Start a Yacht Charter Business

The business of chartering a yacht comes with many responsibilities. Not only do you have to establish a plan of action for servicing your clients, you also need to cover your assets. Review the following list of steps if you are interested in learning how to start a yacht charter business.

Steps

  1. Create a business plan that lays out your ultimate goal for your yacht charter business. You then need to determine how you plan on reaching your goal. Your business plan will also answer questions, such as the size of yacht you plan on managing, the destinations you wish to charter and the type and size of clientele groups you want to accommodate.[1]
  2. Design 1 or 2 yacht chartering packages that you would like to offer your clients. You will need to decide if you will be staying in local waters or venturing into international jurisdictions. Decide also whether you will be providing complimentary food and beverages.
  3. Decide whether you will be buying a luxury yacht or chartering one. Note that chartering a yacht will be less expensive, plus it will afford you a large selection of yachts to choose from.[2]
  4. Understand licensing requirements for chartering a yacht. Not only does the person sailing the boat have to have a pilot's license, but you have to secure a license for commercial use of your yacht. You should also learn about licensing for each water jurisdiction you plan on navigating to.[3]
  5. Find out what insurance coverage you need for your business. Research coverage offered for property damage, personal injury and especially safety accommodations. This is one of the most important steps when it comes to starting a yacht chartering business. Meet with your insurance broker and make sure that you are fully covered in all capacities before accepting your first chartering job.[4]
  6. Get financing for your business if you don't have the funds readily available. Not only will you need to purchase or charter a yacht, but you have other set-up and ongoing expenses you need to cover. You will have office expenses to take care of and bills to pay. You may also have a staff to pay. Opt for a line of credit so that you can keep your business running until it begins to profit.
  7. Market your business within an established budget. Depending on your finances, you can advertise in trade and vacation publications or on television. You could also print full color brochures that your customers can pass on to their friends.[5]
  8. Set up a website that boasts your yacht chartering service. Fill it with photos of yacht trips to entice potential customers. You can take advantage of templates offered by hosting companies if you don't have much web design experience. Another option would be to commission a web designer.

References

  1. ↑ https://www.profitableventure.com/yacht-charter-business-plan/
  2. ↑ https://bizfluent.com/how-7934974-start-boat-rental-business.html
  3. ↑ https://www.entrepreneur.com/businessideas/boat-charters
  4. ↑ https://www.startupbizhub.com/how-to-start-a-luxury-yacht-business.htm
  5. ↑ https://www.smallbusiness.wa.gov.au/business-advice/marketing/8-steps-to-marketing-your-business
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