8 Steps How To Starting A Yacht Charter Business

(doylc.com) How to Start a Yacht Charter Business - Chartering a yacht comes with many obligations. Not only do you need to create an action plan for taking care of your customers, but you also need to secure your assets. Check out the list of steps below if you want to learn how to start a yacht charter business.

Steps by Steps :

1. Create a business plan that outlines your ultimate goal for your yacht charter business. Then you need to determine how you want to achieve your goal. Your business plan also answers questions like the size of the yacht you want to manage, the destinations you want to charter, and the type and size of client groups you want to accommodate.

2. Design 1 or 2 yacht charter packages that you would like to offer to your clients. You must decide whether to stay in local waters or venture into international jurisdictions. Also, decide if you will offer free food and drinks.

3. Decide whether you want to buy a luxury yacht or charter one. Note that chartering a yacht is less expensive and also gives you a wide variety of yachts to choose from.

4. Understand the license requirements for chartering a yacht. Not only does the person operating the boat need to have a pilot's license, you also need to obtain a license to operate your yacht commercially. You should also learn about licensing for each water jurisdiction you plan to navigate to.

5. Find out what insurance coverage you need for your business. Research coverage for property damage, personal injury, and especially safety precautions. This is one of the most important steps when it comes to starting a yacht charter business. Before accepting your first charter job, meet with your insurance broker and make sure you are fully covered in all areas.

6. Get financing for your business if you don't have the funds immediately. Not only do you have to buy or charter a yacht, there are other set-up and operating costs that you need to cover. You have office expenses to attend to and bills to pay. You may also have to pay staff. Opt for a line of credit so you can keep your business going until it starts making a profit.

7. Market your business within a set budget. Depending on your financial situation, you can advertise in trade and holiday magazines or on television. You can also print full color brochures for your customers to give to their friends.

8. Set up a website that will highlight your yacht charter service. Fill it with yacht trip photos to attract potential clients. You can use templates offered by hosting companies if you don't have much web design experience. Another option would be to hire a web designer.