends on various factors including its type and size, where and how it is used, its value and the driver of the boat. The two basic types of boat insurance are: Agreed Amount Value and Actual Cash Value. Under the first option, the insurer and you agree on the actual value of your boat. In the event of a total loss, the insurer will reimburse the agreed upon value of your watercraft. This coverage includes the replacement of broken/dilapidated boat parts with new parts without deductible depreciation.

Under Actual Cash Value boat insurance, the insurer will pay you the actual current market value of your boat in case of total loss. Any parts replacement is computed based on its depreciation at the time the part broke down and replaced.

Coverage for boat insurance includes property damage, bodily injury, guest passenger liability, medical payments and theft. The minimum policy liability is $15,000 which could be increased to $400,000 depending on the age, size and type of the watercraft.

Boat insurance differs from one insurer to another. You should take the time to read the boat insurance policy for specifics. For example, liability coverage is applicable to anyone driving the boat but medical payment only applies to the policy holder.

Do Boats Hold Value?

Most people who are considering buying a boat, whether new or used, naturally consider how much the boat will cost them over their time of ownership. Everyone should know that, just like most things you buy, they depreciate over time. However, that doesn’t mean you’re not getting a return on your money.

In general, boats lose about 36% of their value after 10 years of ownership. Boats lose between 23% and 30% after 5 years and between 18% and 22% after only 1 year of ownership from a new current year purchase. This is considering the boat being properly maintained and kept in good overall condition.

Obviously there are a lot of variables that come into play with these numbers (like “Condition Is Everything When Reselling”).

Bayliner 215 Series Depreciation

Age Of Boat	New Retail Price	Average Retail Today	Total Percentage Of Depreciation	Average Reduction In Value Per Year
1 year old	$36,900	$30,400	-18%	-$6,500
5 years old	$37,213	$28,490	-23%	-$1,744
10 years old	$30,360	$19,330	-36%	-$1,103

Crownline 215 Series Depreciation

Age Of Boat	New Retail Price	Average Retail Today	Total Percentage Of Depreciation	Average Reduction In Value Per Year
1 year old	$58,243	$45,350	-22%	-$12,893
5 years old	$50,350	$35,465	-30%	-$2,977
10 years old	$43,650	$28,050	-36%	-$1,560

As you can see, the overwhelmingly large percentage of people thinking that if you buy a higher quality (price) boat, that the boat will retain it’s value better, are actually wrong.

Starting a Booze Cruise Business

Starting a booze cruise business is a creative idea for an entrepreneur who loves parties and spending time on the water. There are many things that should be considered and planned for in order for this type of business to be successful.

Obtain a captain’s license. This is necessary for anyone who operates a boat for commercial purposes. If you plan to offer dinner cruises for more than six passengers at a time, you will need a master’s license.

Since the requirements to obtain a master’s license take a year meet, you may just need to hire a captain that already has a master’s license.

Get a boat or yacht by purchasing or chartering it. The best vessel for a dinner cruise business is a party boat or a yacht. Try to choose one that is roomy and comfortable, that has controlled air conditioning and that has space for your caterer to prepare meals.

To find a boat, you can search classified ads, ask those who work at the marina and any country clubs in your area or talk with a yacht broker.

Register your boat with the Department of Natural Resources in your area. This is necessary, or else you won’t be operating your dinner cruise business legitimately.

Choose a marina where to dock your boat. It is best if you do not choose a marina that already has a dinner cruise business operating there to avoid competition. In addition to renting space for your boat, get spaces for your customers to park.

Decide what type of cruises you will offer. You may want to offer dinner cruise packages for corporate events, sporting event patrons, wedding, engagement and anniversary parties, or for holidays.

While you can offer dinner cruises for all of these types of occasions, choosing a niche will allow you to better target your marketing efforts.

Contract with a caterer to prepare meals for your dinner cruise. You can either choose a personal chef, established local catering business, or consult the head chef at your local hotel or resort.

You will work with your caterer to develop a customized menu. The menu you choose may need to change with the season–this is especially true if you plan to get your ingredients locally.

Network with complimentary service providers, such as DJs, bands, event planners and florists to boost your business. You can team up with them to offer discounts to their customers in exchange for business referrals and vice versa.

Boat Rental Business Plan Template

Boat rental service companies are fun businesses to run given that most people that own and operate this type of company will frequently enjoy fishing as well as water sports.

These businesses are able to generally produce revenues and profits in almost any economic climate given that chartering a small boat is not an overly expensive activity. These businesses thrive in warmer climates as well as in markets that have been affluent population base.

One of the best things about these businesses is that they are able to easily acquire the money they need in order to launch operations. This is due to the fact that small boats are a very good form of collateral for bank loan. As such, these businesses are almost always able to get the money they need in order to get their operations off the ground.

The startup costs for a new boat rental service typically run anywhere from $100,000 to $500,000 depending on the types of vessels being purchased that will be charted chartered by third party. Generally, the gross margins generated from revenues is around 80% which includes the cost of fuel as part of the cost of goods sold.

For smaller boat rental services, it is usually the owner operator that serves as the captain of the ship. However, as these businesses expand they may hire additional individuals that are properly licensed to be the captain of a small marine vessel. This contributes to a higher underlying operating cost; however, these businesses can readily contract and expand as the economy does well or has a recession.

Industry Overview
Executive Summary
Our Products and Services
Our Mission and Vision Statement
Job Roles and Responsibilities
SWOT Analysis
MARKET ANALYSIS
Our Target Market
SALES AND MARKETING STRATEGY
Sales Forecast
Publicity and Advertising Strategy
Our Pricing Strategy
Startup Expenditure (Budget)
Sustainability and Expansion Strategy

What Business Can You Start With a Boat?

Interested to start a boat business but not quite sure what to start? The good news is, there are so many opportunities to become an entrepreneur and build an innovative product/service in this line of work.

If you’re looking to start your own boat business, there are several profitable options you can choose from. We put a list together below of the most profitable boat business ideas you can start today!

Here they are:

Start Boat Storage Business

Another thriving boat related business idea that an aspiring entrepreneur can successfully start is a boat storage business. If you live near a popular body of water, boat storage is a must and offers a lucrative opportunity for you. Because so many communities discourage on-street parking of RVs and boat trailers, storage facilities for these vehicles are always in demand.

As the economy recovers, the American public enjoys more disposable income, and many have taken to the road and water for recreation, thereby providing an excellent opportunity for self – storage owners to meet the resulting need.

Open a Boating Training Firm

Starting a boating training firm is yet another boat related business that an aspiring entrepreneur can successfully start. Boating licenses and cards are issued by state agencies on a local basis and cannot usually be requested from national entities.

Due to the application procedures for licenses and cards is different from state to state, the total amount of time it takes to receive certification varies also. Most states offer short classroom courses that can be completed in a day and accept online courses that last between three to eight hours in duration. All you need to do is to help boat operators get their boating license and cards with ease.

Start Organizing Armature Boat Racing Tournaments in Your Community

If you are good with organizing events, you live in a riverine area and you are a boat sports lover, then one of the boats related business that you should consider starting is an armature racing boat tournament. Boat racing is a sport in which boats, or other types of watercraft, race on water.

It could be for high school students, college students or community – based boat sport clubs. There are organizations in your community and even politicians who will be willing to sponsor it as long as it keeps students out of trouble. It could be a one-off thing and it could be a yearly thing.

Start Kayak Rental Business

A kayak is a low-to-the-water, canoe-like boat in which the paddler sits facing forward, legs in front, using a double-bladed paddle to pull front-to-back on one side and then the other in rotation. To run a successful kayak rental business, you must love boating and be experienced in kayaking, as you have to instruct renters how to operate the craft.

Coupled with being an experienced kayaker you will also have to possess adequate knowledge of the local waterways around your business. You can do this by joining a kayaking club and spend enough time on nearby waters.

Expect your customers to ask for recommendations and where they should go, and you should be able to give them first hand advice. It’s also necessary you take advanced first aid and water safety courses; the Red Cross is a great place to go for these.

Open a Boat Museum

Starting a museum dedicated to boats is yet another interesting boat related business that an aspiring entrepreneur can start.

This business concept might be very green, you can be rest assured to have loads of visitors traveling from far and wide to visit your museum if you have robust boat artifacts or if you are able to gather stuffs that portray the history of boats. So, if you are looking for a boat related business to start, then one of your best bets is to look towards launching a boat museum.

Start a Boat Racing Academy

Another boat related business idea that you can start is a boat racing academy; a place where young people can be groomed to become professional boat racers. The truth is that if your boat racing academy is well recognized, you are likely going to attract students from all parts of the world. Please note that you would need a license before you can be allowed to legally operate a boat racing academy in the US.

Start Boat Sports Reality Show

Another interesting boat related business that an aspiring entrepreneur can consider starting is a boat sports reality show. If you are an event organizer and also a boat sports enthusiast, then you can consider starting your own boat or water sports reality show.

If the program is well organized and you are able to secure good sponsorship, then the reality show will likely become an annual show if you want it to be so. You are sure going to make good money from this business venture if the reality show is well packaged.

Start a Boat Racing Kids Club

Starting a boat racing kids club is yet another interesting boat related business that an aspiring entrepreneur can start. You can start a program/club with the aim of catching future boat racers from an early age. Just ensure that you create boat sports events with the aim of teaching kids the rudiments of boat sports.

You can target schools and parents to enroll their wards in your boat racing club. You will be required to register the business and obtain a license before you can be permitted to operate this type of business.

Produce Boat Sports Related Guide (Book)

There are loads of people out there who love to learn boat sports such as boat racing, kayaking, rowing, yachting and surfing et al but can’t seem to get a proper handle on how to go about it. If you are a good writer and you have a full-grasp of boating, then you can start producing boat sports related guide (book).

Just ensure that all boat sports jargons, style of play, the rules of playing the game and all that a rookie needs to know is contained in the book. Please note that your boat sports guide could be in the form of books or videos et al.

Start a Kayaking Clinic

The fan base for kayaking is on the increase and there are loads of countries who are yet to join the flow despite kayaking being considered as one of the most popular water sports in the world. If you are in a country where kayaking is relegated to the background, you can start a kayaking clinic and attract children of school age.

If you are a good organizer, and you are able to attract sponsorship and endorsement from well-known kayakers and key establishment in both the private and public sector, you can move your kayaking clinic from one city to another in a bid to get people to start loving and engaging in kayaking.

Producing and Hosting Boat Sports Shows on TV

You can produce and host a sports show that is dedicated to only covering boat sports such as boat racing, kayaking, rowing, yachting and surfing et al. This type of business is suitable for those who have robust experience in TV cum sports broadcasting.

The fact that there are boat sports lovers, and boat sports are played at the Olympics, means that you will definitely have dedicated viewers. Although you might have to pay for slots on TV stations, but trust me, you are sure of getting sponsorship deals that will offset such expenditure, cover your running costs and yield profits.

How Much Work is Owning a Boat?

Purchase price.

This may be the one cost of boat ownership that you can truly control!

I’m pushing for a teeny tiny sailboat, while my husband dreams of owning a powerful 40-footer.

If we compromise in the middle on a J-22, which is 22-feet long, we could pick up a new 2010 model for about $23,000 or a used 2003 model for about $15,000, according to NADA guides.

Cost: $20,000

Taxes.

State tax laws on boats vary.

Cost: varies

Insurance.

Rates average about 1.5% of the boat’s insured value.

In this case, a $20,000 boat would cost about $300 to insure. Rates are higher in hurricane-prone areas.

Cost: $300

Registration.

Just like a motor vehicle, the registration costs vary by state, from pocket change in some states to more than $250 in New Jersey for a boat 65-feet or longer.

Cost: varies

Mooring.

Wait lists for a mooring can run years, so if you’re lucky enough to get one, plan to spend anywhere from the low hundreds annually to as much as $1,000 per month for larger boats.

Cost: varies

Alternative: Instead of paying for a mooring, find a boat yard where you can store your boat in between sails for a seasonal fee. This also negates the need for No. 6 and No. 7.

Little boat.

If you get a mooring, you’ll need a row boat, dinghy, or kayak to get to your boat at its mooring.

A basic row boat with oars will cost you about $1,000 new or about $500 used.

You may be able to find one significantly cheaper (and significantly worse for wear) on Craigslist, where I saw an 8-foot dinghy going for $100.

Cost: $500

Trailer.

In the off-season, you’ll need a trailer to haul the boat to your backyard or winter storage facility.

If you opt to keep your boat in your backyard year-round, your trailer will get a lot of use!

A trailer for a 22-foot sailboat can run $300 used on Craigslist to more than $2,000 for a new one. You’ll also need to register your trailer with your state DMV.

Cost: $1,000

Winter storage.

Unless you live in a warm climate year-round, plan on budgeting for winter boat storage.

This annual fee includes paying someone to haul the boat out of water, shrink wrap it, and set it on blocks.

Cost: about $2,000

Alternative: Free if you park your boat in your backyard or driveway, but be sure to budget for marriage counseling to resolve disputes about the eyesore.

Maintenance.

Annual maintenance is roughly 10 percent of the cost of the boat, estimates Bloomberg.com.

That includes painting the hull every year, cleaning the deck, and replacing the sails every few years. So for a $20,000 boat, that 10 percent comes to $2,000 annually.

Cost: $2,000

Gas.

None! A sailboat is completely wind-powered.

If you opt for a boat with an engine, remember to include costs like oil changes and mechanical repairs.

Cost: free

Safety items.

You’ll want to purchase a life jackets for each member of your family and have a few extra on hand for visiting crew.

At about $70 a pop, a set of five life jackets adds up to $350. A safety kit, including a horn, visual flares, fire extinguisher, and other items, will run you about $150.

Total cost: $500

Navigation equipment.

If you’re taking the budget route, plan on sticking to the harbor or very familiar waters so you can skip the GPS.

But if you plan on venturing away from port or taking an overnight trip, a low-end marine GPS starts at $200. A fancy computer system can soar into the tens of thousands.

Cost: $500

Miscellaneous costs.

What am I missing on this list? Fellow boat owners, speak up!

The grand total.

What’s the true annual cost of buying a $20,000 sailboat like a J-22?

Purchase price: $20,000

Taxes: varies

Insurance: $300

Registration: varies

Mooring or dock fees: varies

Little boat: $500

Trailer: $1,000

Winter storage: $2,000

Maintenance: $2,000

Gas: free

Safety Kit: $500

GPS: $500

The Grand Total For The First Year of Sailboat Ownership Comes to $26,800.

The annual tab for upkeep, including insurance, winter storage, and maintenance comes to $4,300. That’s $358 per month.

Neither of these estimates include taxes, registration, and mooring or dock fees so the real cost of owning a boat is even higher.

How Much Money Can You Make Renting Out Your Boat?

How it Works

You set the pricing and then the service takes a cut to cover their expenses and insurance.
When someone applies to rent your boat, you get to choose whether to accept or reject the rental. So you always maintain control of who takes out your pride and joy.
Then when the appointed date and time arrive, you meet the renters at the dock, show them the boat, hand off the keys, and watch your bank account balance go up.

Can a Boat be an Investment?

A boat is like any financial investment. If you know what you are doing, then a boat is a great investment. If you don’t know what you are doing, then it can be a very bad investment! There is an element of risk in any investment, understanding that risk is what you need to know.

This is a question that a lot of people search for hours, days, weeks, months, and even years trying to figure out how to make a boat a good investment.

It’s pretty simple though. It isn’t so much as how to make a boat a good investment, as much as it is a mindset of what makes anything a good investment.

A good investment has a single trait, no matter what the investment is, that connects all investments together. In order to group them into either good or bad investments.

That trait is, the buy! That’s it, the buy! No matter what it is, a car, truck, motorcycle, shoes, books, clothes, houses, boats, stocks, funds, food, travel, and anything and everything else that you invest your money into.

What makes a good investment is whether it is a good or bad buy. A deal is a deal no matter what.

House flippers make all their money at the buy. If you buy it too high, you won’t make any money. If you buy it low, then you make a killing!

The same goes for your car. If you buy a brand new car and make payments on it; that is not a good buy. Anything that has a motor or wheels loses 20% of its value in the first year! According to CARFAX, a new car loses 40% of its value in the first 5 years of its life!

So if you are looking to make a good investment in your vehicle, you look for a 3 or 4-year-old car with really low miles! The same goes for the boats.

How do You Insure a Rental Boat?

In the last six years, more than a dozen startups, billing themselves as “Airbnb for boats,” have launched around the world. They’ve all had to grapple with how to best provide insurance. Insurers have been tentative to underwrite P2P rentals, not only because P2P is uncharted water for the industry but also because boating insurance has its own particular set of challenges.

Boat Owners

Ensure your boat has all the required safety equipment.
Request a trip plan.
Do a detailed walk through and test drive with renters.
Create your own “renter’s manual” with safety and basic boat operation checklists, emergency contact information, and what to do in case of an accident.
Consider additional insurance that may increase your liability coverage on the water (e.g. umbrella and homeowners insurance).
In a welcome email, send the renter this link to the free online boating safety courses offered by the BoatUS Foundation for Boating Safety and Clean Water: BoatUS.org/Courses.

Boat Renters

Take a boating course, like the free state-specific Boating Safety Course offered by the BoatUS Foundation
Hire a captain, especially if you’re renting a boat that is beyond your experience. A paid professional will not only make these safer, but you’ll have an opportunity to learn new skills.
Choose a service like Boatsetter that offers customized P2P insurance and includes on-water assistance.
Inspect the boat. If it looks like there’s a lot of deferred maintenance or if it’s lacking required safety equipment, you may want to pass.

Can I Put my Boat on Airbnb?

Airbnb welcomes many different kinds of listings on their site as long as they meet the following criteria:

The space is only used for lodging
The space, if a mobile home, sailboat, yacht, or other vessel, will be semi-permanently attached to a set location and will be parked in a privately-owned space during the reservation
The space is accurately represented, located where the host says it is, and is bookable by the host

Listings that don’t meet these criteria include:

Motor vehicles or watercraft intended for mobile use
Any listing whose primary purpose isn’t serving as a lodging

Will Boat Prices go Down in 2022?

Marine dealers may be on track for another record-setting year for boats sales. After experiencing a high demand for new and pre-owned boats in 2020 as people took to the water for recreation during the COVID-19 pandemic, the market continues to be show signs of growth.

Lake of the Ozarks is considered a hub for the marine industry in Missouri, rivaling other areas of the state and nation for boat and personal watercraft sales.

The trend in recreational boating is showing no signs of slowing down.

According to a statement provided by LOMDA, all of the local dealer members have reacted and have been very aggressive with their purchases of product to ensure an abundance of watercraft for the upcoming 2022 boating season. These dealers are, however, highly encouraging potential shoppers that are wanting to get a new boat for 2022, to have that dialogue with your dealer now to ensure spring delivery in 2022.

Set Sail for Success

As you can see, there are plenty of factors to consider when starting your boating business. While it may seem like there are many steps involved, running your own boating business can be as rewarding as it is challenging. It’s important to lay down the groundwork and do your research before jumping into a business idea.

Hopefully, we’ve given you the ideas and tips you need to get your boating business out of the harbor and on the open seas. It’s time to get out there and turn your dreams into reality.