Looking for ideas on how to make money from your boat? Well, you’ve come to the right place. Owning a boat can be expensive and is generally not a good investment. We discussed some important points on this topic in our previous article (You can find it here)

But there are ways you can help cover some of those costs you have. In this article, we’ll discuss different ideas on earning cash from your vessel, as well as  boat detailing products

• How can you make a Living as a Boat Owner?
• What do you buy a new Boat Owner?
• How much do Charter Boat Owners make?
• Does owning a Boat make you a Captain?
• What Should a first time Boat Owner know?
• Are Charter Boats Profitable?
• How long will a Yacht last?
• Boat Business Ideas
• 10 Ways to Make Money With Your Boat
• Is Living on a Boat a Good Investment?
• How Can I Make Money Living on a Boat?
• How Much Money Can You Make Renting Out Your Boat?
• Is Living on a Boat Cheaper?
• How to Make Money From a Yacht
• How to Make Money in The Boating Industry
• How to Make Money as a Boat Captain
• How to Make Money on The River
• Can You Make Money Chartering Your Boat?
• How to Make Money With a Jon Boat
• Boat Business Names
• How do I Make Money From Yacht Owners?
• How to Live on a Boat Without Going Broke
• 6 IKEA Hacks For Your Boat
• How to Live on a Boat For Free
• 10 Ways to Make Money While Sailing Around The World
• The Pros And Cons of Buying a Boat
• Is Yacht Charter Profitable
• Make Your Boat a Business
• Can You Really Make Money With GetMyBoat?
• The Benefits of Charter Yacht Ownership
• Boat Registration
• Boating Basics For New Boat Owners

How can you make a Living as a Boat Owner?

Some of the options available will require you to have specialist insurance or to meet special boat licensing requirements.

1. Rent Your Boat Out To Make Money

There are lots of ways to make money from a boat and this is one of the most profitable options. You will find peer to peer boat renting websites where you can list your boat for free and rent it out.

Read Also: How to Make Money Boating

The benefit of this option is you get full control over the price you charge and the people you allow to rent your boat. You can also choose between you being the captain of the boat or the renter.

During the peak summer months, you can earn a nice income. However, please keep in mind this will depend on your location. Obviously, Florida will be busier than some other states.

You can rent your boat out on platforms like Getmyboat, ClickandBoat etc. Some of the top boat owners are making $150,000+ a year from chartering their boat.

But don’t be amazed by that number as realistically most people won’t make that much but there is nothing stopping you from making a few extra thousand dollars a month doing this. Please also take into account that these platforms will take a fee of every rental booked through their site usually between 15 – 35% depending on the site.

An important note to mention is to ensure you are aware of boat insurance requirements. Most providers will offer you an insurance policy to cover renting but we are NOT insurance experts so it’s important to consult with your insurance provider first. This option is the fastest and easiest way to get started making money from your boat.

2. Set Up Your Own Boat Charter Service

In some ways, this is similar to the peer to peer option above in that you are renting out your boat. The difference is with chartering services, you will always be the captain onboard.

Whether you’re a sailor, a keen fisher or just love boating, this can be a great option to earn some extra money. You can set up a simple route in your local area to show people around by boat.

Generally, the big bottleneck in how much money you make with a charter service is location. The beach resort towns and cities around the globe will make the most money simply because there are more people around to charter boats.

The benefit of setting up your own boat charter service is you collect 100% of payment from renters, unlike with peer to peer where you’ll give up a fixed sum. The downside is trying to get customers this way can be a little harder to do.

And as a reminder, please ensure you have the correct boating requirements to offer charters including insurance and proper boating license to do this.

3. Offer Boat Tours/Experiences

If you are a boat owner, you need to make the boat attractive so that you can charter it out to people and groups. Chartering a boat is probably one of the best ways of making money off of it. This is why you need to work with a boat accessoriess supplier to ensure that your vessel is always in top shape at all times. The more features and creature comfort your boat has, the higher are its chances of it getting chartered. 

We were going to include this in the boat charter option but decided it needed it’s own mention. This can be a very profitable way of making extra money from your boat or vessel.

Again, location will play a massive role in how much money you will make from this. And this is exactly what you can offer with your boat. There are many different experiences/tours you can offer.

Whale/Dolphin Spotting

Depend on where you live, you can offer a whale/dolphin spotting boat tour. People love experiences and will love bringing them and their families to explore marine life.

This can be a very lucrative option to make money from your boat. However, as a reminder, you’ll need to ensure you are fully compliant with the laws of your country/state.

Scenery Exploration Boat Tours

Another wonderful option to make money with your boat is to offer boat tours exploring your local scenery. Most places on earth look even better from a boat and many people are willing to pay for such experiences.

This is a simple and great option to provide this service to tourists in your area. Again, how much money you earn will depend on your location and the laws in your country.

Romantic Boat Tours

As we’ve said, people love experiences. And what better way to make money from your boat than to offer romantic tours. This could be a simple tour around your local coastal area with a picnic set up or a more advanced option of music, chocolates, flowers etc.

And the best part is you can charge a lot for these tours. But remember, this will depend on your location.

Offer Fishing Trips

One of the most popular experiences you can offer with your boat is to cater for fishing trips. People love fishing and there are many that would only love to head out on the water and catch their favorite fish. A lot of people who fish don’t actually own boats so this can be a wonderful option and service to provide.

Another great reason this can be a profitable way to make money from your boat is that in most boating locations, there are plenty of fish to catch! Usually, a fishing trip tour for 3 – 4 hours will cost $200+ so not bad for a few hours work. Again, make sure you are fully compliant with the law in your country.

These are the only experiences you can offer. There are in fact many many more like:

• Booze Cruises
• Waterfront Dining
• PhotoShoots
• Eco Tours
• Coastal Diving Tours

There are tons of ways to earn cash from your boat.

4. Boat Delivering Cargo Service

A lessor known option to earn some money is a boat delivery service whereby you deliver goods for someone. Again, this will depend a lot on location. You could find yourself moving fishing gear, fish food for local restaurants, general supplies etc.

But you may be able to move goods from country to country for businesses. Please be aware of the laws required to do this first to ensure you’re fully compliant.

5. Become A Boating Vlogger/Videographer

Want to travel the world on your boat and make money while doing it? Or are you extroverted and don’t mind being in front of a camera?  Well, vlogging just might be the option for you. Building a community on places like YouTube can be very lucrative. However, it will take time.

But a simple YouTube search will show how some of these boating YouTube are making money and the type of views they get.

Just look at Lazy Gecko as an example. You can build a large community and monetize that audience all through vlogging whilst on your boat.

Anyone with a cell phone can record themselves on board so it’s a cost-effective way of building a community and make some extra cash from exploring places on your boat.

6. Offer Your Boat For Events

There are certain times of the year where you can make big money leasing your boats. Here are some ideas: 

• Corporate events
• Superbowl parties
• Formula 1 weekends
• Film Crews

You can reach out to large corporations and offer your boat to rent. The best thing about offering to large corporations is they will have plenty of money to spend.

Another thing about hosting corporate events is the corporations will want to impress their clients and what better way than on a boat!

Alternatively, if you have a boat located in one places of the Formula 1 weekends, you can rent out your boat to people for very large sums of money.

This will obviously depend on the size of your boat etc. but you could get upwards of $10,000+

7. Teach People How To Boat/Sail

A final way to earn some money from your boat is to teach people how to boat or sail properly. Now, this will depend on your local laws but if you have experience with boating, there will be people looking to learn how to do it properly. And you can charge them a nice fee for the lessons. You can charge upwards of $200 per hour for the luxury in some cases.

But again as a reminder, make sure you are fully aware of your local laws and insurance requirements. It may not be as simple as putting an advertisement in the local paper or online.

What do you buy a new Boat Owner?

Whether your special someone (or you) is a new boater or an experienced captain with years on the water, my guess is there is something on this list to make any boater happy!

Whether you need these items for yourself, or you want to get them for a friend or relative, they’re generally great gift ideas for boat owners. Let’s start by looking at a few of the most practical boat gifts for a new boat owner.

1. Fenders

These are one of the most durable and sturdy boat fenders available, made from the highest possible quality of marine grade vinyl, roll prevention with molded ribs, strong and even wall thickness, comes with an air valve system aimed at making inflation easy.

You’ll also observe that the rope holds are strong and thick due to its double molding. All these and more are aimed at ensuring that your boat is safe from hull scratches and structural damage.

2. Motor Flusher ( by Shoreline Marine)

Comes in very handy during maintenance, you wouldn’t want your boat to have a breakdown in the middle of nowhere. With this Motor Flusher from Shoreline Marine, you’ll be able to efficiently flush sand, salt, and any other unwanted material off your motor.

Also comes with a dual input system that makes it easily flow through the engine. You could easily get your boat winterized with this flusher.

3. Boat Loop

Boat loops are a must for your boat; it would help in getting you tied to the desired post or make ducking easier. This boat loop is made of fiberglass and comes with rubber pole stub used in doing some pushing. The fiberglass is up to seven feet long and would certainly ideal for your ducking needs. Very efficient locking mechanism for easy maneuverability. Boat loop is certainly one of the great gift ideas for boat owners.

4. Boat Cleaning Kit

Soon you’ll realize that the boat could be a mess except you make a commitment to keeping it clean all the time. There are simple tools that can help make this task less cumbersome.

With this standard cleaning kit, you get all the materials needed for washing, waxing, polishing, and carrying out other maintenance activities on your boat. Certainly, one of the most cost-efficient boat gifts you could get for a loved one.

5. Scotty Throw bag

This is a very unique self-draining bag with some adjustable straps. The company’s commitment to delivering the highest quality of service continues to make them stand out from the crowd.

6. Emergency First Aid Kit

Accidents occur from time to time at sea, from minor cuts to major shark bites, whichever be the case you’d want to ensure you have a first aid kit on board, it could be a lifesaver. Contains all relevant medical and first aid supplies keep them clean and maintain the right storage condition. It comes with a Plano waterproof bag, can house all the required first aid items comfortable, and it weighs just 3 pounds.

7. RTIC Soft Pack

You’ll certainly need a sweat proof Can-holder that can hold a reasonable amount of Cans plus some ice to chill it with on board. These specially designed soft pack can hold up to 30 standard sized Cans with some extra room for ice.

The material is made of laminated and strong fabric, 2-inch foam insulation, Welded Seams, etc to ensure you get some value for your money, it even comes with a no-leak zipper as well.

8. Large Tote Bag

For your major storage needs, you’d want to include a very large tote bag in your collection, they usually come in handy. This bag can carry almost about anything you need, it’s 19 inches wide, 10 inches deep and 15 inches high. It’s made of weather resistant fabric with a strong leather base.

It’s preferred because it can easily be wiped clean, water resistant and has a very lightweight.

9. Audio Link Kit

Get your boat a reliable receiver and broadcasting system for close and medium-range communication. With a range of about 100 feet, you can easily send audio signals from your mobile device or microphone. Makes use of an AUX input and is easily programmable. Comes with connection cables, USB charging cable, Y adaptor, etc. using the wet sound technology multiple systems can send audio signals at once.

10. GoPro Hero 7

Catch the most thrilling scenes and epic moments even while you’re at top speed with the GoPro Hero 7 digital Camera. It’s waterproof, making it an ideal device to use at sea. With this camera, your footage would remain highly smooth due to its video stabilization technology.

To help you get the best shots, the camera makes use of its noise reduction feature and tone mapping to help optimize its performance and give you the best quality pictures.

It’s a 12MP camera that allows for live streaming, voice command enabled and the rugged design makes it ideal for the job.

11. Inflatable Towable Tube

With an improved side rest and very comfortable walls, you’re bound to have a thrilling experience and an enjoyable ride. Handles are double webbed with foam and knuckle guards that help you try out several positions. Comes with a safety valve built with the latest technology to help you stay safer. Can be easily inflated at the rate as fast as the deflation itself. 

12. Booster Tube

Comes in an advanced booster ball towing system, able to improve the performance of anywhere from one to four persons. You’ll find a 4k booster ball, 60 feet long tow rope, heavy-duty nylon cover, heavy-duty PVC bladder, etc .the hybrid system created a shock absorber and helps to reduce the rate of fuel consumption.

13. Air Max Pump

If you have a towable then you definitely need this pump. It’s a reliable way of getting your towable inflated. It’s a high-pressure pump with up to 2.0 PSI, has a power of 400W, and a speed of 600 liters per minute.

Has a flexible and accordion hose design with a hookup for both inflation and deflation. When speed is required then choose this pump. Get one for yourself or recommend it as one of the many nice gift ideas for boat owners.

14. First Mate Hat

Your friend would definitely love this hat as a gift, with a very comfy 100% cotton fabric and adjustable sides, you’ll be giving your partner or friend a very important device to help save from the impact of direct sunlight.

15. Seafoam colored Stainless Steel Colster (by Yeti)

Keep your drinks cool and secure with this stainless steel colster that comes with a double wall vacuum insulator to ensure your drinks stay the way you want them and a reliable gasket to secure the drink even during a rough ride.

Very high-quality Duracoat color that is weather resistant and durable. Ideal for most standard bottle sizes and cans.

How much do Charter Boat Owners make?

The average annual pay for a Charter Boat Captain in the United States is $51,438 a year. Just in case you need a simple salary calculator, that works out to be approximately $24.73 an hour. This is the equivalent of $989/week or $4,286/month.

While ZipRecruiter is seeing annual salaries as high as $75,000 and as low as $20,000, the majority of Charter Boat Captain salaries currently range between $38,000 (25th percentile) to $62,500 (75th percentile) with top earners (90th percentile) making $70,000 annually across the United States.

The average pay range for a Charter Boat Captain varies greatly (by as much as $24,500), which suggests there may be many opportunities for advancement and increased pay based on skill level, location and years of experience.

We’ve identified 10 cities where the typical salary for a Charter Boat Captain job is above the national average. Topping the list is San Francisco, CA, with Fremont, CA and San Jose, CA close behind in the second and third positions. San Jose, CA beats the national average by $7,772 (14.0%), and San Francisco, CA furthers that trend with another $11,707 (20.4%) above the $51,438 average.

Unfortunately, the job market in San Francisco, CA is underperforming for Charter Boat Captain jobs, so it may be difficult to land a position in this location.

City	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
San Francisco, CA	$63,146	$5,262	$1,214	$30.36
Fremont, CA	$60,617	$5,051	$1,166	$29.14
San Jose, CA	$59,211	$4,934	$1,139	$28.47
Oakland, CA	$58,563	$4,880	$1,126	$28.16
Tanaina, AK	$58,399	$4,867	$1,123	$28.08
Wasilla, AK	$58,399	$4,867	$1,123	$28.08
Sunnyvale, CA	$57,674	$4,806	$1,109	$27.73
Hayward, CA	$57,336	$4,778	$1,103	$27.57
Jackson, WY	$57,030	$4,753	$1,097	$27.42
Norwalk, CT	$56,953	$4,746	$1,095	$27.38

Does owning a Boat make you a Captain?

To be a Captain on a commercial vessel requires licensing and training. The qualifications include extensive sea time.

For a private yacht you are recognized as the captain onboard your own vessel. It is a journeyman position for many people. To hold Captian’s credentials, you need to pass the qualifications. School time is not required at the lower end of the certificates. As you climb the ladder, you have more stringent demands on your knowledge.

For example, you need to show proficiency in first aid and celestial navigation. This requires a passing grade in a certified course. At the top end of the scale, you need a working knowledge of many different disciplines. A school degree is not a formal required, but will be immensely helpful and is a de facto requirement.

What Should a first time Boat Owner know?

Buying a boat, whether new or pre-owned, is the first step. But there are a few details to consider before you turn the key. For all you first-time boat owners out there, follow these simple steps to help ease into ownership.

1. Insuring Your Boat

You need to insure your boat, both for liability and for damage to the boat, and in that regard boat insurance is similar to a policy that covers your automobile. But there are some types of coverage that are specific to boats.

For example, a policy with specific fuel-spill liability protects you from clean-up claims or third-party damage caused by the accidental discharge of oil or fuel, if you boat were to sink in a marina. If you have an accident while towing, your boat policy pays to repair or replace the trailer.

If your trailer causes injuries to people or damage to property your auto policy should cover the liability. Check both policies to make sure you are covered. Other factors to consider are special requirements for boats in hurricane zones, and boats leaving U.S. waters.

2. Trailering Your Boat

Trailering you boat makes it possible to visit new bodies of water, but for many new boat owners towing safely requires another new skill set that is part of boat ownership. The first item to check is that your tow vehicle is rated to tow the boat you will buy.

Check the vehicle owner’s manual carefully to find the maximum tow rating, and the Gross Combined Vehicle Rating (GCVR), which is the weight of the tow vehicle and the boat and trailer; and that weight should include the weight of boat fuel, water and gear. Don’t buy a boat only to discover you’ll need a new truck to tow it.

3. Launching & Retrieving

The boat launch ramp has its own etiquette, developed to keep things moving smoothly even on the busiest weekend morning. Knowing the drill will help you keep your stress level down and get your day on the water off to a great start.

4. Boat Storage

You might store your new boat on its trailer, but where will you park it? Not all communities permit boats to be parked-long-term in a residential driveway. Will your boat trailer fit in your garage? Maybe you need a trailer with a swing-away tongue. There are many other boat-storage options, from a dry stack valet service to mooring in a marina.

5. Basic Boat Maintenance

Powerboats and personal watercraft (PWCs) will require at least annual basic engine maintenance, usually an oil and filter change and a fuel filter change, a change of gearcase lubricant, and perhaps propeller inspection. If you live in a cold climate the boat will need to be “winterized” for off-season storage.

6. Basic Equipment

Of course, you’ll need a life jacket (also called a personal flotation device, or PFD) for every person on board, but what other items are you required to keep on the vessel? There are other items that often are not part of a new boat purchase, including dock lines, and fenders to protect the side of the boat when it’s docked.

7. Departure Checklist

A pilot always files a flight plan before takeoff. You should file a “float plan” with family or friends ashore before heading out for the day, just so someone knows where you are headed and when you expect to return.

8. Fueling

Gas gauge getting low? It’s time to re-fuel your boat, which presents two areas of concern. The first is putting the correct fuel in your boat. Consult your owner’s manual for any fuel octane requirements, and note especially that marine engines may not use motor fuel with more than 10 percent ethanol (E10).

9. Operating Your Boat

If you buy a new boat, a good dealer should give you a thorough walk-through of the boat to show you how all the systems work. Some dealers will even take you out on the water for a demonstration run. But there’s more to operating a boat than knowing how to start the engine and steer the wheel.

Get a solid foundation on boat handling and docking, rules of the road and navigation by taking a boating education or safety course, as offered by your state. 

10. Safe & Responsible Boating

Safe boating is always fun boating for everyone. Consider taking boating safety and education courses such as those offered by the United States Coast Guard Auxiliary or by your state or local authorities.

You’ve got your boat, and all of your gear. You’ve launched and are head away from shore…now what? There are dozens of ways to make the most of your time on the water—fishing, tubing, skiing and boarding, diving, cruising and camping. Or just drop the anchor in a secluded cove and hang out. The trick is to fit boating to your lifestyle, whether you’re a single with friends, a family, or just looking for a little peace and quiet. A boat a great way to get there.

Are Charter Boats Profitable?

It’s the cost of the vessel that is essential however the variable and fixed costs are the ones that can decide if your yacht charter business is beneficial or not. On the off chance that you are hoping to manufacture a marketable strategy to sanction yachts and get in the business, this article will be valuable.

Here are some factors you need to work on to make your business profitable

Finding the right Boat

Finding the “right” vessel is vital in this procedure in light of the fact that the “right” pontoon will drive the kind of customers who are interested with leasing it, the value intensity, and support costs.

It isn’t exceptional however to acquire into the basic oversight to imagine that the right boat is the one you need to purchase since much like autos, vessels are a venture of passion, in this manner, are liable to one’s impression of excellence which won’t be the same as your objective market.

Support cost and Engines

The engines and the impetus system plays a major part in the maintenance of a vessel. The fuel cost, which is variable relying upon the power introduced, turn into a cost component on the customer get-away. This cost certainly has an effect on the engaging quality of the yacht to the end customer.

In the motor yacht industry, angling watercrafts and angling watercraft charters are exceptionally prominent and a plenty of intriguing pontoons are accessible in the pre-possessed market. As one would expect angling boat charters have a tendency to be shorter and regularly operated by the vessel proprietors or professionals captains.

The vast majority or charter companies spend significant time in substantial super yachts charter as they don’t claim the vessels or possess a little percentage of the vessels and are basically agents or at times deal with the vessel in the interest of the proprietor contingent upon the size.

How long will a Yacht last?

We’ve all seen boats that have been around for a couple of generations and these boats are still going strong.  However, we’ve all also seen boats that didn’t seem to last more than a few years before being taken to a boat graveyard.

The average boat is replaced every ten to twenty years.  However, some boat will last much longer than that, but this will be determined by how the boat is used and how well it is maintained.

An aluminum boat can and often does last a lifetime. The key to this boat’s longevity is that it is a small boat that consists purely of aluminum.

Even the benches are aluminum so they’ll never have to be replaced like they might have to on an aluminum boat with wooden benches.

People with larger aluminum boats generally won’t keep their aluminum boats this long.  For this reason, an aluminum boat will often change hands after about ten to fifteen years. In fact, many people move every 8 years and they end up selling their boats between their moves.

The average boat will last much longer than the average person will keep a boat.  If you’re wondering how long a boat will last because you’re looking at buying a used one, you’ll want to take everything into consideration.

Check the boat for damage, check the number of miles on the motor and the sails and check to see how everything was maintained. 

A well-maintained boat will last much longer than one that was not well-maintained.  In fact, maintain a boat properly and it could easily last a lifetime.

Boat Business Ideas

Speaking of boat business ideas, the following might turn out profitable or financially rewarding. They include starting sight-seeing tours, peer-to-peer rental, boat production, private party cruises, boat detailing, and a sailing school.

More boat business ideas include lead diving vacations, cargo delivery, wedding cruises, renting to film crews, starting a personalized cruise service.

Also consider other boat business ideas like vending from your boat, scuba diving excursions, water taxis, cruise ships, yacht sales, and marine service.

You can also offer photographic tours in addition to starting a boat blog where your film your adventures.

Let’s discuss each of the points mentioned.

Sight-Seeing Tours

There’s a huge market to cater to when it comes to water tourism.

People want to get as close to the action as possible. You can make their desires come true by starting a sight-seeing tour business.

Here, you can transport tourists on a mission to view whales and dolphins.

Peer-to-Peer Rental

Starting a peer-to-peer boat rental company could be the much-needed business idea that could launch you into the big league of successful business owners.

Some successful models or platforms exist and make a lot of earnings by renting their boats to individuals and businesses.

Boat Production

This business idea requires a significant level of technical and engineering skills.

If you’ve worked in this industry before, it shouldn’t be very difficult to establish yours. Apart from the know-how or technical skills, you’ll need to have adequate startup capital set aside for takeoff.

Private Party Cruises

People are often seeking better and memorable ways to have fun. You can look into this area or niche by starting a boat business that offers private party cruises.

Like most niches, it requires a great deal of research and feasibility studies of the industry, to begin with. Having the right structure as well as facilities is also vital.

Boat Detailing

Not everyone interested in starting a boat-related business owns a boat. If boat washing is your thing, you might want to give this business idea a try.

Some experience will help a lot in setting up a successful operation. You’ll also need to get all the necessary boat washing tools in addition to marketing your business to clients, best marine detailing products

Sailing School

As a retired sailor, you can put your skills to good use by starting a sailing school.

A lot of people are willing to learn about the art of sailing both for professional and recreational purposes.

Whatever the case is, there’s a ready market you can tap into when you set up an effective business operation.

Lead Diving Vacations

Having an appreciable knowledge about the tourism industry around your area can be used to your advantage.

As people flock to various diving sites, you can offer them the experience of a lifetime by starting a lead diving vacation business. Of course, this should be boating-related.

Cargo Delivery

Coastal towns and cities rely heavily on boats to get cargo to their end destinations. You can launch a boat business that offers such.

Here, you’ll have to partner with cargo companies to serve as their delivery partner. There are different niches within cargo delivery you might be interested in.

Wedding Cruises

The marriage industry is one with lots of niches including wedding cruises.

Your boat can come in handy for such types of clients who want to take their wedding experience a notch higher.

10 Ways to Make Money With Your Boat

1. Renting to Film Crews

This is a niche area you could cater to. Film crews need businesses like yours to shoot movies. This requires an appreciable level of networking with clients.

Also, your location counts towards attracting good business. You’ll need to be where the action is to have the needed patronage.

2. Starting a Personalized Cruise Service

There are clients in need of a personalized cruise experience.

These VIP clients can be targeted by your business by catering to their every need. To do this successfully, mechanisms must be in place to fully understand what the client wants and ensure they enjoy their experience.

3. Vending From Your Boat

A vending business can be operated from the comfort of a boat.

This is one business idea that’s dependent on your particular location. If you live in a coastal town where people spend a lot of time around the beaches or ports, your vending business could turn out profitable.

4. Scuba Diving Excursions

You can establish a scuba diving excursion business that caters to scuba divers especially when there are lots of them around your location.

There are lots of innovations in terms of service delivery that you can bring to your business.

5. Water Taxi

Coastal towns and cities need boat taxis to move around.

So, do you have a good boat that can be converted to such use? You might want to jump on the opportunity by moving commuters around.

Decent profits can be earned from this type of business.

6. Cruise Ship

Yacht and cruise ships require a more serious type of investment. If you have what it takes in terms of startup capital, then you might want to take advantage of the opportunity it presents.

7. Sale of Fishing Vessels and Boats 

Sale of fishing vessels and boats is no doubt one profitable boat related business idea that is open to investors. Fishermen usually sail and fish on the high sea and they need fishing vessels and boats to be able to do this.

This goes to shows that there is a large market for those who sell fishing vessels and boats. So, if you are interested in starting a boat related business, then one of your options is to open a shop that sells fishing vessels and boats.

8. Start Fishing Vessels and Boat Rental Business

There are some fishermen who don’t own their own fishing vessels and what they usually do if they intend fishing is to rent fishing vessels and boats. So, if you live around a fishing community and you intend starting a boat related business, one of your best options is to go into fishing vessels and boat rental business. The truth is that this type of business can thrive in fishing communities.

9. Start Fishing Vessels and Boats Servicing and Repair Business

The fact that fishing vessels and boats are usually subjected to wear and tear makes serving and repair business a viable boat related business that can be started in a fishing community. If you have engineering background and you are looking towards starting a boat related business, then one of your options is to open a business that specifically repair, service and maintain fishing vessels and boats.

10. Fishing Vessels and Boats Production Plant

Another thriving and profitable boat related business that you can start is to open a fishing vessel and boat production plant. This is one business that can produce and sell its products all across the globe. In order to get your own share of the market, then you must ensure that you follow the trends in the industry when it comes to designing of fishing vessels and boats.

So also, you must ensure that you produce various types of boats to appeals to different types of clients. You can produce sail boats, yacht, motorboat, catamaran, cabin cruiser, ski boats, pontoon boats, lifeboats and house boats et al.

Is Living on a Boat a Good Investment?

There are a lot of factors to take into consideration, so let’s discuss them.

Boats, even the little ones, take up a lot of room. You’ll have to figure out if you have the space to keep one. If you live in an apartment and don’t live near a lake where you can dock it, then you might need to reconsider relocating. Or you can skip buying and rent a boat. You can enjoy it for a few hours and then turn it over to someone else to maintain.

There’s also the fact of maintenance and insurance costs. Do you have the time to maintain your boat? And what about those unexpected costs? Do you think you have enough when you see the MSRP? Are you prepared for the insurance payments? 

There’s a lot to consider when buying a boat. That doesn’t mean you should skip on buying one, however. Just make sure you do your homework to know what to expect, and then make a decision. If you decide to go for it, here’s hoping you spend many beautiful weekends on the body of water of your choice.

How Can I Make Money Living on a Boat?

Some jobs can be done seasonally. If the sailing season coincides with a job’s time off, you can work half the year and sail for the other half. A way to make this work would be to work in Europe in the summer and cruise in the Caribbean in the winter. Or you could work half the year in the US, and spend the rest of your time in Florida on your sailboat.

Here are some examples of jobs that fit this description:

• Consultant in a specific field on 6-month contracts (business consultant, civil engineer,…)
• English teacher (abroad or online)
• Yacht charter skipper
• Sailing instructor
• Scuba diving instructor
• Yacht delivery skipper
• Marina or yard worker/manager
• Skiing instructor
• Software engineer on contracts
• Builder
• Campsite manager
• Wedding photographer or videographer
• Yacht broker
• Marine surveyor

There are many more seasonal jobs out there. You may need to train up in order to land one of these positions, however you will have gained a new skill that suits your new lifestyle, so the effort will be worth it.

Practical jobs you can do while sailing 

Want to live on a sailboat but you don’t want to spend most of your time staring at a screen? Here’s a list of practical jobs you could do while sailing:

• Sailmaker doing canvas and sail repairs for fellow cruisers,
• Marine engineer,
• Rigger,
• Hairdresser,
• Scuba diving instructor,
• Delivery captain,
• Yacht charter business on your own boat.

Before you can do any of these jobs, check the laws of the places where you’d like to do them – you may need a special visa and a work permit. It’s a lot easier to cruise around your home country while doing these jobs, as you are able to move around and work without any worries.

How Much Money Can You Make Renting Out Your Boat?

According to BoatSetter, a popular peer-to-peer boat rental service, a 20-foot powerboat can make about $168 in a single-day rental and a similar vessel up to 70-foot can make as much as $2,168.

The deal is even sweeter when it comes to sailboat.

If you own a 20-feet sailboat, you can make $337 per day and if the vessel is up to 70-foot in size, you can earn up to a whopping $4,337.

However, before you jump the bandwagon to rent out your sailboat, make sure your craft is seaworthy and properly maintained to ensure the safety of the passengers.

Therefore, it is a good idea to verify your safety equipment through the services of the United States Power Squadrons and U.S. Coast Guard Auxiliary.

Is Living on a Boat Cheaper?

Don’t assume that you’ll save money by moving aboard. Here’s some expenses you may incur by living on your boat:

• Boat mortgage payment
• Slip fees
• Boat insurance
• Waste management
• Gas
• Food and water

The best way to manage expenses is by making a budget and sticking to it. Depending on the size and value of the vessel, boat insurance may be just as expensive as house insurance. Property taxes will usually be less as will electricity since you’ll not be heating/cooling/lighting as big a space. You’ll probably save money on waste management, gas and water as well.

Where costs rise dramatically is maintenance. Marine parts and labor are usually more expensive—sometimes 20% more, than typical household counterparts. If you take on the tasks yourself and you’re self-employed, every hour you spend working on your boat is an hour you don’t make money.

How to Make Money From a Yacht

Whether you own a yacht or already have an established tour or charter business, here are twelve of 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. 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 personalized cruises for small groups, you can provide a welcome alternative.

3. 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.

4. 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!

5. 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.

How to Make Money in The Boating Industry

1. Rent Your Boat to Film Crews

Contact advertising/media companies to allow your boat to be used as a prop. This could be for photographs or for films and commercials. Even if you can only negotiate some professional photographs to be used on your website promoting your new business, this is still worth doing.

If you are easy to work with and adaptable and your yacht is in an area where a lot of filming goes on, don’t be shy about getting the word out. Make it known that your boat is available for use.

2. Make Sailing Time Pay

If you need to sail to another area to earn from that season’s trade, turn your journey into a paid crossing with crew who will pay you. Some will pay to crew, gaining the experience, some will pay a portion of the bill for fuel and food. This way, what could have been a down time and an expense for you, can be turned into a money maker or at least offset some of the costs whilst underway to your next destination.

3. Offer Wedding Cruises

Couples are looking for different ways to tie the knot. Decide whether your boat could cater to this need. They might want the wedding, the reception or both to take place aboard. How many people can you have onboard? Could you cater the event?

You would have to insist that the entire wedding party adheres to a strict dress code regarding acceptable footwear on your boat and encourage them to put this requirement on their invitations.
Besides weddings, consider advertising as an alternative meeting place for companies or team building activities.

Many younger companies are looking for something unique to offer their employees as perks without the additional expense of owning a yacht. Design a simple website targeting companies and email this to them. It is always a good idea to follow up with a brochure and phone call as well. Then, when the time comes, they will remember your offer.

4. Rent Your Boat to Yacht Charter Companies

Allow charter companies to hire your boat out; This can be a bareboat charter or one with a crew. They will pay you a percentage of the rental. This will, however, affect the resale value of your boat. Although charter boats generally have more accommodation, buyers worry about the level of maintenance done on them.

5. Offer Sailing Lessons

Can you teach someone to sail? The personal hands-on approach will help them feel more confident when they come to take their exam. If you are not capable of teaching, your boat could be used and an instructor hired. Some of those wanting to learn will know the basics but may want a refresher course. Still, others may be complete beginners.

Video these lessons to compile either an online course or video teaching sailing.

How to Make Money as a Boat Captain

Some of the advantages of being a captain include getting you out on the water and captaining a boat while getting paid for it. Also, if you already own a boat and rent it through Boatsetter, it might be a good idea to learn how to make money as a captain. However, there are a few hoops to jump through to become a boat captain.

Getting a captain’s license involves taking a course (some of this, you can do online), spending some money upfront (about $750), and filling out a stack of forms. The best part of the whole process, though, is that as soon as you receive your license, you can easily pay back what you spent in just a weekend or two when you learn how to make money as a captain.

As you learn how to make money as a captain, you’ll realize that you can easily make around $4500 a month, which is over and above the experience of traveling worldwide and meeting so many new boaters. As you become more experienced, you’ll find that your salary expectations can soon multiply up to over $100,000 per year, depending on which state you live in.

For example, Delaware and Tennessee are currently offering the best growth potential for a captain’s salary. For being a boat captain, this kind of salary is extremely good, especially if you can save a large portion of the money every year.

How to Make Money on The River

Fishing is one of the most peaceful and relaxing ways to make money on the river. If you’re devoted to fishing in your free time, you may have wondered how to make money doing one of your favorite activities.

1. Starting a Fishing Business

You can start a business as a fisherman. These types of jobs are available even without starting your own business, but they may not be very prevalent in your area. It’s important to understand that not every town is going to have a booming fishing industry. Starting a successful fishing business can be very lucrative, but you might have to move to a city where making a living doing this is a bit easier.

2. Fishing Competitions Can Be Lucrative

It shouldn’t come as a surprise when I tell you that you can make good money competing in fishing competitions. This isn’t going to be the easiest way to earn cash as a fisherman because the competition is likely to be fierce.

Many of the best fishermen in the area will be entering contests such as this both for sport and the allure of cash prizes. Winning money when faced with ample amounts of competition won’t be a simple task, but the challenge is indeed exciting.

The thrill of competition is one of the aspects of fishing that excites people the most. If you have a competitive spirit, then it’s likely that the thought of being involved in a competition like this is already getting your imagination to run wild. It can bring out a certain youthful excitement that exists within many fishermen.

This isn’t a matter of having fun, of course. Even still, you can enjoy the adrenaline rush you get from competing with worthy sportsmen while taking the competition seriously.

3. Create Fishing Products

If you have the talent for it, then you might want to look into creating fishing products. Some fishermen have a tendency to design their own lures. Years of know-how can lead to good ideas for what will attract certain fish. If you like to dabble in making your own lures, then you might be able to make a buck off of selling those lures to other fishermen.

It might not even be something you have ever thought about before. If you have a lot of success with catching fish using your homemade lures, then there is no reason that other people couldn’t enjoy using those lures too. It could be an effective way to monetize your fishing skills. Selling things is actually quite simple to do as well.

4. Become Internet-Famous with YouTube

There are many people making money on YouTube these days. People who aren’t that into the platform are pretty shocked when they hear what some YouTube stars are building on a monthly basis.

Some of the most prominent YouTube channels get millions upon millions of views every month. This is the top tier of YouTube so anyone starting a new channel should have more reasonable expectations.

One of the most exciting aspects of YouTube is how diverse it is. You can find user-created videos on just about any subject. A lot of the most popular content has to do with things that are really popular these days, such as video games. Good old-fashioned sports content is still widely searched on this platform, though.

5. Give People Fishing Lessons

If your idea to become a YouTube star doesn’t work out, you can always fall back on giving people fishing lessons. This can be a fun way to earn some extra money as a person who loves fishing. People are still interested in learning how to become better fishermen. If you have a great ability to fish, then you can pass your knowledge on to younger fishermen or even people your own age who just want to get a leg up.

Teaching can be very satisfying. It’s a different sort of satisfaction from winning a competition or bagging a really impressive catch. You feel good knowing that something you taught another person is making a difference in his or her life. Fishing is an activity that makes people feel good, and when you can help another person to find more significant enjoyment by improving his or her abilities, it’s something that you can feel proud of.

Can You Make Money Chartering Your 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(UK, USA, Europe: Do You Need Licence to Sail a Boat?)), 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 to Make Money With a Jon Boat

Several ways exist of doing this; each with their advantages and inconveniences. Here is a little overview of the different ways you can make your boat profitable.

1. Privately Rent

It’s easy, by browsing the ads on the internet or Craigslist, for example, you can find boats to rent privately. So, you can easily adopt this idea, taking some precautions.

2. Use an Online Service

Intermediaries between a rental company and private rent by ad. Several websites offer help renting your boat by simplifying the formalities, using a method similar to Airbnb.

3. Opt For a Rental Management

The rental management is a way that allows you entrust your boat to a professional who will rent it while ensuring maintenance and formalities.

4. Rent Your Boat at the Dock

With Airbnb, some other companies or just by yourself, you can now rent your boat at the dock for a day, a night or more. In this case, the contract stipulates that the renter is not allowed to sail and the boat must to stay at the dock.

Here again, you can use the classifieds and also some specialized websites or even through websites like Airbnb or others.

5. Become a Fishing Guide

If you dream of working with your boat, you can become a fishing guide, associating your passion and your job.

Boat Business Names

You have a great idea for a profitable boating business, but something’s missing: a compelling name. See our list below for ideas.

Rank	Business Name	Description
1.	Even Sail	Hints at safety and tranquility. Accommodates everyone, including the most sea-adverse.
2.	Mirage Yachting	Sounds elegant. Evokes visual imagery which serves as a mnemonic devise.
3.	Serendepisea	A play on the word “serendipity.” Suggestive of fun and adventure.
4.	Sunset Expedition	Alludes to exploration and discovery. Perfect for operators that offer sunset cruises.
5.	Sail Hangout	Seems relaxed and inviting. The perfect place to host social gatherings.
6.	Reign Boat	Sounds regal, but also sounds like “rain.” For businesses who offer seasonal and non-seasonal tours.
7.	Saileon	A unique, memorable name that’s suitable for a forward-thinking boating company.
8.	Boat Upstream	For a boating business that’s out of the ordinary. Evokes visual imagery, making the name memorable.
9.	Inland Sail	For those who offer a range of inland boating experiences, ranging from short to multi-day trips.
10.	Sail Vibe	Sounds young, trendy, and energetic. Great for a dynamic boating business.

How do I Make Money From Yacht Owners?

Boats need all kinds of services. You need to decide what will work for you, and the boat owners.

What are your passions and skills? If you are a good cook or baker, maybe that’s where you should look for opportunity. If you’re a mechanic or an electrician, or really good at cleaning and waxing cars and boats, think about that kind of services.

Have you looked into whether the marina allows outside workers? Some marinas only allow workers that they approve. You might be able to get on the approved list, if there is one.

If you do get some work, be sure to show up on time, and do a good job. Boat owners talk to each other. If you get a good reputation, you will get more work.

How to Live on a Boat Without Going Broke

As modern boats become more livable year after year, more people are choosing to leave everything they have and live on their boats.

The idea of not being tied to a job or a house in the city attracts many adventure-loving individuals around the world. But living on a boat is very expensive; unless you have access to unlimited finances, you’ll need some help with budgeting.

Here are some tips on living on a boat without going broke:

Get Some Practice

Boats aren’t cheap. If you’re going to be spending your life’s savings on a boat you better be sure that it’s worth the money. As appealing as sailing into the sunset may seem, it’s not for everyone; you don’t want to spend a few hundred thousand dollars on a boat you don’t enjoy.

After you do buy a boat, you have to make sure you have the skills to operate and steer it. The last thing you want is to spend huge amounts of money on a boat you crash and damage beyond repair.

Living on a boat isn’t easy. Choosing to live on a boat without any experience can have serious consequences so get as much practice as possible.

Become part of a crew on someone else’s yacht or practice going on trips for multiple weeks on a smaller boat before purchasing a big boat to avoid paying for damages caused by boating accidents.

Take into Consideration the Cost of Provisions

Living on a boat comes with the added cost of maintenance. You’ll need to take care of your sails, replace any corroded metal, wiring and rigs. The maintenance of plumbing and sewage also takes a toll on your budget.

When budgeting for your life on the boat, leave a financial cushion for maintenance and have your boat insured to cover the cost of any unexpected damage.

Diversify Your Income

Many people living on their boat take the FIRE approach which refers to getting financial independence and then retiring early. The average person doesn’t have enough money to retire early and live on a boat. In order to afford the cost of living on a boat, you’ll need to diversify your income. Think of expanding your channels of income by setting up a side business, freelancing or doing multiple jobs.

Families that have chosen to leave everything behind and live on their boat, typically save up for more than 10 years before they purchase vessels and ride off into the ocean.

If you have saved up enough money to buy a boat, make sure you know everything you need to keep you and your family safe in open waters.

6 IKEA Hacks For Your Boat

Cheap but effective anchor light

John Macdonald makes a low-wattage anchor light from odds and ends – plus an outlay of 99p

Make a boom tent for your cockpit

Bob Goode shows how you can increase your accommodation by making a custom boom tent

Replacing a broken screw in wood

Shipwright Alan Campbell passes on a useful tip to help deal with a broken screw

Make your own fids for splicing

Tony Nield makes his own fids from copper pipe and the cork from a bottle of port

Turn a storm jib into a trysail

A storm jib came with my second-hand 23ft (7m) Hunter Duette, but it couldn’t be run up the forestay because…

Straightening a bent mast

How to Live on a Boat For Free

Is it possible to live on a boat for free? Theoretically, it’s possible to live on a boat for free. You’ll need to become self-sufficient: invest in free energy and water, find free food sources, avoid taxes; you only anchor in free locations. This is also called seasteading. In practice, it will be difficult to keep your cost of living down.

But before you go out and buy yourself a boat, it’s important to know that in order to live for free, you’ll need to spend upfront – Big Time.

So let’s add up all the costs we need to make before we can start living for free.

Solution	Cost
Solid sailboat	$25,000
Solar system	$ 1,000
Chartplotter	$500
Fishing equipment	$200
Vegetable garden	$200
Watermaker	$2,000
Dinghy	$500
Total	$29,500

The truth is, some costs just can’t be avoided. If you invest in homesteading, you can reduce most of your costs drastically. But in turn you’ll need to maintain your homesteading systems.

Expense	Cost
Maintenance	$115
Fuel	$10
Canned food	$50
MiFi	$20
Total	$195

10 Ways to Make Money While Sailing Around The World

Here are our top 10 ways to make money sailing.

1. Write for sailing magazines

Got a story to tell about your latest boat project or cruise? Consider submitting it to a sailing magazine. Articles sell for $300-$500 US and a great cover shot can garner $100-$350!

2. Rent your boat out

Like the idea of earning a bit of cash when you’re not using your boat? You can rent out your boat (with or without a captain) on peer-to-peer boating rental services like Boatsetter starting at $100 a day.

3. AirBnB your boat

Don’t like the idea of other people sailing your boat? You could just let them sleep on it. We know several sailors who have posted their boats on AirBnB and had great success. One pair of cruisers we know AirBnB’d their quarter-berth cabin for $150 a night while stopping over in Bora Bora.

4. Work as crew

There are lots of paid-crew boat gigs and all you need is a little bit of experience. We know of a sailor who started out as a boat-hiker and by the end of the season was being paid $4000 Euros a month as a deck-hand on a luxury yacht in the Med.

5. Deliver boats

If you’ve got your captain’s license you can deliver other people’s boats for a living. There are plenty of delivery opportunities, though people are usually looking to have you deliver their boat on upwind and less desirable routes.

6. Ship-it

Many cruisers earn a bit of money, or at least are able to favorably trade for items like rum, coffee, vanilla, and cocaine (just kidding!). If you’re cruising around the world, do a bit of research and see what items can be easily traded or sold. For example, cruisers often stock up on rum in Caribbean and sell it at a profit in other ports.

7. Make something

We know some crafty sea-dogs who upcycle items like sail bags out of cloth, or floor mats out of old line. Have a killer cinnamon-bun recipe? Why not dinghy-deliver goodies around the anchorage on a Saturday morning.

8. Ply your trade

We’ve met hairdressers, marine mechanics, and dentists that are all offering their services from their boat. You can get pretty creative, we even know a woman who sells sex-toys from her liveaboard.

9. Work remote

If you’re more of desk-dweller, see if you can’t take your work aboard. We know writers, animators, and software engineers who all work from their floating homes.

10. Vlog/Blog

This comes last because really it’s a lot of work and a bit of a crap-shoot. There are definitely people earning decent side-incomes from their sailing vlogs and blogs but it’s really a long game and can take years to see any return.

The Pros And Cons of Buying a Boat

For those that live near the water, owning a boat is something you may have considered. However, before you make the purchase, you want to be sure that it’s the right choice for you. It’s a lot of money to spend on something if you’ll never get time to enjoy it.

Below, we are going to go over just some of the different pros and cons of owning a boat.

Pro: They are perfect for entertaining friends

One of the most well-known advantages of owning a boat is that they are great for entertaining guests. During weekends, holidays, and special occasions, you get to head out onto the water, enjoying the breeze while having fun. Not only will you get to spend quality time with your loved ones, but you even get a chance to share your expertise.

Con: You need to have skills and experience

Owning and running a boat requires an extensive set of skills. It’s not like you can purchase one and hop on it straight away. You need to have a license and regularly brush up on your knowledge to keep yourself and your passengers safe. For those that don’t have a lot of time, this can undoubtedly be considered a disadvantage.

Pro: There are many experiences you can enjoy

Boats open up a whole new world of experiences that you can enjoy. You might decide to go fishing, diving, or even just for a leisurely swim. Every time you hit the water, you get to choose what adventure is next. It’s like you’re on vacation every single weekend.

Con: They require a lot of commitment

One of the biggest downfalls of owning a boat is that they are a lot of work. You constantly have to care for them, and they require a significant financial commitment. Some of the different expenses will include:

– Insurance: You’ll need adequate coverage to protect yourself and others.
– Storage: Docking at the marina and winter storage units can cost thousands a year.
– Equipment/Accessories: Life jackets, paddles, and first aid. The little things all add up.
– Maintenance: From issues that require Volvo Penta repair parts to general cleaning. There are many maintenance costs. 

Pro: You get to join a friendly community 

Alongside entertaining your own guests, another benefit is that you get to join a friendly community. You’ll meet like-minded individuals, share experiences and make incredible memories.

Con: They depreciate in value 

Finally, the last con of owning a boat is that they depreciate in value rather rapidly. If you do decide after a while that you no longer want to own it, you’re never going to get back what you originally paid. This can be irritating, especially since you may not have even used it that much.

Is Yacht Charter Profitable

Yes, owning a yacht for charter can be profitable but owning a yacht will rarely “pay for itself.” Chartering your yacht presents some unique benefits that can lead to opportunities to make a profit off of your investment in a myriad of ways, including offsetting the cost of owning a yacht, selling your yacht for a profit, and even making a profit (if you’re among the lucky few who have the know-how and the right vessel).

Having a yacht that is custom-built for charters or, put simply, turning profits, is the best way to go about using a yacht charter solely for investment purposes. It’s not impossible to make money with a yacht charter, but it also takes a good amount of experience and skill to get the job done right.

There are so many dynamic factors that are involved with running a successful yacht for charter operation, and one of the main things to keep in mind is the quality of service you’re providing your customers. This will be a factor in determining how much your vessel is worth to your yacht charter guests.

Owning a yacht for charter is profitable in more ways than one, but getting all the moving parts right requires some know-how and expertise with yacht charters. Remember, you can offset the cost of owning your yacht, sell your yacht for a profit, or design a yacht for money-making purposes—the dream is possible with help from experts.

Be it profit or pleasure, a yacht yields a lifetime of happiness.

Make Your Boat a Business

Over the years many people have operated their boats as part of a business, thereby creating some revenue to help with the expense and also allow the write-off of the boat expenses, even the depreciation of the boat. This has a dramatic effect on reducing the cost of boat ownership, especially to those that are in high income tax brackets.

Not only is there cash flow created to cover the expenses, the boat is depreciated, sometimes on an accelerated basis, and this non-cash loss was used to offset other income. The net effect for many was to significantly reduce net cost of their boat.

Well-Known Business Uses

Many customers have used charter as their business vehicle, renting the boat to others. Some put the vessel in sailing clubs or charter organizations that assist in qualifying the boat charters, checking the boat in and out, and helping with the booking and maintenance. Others have used a fractional usage program that allowed a fixed number of others to pay a monthly fee for boat usage.

The later minimizes the number of people using the boat and encourages repeat users, making training less difficult and minimizing the potential risks caused by inexperienced boaters having accidents.

Another business use is using a boat as an office. With the current cost of office rental on the Los Angeles West Side, there is sometimes a cost advantage to this. The ambiance of a nice boat is also appealing to many clients and provides a beautiful working environment.

Sometimes the boating culture is supportive to business. For example, I know of a wealth management company that uses a sailboat as an office. Their wealthy clients find the yachting experience alluring, and fitting of the company motto of “Living Well.”

Pitfalls

What are the pitfalls? There are some. The charter usage increases the wear and tear of the boat. Having the charter checked out well and well trained is tremendously important also.

Another potential problem with this is “recapture.” Recapture is when taxes are due to the IRS when and if the boat is sold for more than the depreciated book value. This is particularly problematic if the owner uses a very rapid depreciation or “Section 179.” Section 179 allows a large first year depreciation, at times the entire amount of the boat during the first year.

Legitimacy is another potential pitfall. The plan must be defendable and be able to withstand the scrutiny of an auditor. Creating a reasonable business plan at the inception to verify the logic and anticipated income is a good practice. Expectation of a reasonable amount of income is an important part of any business.

Can You Really Make Money With GetMyBoat?

First of all, it is important to understand that this website is only going to make you money if you own a boat that you would be willing to rent out. But as long as you meet this basic criteria, this site is worth looking into if you are looking for ways to earn a little bit of extra cash on the side.

They help you, the lister, by giving you some extra money for something you already own… and they help the renter by giving them an easy, valuable, no-hassle rental on something that they do not necessarily want to buy.

So it’s a win/win for everyone.

GetMyBoat uses a third-party company for credit card purchases, which is how they handle payment for bookings. So, in order for a customer to book a boat through the site, they must have a credit or debit card to use online.

The owner can create an offer for a specific price, and the customer then decides if they are going to accept the offer. The offer will include the full cost of renting the boat, plus any fees charged by the website.

When a customer confirms a rental, their card gets charged for the full amount. Partial payments cannot be used, and customers do not just put down a security deposit. They actually have to pay for the full rental in advance if they are going to rent from a lister on GetMyBoat.

Read Also: Top 10 tips to Boost your Tourism Business

This raises questions about a ‘security allowance.’ There is actually no security allowance charged to customers in the beginning, and such a charge is never actually made… unless there is a claim made post-rental, and then such a charge may be charged to the renter’s card, depending upon the situation.

As for how much you can earn on this site, the amount of money that you can earn is really only limited by…

1. The type of boat you are listing
2. What area you are in
3. How much competition there is in your area
4. How often the boat rents out
5. And what you are charging

Obviously, there are a lot of factors to take into account. Some of the boats on this page are pretty big-ticket, so you can imagine that there is some pretty serious money changing hands on this site!

The Benefits of Charter Yacht Ownership

So what are the benefits of yacht ownership?

1. It makes sense for frequent sailors – If you sail regularly, it could be more cost effective to put your money in ownership than in chartering. Our Dream Guarantee program covers the financing cost and offers 12 weeks owner sailing each year. At the end of the five-year program, you can sell your yacht and end up cost neutral meaning you’ve sailed for five years for free. 
2. It’s an investment opportunity –  If you work for yourself and want to consider the tax advantages of ownership, look at our Dream Performance program. You have unlimited owner sailing time and will own the boat at the end, which you can sell or keep. 
3. It’s never been so affordable – Choose from six unique charter ownership program options to find the best fit for your needs. At the end of your program, you’ll enjoy a high residual value within our fleet as we offer the widest range of monohull and catamaran manufacturers and models. 
4. You can make a confident purchase – You are welcome to ’try before you buy’ and charter costs will be credited against the purchase price. 
5. Relax with peace of mind – Our base teams offer customer service with a personal touch and look after you and your boat’s maintenance. In most of our programs, you pay nothing for maintenance, insurance and dockage. Don’t take our word for it, read what Chris shared above about his experience with our Grenada team. 
6. Feel in control – Enjoy some customization opportunities, depending on your charter management program. Our team of experienced charter ownership sales professionals can guide you through the process of picking the boat you want, in the location you want. It takes the stress out of buying a boat. 
7. Explore the world in your owner time – Use your owner time on your boat at your designated base or pick from our fleet across +45 destinations worldwide. You’ll have five years to discover new adventures in the Caribbean, Bahamas, Mediterranean, Indian Ocean, Asia, Pacific and the Americas. 
8. Expand your experience – In your owner time you can pick from the fleet to try out different manufacturers and models. Broaden your sailing experience and start planning your next purchase.
9. Your preferred boat every time – Plan your sailing vacations in advance each year to make the most of your sailing opportunities. Owner time ranges from 8 weeks a year to unlimited use, depending which charter management program you choose. 
10. Spend time with those you love – Invite your family and friends to join you on board and feel the pride of ownership. Your vacations become shared experiences and memories that last a lifetime.

Boat Registration

So you’ve finally purchased the boat of your dreams. Now, what’s the next step? A good place to start is with boat registration. Registering a boat is required by law—much like with a car—and the rules and guidelines for how this process is done and what kind of watercraft must be registered are dictated by the state in which the vessel will regularly operate (long-term). 

Here’s the basic steps to follow when registering a boat:

1. Research the boat registration requirements in your state.
2. Complete a registration form—either online, through the mail, or in person.
3. Provide proof of ownership—including a title and/or bill of sale.
4. Pay the registration fee, which varies by state and the size of the vessel.
5. Be conscious of the expiration date and apply for renewal.

Boating Basics For New Boat Owners

If you’re ready to join the fun on the water, buying a boat, whether new or pre-owned, is the first step. But there are a few details to consider before you turn the key. For all you first-time boat owners out there, follow this simple checklist with tips on how to help ease into ownership.

1. Secure boat insurance.
2. Learn how to trailer your boat.
3. Learn how to launch and retrieve your boat.
4. Determine where you will store your boat.
5. Understand basic maintenance requirements.
6. Stock your boat with the proper equipment.
7. Follow a pre-departure checklist.
8. Master basic on-the-water operating skills.
9. Always practice safe and responsibly boating.
10. Enjoy your new boat!

Summary

Hopefully, these ideas will get your creative juices flowing and you’ll pick the best option for you. As you can see, there are many ways to make money from your boat for renting on platforms to offering lessons.

Just please be fully aware of the legal requirements to do whatever you choose.

One of the fastest and easiest ways to start earning some extra money is to list it online for rent. Whatever you decide, we wish you the best of luck and hope you find a profitable idea!