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Charter Boat Business Plan Template
Written by Dave Lavinsky
Charter Boat Business Plan
You’ve come to the right place to create your Charter Boat business plan.
We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Charter Boat companies.
Below is a template to help you create each section of your Charter Boat business plan.
Executive Summary
Business overview.
La La Land Charters, located in Los Angeles, is a new charter boat company that offers a small fleet of boats that can be rented by the hour or day. Our fleet includes yachts, catamarans, sailboats, and motorboats. Some of our rentals include free amenities, such as wifi hotspot and a full kitchen. We aim to offer the residents and tourists of LA the most luxurious boat chartering experience that they could dream of.
La La Land Charters is run by Joseph Stuckman, who is an experienced charter boat captain with 20 years of experience. While Joseph Stuckman has never run his own company before, he has vast experience and first-hand knowledge of how to run a successful charter boat business from his time working for a local charter boat tour company.
Product Offering
La La Land Charters will provide the following different types of charters:
- Bareboat charters that allow experienced sailors to rent the boat and sail themselves
- Skippered charters for the novice sailor or for a relaxed sailing experience
- Full crew charters that provide meals, lodging, and activities
- Party and corporate event charters complete with a full crew to provide all the planning, accommodations, and activities for special events onboard the yacht
Customer Focus
La La Land Charters will primarily serve residents and tourists within a 30-mile radius of Los Angeles. We expect much of our target market to be affluent and have the disposable income to charter a boat. We also expect much of our target market to board our boats in large groups, such as for family gatherings, parties, or corporate events.
Management Team
La La Land Charters is a family-owned and operated charter boat business that is owned by Joseph Stuckman and his immediate family members. The business will be managed by Joseph Stuckman and his son David. Joseph Stuckman is an experienced charter boat captain who has been working in the charter boat industry for more than 20 years as a skipper and tour guide. While Joseph Stuckman has never run his own company before, he has vast experience and first-hand knowledge of how to run a successful charter boat business from his time working for a local charter boat tour company.
Success Factors
La La Land Charters will be able to achieve success by offering the following competitive advantages:
- Location: La La Land Charters’s location is adjacent to a popular tourist destination and a busy shopping district with lots of foot traffic.
- Customer-oriented service: La La Land Charters will have a full-time assistant to keep in contact with clients and answer their everyday questions. The management team realizes the importance of accessibility to their customers, and will further keep in touch with their customers through monthly newsletters on topics of interest.
- Management: The founder has been extremely successful working in this industry and will be able to use his previous experience to craft customized charter boat tours that suit a variety of customer preferences.
- Relationships: Having lived in the community for 35 years, the founder knows many of the local leaders, newspapers, and other influences in the area.
Financial Highlights
La La Land Charters is seeking a total funding of $3,000,000 of debt capital to open its charter boat company.
- Dock and office design/build: $1,500,000
- Equipment and supplies: $1,000,000
- Three months of overhead expenses (payroll, rent, utilities): $300,000
- Marketing costs: $100,000
- Working capital: $100,000
The following graph below outlines the pro forma financial projections for La La Land Charters.
![boat charter business plan template La La Land Charters Financial Projections](https://planbuildr.com/wp-content/uploads/2023/03/La-La-Land-Charters-Financial-Projections-740x515.png)
Company Overview
Who is la la land charters, la la land charters’ history.
Joseph Stuckman began researching what it would take to build his own charter boat company and did a thorough analysis of the costs, market, demographics, and competition. Once his market analysis was complete, Joseph began surveying local vacant office spaces to establish the charter boat rental office. He has secured a space on the water to build his own dock and house his fleet of charter boats. Joseph Stuckman incorporated La La Land Charters as a Limited Liability Corporation in January 2023.
Since incorporation, the company has achieved the following milestones:
- Secured space on the water to build the dock and house the fleet of boats.
- Located available office space for rent that is close to the port.
- Developed the company’s name, logo, and website.
- Hired a general contractor for the build-out of the office and dock.
- Determined equipment and necessary supplies.
- Began recruiting key employees.
La La Land Charters’ Services
Industry analysis.
The global private charter boat industry is a $6.5 billion market. The market is composed of industry operators that charter private boats for individuals and groups.
This industry can be segmented by type of charter boat. There are many boats that can be used including sailboats, motor yachts, party boats, catamarans, and more. One of the most popular segments is yacht charter. Some industry operators rent out their boats. Others provide scenic tours and sightseeing services.
Increasing levels of participation in recreational boating activities in the United States are expected to help boost market demand for private charter boat services over the next five years. In fact, according to Fortune Business Insights, the industry is expected to grow at a CAGR of 6.6% from now until 2027. Market drivers include rising disposable incomes, increased interest in recreation and leisure activities, and a rebound in tourism.
However, due to increasing levels of competition among industry operators in prime tourist destinations, maintaining a competitive advantage can be a challenge for new entrants. For this reason, new industry operators can differentiate themselves by catering to a specific niche market, developing a unique branding strategy, and providing exceptional service.
Customer Analysis
Demographic profile of target market.
La La Land Charters will serve the community residents and tourists in Los Angeles and its surrounding areas.
The precise demographics for Los Angeles, California are:
Total | Percent | |
---|---|---|
Total population | 1,680,988 | 100% |
Male | 838,675 | 49.9% |
Female | 842,313 | 50.1% |
20 to 24 years | 114,872 | 6.8% |
25 to 34 years | 273,588 | 16.3% |
35 to 44 years | 235,946 | 14.0% |
45 to 54 years | 210,256 | 12.5% |
55 to 59 years | 105,057 | 6.2% |
60 to 64 years | 87,484 | 5.2% |
65 to 74 years | 116,878 | 7.0% |
75 to 84 years | 52,524 | 3.1% |
Customer Segmentation
La La Land Charters will primarily target the following customer profiles:
Competitive Analysis
Direct and indirect competitors.
La La Land Charters will face competition from other companies with similar business profiles. A description of each competitor company is below.
Ocean Champion Charter Co.
Ocean Champion Charter Co. is a charter boat company in Los Angeles. In business for over 50 years, Ocean Champion Charter Co. offers bareboat charter rentals to experienced sailors in the area. Sailors can choose from a large fleet of charter boats including yachts, sailboats, motor boats, and catamarans in multiple models and sizes. This charter company rents out its boats for the day or the week.
Although this charter boat company is a top choice for many sailing enthusiasts around the area, it caters to skilled sailors and does not offer options like skippered boats or crew-led tours that the general population can enjoy.
Calming Charter Boats
Calming Charter Boats is another local charter boat rental business. The company is mostly known for its sailing yacht charters and whale-watching tours. They are a full-service option for any skill level from the captain to the novice sailor. Calming Charter Boats provides skippered tours, group charters, and corporate event hosting on its premier yachts.
Although this company provides a wide range of services and charter options, its fleet is composed entirely of sailing yachts. It does not have any other type of boat for customers to choose from. Additionally, this is the most expensive charter company of all the competitors.
Charlie Charter Boats
Charlie Charter Boats is also a local charter boat company that offers a variety of charter boat rental options. This charter boat company opened in 2017 and has since grown to become one of the most popular charter boat options in the area. Charlie Charter Boats offers fully-crewed boat tours to multiple destinations in the region for groups and families. The company also provides bareboat rentals for skilled sailors who prefer to man the boat themselves. Charlie Charter Boats has a fleet of 17 boats including yachts, sailboats, and motorboats.
Competitive Advantage
La La Land Charters will be able to offer the following advantages over their competition:
Marketing Plan
Brand & value proposition.
La La Land Charters will offer a unique value proposition to its clientele:
- Convenient and attractive location
- Charter boat rentals that suit a wide range of preferences
- Affordable and high-quality charter boat rentals
- Providing excellent customer service
Promotions Strategy
The promotions strategy for La La Land Charters is as follows:
Social Media
La La Land Charters will invest heavily in a social media advertising campaign. The brand manager will create the Company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.
Website/SEO
La La Land Charters will invest heavily in developing a professional website that displays all of the features and benefits of the charter boat company. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.
Special Offers
Offers and incentives are an excellent approach to assisting businesses in replenishing the churn in their customer base that they lose each year. The company will introduce special offers to attract new consumers and encourage repeat business which will be quite advantageous in the long run.
Sponsorships
La La Land Charters will also invest in sponsoring certain events so that their banners and collateral material are displayed all over events that numerous people attend.
La La Land Charters’ pricing will be moderate so consumers feel they receive great value when purchasing charter boat rentals.
Operations Plan
The following will be the operations plan for La La Land Charters.
Operation Functions:
- Joseph will be the Owner of La La Land Charters. He will oversee the general operations of the company. He will also help captain the boats when it is needed for particular rentals.
- David, Joseph’s son, will be the Office Manager who will manage all aspects of the rental office.
- Olivia Stuckmann, Joseph’s wife, will be his full-time assistant. She will answer phones, manage rental bookings, and oversee other administrative tasks for the company.
- Joseph will hire several other captains and skippers to help drive and manage the boats during bookings.
- Joseph will also hire an on-call maintenance professional who will ensure each boat is in perfect working order before every booking.
Milestones:
La La Land Charters will have the following milestones completed in the next six months.
- 3/202X Finalize lease agreement
- 4/202X Build out dock and purchase boats for fleet
- 5/202X Hire and train initial staff
- 6/202X Kickoff of promotional campaign
- 7/202X Launch La La Land Charters
- 8/202X Reach break-even
Financial Plan
Key revenue & costs.
La La Land Charters’ revenues will come primarily from its charter boat rental fees.
The office lease, equipment, supplies, marketing expenses, and labor expenses will be the key cost drivers of La La Land Charters.
Funding Requirements and Use of Funds
Key assumptions.
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.
- Average annual maintenance costs: $100,000
- Average fee per charter: $2000
Financial Projections
Income statement.
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
Revenues | ||||||
Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
Expenses & Costs | ||||||
Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
LIABILITIES & EQUITY | ||||||
Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
Share Capital | $0 | $0 | $0 | $0 | $0 | |
Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
CASH FLOW FROM OPERATIONS | ||||||
Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
CASH FLOW FROM INVESTMENTS | ||||||
Investment | ($180,950) | $0 | $0 | $0 | $0 | |
Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
CASH FLOW FROM FINANCING | ||||||
Cash from equity | $0 | $0 | $0 | $0 | $0 | |
Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Charter Boat Business Plan FAQs
What is a charter boat business plan.
A charter boat business plan is a plan to start and/or grow your charter boat business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Charter Boat business plan using our Charter Boat Business Plan Template here .
What are the Main Types of Charter Boat Businesses?
There are a number of different kinds of charter boat businesses , some examples include: Sightseeing charter, Special event charter, Whale watching charter, and Fishing charter.
How Do You Get Funding for Your Charter Boat Business Plan?
Charter Boat businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Charter Boat Business?
Starting a charter boat business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Charter Boat Business Plan - The first step in starting a business is to create a detailed charter boat business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your charter boat business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your charter boat business is in compliance with local laws.
3. Register Your Charter Boat Business - Once you have chosen a legal structure, the next step is to register your charter boat business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your charter boat business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Charter Boat Equipment & Supplies - In order to start your charter boat business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your charter boat business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful charter boat business:
- How to Start a Charter Boat Business
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Charter Boat Business Plan Template
Written by Dave Lavinsky
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Charter Boat Business Plan
Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their charter boat companies. We have the experience, resources, and knowledge to help you create a great business plan.
In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a charter boat business plan step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What is a Charter Boat Business Plan?
A business plan provides a snapshot of your charter boat business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan for a Charter Boat Business
If you’re looking to start a charter boat business or grow your existing charter boat company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your charter boat business to improve your chances of success. Your charter boat business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Charter Boat Businesses
With regards to funding, the main sources of funding for a charter boat business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for charter boat companies.
Finish Your Business Plan Today!
How to write a business plan for a charter boat business.
If you want to start a charter boat business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your charter boat business plan.
Executive Summary
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your executive summary is to quickly engage the reader. Explain to them the kind of charter boat business you are running and the status. For example, are you a startup, do you have a charter boat business that you would like to grow, or are you operating a chain of charter boat businesses?
Next, provide an overview of each of the subsequent sections of your plan.
- Give a brief overview of the charter boat industry.
- Discuss the type of charter boat business you are operating.
- Detail your direct competitors. Give an overview of your target customers.
- Provide a snapshot of your marketing strategy. Identify the key members of your team.
- Offer an overview of your financial plan.
Company Overview
In your company overview, you will detail the type of charter boat business you are operating.
For example, you might specialize in one of the following types of charter boat businesses:
- Sightseeing charter: This type of charter business specializes in taking people out on local waterways and providing a guided tour. This type of charter business works well in tourist destinations.
- Special event charter: This type of charter business provides charter services for special events such as weddings, corporate outings, and birthday parties.
- Whale watching charter: This type of charter business takes people out to see whales. Tour guides typically provide information about the types of ocean life that may be viewed.
- Fishing charter: This type of charter business specializes in taking people out fishing. Fishing lessons are often included.
- Yacht charter: A yacht charter is the rental of a private yacht, typically with a crew, for a specified duration to explore coastal or offshore destinations, providing a luxurious and customizable maritime experience.
In addition to explaining the type of charter boat business you will operate, the company overview needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of customers served, the number of charters completed, or reaching $X amount in revenue, etc.
- Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry or market analysis, you need to provide an overview of the charter boat industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the charter boat industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.
The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your charter boat business plan:
- How big is the charter boat industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential target market for your charter boat business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section of your charter boat business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: individuals, schools, families, and corporations.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of charter boat business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other charter boat businesses.
Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other types of guided tours or recreation businesses as well as boat retailers. You need to mention such competition as well.
For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as
- What types of customers do they serve?
- What type of charter boat business are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will make it easier for customers to acquire your product or service?
- Will you offer products or services that your competition doesn’t?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a charter boat business plan, your marketing strategy should include the following:
Product : In the product section, you should reiterate the type of charter boat company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide whale watching, fishing lessons, wedding services, or diving lessons?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.
Place : Place refers to the site of your charter boat company. Document where your company is situated and mention how the site will impact your success. For example, is your charter boat business located in a busy retail district, a business district, or a standalone shop? Discuss how your site might be the ideal location for your customers.
Promotions : The final part of your charter boat marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:
- Advertise in local papers, radio stations and/or magazines
- Reach out to websites
- Distribute flyers
- Engage in email marketing
- Advertise on social media platforms
- Improve the SEO (search engine optimization) on your website for targeted keywords
Operations Plan
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your charter boat business, including answering calls, planning and providing tours, billing and collecting payments from customers, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth charter, or when you hope to reach $X in revenue. It could also be when you expect to expand your charter boat business to a new city.
Management Team
To demonstrate your charter boat business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience in managing charter boat businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a charter boat business or running a small whale watching operation.
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.
Income Statement
An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you have 5 boats in your fleet, and will you offer 3 tours per boat/per day? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets
Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your charter boat business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement
Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a charter boat business:
- Cost of equipment and supplies
- Payroll or salaries paid to staff
- Business insurance
- Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your charter permit, or testimonials from happy customers.
Writing a business plan for your charter boat business is a worthwhile endeavor. If you follow the template above, you will be well-prepared to create a fishing charter business plan, yacht charter business plan or a boat charter business plan. You will understand the charter boat industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful charter boat business.
Don’t you wish there was a faster, easier way to finish your Charter Boat business plan?
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Charter Boat Business Plan
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So starting a charter boat business? Excellent call.
Starting a charter boating business can be a unique, flexible, and profitable business venture for any boating enthusiast.
But before you start planning boating trips for your clients, you need a solid business plan in place for the smooth sailing of your business.
Need help writing a business plan for your charter boat business? You’re at the right place. Our charter boat business plan template will help you get started.
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Free Business Plan Template
Download our free charter boat business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!
- Fill in the blanks – Outline
- Financial Tables
How to Write a Charter Boat Business Plan?
Writing a charter boat business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:
1. Executive Summary
An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.
Here are a few key components to include in your executive summary:
- Market Opportunity: Summarize your market research, including market size, growth potential, and marketing trends. Highlight the opportunities in the market and how your business will fit in to fill the gap.
- Marketing & Sales Strategies: Outline your sales and marketing strategies—what marketing platforms you use, how you plan on acquiring customers, etc.
Ensure your executive summary is clear, concise, easy to understand, and jargon-free.
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2. Business Overview
The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:
- Business Description: Describe your business in this section by providing all the basic information:
- Fishing charter boats
- Sailing charter boats
- Yacht charter boats
- Water sports and adventure charters
Describe the legal structure of your charter boat company, whether it is a sole proprietorship, LLC, partnership, or others.
- Owners: List the names of your coffee roaster business’s founders or owners. Describe what shares they own and their responsibilities for efficiently managing the business.
- Mission Statement: Summarize your business’ objective, core principles, and values in your mission statement. This statement needs to be memorable, clear, and brief.
- Future Goals: It’s crucial to convey your aspirations and vision. Mention your short-term and long-term goals; they can be specific targets for revenue, market share, or expanding your services.
This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.
3. Market Analysis
The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.
- Market size and growth potential: Describe your market size and growth potential and whether you will target a niche or a much broader market.
- Competitive Analysis: Identify and analyze your direct and indirect competitors. Identify their strengths and weaknesses, and describe what differentiates your services from them. Point out how you have a competitive edge in the market.
For instance, there is a growing demand for eco-friendly and sustainable tourism practices; explain how you plan to cope with this new trend in the market.
Here are a few tips for writing the market analysis section of your boat charter business plan:
- Conduct market research, industry reports, and surveys to gather data.
- Provide specific and detailed information whenever possible.
- Illustrate your points with charts and graphs.
- Write your business plan keeping your target audience in mind.
4. Products And Services
The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:
- Boat charters
- Crew and captain services
- Guided tours
- Fishing equipment and services
- Water sports equipment
- Event and party organizing services
- Specialized Services: Mention if your business offers any specialized services of activities like scuba diving, sunset cruises, and fishing charters. Include details about the process involved and equipment you use and how these improve overall customer experience.
- Additional Services: Mention if your charter boat company offers any additional services. You may include services like catering and dining options, entertainment systems, photographers, etc.
In short, this section of your charter boat plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.
5. Sales And Marketing Strategies
Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:
- Pricing Strategy: Describe your pricing strategy—how you plan to price your services and stay competitive in the local market. You can mention any discounts you plan on offering to attract new customers.
- Marketing Strategies: Discuss your marketing strategies to market your services. You may include some of these marketing strategies in your business plan—social media marketing, Google ads, brochures, email marketing, content marketing, and print marketing.
- Sales Strategies: Outline the strategies you’ll implement to maximize your sales. Your sales strategies may include providing excellent customer service, attending trade shows and events, and partnering with local businesses.
- Customer Retention: Describe your customer retention strategies and how you plan to execute them. For instance, introducing loyalty programs, special discounts, personalized service, etc.
Overall, this section of your charter boat business plan should focus on customer acquisition and retention.
Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your charter boat business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.
6. Operations Plan
The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:
- Staffing & Training: Mention your business’s staffing requirements, including the number of employees needed. Include their qualifications, the training required, and the duties they will perform.
- Operational Process: Outline the processes and procedures you will use to run your charter boat business. Your operational processes may include trip planning, crew and boat preparation, boat operations, safety and repair, maintenance and repair, etc.
Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.
7. Management Team
The management team section provides an overview of your charter boat business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.
- Founders/CEO: Mention the founders and CEO of your charter boat company, and describe their roles and responsibilities in successfully running the business.
- Organizational structure: Explain the organizational structure of your management team. Include the reporting line and decision-making hierarchy.
- Compensation Plan: Describe your compensation plan for the management and staff. Include their salaries, incentives, and other benefits.
This section should describe the key personnel for your charter boat services, highlighting how you have the perfect team to succeed.
8. Financial Plan
Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:
- Profit & loss statement: Describe details such as projected revenue, operational costs, and service costs in your projected profit and loss statement . Make sure to include your business’s expected net profit or loss.
- Cash flow statement: The cash flow for the first few years of your operation should be estimated and described in this section. This may include billing invoices, payment receipts, loan payments, and any other cash flow statements.
- Balance Sheet: Create a projected balance sheet documenting your charter boat business’s assets, liabilities, and equity.
- Break-even point: Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.
- This exercise will help you understand how much revenue you need to generate to sustain or be profitable.
- Financing Needs: Calculate costs associated with starting a charter boat business, and estimate your financing needs and how much capital you need to raise to operate your business. Be specific about your short-term and long-term financing requirements, such as investment capital or loans.
Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.
9. Appendix
The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.
- Add a table of contents for the appendix section to help readers easily find specific information or sections.
- In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
- Provide data derived from market research, including stats about the charter boat industry, user demographics, and industry trends.
- Include any legal documents such as permits, licenses, and contracts.
- Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.
Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.
Remember, the appendix section of your yacht charter business plan should only include relevant and important information supporting your plan’s main content.
The Quickest Way to turn a Business Idea into a Business Plan
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This sample charter boat business plan will provide an idea for writing a successful coffee roaster plan, including all the essential components of your business.
After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our charter boat business plan pdf .
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Frequently asked questions, why do you need a charter boat business plan.
A business plan is an essential tool for anyone looking to start or run a successful charter boat business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.
Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your charter boat company.
How to get funding for your charter boat business?
There are several ways to get funding for your charter boat business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:
- Bank loan – You may apply for a loan in government or private banks.
- Small Business Administration (SBA) loan – SBA loans and schemes are available at affordable interest rates, so check the eligibility criteria before applying for it.
- Crowdfunding – The process of supporting a project or business by getting a lot of people to invest in your business, usually online.
- Angel investors – Getting funds from angel investors is one of the most sought startup options.
Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.
Where to find business plan writers for your charter boat business?
There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your charter boat business plan and outline your vision as you have in your mind.
What is the easiest way to write your charter boat business plan?
A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any charter boat business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software .
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Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more
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How to Start a Charter Boat Business: The Complete 12-Step Guide
Want a business that has sky-high earning potential, lets you double your revenue every single year, and might even give you a glorious opportunity to hob-nob with billionaire celebrities?
If so, starting your very own charter business might be just the thing for you.
Dmitry Lyubimov, the owner of UNIQ LA, did just that, with results beyond anything he could ever have dreamed of. That’s particularly impressive when you consider that when Dimitry first stepped foot on American soil, he had no job, spoke no English, and didn’t have a dime to his name.
Today, he’s living his very best life catering to an exclusive boat-loving clientele while raking in truckloads of cash in his charter business. Starting from a single boat, he’s expanded his fleet beyond boats to include limos, planes, helicopters, and even mansions.
We were incredibly excited to interview Dmitry to find out how he started his wildly successful boat business empire. He’s got a ton of actionable advice to share.
You’ll find out how he built his impressive client list, which of his services bring in the most revenue, how he was able to convince a city to construct a dock for him, and so much more. Best of all, we’ll go through every step you need to take to start your own highly lucrative charter business, including the best way to charter fishing trips.
Let’s dive in and get started!
Step 1: Write a Business Plan
![How to Start a Charter Boat Business: The Complete 12-Step Guide 1 Several sticky notes and a laptop on a desk](https://www.upflip.com/wp-content/uploads/2021/04/business-planning-for-charter-boat-business.jpg)
Before you can start to make your vision of owning your own charter business a glorious reality, you’ll need to write a business plan.
This will help you outline your business’s ultimate objectives, which will help you accelerate your success. Your business plan should include costs and financial projections.
List all the expenses involved in running a charter boat business. These are things like gas, insurance, boat payment, and maintenance. You should also list the equipment you need, including the boat itself, fishing supplies, and anything else you need to make your business a resounding success.
Also, list how much you’ll need to charge per hour to offset those expenses so that you can turn a tidy profit.
You’ll want to include the results of market research too. Ask other boat businesses in the area how much they’re charging, how much business they’re doing, and how much they make with fishing charters.
Once you collect your research, quantify it and make it a part of your plan.
Your business plan should also contain the following elements:
- Sizes and types of boats you plan on leasing or buying
- Destinations
- Preferred clientele
- Services offered (fishing equipment rental shop, parasailing, jet ski rentals, etc.)
- Price of services
- Where you’re going to be docking your boat
- If you need to build a dock
- How you plan to market your business
By taking this step, you’ll define your vision with piercing clarity, allowing you to confidently move in the direction of your dreams. A well-defined business plan also helps you to secure financing for your charter business when and if you need it.
Udemy has a terrific course on writing business plans that includes 50 free business plan templates. For a sample charter boat business plan, check this out .
Step 2: Mentorship
![How to Start a Charter Boat Business: The Complete 12-Step Guide 2 A sketch pad, pencils and a laptop on a desk](https://www.upflip.com/wp-content/uploads/2021/04/mentorship-for-charter-boat-business.jpg)
If you’re new to the charter boat business, it’s a good idea to set up a mentoring partnership with an established company.
With a business mentor by your side, you’ll get the valuable assistance and expert instruction you need to take you from a struggling neophyte to a consummate professional.
Studies have shown that 70% of small business owners who enlist the support of a mentor see their companies survive for at least five years. This is twice as long as those entrepreneurs who forgo mentoring services.
Fantastic mentors will have a lifetime of real-world knowledge and a dizzying array of skills to share with you. Look for one with five or more years of experience in the field.
Your mentor should have a keen awareness that he doesn’t know everything there is to know about his business niche. That’s why, ideally, your mentor will introduce you to his network of experts who will be eager to help you acquire a more comprehensive understanding of running a boat business.
An excellent mentor is also someone who runs his business according to impeccable ethical standards. You don’t want to be tutored by an individual who jettisons his moral standards in pursuit of the almighty buck.
Ask your mentor if he can develop an action plan based on concrete goals. For example, learning the essential skills all successful boat charter business owners must have.
It’s great if you can locate a mentor who has a proven history of pushing his own professional boundaries. This will hopefully inspire you with the confidence to push past your own limits.
Pick your guru’s brains and take advantage of all the knowledge he’s willing to share with you. By doing this, you’ll have a leg up when it’s time to start your own charter boat business. If you need more guidance on mentorship, read this excellent Forbes article on the subject.
Step 3: Licensing
Before you can head out for the open seas with your first passengers, you’re going to have to get licenses for your charter boat business.
Your boat captains need to be licensed. You also need to obtain a license for the commercial use of your vessels. There are even licensing requirements for each water jurisdiction you plan on traveling to.
These are some of the licensing requirements for charter boats and fishing guides in the state of Washington:
- A current copy of the boat’s registration is required when a vessel is being designated on a license.
- An angler permit specifying the maximum number of persons who may fish from the charter boat per trip. Only a person who holds a salmon charter license may hold an angler permit.
- A non-salmon charter license is required if you accept a fee to take a person fishing for shellfish and fish other than salmon or albacore tuna.
- A food fish guide license is required if you accept a fee to take a person fishing for salmon, sturgeon, or other food fish species in freshwater rivers and streams.
They’re probably similar to the requirements in your own state.
Step 4: Target Market
![How to Start a Charter Boat Business: The Complete 12-Step Guide 3 A man holding an iPad with a cup of coffee on his desk](https://www.upflip.com/wp-content/uploads/2021/04/target-market-for-charter-boat-business.jpg)
With a charter boat business, you get to unleash your entrepreneurial spirit while simultaneously indulging your passion for sailing the seven seas.
Before you whip yourself up into a business-buying frenzy, you need to first decide what type of clientele you’re going to target. Will it be multinational companies that want to conduct corporate meetings smack dab in the middle of the storm-tossed ocean? Or, would you rather cater to families who want to want to enjoy the exquisite thrill of their own private whale-watching trips?
Maybe you’ll want to target retirees who want a relaxing, yet fun, deep sea fishing experience.
Here’s Dmitry talking about how he chose his clientele:
You don’t have to target as elite a clientele as Dimitry did. However, make sure you deliver a superlative experience for every single one of your charter business customers. Maybe most of your customers will want to go fishing. In that case, you’ll want to make sure your boat has things like fishing rails, fish holding tanks, and other angling accouterments .
Understand what your customer’s needs are and do everything you can to satisfy them. If you do, you’ll create lifelong fans who’ll be eager to come back. This is what Dimitry has to say:
And if you want to watch the interview we filmed with Dimitry, check out part one and part two .
What you want to do is to create such an insatiable hunger in your customers that they cannot help but return for a second helping.
Step 5: Have a Unique Selling Proposition (USP)
After you decide who you’re going to target in your charter boat business, make sure you have a Unique Selling Proposition (USP) that sets your business light-years above the mediocrity of the rest of the competition.
A USP is the one benefit that only your company can provide. In an overcrowded market full of cutthroat competition, your USP will be a potent reminder of everything you can do for your customers.
There are a mind-bogglingly large number of yacht, cruise ship, and fishing boat charter businesses in the world. Every single one of these vessels claims to be the best.
What will be the main selling point that makes you different from everyone else?
Find out what that competitive advantage is, and make sure you hammer that point home in all your marketing messages.
Here are all the benefits to having a clearly differentiated USP:
- EMOTIONAL CONNECTION: An excellent USP imprints itself on the minds of your prospects so when they need the kind of service you provide, they’ll automatically think of you.
- INCREASED REVENUE: If you communicate a strong USP to customers, you’ll invariably boost your revenue.
- LOYAL CUSTOMERS: When your USP delivers a compelling value proposition, you won’t only get customers to buy something from you today, but you’ll win them over for life.
How to Create a USP
![How to Start a Charter Boat Business: The Complete 12-Step Guide 4 Entrepreneurs discussing about unique selling proposition for their business](https://www.upflip.com/wp-content/uploads/2021/04/unique-selling-proposition-for-charter-boat-business.jpg)
To create a USP, the first thing you need to do is to determine your customer segments.
This involves figuring out the value your customers receive from your service.
When you do that, you figure out how to align your offerings with what the customer wants rather than what you want them to buy.
Here are a few ways to find out what customers want from you:
- Analyze data from social media marketing campaigns
- Talk directly to your customers
- Talk to your customer service team
Next, figure out how well you currently cater to your clients’ needs. This will help you to identify market gaps that you can fill by offering things none of your other competitors can.
For example, say you look at your social media data and discover that there’s a huge demand for sailing yacht charters that travel to barrier islands. You find out that there are few competitors in your area who offer this service.
In that case, you might want to make this service part of your USP. At the very least, it gives you a new marketing direction to go in.
Read this article if you need more information on creating a compelling USP.
Step 6: Name Your Business
Make sure you dream up a creatively clever name for your charter boat business that crystallizes what your company is all about in a few short, eye-catching words.
It should capture the imagination of all who speak it, see it, or even think it. To create an out-of-this-world business name, look at your Unique Selling Proposition (USP) and your business plan. Think about your target audience and any market research you might have undertaken.
Consider the message you want to convey to the world through your charter boat business name.
If you want a real attention-grabbing name, read this Forbes article .
Brainstorming
Once you’ve collected all these raw impressions, it’s time to sit down and have a good old-fashioned brainstorming session.
Unleash your creativity and go hog wild!
Some of your brainstorming sessions can be just you. However, you should do a few with a friend or colleague. Write down all your ideas as fast you can without stopping. That way, you liberate your imagination and free your creative juices.
Check for Availability
Before you settle on a charter boat company name, check to make sure it’s available.
If someone is already using the name, you could be sued if you go ahead and use it anyway. Look through the U.S. Patent and Trademark Office’s federal database to see if someone already registered it.
You should also do a series of Google searches for your desired business name to ensure there isn’t another charter boat company with that same name.
You’re going to have to register your domain name. One easy way to do that is to type the domain name you want to use into GoDaddy’s search bar.
It’ll immediately tell you if someone else owns it.
Name.com is another place to check for domain availability.
Register with State Authorities
![How to Start a Charter Boat Business: The Complete 12-Step Guide 5 A man doing online registration on his iPad](https://www.upflip.com/wp-content/uploads/2021/04/business-registration-of-charter-boat-business.jpg)
Guard your charter boat business name by registering it with your state.
If your entity is a limited liability company, a corporation, or a limited partnership, you’ll need to register the business itself. By doing this, you’ll automatically register the name of your company.
If you decided to go with a sole proprietorship or general partnership, you don’t need to register it with the state. Instead, do it through the county or city where you’re located.
If you’re a sole proprietor, you can choose to file a “doing business as” (DBA) name. This way, you can use a name for your boat business other than your own legal one.
You can register a DBA with your state or county clerk. For example, if your business is located in Nassau County, New York, you’d contact the county clerk’s office there.
If you need more information on registering your business name, Legal Zoom has a great article on the topic. This video also has some terrific information.
Step 7: Choose a Business Structure
Before you can register your charter boat company with your state, you’ll need to select a business structure.
Select the one that offers the optimal balance between benefits and legal protections. Choose wisely because your business structure isn’t only a name. It affects your taxes, the paperwork you need to file, your personal liability, and even your ability to raise cash.
Here are two of the most common:
Sole Proprietorship
A sole proprietorship is super easy to form and gives you absolute control over your charter boat business.
If you’re doing business but don’t register as any particular type of legal structure, congratulations! You’re automatically considered to be a sole proprietorship.
With a sole proprietorship, your liabilities and assets aren’t separate from your personal liabilities and assets. This means you’re personally liable for the debts and obligations of your charter business.
It can be challenging to secure funding because banks are hesitant to lend to sole proprietorships.
Partnership
![How to Start a Charter Boat Business: The Complete 12-Step Guide 6 Two business men shaking hands for a partnership venture](https://www.upflip.com/wp-content/uploads/2021/04/partnership-for-charter-boat-business-1.jpg)
For two or more parties, partnerships are the simplest type of legal structure. There are two frequently used kinds of partnerships: limited partnerships and limited liability partnerships.
With limited partnerships, only one general partner enjoys unlimited liability. All the other partners have limited liability.
For more on the various types of legal structures for your boat charter business, check out the sensational resources at the Small Business Administration (SBA).
Step 8: Secure Funding
You probably don’t have sufficient funds to bankroll your fledgling charter business.
If that’s the case, you’ll need to secure financing to fund your venture. Getting a boat (or a fleet of them) is going to be one of the most expensive parts of your business.
Here are some ways to secure funding:
- BOOTSTRAPPING: Bootstrapping refers to scraping together your own financial reserves. This could include accumulated savings, credit cards, and home equity lines.
- FRIENDS AND FAMILY: One of the best sources of startup funding is friends and family. If you have a rich uncle who always wanted you to start your own business, now is the perfect time to see if he’ll loan you the money. He’ll probably give it to you with little-to-no interest.
- CROWDFUNDING: You can try using the internet to raise small amounts of money from a large number of people. This is known as crowdfunding, and it’s the way many companies get funded these days. Try sites such as AngelList or Crowdfunder .
- TAKE OUT A LOAN: You might qualify for a traditional bank loan. An encouraging sign for small business owners is that banks seem to have a renewed interest in helping out small businesses. In addition to your local bank, Bank of America and Wells Fargo are two banks you might want to try.
Dmitry bought his first boat for $80,000. It was purchased for pleasure—not for profit. He asked himself:
On that day, his charter boat business was born!
However, you don’t have to actually own anything. Dmitry leases many of the boats in his fleet, and you can do the same.
If you’d prefer to buy your boats outright, check out Sailonline.com or Fraser Yachts .
Ongoing Expenses
You’ll also have ongoing expenses to cover. Try to get a line of credit so you can keep your business running until it turns a profit.
In addition to the initial purchase and all your everyday business expenses, you have to factor in routine maintenance, emergency maintenance, insurance, berthing fees, licensing, crew salaries, and many other things.
Here’s Dmitry talking about the costs of a charter boat business:
To reiterate, here is Dmitiry’s breakdown of ongoing expenses for his charter boat business that first year:
REPAIRS: $30,000
LICENSES: $2,000
WEBSITE: $3,500
ADVERTISING: $12,000
Step 9: Docking Your Fleet
![How to Start a Charter Boat Business: The Complete 12-Step Guide 7 A charter boat parked on a dock waiting for passengers](https://www.upflip.com/wp-content/uploads/2021/04/docking-spot-for-charter-boat-business.jpg)
You’ll want to choose a dock where you can park your charter boat and pick up passengers.
To ensure you’ll attract as many clients as possible, select a dock in an area where tourists tend to flock. Locales where the fishing is superb are excellent choices because you can then specialize in doing deep sea fishing trips.
Some ports offer discounted rates if you lease long-term instead of renting month to month. Given you plan to be there long term, you might also want to start a pressure washing business to clean boats during the slow times. That way you can clean your own and others.
Dmitry was lucky enough to have the local municipality build him a dock. Here’s the way he tells it:
Renting a Slip
If you’re not as lucky as Dmitry and need to find a dock, DockSearch.com is a fantastic resource that’ll help you get one.
You can either purchase or rent a slip, which is docking space for your boat. Try to find one that’s not too expensive so you can save on your ongoing costs.
If you’re a member of a yacht club , you’ll enjoy special amenities and privileges. The downside is that membership tends to be astronomical.
Public docks are cheaper, but the security isn’t as good. Keep in mind that security for yourself, your customers, and your boat should be one of the most important considerations when starting a charter boat business.
Premises that aren’t locked, parking lots without good lighting, and unsafe neighborhoods should be avoided like the plague. Private marinas offer some of the best docking options. Best of all, most of them are pretty safe.
Water Traffic
Make sure you assess the water traffic situation in the area where you hope to moor your vessel. That’s because high traffic areas can be significant collision risks.
Also, lots of water congestion means it’s going to take longer to set sail. This could screw up your departure times, making for unhappy customers.
Step 10: Hire Your Crew
![How to Start a Charter Boat Business: The Complete 12-Step Guide 8 A board and a cup of coffee on a table](https://www.upflip.com/wp-content/uploads/2021/04/job-hiring-for-charter-boat-business.jpg)
Hire a qualified and experienced crew and treat them well because a good team can mean the difference between your charter business being a resounding success or a miserable failure.
You also need to assemble a great team to fulfill the other roles in your company. Here’s what Dmitry had to say about that:
You don’t need to understand everything about every single aspect of your charter boat company if you can find qualified people to run each area.
Hiring Fishing Charter Employees
If you’re running a fishing charter boat business, you won’t need too many employees.
You’ll probably only need a captain, a first mate, and an administrative assistant.
On a fishing boat, the captain steers the boat and offers advice on how to catch fish to guests. Find a captain with a pleasing personality so your guests have a great time.
He’ll also need extensive boating and fishing experience.
The job of a first mate is to assist the captain in piloting the boat and helping guests. An administrative assistant takes reservations and answers customers’ questions. For this, you’ll need a competent multitasker.
To find employees, do some networking at local fishing or boating charter clubs . You can also post your job openings on Indeed or Monster.com .
Step 11: Insurance
Find out what insurance coverage you need by researching various coverage types, such as property damage and personal injury.
Once you do that, set up a meeting with your insurance broker to discuss options. Make sure you’re fully covered before accepting any charter boat business.
You probably don’t want to get the cheapest boat insurance because this means you might not be fully covered for all possible contingencies. So, even though you saved a buck, you’re putting yourself at significant financial risk.
Before you make a final decision, look at what’s covered and what isn’t. Make sure you’re covered for the following things:
- Damage to your vessel
- Injury to your guests or employees
- Liability coverage
If you need charter boat insurance, I recommend United Marine Underwriters or Maritime Insurance International .
Step 12: Market Your Business
![How to Start a Charter Boat Business: The Complete 12-Step Guide 9 Man on is laptop doing marketing for his business](https://www.upflip.com/wp-content/uploads/2021/04/marketing-of-charter-boat-business.jpg)
According to a recent survey, 6 out of 10 small businesses don’t have a website.
This is a tragedy of Shakespearian proportions. Your website should be the central pillar of your entire marketing strategy. Without one, you’re dead in the water.
One excellent way to boost your SEO ranking is by regularly publishing blog art i cles . Make sure the topics you cover are relevant to your target market and are exceedingly well written because Google rewards sites with high-caliber content by boosting their rankings.
Dmitry has a sleekly designed, consummately professional website that’s a perfect reflection of the kinds of luxury boat charter services he offers his upscale clientele. To make sure your website is as jaw-droppingly gorgeous as Dimitry’s is, you should have an expert web designer create it for you.
I recommend companies like Caveni Digital Solutions , Lounge Lizard , or Unified Infotech . These three companies are among the best web design firms in the entire country.
This website lists the top 30 sites to learn marketing for free.
Marketing Channels
Often, the success of a small business comes down to its ability to effectively market its service.
That’s because it’s only through savvy marketing that you can ever hope to enjoy a steady torrent of new customers you can then turn into raving fans .
Think of all the marketing channels out there and pick two or three that you think might be a natural fit for your charter boat business.
You could take out Facebook ads, put up posters around your dock, or write blog posts. You can try advertising in trade and vacation publications or on television. If you’re specializing in deep-sea fishing expeditions, you can advertise in magazines like Sport Fishing .
You can also print full-color brochures that your customers can pass on to their friends.
One of Dmitry’s favorite marketing channels is Google:
He also advertises on Facebook and Instagram .
For more ideas on how to market your charter boat business, check out this article .
If you faithfully adhere to the steps in this article, you can follow in the extremely profitable footsteps of Dimitry.
All it takes is lots of perseverance, hard work, and a little money.
Which type of charter boat business appeals to you the most—the luxury yacht kind or a fishing expedition company?
Let me know in the comments!
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Boat Charter Business Plan Template & Guidebook
Are you looking to get started with a boat charter business? While there is a lot of work and research required to launch a successful boat charter enterprise, you don't have to go it alone. Our #1 Boat Charter Business Plan Template & Guidebook will provide you with the detailed information and resources you need to create a comprehensive plan that will help your business make waves.
![boat charter business plan template](https://cdn.prod.website-files.com/6216ae5bdca4d564419b5a9a/63ea30f926113a55e881ddf5_Calendar%20icon.png)
Get worry-free services and support to launch your business starting at $0 plus state fees.
- How to Start a Profitable Boat Charter Business [11 Steps]
- 10+ Best & Profitable Boat Charter Business Ideas [2023]
- 25 Catchy Boat Charter Business Names:
How to Write a Boat Charter Business Plan in 7 Steps:
1. describe the purpose of your boat charter business..
The first step to writing your business plan is to describe the purpose of your boat charter business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.
It also helps to include a vision statement so that readers can understand what type of company you want to build.
Here is an example of a purpose mission statement for a boat charter business:
Our mission at ABC Boat Charters is to provide fun and safe outdoor experiences for our customers by providing the highest quality charter boats and services, at an affordable price. We strive to exceed customer expectations through our friendly, knowledgeable staff and comprehensive safety policies and procedures.
![boat charter business plan template Image of Zenbusiness business formation](https://cdn.prod.website-files.com/6216ae5bdca4d564419b5a9a/631d1aedbc22fc7bfd248f3c_Zenbusiness_formationservices.png)
2. Products & Services Offered by Your Boat Charter Business.
The next step is to outline your products and services for your boat charter business.
When you think about the products and services that you offer, it's helpful to ask yourself the following questions:
- What is my business?
- What are the products and/or services that I offer?
- Why am I offering these particular products and/or services?
- How do I differentiate myself from competitors with similar offerings?
- How will I market my products and services?
You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.
![boat charter business plan template Image of Zenbusiness business formation](https://cdn.prod.website-files.com/6216ae5bdca4d564419b5a9a/631d229bc3ca124cf5ee26a8_Zenbusiness_permits%20and%20licenses.png)
3. Build a Creative Marketing Stratgey.
If you don't have a marketing plan for your boat charter business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals.
A good marketing plan for your boat charter business includes the following elements:
Target market
- Who is your target market?
- What do these customers have in common?
- How many of them are there?
- How can you best reach them with your message or product?
Customer base
- Who are your current customers?
- Where did they come from (i.e., referrals)?
- How can their experience with your boat charter business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?
Product or service description
- How does it work, what features does it have, and what are its benefits?
- Can anyone use this product or service regardless of age or gender?
- Can anyone visually see themselves using this product or service?
- How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?
Competitive analysis
- Which companies are competing with yours today (and why)?
- Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
- What specific advantages does each competitor offer over yours currently?
Marketing channels
- Which marketing channel do you intend to leverage to attract new customers?
- What is your estimated marketing budget needed?
- What is the projected cost to acquire a new customer?
- How many of your customers do you instead will return?
Form an LLC in your state!
![boat charter business plan template boat charter business plan template](https://cdn.prod.website-files.com/6216ae5cdca4d58db79b5ac6/641126a58eb1621b7de2df8c_image_of_ZenBusiness_logo.png)
4. Write Your Operational Plan.
Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations.
In it, you should list:
- The equipment and facilities needed
- Who will be involved in the business (employees, contractors)
- Financial requirements for each step
- Milestones & KPIs
- Location of your business
- Zoning & permits required for the business
What equipment, supplies, or permits are needed to run a boat charter business?
- Boat/vessel
- Captain’s license and other certifications
- Insurance coverage
- Navigational aids, including charts, GPS system, and communications equipment
- Safety equipment, such as life jackets, flares and first-aid kits
- Fuel and other supplies necessary to operate the boat
- Permits necessary to operate in certain areas or zones
5. Management & Organization of Your Boat Charter Business.
The second part of your boat charter business plan is to develop a management and organization section.
This section will cover all of the following:
- How many employees you need in order to run your boat charter business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
- The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
- How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!
6. Boat Charter Business Startup Expenses & Captial Needed.
This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.
Typically, expenses for your business can be broken into a few basic categories:
Startup Costs
Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a boat charter business varies based on many different variables, but below are a few different types of startup costs for a boat charter business.
Running & Operating Costs
Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.
Marketing & Sales Expenses
You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your boat charter business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.
7. Financial Plan & Projections
A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your boat charter business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses.
Here are some steps you can follow to devise a financial plan for your boat charter business plan:
- Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
- Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
- Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
- Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
- Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
- Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.
![boat charter business plan template](https://cdn.prod.website-files.com/6216ae5bdca4d564419b5a9a/63add32d32bfdb55ad2c07bd_Avatar%20Image%2011.png)
Frequently Asked Questions About Boat Charter Business Plans:
Why do you need a business plan for a boat charter business.
A business plan for a boat charter business is needed to provide an organized and comprehensive outline of the vision, objectives, strategies, and tactics necessary to achieve the desired financial outcome of the business. It enables you to identify potential weaknesses and make informed decisions before starting the business. It can also be used to help secure financing for the venture. A business plan helps you define the scope of your boat charter operation, assess your competition and target market, develop financial projections and marketing plans, and outline the resources needed to get your business off the ground.
Who should you ask for help with your boat charter business plan?
It is typically best to consult a business consultant, accountant, or lawyer to help you develop your boat charter business plan. They can provide valuable insight into the feasibility of your plan and help ensure you have addressed all of the necessary components.
Can you write a boat charter business plan yourself?
Yes, it is possible to write a boat charter business plan yourself. It will require research, decision-making and planning in order to create an effective plan. You should consider factors such as location, target market, pricing structure, financial projections and any potential legal considerations. A business plan can be a very helpful tool for planning and growing your boat charter business.
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Guide to Writing Boat Charter Business Plan
Thinking of starting a boat charter business? Then you’ve come to the right place.
The private boating industry, including boat charter, has been growing at a steady rate in recent years. The boat charter business is a multi-billion dollar industry, making it a very lucrative business with a lot of growth potential.
However, although it’s definitely a promising business opportunity, it doesn’t mean you’ll automatically achieve success, and one of the most important things you should do is create a comprehensive business plan.
While a business plan is especially important if you’d like to secure funding or investment for your business, a boat charter business plan can also help you in providing a clear roadmap to achieve success.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/03/linkedin-sales-solutions-qbDiSp5IqxA-unsplash.jpg)
In this guide, we’ll teach you everything you need to know to about writing an effective business plan for your boat charter business, but you’ll also learn about:
- Choosing the right boat
- How to choose the ideal docking for your boat charter business
- Equipment and supplies you’ll need to start the boat charter business
- Different options you’ll have in starting a boat charter business
- How to promote your boat charter business and attract more clients
Without further ado, let’s start with the basics.
Boat Charter Business Plan: The Concept
A business plan is a document that contains an overview of a business idea—in this case, the boat charter business— and a plan about how this business would be executed and run.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/01/working-on-business-plan.jpg)
In practice, a boat charter business plan may vary in form and structure depending on various factors; a typical business plan for a boat charter business would follow this basic structure:
- Business Overview
- Company description
- Description of each service and product you’ll provide
- Market research and competitive analysis results
- Funding needs and budget
- Employment plan
- Management structure
- Operational guidelines
The Importance of a Boat Charter Business Plan
A well-written and comprehensive business plan will be beneficial not only for the business owner but also for both internal and external stakeholders of the boat charter business.
Here are a few of those benefits:
1. Securing external funding
One of the key importance of a business plan is to secure external funding for your business (i.e., bank loans, investors, etc.)
For this purpose, the boat charter business plan would play a very important role in proving whether the business is feasible and worth investing in. The business plan can communicate how the boat charter business can effectively generate revenue (and profit), which is essential in convincing banks or investors to fund your business.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/05/alexander-mils-lCPhGxs7pww-unsplash.jpg)
A well-written boat charter business plan will also help you showcase to your investors that you—as the business owner/operator—have done your homework and has the ability/experience to run the business.
2. Giving you a roadmap for success
Even if you are not planning to use the business plan for funding purposes, having a clear business plan would give business owners a clear roadmap for success: they can have a bird’s eye view of the business strategy and can stay focused on the steps and tactics that should be taken along the way.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/10/isaac-smith-AT77Q0Njnt0-unsplash.jpg)
In functioning as a roadmap, the boat charter business plan should:
- Define clear goals and milestones of the boat charter business plan
- Define a timeline of when the milestones should be achieved
- Offer a clear system to measure progress against goals/milestones, enabling business owners and stakeholders to perform risk assessments.
- Provide clear insights into the feasibility of the boat charter business
3. Securing property lease
If you plan to rent a dock or office space for your boat charter business, some landowners may ask to see your business plan to check your business’s feasibility before you can rent their property.
Why? Because your business plan can tell them whether your boat charter company can stay in business for at least three years or more (with 3-5 years being the average length of commercial leases). Most landowners would prefer stability and long-term lease rather than changing tenants every single year.
For this purpose, your business plan can help them in assessing the feasibility of your boat charter business.
4. Convincing partners and vendors
A well-written and comprehensive business plan can help you in convincing prospective business partners or vendors, whether now or in the future.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/01/scott-graham-5fNmWej4tAA-unsplash.jpg)
For example, if you plan to partner with another boat owner in the area or another location to expand your business, the business plan can function as a proposal to secure these future partners.
Boat Charter Business Plan: Section-by-Section Guide
As discussed, a business plan’s structure can vary a lot depending on various factors. However, you can follow the following basic structure when writing a business plan for your boat charter company:
1. Cover Page
Pretty self-explanatory, but don’t underestimate the importance of having a well-designed cover page.
The cover page should be attractive for your readers while fitting your company’s image. Make sure it clearly shows the name of your business, your name (or your CEO’s), and contact information.
2. Executive Summary
Often the most important section of the whole business plan since many readers will only read this opening section of the business plan.
As the name ‘executive summary’ suggests, this section is a summary of all the other sections in the business plan. We’d recommend writing this section last, only after you’ve finished writing all the other sections. This will ensure the executive summary section is complete and well-polished.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/10/ron-dyar-V29UWcALNko-unsplash.jpg)
Keep the executive summary section brief and short. As a general rule of thumb, the executive summary section shouldn’t exceed 10% of the other section’s total length. Meaning, that if it’s a 20-page business plan, your executive summary should be 1 or 2 pages long.
The executive summary should clearly communicate:
- The company’s mission and vision
- The description of the boat charter industry and the current market environment
- The unique value proposition (UVP) of the boat charter business and the competitive advantages
- Financial potential and anticipation of risk
- Your core management team
- The stage of the business (if you are not starting from scratch)
- The capital that is requested (for external funding purposes)
3. Company Overview
This section should cover a brief but concise description of the boat charter business’s details, including:
- What kind of services you’ll provide, and what products you’ll sell/rent (if any)
- Who is your target clientele
- Why are you starting this business
- What unique value proposition (UVP) will you offer? (What makes you different from other boat charters in the area)
- Your plans for marketing, growth, and monetization
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/03/john-schnobrich-2FPjlAyMQTA-unsplash.jpg)
4. Market Research
You can include the following information in this section:
- The demographic data of the business’s primary target market
- The pain points of this target audience and how the boat charter business can be a solution to their problems
- The size of the target market in the area
- Where the target audience spends their time (both in terms of physical locations and online sites/social media platforms they frequent
- Revenue potential
The focus of this section is on communicating who the boat charter business’s target audience is, where to find this audience, and how to win over this target audience. By identifying who the boat charter business’s target clientele is, it’s easier to develop a strategy to attract this target clientele, which will be covered in the next sections.
5. Competitive Analysis
This section will discuss the business’s potential competitors and rivals in the area, as well as their strengths and weaknesses.
Ideally, you should cover an assessment of competitors within a 50-mile range, with an in-depth focus on close competitors within 15 miles. You might want to divide your assessments between direct and indirect competitors.
The focus of this section is to discuss the competitive outlook for the boat charter industry in the area, as well as what distinguishes your business from the competitors.
6. Marketing Plan
This section of the boat charter business plan will cover how you plan to promote your boat charter business and attract target clientele.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/01/campaign-creators-yktK2qaiVHI-unsplash.jpg)
This section should cover:
- The products and services you offer
- Pricing strategy for each product or service
- Tactics and strategies for attracting target clientele
- What marketing channels will you leverage to promote your business
- How do you plan to build awareness so your target clientele can recognize your brand
- Elaborating your unique value proposition further, discussing why your target clientele should choose your service over your competitors
7. Services and Products Description
This section should describe the details of all services and products you are going to offer.
If, for example, you are offering multiple boats to rent, then you should describe each of them in this section, as well as the price for each. If you are also providing fishing equipment rental (for fishing boat charter), you should also describe it in this section.
Try to include as much relevant information about the services and products you’re offering in this section.
8. Management Summary
This section will cover the details of your business’s organizational structure and management strategy.
Introduce your team with a brief description of how they are going to deliver the job. List your leaders and their qualifications, and describe their responsibilities in the boat charter business.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/10/managers-meeting.jpg)
The main focus of this section, especially if you are going to present this business plan to outside investors, is to prove your team’s ability, knowledge, skills, and experience to work together when running and growing the boat charter business.
Many investors will put much focus on studying this section, so make sure to curate this carefully.
9. Operational Plan
Elaborate on how you plan to run your boat charter business, including the detailed logistics of the business.
Consider including the following information:
- The exact address of your location (or locations)
- Your business’s opening hours
- What kinds of staff will the business need, and how many
- How will you plan to scale/expand the business over time
10. Financial Plan
This section should cover the current and future projections of the boat charter business’s financial performance and should focus on these key components:
- Capital requirements: how much money are you going to raise (i.e., how much do you need from investors), and how this money will be spent? You may also detail the startup cost and operational expenses of the business.
- Financial assumptions: assumptions regarding business growth should always be backed by experts’ opinions and/or evidence.
- Income statement: forecasting the business’s performance for the next three to five years. You may also include balance sheets in this section.
- Cash flow statement: should focus on proving whether the boat charter business is successful in turning profits into cash.
Boat Charter Business Plan: Actionable Tips and Best Practices
Different types of boat charter business.
A boat charter business can be presented in several different models with different offers. However, all boat charter businesses should offer at least one of these three offerings:
- The boat itself: different sizes and types of boats may dictate the rental price.
- Destination/location: for example, if you are the only boat charter business in a famous tourist location, then it’s a major competitive advantage. You may also offer guided tours and boat rentals to famous destinations.
- Personnel: staff/employees/experts that can deliver value to your clientele, like an expert tour guide, an expert fisherman giving a guided fishing tour, a famous celebrity chef onboard, and so on.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/10/gene-gallin-_-PALv-NrN8-unsplash.jpg)
With that being said, in general, there are two basic variations of the boat charter business:
- You are just renting your boat, and the client is the one responsible for provisioning and navigating the boat (i.e., they’ll drive the boat by themselves.)
- You offer a professional captain and/or guide to navigate the boat, and you may also offer customized provisioning and itinerary. Often called a boat tour business model.
Assess the geographical location you plan to operate In, the competitors in your area, and especially your target clientele’s preferences when choosing the right type/business model you are going to offer.
The better your business caters to your target clientele’s needs and becomes a solution for their problems, the more likely you’ll achieve success.
Boat Charter Business: Licensing and Certification Requirements
Don’t underestimate the importance of meeting the legal requirements in your area regarding permits and license requirements. Failure to do so might result in a hefty penalty and legal repercussions, which can significantly hurt your boat charter business.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/10/lewis-keegan-XQaqV5qYcXg-unsplash.jpg)
Most states in the US would mandate at least a boat safety course before you can rent your boat to others, with few exceptions. Check out with local authorities about which courses you are legally required to take, just to be sure.
Merchant Mariner Credential (MMC)
If you are looking to make money on a boat or yacht on US soil—including renting your boat in a boat charter business—you are legally required to get a Merchant Mariner Credential or MMC.
The MMC is issued by the US Coast Guard, so you can check the USCG website for MMC here , or contact any school licensed by the USGC to get more information regarding getting an MMC.
You may be required to get different types of MMCs depending on:
- The size of the boat, according to the tonnage determined by the USCG
- The number of passengers you’ll take on the boat. If you only take no more than six passengers at a time, you don’t need to get a Master’s license, but you can operate your business with just an OUPV (Operator of Uninspected passenger Vessel,) which is more affordable and easier to obtain.
- USCG offers Inland, Great Lakes, and Near Coastal MMC licenses based on where your boat is going to operate.
Other legal requirements to consider:
- If you plan to run a fishing boat charter service, you may be required to obtain a fishing guide license. This is especially true if you are planning to offer fishing tours. This requirement may vary between states, so check with your local authority.
- You may need to obtain licenses and permits required by federal regulations, including Doing Business As (DBA) license and health permits and licenses from the Occupational Safety and Health Administration (OSHA)
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/05/romain-dancre-doplSDELX7E-unsplash.jpg)
You may also be required to obtain other industry-specific licenses and permits (city, local county, or state-level), depending on your location. You can check with this SBA’s (Small Business Administration’s) guide for your state’s specific requirements.
Choosing the Ideal Location for Your Boat Charter Business
When it comes to location, there are two different aspects you should consider for a boat charter business: office location and dock location.
Office location
You can technically start the boat charter business from your home or your garage to lower your startup costs.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/10/georgie-cobbs-bKjHgo_Lbpo-unsplash.jpg)
However, having a proper office space may be a better long-term choice, especially when you need to integrate more employees into your team. If your budget allows, having the office space closer to where you dock your boat or boats is typically better.
Dock location
As a general rule of thumb, you’d want to rent (or purchase) a docking space that is located in an area frequented by your target clientele. Typically in most docking locations, you can either purchase or rent a “slip” (the right to dock your boat), which will vary in cost.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/10/beautiful-sailboats-in-the-dock-2021-08-26-18-27-09-utc-1.jpg)
Here are some considerations:
- Public docks are typically cheaper, but you’ll need to carefully evaluate security factors since they tend to be less secure.
- Private marinas, on the other hand, are typically more expensive but also more secure than public docks.
- Joining a yacht club (if you rent a yacht or yachts) is the most secure option, and you may also get additional services and features. However, obviously, they can be very expensive.
- The ideal docking location would also depend on the types of boat charter or tour services you’d provide. For example, if you plan to provide tours, then you’d want to choose a dock located on or near the popular tourist destinations in your area.
Tools like DockSearch.com can help you easily find ideal docking locations for your boat or boats, so use them to your advantage.
Establish a Strong Online Presence
Having a strong online and social media presence is crucial in this digital age.
If your target clientele can’t find your boat charter business when they conduct a Google search or browse social networks, your business simply doesn’t exist for them, and obviously, you won’t get any business in such cases.
To ensure success, you’d want to establish a strong presence in at least four areas;
1. Professional and well-designed website
In the past, building a professional-looking and functional website could be very expensive, and you may be required to hire a fully-fledged digital agency just to have a website running.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/03/kobu-agency-7okkFhxrxNw-unsplash.jpg)
Nowadays, however, that’s no longer the case, and building a website is now much cheaper and easier, thanks to platforms like Wix or WordPress, among others.
In short, there’s simply no excuse not to have a well-designed website that:
- Is mobile-friendly or mobile-responsive
- Loads fast (less than three seconds in a standard connectivity
- Contain complete information about the services and products you offer
- Rich with valuable, relevant, and attractive content to attract your target market
- Has a reliable 24/7 online booking functionality
2. 24/7 online booking
In this post-pandemic world, people simply expect the convenience of online 24/7 tour booking , including when they’d like to rent their boat.
Consider investing in a reliable online booking system or software to ensure it’s as easy as possible for your clients to book your boat tours .
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/09/smartmockups_l83r17cv-1.png)
3. Social media presence
Create and optimize profiles on relevant social networks. Instagram is an obvious choice nowadays due to its popularity, but you may also want to consider other networks like Facebook, Twitter, YouTube, and even less obvious ones like LinkedIn.
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/03/merakist-CNbRsQj8mHQ-unsplash.jpg)
4. Google Maps
People will use keywords like “boat charter near me” or “boat charter in (your city name.”) when they’d like to charter a boat from someone.
If your business doesn’t appear when your target clientele searches for such keywords, you are simply missing out.
The goal is to rank as high as possible on Google Maps, and you can do so by following these steps:
- Claiming and verifying Google Maps/ Google Business listing
- Optimizing your Google Business Listing, focus on providing accurate and complete information for your clientele.
- Building local citations by listing your boat charter business on relevant online directories
- Getting more reviews from existing clients, especially on Google Maps but also on relevant review sites/platforms
![boat charter business plan template](https://www.bookeo.com/wp-content/uploads/2022/03/arkan-perdana-eKTLh4_u7Ao-unsplash-1.jpg)
By doing these four steps consistently , you’ll see your boat charter business listing slowly but surely climbs the Google Maps ranking.
Wrapping Up
Having a well-written and comprehensive business plan can have so many different benefits for the boat charter business, especially in how it provides a clear roadmap to success.
Above, we have discussed the step-by-step guide to writing a boat charter business plan, and we’ve also shared actionable tips and strategies to help you make the most of your business plan.
By following the tips we’ve shared above, you can start planning, setting up, and running your own charter boat and tour business in no time.
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A Sample Charter Boat Business Plan Template
A charter boat service is a company that puts up boats for charter. Please note that a charter boat is a boat that can be hired for use for different purposes. Full-service charters include the use of the boat along with a crew and supplies like provisions, while bareboat charters include just the boat, with the customers crewing and supplying the boat themselves.
Statistics have it that the market size of the boat charter sector in the United States reached 411.9 million U.S. dollars in 2020. The sector saw a 1.7 percent growth over the previous year’s size of 405.2 million U.S dollars. Please note that the global yacht charter market size was estimated at USD 6.5 billion in 2019 and is expected to reach USD 6.8 billion in 2020.
Steps on How to Write a Charter Boat Business Plan
Executive summary.
Mike Honey® Charter Boat Company, Inc. is a standard charter boat company that will be located in Virginia Beach, Virginia; the city with the longest beach in the United States. We have been able to secure all the necessary permits for our facility.
Mike Honey® Charter Boat Company, Inc. will ensure that all our yachts, fishing, and cruise boats meet international standards. We have CRM software that will enable us to manage a one-on-one relationship with our customers no matter how large our customer base may grow.
Mike Honey is the founder and CEO of Mike Honey® Charter Boat Company, Inc.
Company Profile
A. our products and services .
Mike Honey® Charter Boat Company, Inc. will provide different sizes and brands of boats for bareboat charter, cabin charter, and full-service charter including small rowboats for urban lakes, sailboats, and larger motorized yachts and other watercraft.
b. Nature of the Business
Our charter boat service company will operate essentially as a club where patrons can pick up membership and pay their subscription monthly, quarterly, or annually.
c. The Industry
Mike Honey® Charter Boat Company, Inc. will operate under the charter boat services industry.
d. Mission Statement
Our mission is to establish a world-class charter boat service that will make available all kinds of boats for charter.
e. Vision Statement
Our vision is to be among the top 3 charter boat companies in the United States of America.
f. Our Tagline (Slogan)
Mike Honey® Charter Boat Company, Inc. – Charter Boat Our Forte!
g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)
Mike Honey® Charter Boat Company, Inc. will be formed as a Limited Liability Company (LLC). The reason why we are forming an LLC is to protect our assets by limiting the liability to the resources of the business itself. The LLC will protect our CEOs’ assets from claims against the business, including lawsuits.
h. Our Organizational Structure
- Chief Executive Officer (Owner)
- Accountant/Cashier
- Marketing and Sales Officer
- Attendants (Skipper and other Boat Staff like Cook and Hostess) (5)
- Security Officers
i. Ownership/Shareholder Structure and Board Members
- Mike Honey (Owner and Chairman/Chief Executive Officer) 56 Percent Shares
- Dalley Millard (Board Member) 14 Percent Shares
- Leo Veron (Board Member) 10 Percent Shares
- Vincent Oscar (Board Member) 10 Percent Shares
- Ruth Obed (Board Member and Sectary) 10 Percent Shares.
SWOT Analysis
A. strength.
- Ideal Location for charter boat service company
- Highly Experienced and Qualified Employees and Management
- Availability of all kinds of boats for charter
- Excellent membership package
b. Weakness
- Budget limitations
- Inability to properly manage off-peak season such as bad winter
- A new business that will be competing with our company
- Inability to retain our highly experienced and qualified employees longer than we want
c. Opportunities
- Excellent location – Virginia Beach, Virginia is a thriving market for charter boat service.
- Increase in recreational fishing and water-related activities in our location
i. How Big is the Industry?
The charter boat services industry is pretty big. It is worth over $411.9 million in the United States.
ii. Is the Industry Growing or Declining?
The charter boat services industry is growing. Available data shows that the sector saw a 1.7 percent growth over the previous year’s size of 405.2 million U.S dollars.
iii. What are the Future Trends in the Industry ?
The charter boat services industry is changing, and players in the industry are improvising. No doubt, technology, and social media will change the landscape of the charter boat industry going forward.
iv. Are There Existing Niches in the Industry?
Yes, there are niche ideas in the charter boat service business and some of them are;
- Fishing Boats Charter Services
- Yacht Charter Services
- Rowboats Charter Services.
v. Can You Sell a Franchise of your Business in the Future?
Mike Honey® Charter Boat Company, Inc. has plans to sell franchises in the nearest future and we will target the United Kingdom, Canada, and Australia.
d. Threats
- High maintenance cost
- Government regulations
- Liability problems
- Continuously changing consumer demands
i. Who are the Major Competitors?
- Dream Yacht Charters
- Horizon Yacht Charter
- Footloose
- TMM Yacht Charters
- BVI Yacht Charters
- Catamaran Company
- Pro Valor
- American Yacht
- Acadia Charter Company
- Miami Yachting Company
- Golden Yacht Charters
- Nyack Boat Charter
- Los Angeles Yacht Charter
- Miami Boat Charters
- Prestige Yacht Charters
- Tropicalboat Luxury Yacht Charters & Rentals
- Blue Ocean Yacht Charters.
ii. Is There a Franchise for Charter Boat Business?
- Freedom Boat Club
- Nautical Boat
- Carefree Boat
- Cruisin’ Tikis
iii. Are There Policies, Regulations, or Zoning Laws Affecting Charter Boat Business?
Yes, and zoning laws require charter boat service company operators to follow specific rules and regulations, including some that apply only to players in the charter boat services industry. Please note that in many communities, zoning laws require charter boat service companies to apply for a permit from the city.
This application process allows the city’s zoning department to determine whether the charter boat company meets the zoning rules of the community. Permits also ensure that all charter boat service companies are properly licensed with the county or state agencies.
Marketing Plan
A. who is your target audience .
i. Age Range
Our target market age range covers people that are 18 years and above.
ii. Level of Educational
We don’t have any basic educational qualifications for those who we are targeting; everyone is welcome to rent our boats.
iii. Income Level
Anyone who can afford our rental fee or membership fee will be welcome to charter our boats.
iv. Ethnicity
There is no restriction when it comes to the ethnicity of the people that will patronize our charter boat service.
v. Language
There is no restriction when it comes to the language spoken by the people that will patronize our charter boat service.
vi. Geographical Location
Anybody from any geographical location will be welcomed in our charter boat service company.
vii. Lifestyle
Mike Honey® Charter Boat Company, Inc. will not restrict any customer based on their lifestyle, culture, or race.
b. Advertising and Promotion Strategies
- Host Themed Events That Catch Attention.
- Tap Into Text Marketing.
- Use FOMO to Run Photo Promotions.
- Share Your Events in Local Groups and Pages.
- Turn Your Social Media Channels into a Resource
- Develop Your Business Directory Profiles
- Build Relationships with Other Businesses in Your Area
i. Traditional Marketing Strategies
- Marketing through Direct Mail.
- Print Media Marketing – Newspapers & Magazines.
- Broadcast Marketing -Television & Radio Channels.
- OOH, Marketing – Public Transits like Buses and Trains, Billboards, Street Furniture, and Cabs.
- Including direct sales, direct mail (postcards, brochures, letters, fliers), print advertising (magazines, newspapers, coupon books, billboards), referral (also known as word-of-mouth marketing), radio, and television.
ii. Digital Marketing Strategies
- Social Media Marketing Platforms.
- Influencer Marketing.
- Email Marketing.
- Content Marketing.
- Search Engine Optimization (SEO) Marketing.
- Pay-per-click (PPC).
- Affiliate Marketing
- Mobile Marketing.
iii. Social Media Marketing Plan
- Start using chatbots.
- Create a personalized experience for our customers.
- Create an efficient content marketing strategy.
- Create a community for our target demography.
- Gear up our profiles with a diverse content strategy.
- Use brand advocates.
- Create profiles on the relevant social media channels.
- Run cross-channel campaigns.
c. Pricing Strategy
When working out our pricing strategy, Mike Honey® Charter Boat Company, Inc. will make sure it covers premium, skimming, economy or value, and penetration. In all our pricing strategy will reflect;
- Cost-Based Pricing
- Value-Based Pricing
- Competition-Based Pricing.
Sales and Distribution Plan
A. sales channels.
Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, managed service providers, marketplaces, or value-added resellers—to market our charter boat company.
Mike Honey® Charter Boat Company, Inc. will also leverage the 4 Ps of marketing which are place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, so we can have a visible, in-demand product or service that is competitively priced for our customers.
b. Inventory Strategy
Mike Honey® Charter Boat Company, Inc. will operate an inventory strategy that is based on a day-to-day methodology for ordering, maintaining, and processing items in our warehouse. We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business.
c. Payment Options for Customers
Here are the payment options that Mike Honey® Charter Boat Company, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
d. Return Policy, Incentives, and Guarantees
Mike Honey® Charter Boat Company, Inc. will operate a no refund policy hence we will not provide compensation for services (membership fees inclusive) that customers paid for in our charter boat company. Please note that we will make sure that any boat we put out for charter meets the required safety standard.
e. Customer Support Strategy
Our customer support strategy will involve seeking customer feedback. This will help us to continue to put our boats in great shape and also to provide excellent customer service to all our patrons, it will help us to first understand their needs, experiences, and pain points.
Regularly, we will work towards strengthening our Customer Service Team and also Leverage Multi-Channel Servicing as part of our customer support strategy.
Operational Plan
We plan to expand our revenue by 50 percent in the second year and the plan will include a marketing, sales, and operations component.
The operations component of the plan would include organizing regular campers’ competitions at the local and state levels, providing lodging and electric vehicle charging amenities, and attracting recreational vehicle owners and campers. These strategies will enable us to boost our service offerings and support revenue growth.
a. What Happens During a Typical Day at a Charter Boat Service Company Business?
- The business is open for the day
- Administrative work is done concurrently
- The boats are cleaned, fueled and other inventories et al are arranged to welcome clients who want to charter our boats
- Maintenance of the boats are carried out
- The facility is administratively closed for the day.
b. Production Process
There is no production process when it comes to the charter boat business.
c. Service Procedure
When a charter boat service is opened and everything is in place, they will either choose to welcome patrons based on membership or open their doors to people in the city where the charter boat service company is located.
d. The Supply Chain
Mike Honey® Charter Boat Company, Inc. will rely on trusted agents to supply some of the needed supplies in our city and we have been able to establish business relationships with wholesale supplies of all these merchandise.
e. Sources of Income
- Income from the charter of our boats and yacht.
- Membership fee.
Our Membership fee will cost $20,000 for the start and then a $15,000 annual fee from the subsequent year (VAT inclusive and subject to change).
Financial Plan
A. amount needed to start your charter boat service.
Mike Honey® Charter Boat Company, Inc. would need an estimate of $550,000 to successfully set up our charter boat service in the United States of America. Please note that we will start with only three boats.
b. What are the Cost Involved?
- Business Registration Fees – $750.
- Legal expenses for obtaining licenses and permits – $7,300.
- Marketing, Branding and Promotions – $5,000.
- Business Consultant Fee – $2,500.
- Insurance – $5,400.
- Rent/Lease – $120,000.
- Other start-up expenses include commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($2,800).
- Operational Cost (salaries of employees, payments of bills et al) – $60,000
- start-up inventory – $25,000
- Counter area equipment (countertop, sink, ice machine, etc.) – $9,500
- Store Equipment (cash register, security, ventilation, signage) – $4,750
- Boats – $350,000
- Website: $600
- Opening party: $3,000
- Miscellaneous: $2,000
c. Do You Need to Build a Facility? If YES, How Much Will it Cost?
Mike Honey® Charter Boat Company, Inc. will build a new facility for our charter boat service (a facility that will accommodate our fleet) and it will cost us $200,000.
d. What are the Ongoing Expenses for Running a Charter Boat Service?
- Cost of stocking up supplies such as toiletries
- Cost of regular surveillances
- Utility bills (gas, internet, phone bills, signage and sewage et al)
- Maintenance of facility
- Salaries of employees
e. What is the Average Salary of your Staff?
- Chief Executive Officer (Owner) – $55,000 per year
- Manager – $38,000 per year
- Accountant/Cashier – $35,0000
- Marketing and Sales Officer – $35,000 per year
- Attendants (5) – $35,000 per year
- Cleaners – $18,000 per year
- Security Officers – $21,150 per year.
f. How Do You Get Funding to Start a Charter Boat Business?
- Raising money from personal savings and sale of personal stocks and properties
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for a loan from your bank/banks
- Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
- Source for soft loans from family members and friends.
Financial Projection
A. how much should you charge for your service.
Aside from our membership fee, Mike Honey® Charter Boat Company, Inc. will charge patrons based on the industry standards in the United States. There are several factors that affect charter yacht pricing. However, on average, a week-long private yacht charter costs anywhere from $10,000 on luxurious sailing yachts and catamarans, and up to $150,000 for superyachts.
b. Sales Forecast?
- First Fiscal Year (FY1): $550,000
- Second Fiscal Year (FY2): $750,000
- Third Fiscal Year (FY3): $1.2 million
c. Estimated Profit You Will Make a Year?
Mike Honey® Charter Boat Company, Inc. are projecting to make;
- First Fiscal Year (FY1): $175,000 (50% of revenue generated)
- Second Fiscal Year (FY2): $337,000 (45% of revenue generated)
- Third Fiscal Year (FY3): $540,000 (45% of revenue generated)
![](http://rss3.fun/777/templates/cheerup/res/banner1.gif)
d. Profit Margin of a Charter Boat Service Company Business Product/Service
The profit margin of a charter boat service company business is not fixed. It could range from 25 percent to 35 percent depending on some unique factors.
Growth Plan
A. how do you intend to grow and expand by opening more retail outlets/offices or selling a franchise.
Mike Honey® Charter Boat Company, Inc. will grow our charter boat service company by first opening other outlets in key coastal cities in the United States of America, the United Kingdom, and Australia within the first five years of establishing the business and then will start selling franchise from the sixth year.
b. Where Do You Intend to Expand to and Why?
Mike Honey® Charter Boat Company, Inc. plan to expand to:
- Los Angeles, California
- Long Beach, Washington
- Newport, Rhode Island
- Chicago, Illinois
- Clearwater, Florida
- Portland, Maine
- Orange Beach, Alabama
- Ocracoke, North Carolina
- Block Island, Rhode Island
- Carmel-by-the-Sea, California.
The reason we intend to expand to these locations is the fact that the cities have the largest beaches in the United States and residents in these cities are known to patronize charter boat companies. Internationally, we plan to expand to Canada, the United Kingdom, and Australia.
Mike Honey® Charter Boat Company, Inc. intends to build a family business hence our exit plan will be family succession. For that reason, the founder Mike Honey is already grooming his son Mack Honey to take over from him. Mack Honey is at the moment being groomed to go through the company’s employment process without any bias.
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Boat Charter Business Plan Template
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Why write a business plan?
- Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
- Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
- Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
- Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
- Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
- Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
- Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
- Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
- Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
- Business plans allow you to position your brand by understanding your company’s role in the marketplace.
- Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
- Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.
Business Plan Content
- Executive Summary
- Company Overview
- Industry Analysis
- Consumer Analysis
- Competitor Analysis & Advantages
- Marketing Strategies & Plan
- Plan of Action
- Management Team
The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.
The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at [email protected] . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.
Instructions for the Business Plan Template
To complete your perfect boat charter business plan, fill out the form below and download our boat charter business plan template. The template is a word document that can be edited to include information about your boat charter business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.
Ongoing Business Planning
Want a bespoke business plan for your boat charter business, our expertise.
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Website Design & Development for Boat Charter Businesses
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Boat Charter Business Plan Template FAQs
What is a business plan for a/an boat charter business, how to customize the business plan template for a boat charter business, what financial information should be included in a boat charter business plan, are there industry-specific considerations in the boat charter business plan template, how to conduct market research for a boat charter business plan, what are the common challenges when creating a business plan for a boat charter business, how often should i update my boat charter business plan, can i use the business plan template for seeking funding for a boat charter business, what legal considerations are there in a boat charter business plan.
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Charter Boat Business Plan Template [Updated 2024]
IX. Financial Plan
This Section's Contents
Revenue and Cost Drivers
Capital requirements and use of funds, key assumptions.
[Company Name]’s revenues will come primarily from its charter boat rental fees. The Company will charge fees for bareboat rental, skippered rental, full-crew rental, and event rental.
The office lease, equipment, supplies, and labor expenses will be the key cost drivers of [Company Name]. The major cost drivers for the Company’s operation will consist of:
- Charter boat supplies and equipment
- Boat maintenance
- Business Insurance
- Lease on office and utilities
Ongoing marketing expenditures are also notable cost drivers for [Company Name].
[Company Name] is seeking a total funding of $3,000,000 of debt capital to open its charter boat company. The capital will be used for funding capital expenditures, dock and office build-out, hiring initial employees, marketing and branding expenses, and working capital.
Specifically, these funds will be used as follows:
- Dock and office design/build: $1,500,000
- Equipment and supplies: $1,000,000
- Working capital: $50,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even
Number of customers per day | Per location |
---|---|
Year 1 | 10 |
Year 2 | 15 |
Year 3 | 20 |
Year 4 | 25 |
Year 5 | 30 |
5 Year Annual Income Statement
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
---|---|---|---|---|---|---|
Revenues | ||||||
Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
Expenses & Costs | ||||||
Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
PRETAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
LIABILITIES & EQUITY | ||||||
Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
Share Capital | $0 | $0 | $0 | $0 | $0 | |
Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
---|---|---|---|---|---|
CASH FLOW FROM OPERATIONS | |||||
Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
CASH FLOW FROM INVESTMENTS | |||||
Investment | ($246,450) | $0 | $0 | $0 | $0 |
Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
CASH FLOW FROM FINANCING | |||||
Cash from equity | $0 | $0 | $0 | $0 | $0 |
Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
SUMMARY | |||||
Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
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Charter Boat Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
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Charter Boat Business
Back to All Business Ideas
Navigating the Waters of a Charter Boat Business Startup
Written by: Carolyn Young
Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.
Edited by: David Lepeska
David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.
Published on March 26, 2022 Updated on July 2, 2024
![boat charter business plan template Navigating the Waters of a Charter Boat Business Startup](https://stepbystepbusiness.com/wp-content/uploads/2022/03/How-to-Start-a-Charter-Boat-Business_Thumbnail-1024x612.jpg)
Investment range
$5,550 - $12,100
Revenue potential
$84,000 - $210,000 p.a.
Time to build
1 – 3 months
Profit potential
$60,000 - $150,000 p.a.
Industry trend
Here are the most important things to know when you are starting your charter boat business:
- Location — Choose a location that’s close to the ocean, sea, lake, or river. Also, make sure the conditions of these water bodies match the offers you are listing such as fishing, sightseeing, or watersports.
- Buy boats — Your charter business will need different types of boats. Decide if you want to invest in new or used boats, and consider different financing options, such as loans and leases tailored to maritime assets . You can usually find the best deals from boat dealers, boat shows, private sellers, and auctions.
- Licenses and certificates — In many places, operating a charter boat requires a boating license or a more specialized captain’s license such as a USCG Captain’s License . If your charter operates in navigable waters, it might need to be inspected and certified by the Coast Guard or equivalent authority. If your charter involves fishing, you may need a license to fish in those waters, and your customers might also need to obtain fishing licenses.
- Niche — Stand out with specialized offers such as fishing charters, eco-tours, luxury cruises, adventure sports, event hosting, or cultural tours.
- Register your business — A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple. Form your business immediately using ZenBusiness LLC formation service or hire one of the best LLC services on the market.
- Insurance — Make sure you have liability insurance, hull insurance, and other policies to protect your business.
- Legal business aspects — Register for taxes, open a business bank account, and get an EIN .
- Maintenance — Set up a routine maintenance schedule, perform regular inspections, and use software to track all maintenance activities and repairs.
![boat charter business plan template boat charter business plan template](https://stepbystepbusiness.com/wp-content/uploads/2023/10/pdf_icon.png)
Interactive Checklist at your fingertips—begin your charter boat business today!
You May Also Wonder:
How profitable can a charter boat business be?
With prices at $700 per party per day, you can make excellent money. As long as you’re in a good location and you’re knowledgeable about the area, you can be successful.
How can I start a charter boat business with no experience?
You can take various online courses to learn about boating through the Boat U.S. Foundation . Courses cost between $35 and $40. Hands on boating education requirements and providers for licensing purposes vary by state.
Is it hard to start a charter boat business?
Like any business, starting a charter boat business is challenging. You should do plenty of research before deciding if it’s right for you.
What is the salary of a charter captain?
Charter boat captain salaries vary by location. Salaries usually fall somewhere in the $60,000s.
What is the largest boat charter company?
Dream Yacht Charter is the largest charter boat company. They have nearly 1,000 boats in their fleet.
![boat charter business plan template charter boat business idea rating](https://stepbystepbusiness.com/wp-content/uploads/2022/03/How-to-Start-a-Charter-Boat-Business_Rating.jpg)
Step 1: Decide if the Business Is Right for You
Pros and cons.
Starting a charter boat business has pros and cons to consider before deciding if it’s right for you.
- Good money — Make $700 per day in-season
- Fun! — Be in the sun on the water all day
- Flexibility — Choose when to schedule trips
- Weather-dependent — Cancelled trips due to extreme weather
- High startup costs — Boats are expensive
Charter Boat Industry Trends
Industry size and growth.
![boat charter business plan template charter boat industry size and growth](https://stepbystepbusiness.com/wp-content/uploads/2022/03/How-to-Start-a-Charter-Boat-Business_Size.jpg)
- Industry size and past growth — The US private boat charter industry is worth nearly $877 million after an average annual growth of 2.4% in the last five years.
- Growth forecast — The US private boat charter industry is expected to steadily keep growing over the next five years.
- Number of businesses — There are about 800 private boat charter businesses operating in the US.
- Number of people employed — The private boat charter industry employs about 2,500 people.(( https://www.ibisworld.com/united-states/market-research-reports/private-boat-charters-industry/ ))
Trends and Challenges
![boat charter business plan template charter boat industry Trends and Challenges](https://stepbystepbusiness.com/wp-content/uploads/2022/03/How-to-Start-a-Charter-Boat-Business_Trends.jpg)
- Fishing charters are the most popular type of charter boat trips, presenting an opportunity for charter boat businesses to specialize.
- Boat safety features are improving, so a charter boat business that has all the latest safety features can have a competitive edge.
- Rising fuel prices are cutting into the profit margins of charter boat businesses.
- Charter boat businesses need to constantly maintain their boats, a cost that is often underestimated.
How Much Does It Cost to Start a Charter Boat Business?
The startup costs for a charter boat business range from $5,500 to $12,000. The largest expense is for a down payment on a boat.
You’ll need a handful of items to successfully launch your charter boat business, including:
- Life jackets
- Fire extinguishers and other safety equipment
- Fishing equipment
Start-up Costs | Ballpark Range | Average |
---|---|---|
Setting up a business name and corporation | $150–$200 | $175 |
Business licenses and permits | $100–$300 | $200 |
Insurance | $100–$300 | $200 |
Business cards and brochures | $200–$300 | $250 |
Boat down payment | $3,000–$7,000 | $5,000 |
Life jackets, fishing equipment, other equipment | $2,000–$4,000 | $3,000 |
Total | $5,550–$12,100 | $8,825 |
How Much Can You Earn From a Charter Boat Business?
![boat charter business plan template charter boat business earnings forecast](https://stepbystepbusiness.com/wp-content/uploads/2022/03/How-to-Start-a-Charter-Boat-Business_Earnings.jpg)
The average price for a one-day boat rental or charter is $700. Your profit margin after fuel and maintenance should be about 70%.
In your first year or two, you could do 120 one-day rentals per season, bringing in $84,000 in annual revenue. This would mean nearly $60,000 in profit, assuming a 70% margin. As your business gains traction, sales could climb to 300 trips in a year. With an annual revenue of $210,000, you’d make a tidy profit of close to $150,000.
What Barriers to Entry Are There?
There are a few barriers to entry for a charter boat business. Your biggest challenges will be:
- The cost of a down payment on a boat
- The boating skills required to be a charter boat captain
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How to Start a Box Truck Business in 13 Steps
Step 2: hone your idea.
Now that you know what’s involved in starting a charter boat business, it’s a good idea to hone your concept in preparation to enter a competitive market.
Choose a Location for a Charter Boat Business
When selecting a location for your charter boat business, it’s essential to weigh various factors:
- Market demand — Research the local and tourist demand for charter boat services in potential locations. Look for areas with a high influx of tourists, especially those interested in activities like fishing, sightseeing, or water sports.
- Access to water bodies — The proximity to and accessibility of suitable water bodies (oceans, lakes, rivers) is crucial. Consider the types of activities your charter will offer and choose a location that supports these activities (e.g., deep-sea fishing requires access to the ocean).
- Marina facilities — Evaluate the quality of marina facilities. Good mooring spots, maintenance services, fueling stations, and customer amenities are essential for the smooth operation of your business.
- Weather and seasonality — Consider the climate and weather patterns. Areas with longer seasons of good weather can potentially offer more business days. However, also prepare for off-season business strategies.
- Customer accessibility — Look at how easy it is for customers to reach your location. Proximity to tourist hotspots, hotels, and transport hubs can be advantageous.
- Economic stability — The economic stability of the location can impact your business. Thriving economic areas with higher disposable incomes can be more lucrative.
- Local partnerships and networking — Explore potential partnerships with local businesses such as hotels, travel agencies, and event planners. These partnerships can provide a steady stream of customers.
- Scenic appeal and unique offerings — Areas with natural beauty or unique marine life can attract more customers. Consider what unique features your location can offer that others can’t.
- Safety and security — Ensure the location is safe for customers and your business. This includes both on-water safety and the general safety of the area.
Why? Identify an Opportunity
Research charter boat businesses in your area to examine their services, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the market is missing a charter boat business that offers dinner cruises or snorkeling and diving. A location with fewer existing charter services might offer more opportunities but consider if the low competition is due to poor demand.
![boat charter business plan template boat charter business plan template](https://stepbystepbusiness.com/wp-content/uploads/2022/02/bulb_icon.png)
You might consider targeting a niche market by specializing in a certain aspect of your industry, such as fishing or late night party cruises.
Your services will depend on the type of charters you decide to offer. Those can be fishing charters , diving charters, late-night cruises, local boat tours, and more. You can also offer food and drinks.
Read our interview with the founders of Catamaran Guru to gain invaluable insights on building a successful yacht sales and charter management business.
How Much Should You Charge for Charter Boats?
The average price for a day charter is $700. You should check prices in your area to make sure that you’re competitive. You should aim for a profit margin of about 70%. Once you know your costs, you can use our profit margin calculator to determine your markup and final price points. Remember that the prices you use at launch should be subject to change if warranted by the market.
Who? Identify Your Target Market
Your target market will be broad, mainly tourists. You should spread out your marketing to include sites like TikTok, Instagram, and Facebook.
Step 3: Brainstorm a Charter Boat Business Name
Here are some ideas for brainstorming your business name:
- Short, unique, and catchy names tend to stand out
- Names that are easy to say and spell tend to do better
- Name should be relevant to your product or service offerings
- Ask around — family, friends, colleagues, social media — for suggestions
- Including keywords, such as “charter boating” or “charter fishing,” boosts SEO
- Name should allow for expansion, for example, “High Seas Charter Services” over “Scuba Diving Charters”
- A location-based name can help establish a strong connection with your local community and help with the SEO, but might hinder future expansion
Discover over 310 unique charter boat business name ideas here . If you want your business name to include specific keywords, you can also use our charter boat business name generator. Just type in a few keywords, hit Generate, and you’ll have dozens of suggestions at your fingertips.
Once you’ve got a list of potential names, visit the US Patent and Trademark Office website to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these.
Find a Domain
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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.
Step 4: Create a Charter Boat Business Plan
Here are the key components of a business plan:
![boat charter business plan template what to include in a business plan](https://stepbystepbusiness.com/wp-content/uploads/2022/02/business-plan-1.jpg)
- Executive summary — A brief overview highlighting the key points of the charter boat business plan, summarizing its objectives and potential
- Business overview — Detailed information about the charter boat business, including its mission, vision, and the problem it aims to solve in the market
- Product and services — Clearly defined offerings, specifying the types of charter boat services, packages, and any additional amenities provided
- Market analysis — An examination of the target market, identifying customer needs, market trends, and potential growth opportunities for the charter boat business
- Competitive analysis — Evaluation of competitors in the charter boat industry, highlighting strengths and weaknesses to position the business effectively in the market
- Sales and marketing — Strategies for promoting and selling charter boat services, including pricing, advertising, and promotional activities to attract customers
- Management team — Introduction of the key individuals responsible for running the charter boat business, emphasizing their expertise and roles
- Operations plan — Details on how the business will operate, covering logistics, maintenance, safety protocols, and any partnerships necessary for smooth operations
- Financial plan — Projections of the charter boat business’s financial performance, including revenue forecasts, expense estimates, and break-even analysis
- Appendix — Supplementary materials, such as charts, graphs, or additional documentation, supporting, and enhancing the information presented in the charter boat business plan
If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.
Step 5: Register Your Business
Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.
Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business!
Choose Where to Register Your Company
Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to charter boat businesses.
If you’re willing to move, you could really maximize your business! Keep in mind that it’s relatively easy to transfer your business to another state.
Choose Your Business Structure
Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your charter boat business will shape your taxes, personal liability, and business registration requirements, so choose wisely.
Here are the main options:
![boat charter business plan template types of business structures](https://stepbystepbusiness.com/wp-content/uploads/2022/02/Business-Structure-2.jpg)
- Sole proprietorship — The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
- General partnership — Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
- Limited Liability Company (LLC) — Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
- C Corporation — Under this structure, the business is a distinct legal entity, and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
- S Corporation — This refers to the tax classification of the business but is not a business entity. Either a corporation or an LLC can elect to be an S Corp for tax status. Here, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.
We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.
Form Your LLC
Choose Your State
We recommend ZenBusiness as the Best LLC Service for 2024
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Step 6: Register for Taxes
The final step before you’re able to pay taxes is getting an Employer Identification Number or EIN. You can file for your EIN online or by mail/fax. Visit the IRS website to learn more. Keep in mind that, if you’ve chosen to be a sole proprietorship, you can simply use your social security number as your EIN.
Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.
![boat charter business plan template boat charter business plan template](https://stepbystepbusiness.com/wp-content/uploads/2022/05/info_icon-1.png)
The IRS website also offers a tax-payers checklist , and taxes can be filed online.
It is important to consult an accountant or other professional to help you with taxes to ensure you’re completing them correctly.
Step 7: Fund Your Business
Securing financing is your next step, and there are plenty of ways to raise capital:
![boat charter business plan template types of business financing](https://stepbystepbusiness.com/wp-content/uploads/2022/02/Fund-Your-Business.jpg)
- Bank loans — This is the most common method, but getting approved requires a rock-solid business plan and a strong credit history.
- SBA-guaranteed loans — The Small Business Administration can act as a guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
- Government grants — A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
- Friends and family — Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
- Crowdfunding — Websites like Kickstarter and Indiegogo offer increasingly popular low-risk options in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
- Personal — Self-fund your business via your savings or the sale of property or other assets.
Bank and SBA loans are probably the best options, other than friends and family, for funding a charter boat business. You might also try crowdfunding if you have an innovative concept.
Step 8: Apply for Licenses and Permits
Starting a charter boat business requires obtaining a number of licenses and permits from local, state, and federal governments.
The US Coast Guard requires boat owners who run a charter to have a captain’s license. You can find information on getting this license with Maritime Professional Training . You may also need a fishing guide license.
Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits.
You may also need state-level and local county or city-based licenses and permits. This includes licenses, safety regulations, fishing limits, and environmental guidelines. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more.
You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.
This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.
If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.
Step 9: Open a Business Bank Account
Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .
Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your charter boat business as a sole proprietorship. Opening a business bank account is quite simple and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.
Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account.
Step 10: Get Business Insurance
Business insurance is an area that often gets overlooked, yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.
Here are some types of insurance to consider:
![boat charter business plan template types of business insurance](https://stepbystepbusiness.com/wp-content/uploads/2022/02/business-insurance-1.jpg)
- General liability — The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
- Business property — Provides coverage for your equipment and supplies.
- Equipment breakdown insurance — Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
- Worker’s compensation — Provides compensation to employees injured on the job.
- Property — Covers your physical space, whether it is a cart, storefront, or office.
- Commercial auto — Protection for your company-owned vehicle.
- Professional liability — Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
- Business owner’s policy (BOP) — This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.
Step 11: Prepare to Launch
As opening day nears, prepare for launch by reviewing and improving some key elements of your business.
Essential Software and Tools
Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.
You may want to use industry-specific software, such as Sedna , Starboard Suite , or Stellar , to manage your bookings, scheduling, invoicing, and payments.
- Popular web-based accounting programs for smaller businesses include Quickbooks , FreshBooks , and Xero .
- If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences of filing incorrect tax documents can be harsh, so accuracy is crucial.
Develop Your Website
Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.
You can create your own website using website builders . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech savvy, you can hire a web designer or developer to create a custom website for your business.
However, people are unlikely to find your website unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.
Here are some powerful marketing strategies for your future business:
- Local SEO — Optimize your website to showcase your charter services, boats, and unique experiences, improving visibility in search results for charter-related terms. Regularly update your Google My Business and Yelp profiles to strengthen your local search presence.
- Professional branding — Ensure your branding captures the essence of adventure, luxury, or relaxation offered by your charters, reflected in everything from your logo to boat decor.
- Direct outreach — Partner with local hotels, travel agencies, and tourism boards to integrate your charters into travel packages and exclusive offers.
- Social media engagement — Use Instagram, Facebook, and YouTube to share captivating images and videos of your trips, highlighting customer experiences and the beauty of the destinations.
- Sea adventures blog — Publish posts about local marine life, fishing tips, and scenic routes to attract enthusiasts and inform potential customers.
- Video tours and guides — Create engaging video content that provides virtual tours of your vessels and insights into the charter experience.
- Open boat days — Organize events where prospective clients can tour your boats, meet the crew, and learn about the services offered.
- Local event participation — Showcase your services at waterfront festivals, boat shows, and fishing tournaments to connect with the community and attract customers.
- Business collaborations — Form referral partnerships with local businesses, like seaside restaurants or hotels, to offer enhanced packages.
- Loyalty rewards program — Develop a rewards program offering discounts or upgrades to frequent customers to foster loyalty and encourage repeat visits.
- Targeted digital advertising — Place ads on travel and tourism platforms and local online boards to specifically target individuals interested in charter services.
Focus on USPs
![boat charter business plan template unique selling proposition](https://stepbystepbusiness.com/wp-content/uploads/2022/02/USP-1.jpg)
Unique selling propositions, or USPs, are the characteristics of a product or service that set it apart from the competition. Today’s customers are inundated with buying options, so you’ll have a real advantage if they can quickly grasp how your charter boat business meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire.
Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your charter boat business could be:
- Fishing day trips to reel in the big one!
- Dinner cruises to view the sunset in style
- Tour the local scenery while relaxing on a luxury boat
You may not like to network or use personal connections for business gain, but your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a charter boat business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in boats for years and can offer invaluable insight and industry connections.
The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in boating. You’ll probably generate new customers or find companies with which you could establish a partnership.
Step 12: Build Your Team
If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a charter boat business include:
- Charter boat drivers — driving on boat trips
- General manager — scheduling, accounting
- Marketing lead — SEO strategies, social media
At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.
Step 13: Run a Charter Boat Business — Start Making Money!
What could be more fun than being the captain of your own ship and sharing the joy with your customers? You can make good money while spending your time in the sun on the water. You’ll need to make an investment to get started, but you’ll be stepping into an industry that’s growing fast. You’ve got the knowledge you need, so now it’s time to go ahead and launch your boat and your successful new business.
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- Decide if the Business Is Right for You
- Hone Your Idea
- Brainstorm a Charter Boat Business Name
- Create a Charter Boat Business Plan
- Register Your Business
- Register for Taxes
- Fund Your Business
- Apply for Licenses and Permits
- Open a Business Bank Account
- Get Business Insurance
- Prepare to Launch
- Build Your Team
- Run a Charter Boat Business — Start Making Money!
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Charter Boat Business Plan : free template
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Welcome aboard the journey to explore the intricacies of a comprehensive Charter Boat Business Plan for (Charter Boat Ltd). In this article, we unveil a blueprint that outlines the strategic vision, product offerings, market analysis, and financial projections that will steer (Charter Boat Ltd) towards prosperity in the thriving charter boat industry. Discover how the company’s founders, supported by a competent management team, aim to create an unforgettable maritime experience for tourists, corporates, and locals alike. From the executive summary to the financial forecasts, join us as we unveil the sails and embark on an exciting voyage of entrepreneurial excellence
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Charter Boat Business Plan: Executive Summary
In this section, we will provide an overview of the Charter Boat Ltd’s business plan. The executive summary is a concise yet comprehensive snapshot of the entire plan, offering key insights into the company’s vision, objectives, and strategies.
Company Overview
(Charter Boat Ltd) is a premier charter boat service that aims to provide unforgettable maritime experiences to tourists and locals alike. We specialize in offering luxury yacht charters and excursions, catering to individuals, families, and corporate groups.
Mission Statement
Our mission is to create memorable moments on the water by delivering exceptional services, comfort, and safety, all while respecting the environment and marine life.
Business Objectives
• To become the leading charter boat service in the region within the next three years. • To maintain a customer satisfaction rating of at least 95%. • To expand our fleet and services to meet growing demand while ensuring sustainability practices.
Target Market
Our primary target market includes affluent tourists seeking luxury yacht experiences and corporate clients interested in team-building events and exclusive excursions. Additionally, we will cater to local residents who wish to celebrate special occasions on the water.
Unique Selling Proposition (USP)
(Charter Boat Ltd) stands out from competitors by offering top-notch customer service, highly skilled and personable crew members, and a diverse fleet of well-maintained luxury boats. Our commitment to environmental preservation also sets us apart, appealing to eco-conscious customers.
Financial Summary
The projected revenue for the first year of operations is $X, with an estimated growth rate of X% over the next five years. The initial investment required for the business is $X, and we expect to break even within the first 18 months
Charter Boat Business Plan: Product and Service
In this section, we will outline the range of products and services offered by (Charter Boat Ltd). Our goal is to provide customers with a diverse selection of yacht charters and related services to suit their specific needs and preferences.
Luxury Yacht Charters
Our luxury yacht charters are the centerpiece of our offerings. We maintain a fleet of elegant and fully-equipped yachts, ranging in size and capacity, to accommodate different group sizes and occasions. Whether clients desire a romantic sunset cruise or a corporate event on the water, we have the perfect yacht for every occasion.
Customized Itineraries
To ensure a truly personalized experience, we offer customized itineraries tailored to our customers’ preferences. Our team works closely with clients to design the perfect route, taking into account their desired destinations, activities, and duration of the charter.
Additional Services
In addition to yacht charters, we provide a range of supplementary services to enhance our customers’ experience:
We offer gourmet catering services, allowing clients to indulge in delicious meals prepared by professional chefs onboard. From fine dining experiences to casual beach picnics, our catering options cater to diverse tastes and dietary preferences.
Water Activities
To add excitement to the charter, we provide a variety of water activities, such as snorkeling, scuba diving, and jet skiing. These activities are supervised by experienced guides and instructors, ensuring safety and enjoyment for all participants.
Event Planning
For corporate clients and individuals planning special events, our team assists in organizing and coordinating every detail. From weddings and anniversaries to corporate retreats and team-building exercises, we take care of event logistics, ensuring a seamless and memorable occasion.
Service Excellence
At (Charter Boat Ltd), we prioritize customer satisfaction above all else. Our crew members are well-trained and dedicated to delivering the highest standard of service throughout the charter. From the initial inquiry to the conclusion of the trip, we strive to exceed expectations and create lasting memories.
Environmental Commitment
As a company reliant on the beauty of the sea, we are committed to preserving the marine environment. (Charter Boat Ltd) follows eco-friendly practices, including waste reduction, responsible fuel usage, and marine life protection initiatives. We aim to be a sustainable and responsible player in the charter boat industry
Charter Boat Business Plan: Market Analysis
In this section, we will conduct a comprehensive market analysis for (Charter Boat Ltd) to understand the industry landscape, target market, and competitive positioning.
Industry Trends and Growth
The charter boat industry has been experiencing steady growth over the past few years. Increased disposable income among consumers, growing interest in luxury travel experiences, and the rise of experiential tourism have contributed to the expansion of the market. Furthermore, the appeal of private and exclusive yacht charters has attracted both leisure and corporate clients.
Target Market Segments
Our target market comprises three primary segments:
1. Affluent Tourists
This segment includes high-net-worth individuals and families seeking exclusive and luxurious vacation experiences. They value privacy, comfort, and personalized services. (Charter Boat Ltd) caters to this segment by offering premium yacht charters and tailor-made itineraries.
2. Corporate Clients
Corporate clients, including businesses and organizations, seek unique venues for team-building events, corporate retreats, and client entertainment. Our company provides a sophisticated platform for networking and fostering business relationships.
3. Local Residents
Local residents, particularly those celebrating special occasions like birthdays, anniversaries, and graduations, form an essential part of our target market. We offer various packages and services to attract this segment, fostering strong customer loyalty.
Competitor Analysis
The charter boat industry is competitive, with several established players and new entrants vying for market share. Key competitors include well-known yacht charter companies and local operators. Our differentiating factors, such as exceptional customer service, diverse fleet, and eco-friendly practices, will enable us to compete effectively in the market.
Marketing Strategies
To reach our target audience and increase brand visibility, we will employ the following marketing strategies:
Digital Marketing
We will leverage various online platforms, including social media, search engines, and email marketing, to engage with potential customers, share captivating content, and promote special offers.
Partnerships
Collaborating with luxury travel agencies, event planners, and hotels will allow us to access a broader customer base and enhance our credibility within the industry.
Customer Referral Program
To encourage repeat business and word-of-mouth referrals, we will implement a customer referral program that offers incentives for clients who recommend our services to others.
Participation in Events
Attending relevant trade shows, boating expos, and local events will provide us with opportunities to showcase our services and interact with potential customers directly.
Regulatory and Legal Considerations
Operating a charter boat business involves adhering to various regulations, including safety standards, licensing requirements, and environmental protocols. (Charter Boat Ltd) will ensure strict compliance with all relevant laws and regulations to maintain a safe and reputable operation
Charter Boat Business Plan: Marketing & Sales Strategy
In this section, we will delve deeper into the marketing strategies that (Charter Boat Ltd) will employ to promote its services and attract customers.
Creating a strong and recognizable brand identity is crucial for establishing (Charter Boat Ltd) as a reputable and desirable charter boat service. We will develop a captivating logo, design visually appealing marketing materials, and maintain a consistent brand voice across all communication channels.
Online Presence
In today’s digital age, a robust online presence is essential for any business. We will invest in a professionally designed website that showcases our fleet, services, and customer testimonials. The website will be optimized for search engines (SEO) to improve visibility in relevant online searches.
Engaging Content
We will produce high-quality and engaging content to attract potential customers and keep them informed and entertained. This content will include blog posts about exciting destinations, water activities, and yacht charter tips, as well as captivating visuals and videos of our yacht experiences.
Social Media Marketing
Social media platforms offer an excellent opportunity to connect with our target audience and build a community of followers. (Charter Boat Ltd) will maintain active profiles on platforms like Facebook, Instagram, and Twitter, sharing compelling content, special offers, and customer stories to foster engagement.
Email Marketing
Email marketing will be utilized to stay in touch with previous customers, provide updates on new services and promotions, and offer exclusive deals. We will implement segmented email campaigns to tailor messages to specific customer groups.
Sales Strategy
Our sales strategy will focus on converting leads into customers and encouraging repeat business.
Exceptional Customer Service
Providing exceptional customer service is at the core of our sales strategy. We will ensure that every interaction with (Charter Boat Ltd) is positive and memorable, from the first inquiry to the end of the charter.
Personalized Approach
Understanding that each customer has unique preferences and requirements, our sales team will take a personalized approach. They will actively listen to customers’ needs and suggest the most suitable yacht charters and services.
Pricing and Packages
We will offer competitive pricing for our yacht charters and related services. Additionally, we will create attractive packages that bundle various activities and amenities, providing customers with added value.
Customer Feedback and Reviews
Encouraging customers to provide feedback and reviews after their charter experience will help build trust and credibility. Positive reviews and testimonials will be showcased on our website and social media platforms.
Upselling and Cross-selling
To maximize revenue per customer, we will employ upselling and cross-selling techniques. This includes offering additional services and upgrades during the booking process and suggesting relevant add-ons to enhance their experience.
Charter Boat Business Plan: The Management Team
In this section, we will introduce the key members of the management team at (Charter Boat Ltd). Their expertise and experience play a vital role in the successful operation and growth of the business.
Founder and CEO: [Founder’s Name]
As the founder and CEO of (Charter Boat Ltd), [Founder’s Name] brings a passion for boating and extensive experience in the maritime industry. With a background in business management and a deep understanding of customer preferences, [Founder’s Name] is the driving force behind the company’s vision and strategic direction.
Director of Operations: [Director’s Name]
[Director’s Name] is responsible for overseeing the day-to-day operations of (Charter Boat Ltd). With a proven track record in yacht charter management, [Director’s Name] ensures that all charters are executed flawlessly, adhering to the highest safety and service standards.
Marketing Manager: [Marketing Manager’s Name]
[Marketing Manager’s Name] leads the marketing team and is responsible for creating and implementing the marketing strategies outlined in the previous section. With a keen understanding of digital marketing and branding, [Marketing Manager’s Name] strives to elevate the company’s online presence and drive customer engagement.
Head of Customer Relations: [Customer Relations Manager’s Name]
[Customer Relations Manager’s Name] is dedicated to delivering exceptional customer service and ensuring that each client’s experience with (Charter Boat Ltd) exceeds their expectations. With excellent interpersonal skills and a customer-centric approach, [Customer Relations Manager’s Name] fosters strong relationships with clients, resulting in high customer satisfaction and repeat business.
Captain: [Captain’s Name]
[Captain’s Name] is an experienced and licensed captain responsible for the safe navigation of our charter yachts. With extensive knowledge of the local waters and a commitment to maritime safety protocols, [Captain’s Name] ensures that each charter is not only enjoyable but also secure.
Chef: [Chef’s Name]
[Chef’s Name] is a skilled and creative chef, responsible for curating delightful culinary experiences during charters. With expertise in preparing a diverse range of dishes, [Chef’s Name] caters to our customers’ tastes and dietary preferences, enhancing their overall journey.
Human Resources and Training
A competent and motivated team is crucial to the success of (Charter Boat Ltd). We invest in continuous training and development programs to enhance our employees’ skills and ensure they remain up-to-date with the latest industry practices.
Recruitment
We employ a rigorous recruitment process to select the best candidates for each role. This process includes evaluating candidates’ qualifications, experience, and passion for customer service and the marine industry.
Training and Development
Once onboard, each team member undergoes comprehensive training in safety procedures, customer service, and specialized skills related to their roles. We encourage and support professional development opportunities to help our team grow both personally and professionally.
Employee Welfare
Recognizing that employee satisfaction directly impacts customer satisfaction, we prioritize the welfare and well-being of our team. We offer competitive compensation packages, benefits, and a positive work environment to foster a motivated and dedicated workforce.
The collective expertise, passion, and commitment of the management team at (Charter Boat Ltd) form the backbone of our operations. Their shared vision and dedication to providing exceptional service position our company for success in the charter boat industry
Charter Boat Business Plan: Financial Forecasts or Projections
In this section, we will present the financial forecasts and projections for (Charter Boat Ltd) over the next five years. These projections are based on thorough market research, historical data, and realistic assumptions.
Revenue Projections
We anticipate steady revenue growth over the next five years, driven by an increasing number of charters and a growing customer base. Our diversified product offerings and effective marketing strategies will contribute to revenue expansion.
Operating Expenses
Operating expenses will include crew salaries, yacht maintenance, fuel costs, marketing expenses, insurance, and administrative overheads. We will continuously review and optimize our operations to manage expenses effectively.
Profit Margins
Profit margins are expected to improve as we scale our operations and benefit from economies of scale. By maintaining a high level of customer satisfaction and efficient cost management, (Charter Boat Ltd) aims to achieve healthy profit margins.
Break-Even Analysis
We anticipate reaching the break-even point within the first 18 months of operations. This milestone is crucial as it marks the point at which total revenue equals total expenses, and the business becomes financially self-sustaining.
Cash Flow Management
Effective cash flow management is essential for sustaining day-to-day operations, servicing debts, and investing in the company’s growth. We will closely monitor cash inflows and outflows to ensure a healthy financial position.
Investment and Funding
The initial investment required for (Charter Boat Ltd) is [Amount]. This funding will be allocated to acquiring yachts, marketing efforts, hiring and training staff, and setting up the necessary infrastructure. We are actively seeking investors who share our vision and values to support our growth plans.
Financial Contingency Planning
While we are optimistic about (Charter Boat Ltd)’s success, we recognize the importance of preparing for unforeseen circumstances. Our financial contingency planning includes building a reserve fund, insurance coverage, and developing strategies to mitigate potential risks.
The financial projections indicate a promising future for (Charter Boat Ltd). With a well-crafted business plan, a strong management team, and a commitment to excellence, we are confident in achieving our financial goals and establishing (Charter Boat Ltd) as a leading charter boat service in the region
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Home » Transportation
How to Start a Charter Boat Business [Business Plan]
Note that the rise of tourism has brought so much money into every tourism-targeted business. One of the biggest beneficiaries of this massive inflow of cash has been the boating industry.
In this modern age, starting and running a charter boat business is a very lucrative and exciting way to earn a living. However, to ensure you achieve success in this line of business, you will need to be committed, resourceful, and a bit creative. You need to be prepared and make sure that you know what you are getting into.
Steps on How to Start a Charter Boat Business
Conduct market research.
To start this business, you will need to do some primary and secondary research about the market. Take your time to locate market gaps and always try to fill those gaps. A charter boat business is, without doubt, saturated and it will require innovation at different points. You must know the answer to these questions before you begin:
- What charter boat businesses currently operate in your area?
- Is the market saturated, or is there room for growth?
- Are the charter boat businesses running at full capacity?
- Are they turning a profit?
- What are the regulations?
- How much does it cost to keep a boat at the dock?
Note that the answers to these questions, as well as any additional research you do, will help guide your launch.
a. Who is your Target Market?
Right before you invest substantial resources into leasing or purchasing boats, it’s imperative you first decide what type of clientele you’re going to target. Will it be multinational companies that are looking to carry out corporate meetings or events in the middle of the storm-tossed ocean?
Or, would you prefer to cater to the needs of families who want to enjoy private whale-watching trips? Maybe you will prefer to target retirees who want a relaxing, yet exciting, deep sea fishing experience. Also, note that you don’t need to only target elite clientele like most charter boat businesses.
However, regardless of your target audience, you have to ensure you deliver a top-notch experience every time. You might choose to target customers who are only in for the fishing, therefore, you will want to make sure your boat features things like fishing rails, fish holding tanks, and other angling accouterments.
Always ensure you understand your customers’ needs and do everything possible to satisfy them. As long as you can do this, you will be creating lifelong fans that will be eager to come back.
b. Is Charter Boat Business a Profitable Business?
Yes. A charter boat business is profitable in more ways than one. Be it profit or pleasure, this boating business yields a lifetime of happiness.
c. Are There Existing Niches in the Industry?
- Day charters: These charters only go out for one day
- Term charters: Guest will stay on the boat from one night to two weeks or more
- Sailing charters: Any charter on a sailboat would fall in the category
- Fishing charters: This mainly focuses on fishing
- Diving charters: This is where SCUBA diving is done
- Instructional charters: There are numerous charter boast that is primarily for teaching
- All-inclusive: This will more or less include a two-person (or more) crew where all meals are prepared by the crew
- Captain only: Note that the only thing the price includes is the boat and a captain
- Bareboat charters: Cruisers rent or lease out a vessel for a certain period, with no crew or provisions provided.
d. Who are the Major Competitors?
- Horizon Yacht Charter
- Dream Yacht Charters
- TMM Yacht Charters
- BVI Yacht Charters
- Catamaran Company
e. Are There County or State Regulations or Zoning Laws for Charter Boat Business?
Yes. There are federal and state regulations to consider when starting your charter boat business. Charter boats can be inspected by the coast guard at any time. If your charter boat carries more than 7 passengers, you will also have to be licensed with the coast guard.
You will also need to take the state-issued charter license, in some states. It will vary according to the state you live in. For instance, in the state of Florida, being a licensed saltwater guide is different from being a freshwater guide.
f. Is There a Franchise for Charter Boat Business?
- Invert Sports: $120,000 – $300,000
- Sea Tow: $125,000 – $275,000
- Cruisin’ Tikis: $44,900 – $47,000
- Freedom Boat Club: $181,000 – $487,500
- Nautical Boat Club: $541,400 – $876,800
- Sailtime / Powertime: $74,675 – $151,950
- Carefree Boat Club: $100,000 – $250,000
g. What Do You Need to Start a Charter Boat Business?
- Charter Boat
- Viable Market
- Industry Knowledge and Experience
- Adequate Capital
- Adequate Licenses and Permits
- A Business Plan
Memorable Charter Boat Business Names
- Premium Voyagers
- Sea Surf Boats
- Island Explorers
- Ocean Achilles
- Vacation Pride
- Ocean Green
- Nautical Dots
- Cleopatra of Seas
- North Compass
- Charter Boat Mart
- Clean Water Rides
- Pride or Atlantis
- Quantum Arrowhead
- Steady Sailings
- Valhalla Rides
- Hydra Boats
Register your Business
A. what type of business structure is best for charter boat business.
A business structure simply means how a business is legally organized to operate. Note there are four primary business entities to choose from, which include a sole proprietorship, partnership, corporation, and Limited Liability Company (LLC). Have it in mind that every structure has its pros and cons, such as liability exposure, costs, and administrative requirements.
You can register your charter boat business as a sole proprietorship since it is the simplest form of business classification. Howbeit, it is imperative to note that sole-proprietorships come with certain liabilities if you’re sued. But for added protection, consult a business lawyer or your accountant on how to register as an LLC.
b. Steps to Form an LLC
- Select a Name for Your LLC.
- File Articles of Organization.
- Pick a registered agent.
- Decide on member vs. manager management.
- Establish an LLC operating agreement.
- Adhere to other tax and regulatory requirements.
- File annual reports.
c. What Type of License is Needed to Open a Charter Boat Business?
While this will mostly depend on your target audience, here are basic licenses to consider;
- Captain’s license
- Charter/ Fishing license
- Boat registration
- Licensing requirements for each water jurisdiction you plan on traveling to
- An angler permit
- A salmon charter license if your passenger intends to fish salmon or albacore tuna
- A non-salmon charter license is required if you accept a fee to take a person fishing for shellfish and fish other than salmon or albacore tuna.
- A food fish guide license is required if you accept a fee to take a person fishing for salmon, sturgeon, or other food fish species in freshwater rivers and streams.
- Business license
d. What Type of Certification is Needed to Open a Charter Boat Business?
Top certifications to consider in this line of business include;
- Certified Fisheries Professional (FP-C)
- Associate Fisheries Professional (FP-A)
- Small Vessel Operator Proficiency (SVOP)
- Basic Safety Course (MED A1)
- Restricted Operator Course Maritime (ROC-M)
- Certified Tidal Angling Guide (CTAG)
- NauticEd Sailing License and Credentials
- Royal Yachting Association (RYA)International Certificate of Competence
- Bareboat Charter Master
- Yachtmaster certification
e. What Documents are Needed to Open a Charter Boat Business?
- Federal tax identification number
- Business plan
- Business name registration certificate
- Insurance certificate
f. Do You Need a Trademark, Copyright, or Patent?
No. You may not need a patent, trademark, or copyright to protect the services you provide. However, your company name and the recognizable logo you use to create a visual representation of your brand may need protection. Since your brand name and logo are a very important aspect of your business, consider applying for registration of the copyright and trademark.
Do your Cost Analysis and Budgeting
A. how much does it cost to start a charter boat business.
Indeed, the cost of starting a charter boat business is high, it is in the $50,000+ range. However, the business can be profitable and afford you a rewarding lifestyle that money sometimes can’t buy.
b. What are the Costs Involved?
- New boat: $41,000
- Used boats: less than $30,000
- Dockage: $2,400
- Insurance: $2,500
- A fishing license: vary by state
- Utilities: $1,600
- Setting up a business name and corporation: $150 – $200
- Business licenses and permits: $100 – $300
- Business cards and brochures: $200 – $300
- Website setup: $1,000 – $3,000
- Life jackets and other equipment: $1,000 – $2,000
- Boat slip rental: $500 – $1,500
- Legal and management fees: $2,000
c. What Factors Determine the Cost of Opening a Charter Boat Business?
- Target Audience
- Services Offered
- Business Size
- License and Permits
- Branding, Promotion, and Marketing Plans
- Supplies and Ongoing Expenses
d. Do You Need to Build a Facility?
No, you do not need a facility to start a charter boat as your boats will need to dock in waters and not in a garage. However, you may want to rent an office front to make it easy for your clients to reach you. Consider renting an office space close to the water bodies where your boats are docking.
e. What are the Ongoing Expenses for Running a Charter Boat Business?
While this will surely vary from business to business, here are basic ongoing costs to consider;
- Captain’s fees
- Fuel and oil
- Bait and ice
- Business and fishing licenses
- Advertising
- Management and legal fees
- Boat maintenances
- Boat depreciation
f. What is the Average Salary of your Staff?
- Boat Captain: $66,260
- Lodging Manager: $56,670
- Company Cashier: $42,860
- Deckhand/Stewardess: $35,880
- Maintenance staff: $29,164
- Store clerk/Front desk officer: $23,490
g. How Do You Get Funding to Start a Charter Boat Business?
Owing to the high cost of starting this business, you probably don’t have sufficient funds to bankroll your fledgling charter business. Therefore, you may need to source external financing to fund your venture. Here are some ways to secure funding:
- Bootstrapping
- Friends and family
- Crowdfunding
- Business loan
Write a Business Plan
A. executive summary.
Yacht charter services are known to be quite popular among wealthy individuals who are looking to experience the ocean. Owing to this growing demand, Island Explorers will offer charter and arrange yacht trips on behalf of her clients. At Island Explorers, we intend to work with travel agents to ensure that wealthy travelers can easily book trips daily. We believe this is one of the best ways to market our new yacht charter service.
b. Services we Offer
- Renting out the yacht
- Providing basic maintenance and upkeep of the yacht for wealthy owners
- Providing insurance and proper licensing to yacht owners
- Scheduling commercial vehicle inspections as required by the state
- Providing moorage for the yacht
c. Mission Statement
Our mission at Island Explorers is to establish a business that offers customers an easy and convenient way of getting private yacht trips to many destinations in the world. We will always strive to provide seamless operations that will provide clients with their needed yacht charters.
d. Vision Statement
Our vision at Island Explorers is to aggressively expand during our first three years of operation. We intend to achieve this by integrating e-commerce functionality so that individuals can easily place reservations directly on the website without having to directly contact the business.
e. Goals and Objectives
- Offer seasonal pricing to encourage year-round utilization of the yacht
- Steadily increase revenues each year
- Attain a 50% retention rate of customers from year 2 to year 3
f. Organizational Structure
- Chief Executive Officer
- Boat Captain
- Lodging Manager
- Company Cashier
- Deckhand/Stewardess
- Maintenance staff
- Store clerk/Front desk officer
Marketing Plan
A. swot analysis.
- Top-notch customer service
- Remain profitable given that their clientele is less swayed by negative changes in the economy
- Experienced workers
- Well detailed marketing plans
- Lack of adequate capital
- Required to comply with several different licensing agencies
- High ongoing operating expenses
Opportunities
- Marketing plans that will attract clients
- Additional vessels to boost week to week and month-to-month revenue
- E-commerce functionality
- Government regulations
- Negative economic downturn
- Cost to charter a yacht on a daily basis
b. How Do Charter Boat Businesses Make Money?
Generally, charter boat rates are calculated and charged on a per-person basis, and the rate will vary depending on the type of boat charter business and the services or activities that are being offered. Here are the top five ways charter boat businesses make money;
- Peer-to-Peer Rentals
- Charter Fishing
- Vending from the Vessel
- Operating Sight-Seeing Tours
- Special Business Opportunities
- Parasailing services
- Dinner cruises
- Scuba diving and snorkeling excursions;
- Whale-watching
c. Payment Options
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via mobile money transfer
d. Sales & Advertising Strategies
- A professional website with 24/7 online reservation capabilities
- An effective guest management solution
- Reseller relationships with local travel agents and popular online travel agencies (OTAs) such as TripAdvisor, RedBalloon, and Adrenaline
- Social media and website updates to grow organic engagement with followers
- Marketing across channels such as social media paid search, radio, and print
- Follow-up marketing after guest experience
- Offer new or exclusive destinations
- Create local fishing guides online to establish yourself as a fishing authority
- Offer discounts for repeat bookings
- Add a barbecue experience so guests can eat fresh fish aboard charter fishing trips
- Add historical or cultural aspects to your charter boat fishing experiences
Financial Projection
A. how much should you charge for your service.
What you charge will most often depend on your location and the sort of services the business offers. For instance, a fishing charter in Destin, Florida charges around $165 and $200 per hour for up to six people. Meanwhile, a charter in Milwaukee, Wisconsin will charge $750 for an 8-hour charter with up to six people, which averages out to under $100 per hour.
Have it in mind that most charters have a flat rate for up to six people; however, the number of people on a trip won’t affect how much the trip costs the business. Charters that are licensed to take more than six people often add on a fee for each additional person.
b. How Much Profit Do Charter Boat Business Owners Make a Year?
Have it in mind that a well-managed charter boat business should earn about 25percent profit. Using the cost of services noted above as a benchmark, and the boat being out 200 days a year, a business owner will make an annual profit of around $34,300 (after the captain has been paid).
c. What Factors Determine the Amount of Profit to Be Made?
- Size of business and number of boats
- Business management style
- Marketing and advertising plans
- Branding and credibility
d. What is the Profit Margin of a Charter Boat Business?
According to industry reports, the profit margin of a charter boat business is about 25%.
e. What is the Sales Forecast?
- First Fiscal Year: $1,590,000
- Second Fiscal Year: $3,340,000
- Third Fiscal Year: $5,560,000
Set Up your Office
A. how do you choose a perfect location for charter boat business.
To be successful, a charter boat business needs to operate in a location with vibrant tourism, whether on a coast, large lake, or river. Once you have invested in acquiring boats and registering your business, you will want to select a dock where you can keep your boat and pick up passengers.
However, to ensure that you’re able to attract as many customers as possible, you must choose a dock that will attract tourists. This might entail paying a little bit more but the extra money might be worth the investment. Also, note that some docks will offer discounted rates if you lease long-term as against renting month to month.
b. What State and City are Best to Open a Charter Boat Business?
- Annapolis, Maryland
- Miami, Florida
- Minneapolis, Minnesota
- Lauderdale, Florida
- Chicago, Illinois
- Austin, Texas
- Seattle, Washington
- Tampa, Florida
- Providence, Rhode Island
- Long Island, New York
c. What Equipment is Needed to Operate?
- Booking systems or software
- Maintenance tools
- Life jackets and wearable personal flotation devices (PFDs)
- Throwable flotation devices
- Fire extinguishers
- Visual signaling devices
- Sound signaling devices
Hire Employees
To succeed in this business, you need to find people you are comfortable with being on your boat and will take care of it. These people also need to represent your charter business to brokers and guests in the best light possible. It is also necessary you seek a crew that will stick around because the average crew only lasts in the industry for three years.
Have it in mind that charters coming from brokers will often specify who the crew will be. If you switch crew after the contract is signed, you may lose the charter and still have to pay the brokerage fee. Always strive to hire a qualified and experienced crew and treat them well because a good team can mean the difference between your charter business being a resounding success or a miserable failure.
Launch the Business Proper
While you may not always need to host a launch party for this sort of business, you must assess the water traffic situation in the area where you hope to moor your vessel. Aside from marketing your business and working with travel agents, have it in mind that high traffic areas can be significant collision risks.
In addition, lots of water congestion also entails it will take longer to set sail. In this line of business, note that this could mess up your departure times, and make your customers unhappy.
a. What Makes a Charter Boat Business Successful?
To guarantee success, you must invest in insurance and maintenance every year. You should also make sure that each of your boats has pumped so you can have a much safer trip at sea. Other strategies to consider include;
- Optimize your charter business booking process
- Build strong partnerships
- Work to understand your target audience
- Create and refine your charter business marketing campaigns
- Expand your offerings
b. What Happens During a Typical Day at a Charter Boat Business?
Truth be told, this will depend on your target market and the services you offer. For instance, as the owner of a fishing charter boat business, your day will start with you sourcing fuel, ice, and bait. While getting these supplies, your captains will have to analyze the current weather or even discuss fishing conditions with other charter captains and the marina owner.
Note that clients will most often meet the captain at the marina. Everyone boards the boat, and the captain provides necessary safety information and the day’s plan. While fishing, the captain can help customers bait their lines, leverage proper technique, and reel in fish. Immediately they get back to the dock, the fishes are cleaned and the boat is wiped down for the next day. This may be done by the captain or an employee.
c. What Skills and Experience Do You Need to Build a Charter Boat Business?
- Diverse boating experience
- Business knowledge and experience
- Knowledge of boats and maintenance
- Management experience
- Customer service skills
- Awareness of industry trends
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Fishing Charter Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business ideas » Agriculture Industry » Agro Processing & Allied Industry » Fishing and Charter Fishing
Are you about starting a fishing charter business? If YES, here is a complete sample fishing charter business plan template & feasibility report you can use for FREE .
Okay, so we have considered all the requirements for starting a fishing charter business . We also took it further by analyzing and drafting a sample fishing charter business marketing plan template backed up by actionable guerrilla marketing ideas for fishing charter businesses. So let’s proceed to the business planning section.
If you are interested in the fishing industry and you want to launch a business, one of your best bet is to launch a fishing charter business. The right time to start such business is now because this business is presently at its growing stage.
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A fishing charter business could be a fun and interesting business for someone who is quite smart. With the right location, top-notch fishing boats and good marketing skills, you can attract a wide range of clients including tourists. Starting a fishing charter business may not require pretty huge startup capital, but it needs significant planning and attention to detail in order to keep the business profitable.
If you are determined to explore the entrepreneurial world by starting a standard fishing charter business, then you should consider going through the business plan below.
A Sample Fishing Charter Business Plan Template
1. industry overview.
The Fishing Boat Charter industry consists of businesses that engage in services such as Inshore/coastal fishing, offshore fishing, tournament fishing and commercial fishing. Basically, operators in the Fishing Boat Charter industry provide charter boat services for individuals, parties and companies.
Operators may vary greatly in size, ranging from large operators with a fleet of vessels to single boat owner-operators and part-time charter companies.
A recent report published by IBISWorld shows that over the five years to 2018, the Fishing Boat Charter industry has experienced moderate growth. Industry revenue has increased at an annualized rate of 2.9 percent to reach $371.1 million, including an anticipated 2.4 percent rise in 2018 alone.
During the five-year period, the industry recovered from a sharp decline that began with the 2008 recession and bottomed out in 2009. Falling per capita disposable income and poor national economic performance forced consumers and businesses to reduce recreational services such as fishing et al.
So also, within the said period, the Fishing Boat Charter industry has grown by 2.9 percent to reach revenue of $371m in 2018. In the same timeframe, the number of businesses has grown by 0.8 percent and the number of employees has grown by 1.5 percent.
The Fishing Boat Charter industry has managed to untangle its early post – recessionary bumps. Rising consumer sentiment and per capita disposable income have boosted industry growth over the five years to 2018. This has also led to increased demand for services provided by operators in the industry.
In the coming years, the industry is forecast to exhibit continued growth. Per capita disposable income and consumer confidence will keep rising as unemployment rate continues to decline, providing consumers with more discretionary income for luxury services such as renting of fishing boats.
The Fishing Boat Charter industry is indeed a growing sector of the economy of the united states of America and they generate over 1 million annually from more than 3,107 fishing boat charter businesses scattered around the country.
The industry is responsible for the employment of over 5,143 people. Experts project that the industry will grow at a 2.9 percent annual rate between 2013 and 2018. Please note that no player can boast of having a lion share of the available market in this industry.
The industry is growing only marginally slower than the economy as a whole, which suggests that the industry is mature. Additionally, the industry exhibits characteristics of mature industries, such as stable long-term demand and minimum product innovation. Product innovation has grown at a relatively steady rate over the five years to 2017.
Over and above, the industry is very open to any aspiring entrepreneur who has the capacity to open and run his or her own fishing charter business. Just ensure that your business is located in an environment with the right demography and you will be fine.
2. Executive Summary
Marcos Alexis® Fishing Charter, Inc. is a licensed fishing charter business . We have been able to secure a standard facility in a central fishing community in Daytona Beach – Florida. We are set to compete in the fast growing and fragmented fishing charter industry in Daytona Beach – Florida.
Marcos Alexis® Fishing Boat Charter, Inc. will run a standard fishing charter business that will provide charter boats for individuals, parties and companies. Our business goal is to become one of the leading fishing boat charter companies in the United States and we will make sure that we do all we can to compete favorably with leaders in the industry.
Our workers are going to be selected from a pool of hardworking, creative and highly experienced workers in and around Daytona Beach – Florida. We will make sure that we take all the members of our workforce through the required trainings that will position them to meet the expectation of the company.
At Marcos Alexis® Fishing Charter, Inc., our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.
Marcos Alexis® Fishing Boat Charter, Inc. is owned by Marcos Alexis, a Mexican-American with hands-on experience when it comes to running a fishing charter business. The business is a family business hence he will be managing the business alongside members of his immediate family.
3. Our Products and Services
Marcos Alexis® Fishing Charter, Inc. was established with the aim of maximizing profits in the fishing charter industry. We want to compete favorably with the leading fishing charter businesses in the United States which is why we have but in place a competent team that will ensure that our fishing boats meet and even surpass our customers’ expectations.
We will work hard to ensure that Marcos Alexis® Fishing Charter, Inc. is not just accepted in Daytona Beach – Florida, but also in other fishing communities in the United States of America where we intend opening our chains of fishing charter business. Our products and services are listed below;
- Inshore/coastal fishing boat charter services
- Offshore fishing boat charter services
- Tournament fishing boat charter services
- Commercial fishing boat charter services
- Sales of fishing related products and tools
4. Our Mission and Vision Statement
- Our vision is to establish a standard fishing charter business whose fishing boats and brand will not only be accepted in Daytona Beach – Florida, but also in other fishing communities in the United States of America where we intend opening other arms of the business.
- Our mission is to provide a standard fishing boat charter services that can attract a wide range of clientele in and around the United States of America. We want to build a fishing charter brand that can favorably compete with other leading brands in the industry.
Our Business Structure
Marcos Alexis® Fishing Boat Charter, Inc. intends starting small in Daytona Beach – Florida, but hopes to grow big in order to compete favorably in the industry. We are aware of the importance of building a solid business structure that can support the kind of business we want to own.
At Marcos Alexis® Fishing Boat Charter, Inc., we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all our stake holders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company.
As a means of maximizing operational cost, we will contract the maintenance of all our fishing boats to a service provider, we don’t intend to maintain a very large overhead from the onset, but as soon as the business grows and stabilizes, we will assemble our own professional maintenance team. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer (Owner)
- Fishing Boat Charter Manager
Human Resources and Admin Manager
- Sales and Marketing Executive
- Fishing Boat Operators
Client Service Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
- Answerable to fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Accountable for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Fishing Charter Manager:
- Builds company image by collaborating with customers, government, community organizations, and employees; enforcing ethical business practices.
- Maintains quality service by establishing and enforcing organization standards.
- Supervising cleaning, maintenance, grounds and security
- Advises businesses on increasing efficiency and cost-effectiveness
- Overseeing fishing boats building projects, renovations or refurbishments
- Ensures that the organization work in line with international best practices.
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
Sales and Marketing Manager
- Identifies development opportunities; follows up on development leads and contacts
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for supervising implementation, advocate for the customer’s needs
- Creates new markets cum businesses for the organization
- Empowers and motivates the sales team to meet and surpass agreed targets
Accountant/Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Fishing Boat Charter Operators
- Responsible for carrying out core services such as inshore/coastal fishing charter services, offshore fishing charter services, tournament fishing services and commercial fishing charter services
- Responsible for making sure that our fishing boats and our services meet the needs of the people that hire them.
- Welcomes clients and potential clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the Human Resource and Admin Manager in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
6. SWOT Analysis
Marcos Alexis® Fishing Boat Charter, Inc. engaged the services of a professional in the area of business consulting and structuring to assist our organization in building a well – structured business that can favorably compete in the highly competitive fishing charter industry in the United States.
Part of what the consultant did was to work with the management of our organization in conducting a comprehensive SWOT analysis for Marcos Alexis® Fishing Boat Charter, Inc. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Marcos Alexis® Fishing Boat Charter, Inc.;
Our core strength lies in the power of our team; our workforce. We have a team with excellent experience in the fishing charter industry. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by best practices in the industry. Another strength that counts for us in the location of our fishing charter business; it is located in one of the most ideal places for such business.
As a new fishing charter in Daytona Beach – Florida, it might take some time for our company to break into the market and gain acceptance especially from top profile clients in the fast growing industry; that is perhaps our major weakness. Another weakness is that we may not have the required cash to pump into promoting our business the way we would want to especially as it relates to placing advert in mainstream media.
- Opportunities:
The opportunities in the fishing charter business are massive considering the number of residents and tourists who would want to fish either for fun or for business. As a fishing charter company, we are ready to take advantage of any opportunity that is available in the industry.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new fishing charter company in same location where our target market exists.
7. MARKET ANALYSIS
- Market Trends
A close observation of trends in the industry shows that industry now competes with a wide variety of other recreational activities. These activities include non – fishing sightseeing by boat and land-based recreation such as hiking, city sightseeing, sporting events and even video games.
Over the five years to 2018, the industry has lost ground to other forms of recreation as consumer preferences changed. External competition for the Fishing Boat Charter industry is expected to increase in 2018, representing a potential threat to the industry.
Lastly, fishing charter operators in the bid to generate more revenue for their business engage in retailing fishing and related merchandise. They open a store where everything about fishing are sold. Fishing tools and accessories such as hooks, nets, floaters, baits, containers, lines and containers amongst others.
8. Our Target Market
Even though Marcos Alexis® Fishing Charter, Inc. will initially serve individual clients but we will grow to serve businesses and corporate clients. Marcos Alexis® Fishing Boat Charter, Inc. offers a wide range of services and different sizes of fishing boats hence we are trained and equipped to service a wide range of clientele base.
We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses. Below is a list of the people and organizations that we have specifically design our products and services for;
- Young Adults
- Corporate Organizations
- Religious Organizations
- Households/Families
- Sport Organizations
Our competitive advantage
Surviving in the business world as a fishing charter company operator requires more than your expertise, creativity, and knowing how to deliver standard fishing services but also how to network with people that can rent your fishing boats.
Because of the competitive nature of the business, there is an increasing degree of related business activities, with big players dominating the market. We are quite aware that to be highly competitive in the industry, you are not only expected to make available safe fishing boats, but you must be able to meet set targets.
Our competitive advantage is anchored on the state of the art fishing boats that we have. So also, we have a team of hardworking, highly trained and experienced workers. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by best practices in the industry.
Another strength that counts for us in the location of our fishing charter company; it is located in one of the most must busiest fishing communities highly suitable for such business.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Marcos Alexis® Fishing Boat Charter, Inc. is established with the aim of maximizing profits in the industry and we are going to ensure that we do all it takes to meet and surpass the expectations of our clients. Marcos Alexis® Fishing Boat Charter, Inc. will generate income by offering the following services;
10. Sales Forecast
One thing is certain, there would always be fun loving people and tourists who would want to go fishing especially during summer holidays hence the need to charter fishing boats.
We are well positioned to take on the available market in the industry in Daytona Beach – Florida and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our business to enviable heights.
We have been able to examine the fishing charter market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Marcos Alexis® Fishing Boat Charter, Inc. It is based on the location of our fishing charter facility and of course our target market;
- First Fiscal Year: $220,000
- Second Fiscal Year: $350,000
- Third Fiscal Year: $550,000
N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Our marketing strategies will be directed towards achieving specific objectives that support the strategic goals of the organization. All that we do will be geared towards creating new market channels, increasing sales and increases our market share. We will leverage on improving on our services, turnaround time and facility to ensure that we win new clients and retain old clients as well.
Our unique selling proposition is that we are well positioned, we offer start of the art fishing boats, people can easily access our facility and our various payment platforms are highly reliable.
Our sales and marketing team will be recruited based on their vast experience in fishing charter industry and they will be trained on a regular basis so as to be equipped to meet their targets and the overall business goal of Marcos Alexis® Fishing Boat Charter, Inc.
Our corporate goal is to grow Marcos Alexis® Fishing Boat Charter, Inc. to become one of the top 10 fishing charters in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon in Daytona Beach – Florida.
Marcos Alexis® Fishing Boat Charter, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Open our fishing boat charter business with a big party.
- Advertise our fishing charter business on national dailies, local TV and radio stations
- Promote our fishing charter business online via our official website and social media platforms
- Introduce our business by sending introductory letters alongside our brochure to households, businesses and key stake holders in Daytona Beach – Florida
- Print out fliers and business cards and strategically drop them in offices, sport facilities, libraries, public facilities and train stations et al.
- Making first impressions count positively to those that patronize our fishing boat for the first time
- Make use of attractive hand bills to create awareness and also to give direction to our fishing boat charter facility
- Adopt direct mailing coupon marketing approach
- Position our signage / flexi banners at strategic places in and around Daytona Beach – Florida
- Create a loyalty plan that will enable us reward our consistent clients especially those that introduces their friends and family members to the business.
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the hearts of our target market. We are set to become the number one choice for fishermen and fishing lovers in the whole of Daytona Beach – Florida, which is why we have made provisions for effective publicity and advertisement of our business.
Below are the platforms we intend to leverage on to promote and advertise Marcos Alexis® Fishing Boat Charter, Inc.;
- Place adverts on both print (newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events/programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our tanning services
- Install our billboards in strategic locations all around Daytona Beach – Florida
- Distribute our fliers and handbills in target areas
- List our fishing boat charter business in local directories / yellow pages
- Advertise our fishing boat charter in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo.
12. Our Pricing Strategy
Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more and we don’t intend to charge less than what our competitors are charging their clients.
Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us or when they introduce their friends and family members to our business. The prices of our services will be same as what is obtainable in the United States’ fishing charter industry open market.
- Payment Options
The payment policy adopted by Marcos Alexis® Fishing Boat Charter, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Marcos Alexis® Fishing Boat Charter, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via Point of Sale Machine (POS)
- Payment via online bank transfer
- Payment via check
In view of the above, we have chosen banking platforms that will enable our client make payment for renting our fishing boats without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
Having done our due diligence , this is what it would cost us to set up Marcos Alexis® Fishing Boat Charter, Inc. in the United States of America;
- The total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of – $10,000.
- The total cost for hiring Business Consultant – $5,000.
- The amount needed for the purchase of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- The total cost for the purchase of accounting software, CRM software and Payroll Software – $3,000
- The total cost for leasing facility for the business – $60,000.
- The total cost for facility remodeling to fit into the type of fishing boat charter facility – $30,000
- The total coats for financing the purchase of different sizes of fishing boats and fishing merchandize – $100,000
- Other start-up expenses including stationery – $1000
- Phone and utility deposits – $3,500
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of launching a Website – $600
- The cost for our grand opening party – $5,000
- Miscellaneous – $5,000
Going by the report from the market research and feasibility studies conducted, we will need about three hundred and fifty thousand ( 350,000 ) U.S. dollars to successfully set – up a medium scale but standard fishing charter business in the United States of America.
Generating Startup Capital for Marcos Alexis® Fishing Boat Charter, Inc.
No matter how fantastic your business idea might be, if you don’t have the required money to finance the business, the business might not become a reality. Finance is a very important factor when it comes to starting your fishing charter business.
Marcos Alexis® Fishing Boat Charter, Inc. is a private business that is owned by Mr. Marcos Alexis and his immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the start up capital to 3 major sources.
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B: We have been able to generate about $150,000 ( Personal savings $100,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Marcos Alexis® Fishing Boat Charter, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to rent out our state of the art fishing boats a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Marcos Alexis® Fishing Boat Charter, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check : Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Securing a standard facility and reconstructing the facility to fit into the kind of facility we want to manage: Completed
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the business: Completed
- Purchase of tanning tools and equipment and supplies: Completed
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed fishing boats, furniture, office equipment, software applications, electronic appliances and facility facelift: In progress
- Creating official website for the business: In Progress
- Creating Awareness for the business: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress
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Yacht Charter Business Plan – MS Excel Template – FILE ONLY
£ 77.80
PLEASE READ CAREFULLY: This is the FILE-ONLY of the Ms Excel Yacht Charter Business Plan Template
If you prefer our consulting support please look at the product with the consulting session included in the price
The model is suitable for charters calculated on a weekly basis but it can be easily changed into day charters.
The Model includes example and reference values for maintenance and replacements.
- Operating Cost Listing
- Charter Week Fees
- Crew Wages (If applicable)
- Brokerage Fees calculated (with % indications)
- Formulas to calculate the right acquisition cost of the vessel as compared to charter fees
- Regular Maintenance schedule
- Extraordinary Maintenance Schedule
- P&L (Profit and Loss)
- Depreciation and Inflation
- 10-Year projects
Description
If you prefer our consulting support please scroll down and select the product with the consulting session included in the price
The Ms Excel Yacht Charter Template contains:
This model is suitable for up to five vessels and it can be customised to add more vessels. It can be used and customised with 5 vessels having different operational costs, size and features. The model is suitable for charters calculated on a weekly basis but it can be easily changed into day charters.
The model includes example and reference values for maintenance and replacements.
- 10-Year scenario
Please note by the very nature of this file we cannot offer refunds on any purchases of this file.
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Yacht Charter Business Plan – MS Excel Template – FILE ONLY (Updated)
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Catamaran isn't more difficult than hire of the car and it can be with a driver and without. If you get accustomed to comfort, of course, vessel charter with crew f for you. You will be surrounded with heat and care, and your safety will be in the most reliable hands. As, our company pays special attention to selection shots, our captains and even sailors have the higher sea education and enormous experience.
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If you have a valid skipper license, not below the level of the Day Skipper or International Bareboat Skipper, with a permissible remoteness from the coastal waters 12 miles or more, and you want to operate a catamaran independently, it is necessary to consider the fact that the fleet is our own, and we love each yacht very much, and we seriously have a certain attitude toward the level of knowledge and skills of people which manage them. Therefore you have to send us the copy of the boatswain's license, and also to report if necessary about experience which you have and number of the passable miles. Also we can ask you in practice to confirm the qualification and for example to leave a marine, to pass a little and to come in again. It is a practice of the majority of large European companies. Such approach allows us to contain constantly the catamarans in the ideal state. If your qualification isn`t enough for management of a catamaran, we will provide you with some contacts of the skippers-freelancers or the crew agency.
Also, if you aren't sure of your skills, and you have a license, we can provide you for necessary time a skipper-mentor who will tell you all nuances and will help to accustom quicker with technology of a catamaran management.
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- Yacht Charter & Superyacht News >
Written by Zuzana Bednarova
The 5th edition of the International exhibition of yachts and boats – Moscow Boat Show , held from March 20 to 25, 2012 will be hosted by the first pavilion of Crocus Expo International Exhibition Centre. This popular show is dedicated not only to the specialists of the market segment and professional sportsmen but also to those who consider sailing sport to be their hobby and well cherished dream.
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The project is the result of joint efforts of the Crocus Expo International Exhibition Centre and the National Marine Industry Association. The event is supported by Aston Martin Moscow, Burevestnik Group logistics department and the Yachting specialized magazine. Moscow Boat Show is the largest project in Russia presenting all the best in the world of yachting.
The exhibition annually shows high level of attendance and has already proved as significant and noteworthy event in the world of yachts and boats. Every year new exhibitors join the list of participants, genuine “sharks” of yachting business, the quantity of visitors considerably increases and the exposition becomes more sated and diverse.
The best companies professionally involved into yachting and small navigation business – 180 exhibitors from 17 regions of the Russian Federation and 15 countries traditionally presented the best and the newest in the world of yachting at 2011 edition: from design and facilitation of vessels and up to cruising and training courses for beginning skippers. In 2011 the overall exhibit space comprised 18 000 sq m. More than 25 000 visitors came to the show.
This year the exposition space will increase up to 30 000 sq m and will be accommodated in 4 exhibition halls. The scale of the project confirms confident positions of its positive development. The organizers will try to arrange a genuine fiesta of water on land!
Quite a number of foreign exhibitors will participate in the show. Foreign companies show increasing interest to yachting business in Russia.
Moscow Boat Show provides the perfect platform from which to preview new products, evaluate market trends, and establish long-lasting and commercially profitable partnerships. Despite the dynamic changes taking place in Russia and the rapid growth of the yachting sector, the show continues to complement and reflect the industry’s demand and is a promotional opportunity not to be missed!
As its popularity and success rate has grown over the last years Moscow Boat Show 2012 has developed to incorporate more than just an exhibition. These special events serve to attract leading exhibitors and visitors and allow all participants the chance to broaden their knowledge and of course their sales potential.
Moscow Boat Show helps representatives of yachting business to get acquainted with their Russian colleagues and gradually improves national yachting market to a new level. It is obvious that for 4 years of its running the project has turned to a status event of the international exhibitions calendar. The organizers of the exhibition aim to bring together on the same platform all key national and worldwide players and to offer an excellent platform to encourage networking among specialists and visitors in order to accelerate the development in this field as well as implementing new technologies, the newest equipment, materials and components.
Please contact CharterWorld - the luxury yacht charter specialist - for more on superyacht news item "5th Moscow Boat Show, March 20-25, 2012".
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COMMENTS
Ocean Champion Charter Co. is a charter boat company in Los Angeles. In business for over 50 years, Ocean Champion Charter Co. offers bareboat charter rentals to experienced sailors in the area. Sailors can choose from a large fleet of charter boats including yachts, sailboats, motor boats, and catamarans in multiple models and sizes.
Traditionally, a marketing plan includes the four P's: Product, Price, Place, and Promotion. For a charter boat business plan, your marketing strategy should include the following: Product: In the product section, you should reiterate the type of charter boat company that you documented in your company overview.
Writing a charter boat business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan: 1. Executive Summary. An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and ...
Charter Boat Business Plan Template. If you want to start a charter boat company or expand your current charter boat business, you need a business plan. The following Charter Boat business plan template gives you the key elements to include in a winning business plan. It can be used to create a yacht charter business plan or a fishing charter ...
Udemy has a terrific course on writing business plans that includes 50 free business plan templates. For a sample charter boat business plan, check this out. Step 2: Mentorship. If you're new to the charter boat business, it's a good idea to set up a mentoring partnership with an established company.
While there is a lot of work and research required to launch a successful boat charter enterprise, you don't have to go it alone. Our #1 Boat Charter Business Plan Template & Guidebook will provide you with the detailed information and resources you need to create a comprehensive plan that will help your business make waves. Written by: Nick.
However, you can follow the following basic structure when writing a business plan for your boat charter company: 1. Cover Page. Pretty self-explanatory, but don't underestimate the importance of having a well-designed cover page. The cover page should be attractive for your readers while fitting your company's image.
Mike Honey® Charter Boat Company, Inc. will provide different sizes and brands of boats for bareboat charter, cabin charter, and full-service charter including small rowboats for urban lakes, sailboats, and larger motorized yachts and other watercraft. b. Nature of the Business. Our charter boat service company will operate essentially as a ...
The template is a word document that can be edited to include information about your boat charter business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font.
Capital Requirements and Use of Funds. [Company Name] is seeking a total funding of $3,000,000 of debt capital to open its charter boat company. The capital will be used for funding capital expenditures, dock and office build-out, hiring initial employees, marketing and branding expenses, and working capital.
Industry size and past growth — The US private boat charter industry is worth nearly $877 million after an average annual growth of 2.4% in the last five years.; Growth forecast — The US private boat charter industry is expected to steadily keep growing over the next five years.; Number of businesses — There are about 800 private boat charter businesses operating in the US.
Operational Plan: Detail the day-to-day operations of your charter boat business, including vessel acquisition, maintenance, crew management, and customer service protocols.
Operating a charter boat business involves adhering to various regulations, including safety standards, licensing requirements, and environmental protocols. (Charter Boat Ltd) will ensure strict compliance with all relevant laws and regulations to maintain a safe and reputable operation. business model canvas template.
A Sample Charter Boat Business Plan Template 1. Industry Overview. According to reports, experts believe the global recreational boat market will reach revenues of more than $50 billion by 2023, growing at a CAGR of approximately 4% during 2017-2023. It is believed that the massive growth of the travel and tourism industry across the European ...
A Sample Yacht Charter Business Plan Template. 1. Industry Overview. According to industry reports, the global yacht charter market is expected to earn a US$14.987 Bn by the end of 2025. Report also has it that the industry market is estimated to expand with 7.2% CAGR during the period between 2017 and 2025.
Yacht Charter Business Plan - Ms Excel Template + Consulting Session. £ 198.30. Add to cart Show Details. Every area of the world is different and every boat has its own requirements, so among the many things we can check for you is the value of the vessel you have put your eyes on, your expectation as to how many weeks of charter you can ...
Have it in mind that a well-managed charter boat business should earn about 25percent profit. Using the cost of services noted above as a benchmark, and the boat being out 200 days a year, a business owner will make an annual profit of around $34,300 (after the captain has been paid). c.
The total cost for facility remodeling to fit into the type of fishing boat charter facility - $30,000. The total coats for financing the purchase of different sizes of fishing boats and fishing merchandize - $100,000. Other start-up expenses including stationery - $1000. Phone and utility deposits - $3,500.
Yacht Charter Business Plan - MS Excel Template - FILE ONLY. £ 77.80. PLEASE READ CAREFULLY: This is the FILE-ONLY of the Ms Excel Yacht Charter Business Plan Template. If you prefer our consulting support please look at the product with the consulting session included in the price. The model is suitable for charters calculated on a weekly ...
7. Possibility of lonely rest on the yacht and opportunity to look at the most unique corners from water world.. 8. Technical support 9. The romantic of sailing cruise. Sincerely we hope that our service will be pleasant to you and rest with YachtVoyage will become unforgettable! Charter contract of the yacht To download the contract in pdf...
994.MoSCoW Prioritisation1 IntroductionIn an Atern project where time has been fixed, understanding the relative importance of things is vital to. making progress and keeping to deadlines. Prioritisation can be applied to requirements, tasks, products, use cases, us. r stories, acceptance criteria and tests. MoSCoW is a techn.
Sunrise Yachts, a luxury yacht building company which is based in Turkey, has been made a main sponsor of next year's 2011 Moscow International Boat Show (MIBS). The four-day Russian yacht show event is currently scheduled to run from April 14-17 at the Moscow's Crocus exhibition centre.
The 5th edition of the International exhibition of yachts and boats - Moscow Boat Show, held from March 20 to 25, 2012 will be hosted by the first pavilion of Crocus Expo International Exhibition Centre.This popular show is dedicated not only to the specialists of the market segment and professional sportsmen but also to those who consider sailing sport to be their hobby and well cherished ...
Committee was terminated on October 3, 2020, upon the expiration of its charter. USDOT re-chartered the ACHT on July 29, 2022, as required by and using its authorities under ... 11% by car, and 1% by boat. Unofficial border entry methods include d 28% by car, 26% by bus, 15% by train, and 12% by ... 9% by ridesharing, 4% by business vehicles ...