Why to choose Yacht Rental Business
Yacht rental business is gaining popularity largely especially in locations close to water bodies, beaches and oceans. Most target customers range from vacationers to companies which rent them for team building events and activities. Luxury yacht rentals are agencies or companies specializing in offering yachts to individuals or groups at a certain fee. The business calls for a great sense of responsibility and persistence in order to succeed. There is need for proper planning and adequate financing before starting it.
Yacht rentals are closely related to boat rentals. The big difference is that one requires more start-up capital to start a yacht rental business as compared to a boat rental business. The similarity is that they both offer boats, yachts and other water vessels for hire at a fee. A yacht rental business is lucrative if a clear layout is designed.
Some Steps to follow to start a yacht rental business
Come up with a Business Plan
The first step in any business is drawing a plan based on the goals and objectives of the intended venture. Look at what type of yachts you want to use, the destination and target clientele group. This will give you a good picture of the expected budget and ways to source the funds.
Determine whether to Charter or Buy the Yacht
It is affordable to rent a yacht especially for a start. Owning your own is good though expensive at times. It is advisable to determine which mode of ownership is efficient for you. This is helpful in that one is able to establish the cost and ways of sourcing the same.
Design Packages for your Clients
Come up with different packages at least 2 or three for your clients. For example, the first package maybe a yacht charter only, the second package maybe inclusive of a yacht for hire plus food and wine while the third one maybe a yacht, food ,wine and accommodation. All of the packages come with different rates.
Research and understand license requirements
Every legal business should have a license. A yacht rental or boat rental business is no exception. Both the yacht rental and sailor need a license hence one should understand the license requirements based on the destinations they want to operate within.
A good entrepreneur explores the possible risks beforehand. It is advisable to critically analyze all aspects of your business and ensure they are well insured. Look for a good insurance broker with a fair package for your assets and personnel.
Establish Sources of Capital (Financing)
Financing is the most demanding factor when starting a business. With a good plan in place, it is easy to determine the required start up capital. One has to explore financing options such as personal savings or loans. This depends on whether you intend to charter or buy a yacht. Devise ways to source funding for the yachts, staff and other bills.
It is always to market a new business. This could be through television advertisements or print media such as newspapers. Brochures also help in passing information regarding the new venture.
Create a website
Digital marketing is a good way to promote your business. Get a good web designer to help you in this. Post photos of the services you offer, the current rates and packages. This will attract even international clients hence boosting your business.
A good business plan will act as a guide in starting your yacht rental business. A lot of people treasure the tropical water experience hence there will always be demand for your services. It is not easy to start but the steps will really actualize your dream of becoming a renowned yacht rental.