How to Start a Yacht Charter Business

Owning a yacht charter business is a great way to enjoy your passion for the water and make money at the same time. Most owners of this type of business start with a small yacht and eventually build up a fleet of boats in different sizes and types. Starting a yacht business is cheaper than you may think, as yachts can be bought on loan, the same way as cars.

Instructions

Difficulty: Moderately Easy

1. Decide on what services you will offer. Some companies simply charter the yacht, while others offer the possibility of hiring a crew, taking a guide along or using the yacht as a living area. Offer clients the chance to participate in the planning process.
2. Decide on the distance limit your boats will cover before you start your business. If you rent your yachts out to people, you need to set up rules on how far they can go and whether they can enter international waters or not. Depending on this, you may need to obtain different licenses.
3. Consider a franchise if you have no previous experience in the industry. Companies such as WindPath Sailing provide you with an accredited training program, help with all legal agreements, online marketing and group insurance programs (see Resources below).
4. Diversify by offering both private and corporate yacht rentals. Many organizations rent a yacht for an evening or even a few hours to host a party, a cocktail hour or a function for their employees. Others may choose to celebrate a birthday or host a charity auction on board. Rather than focusing only on long-term renting, expand your horizons.
5. Offer extras. If you own large yachts in your float, consider making available other services for an additional charge. For example, partnering with catering companies or DJ services may benefit you, as many people would prefer to set up the whole charter trip at once rather than look for their own entertainment.

Tips & Warnings

• Consider buying used yachts to get started if you can't obtain a large loan to buy new ones.
• Get all appropriate licenses and insurance. Dealing with large groups of people in the water always carries a small degree of danger and you should protect yourself from possible liability.
• Unless you're a licensed boat pilot, you may be required to hire one before you are given a license to start your business. This is also required to get insurance and, depending on your state, to get a loan to buy the yacht in the first place.