You are a navigator. And an entrepreneur. You are fond of collecting ships and you want to earn a lot of money. You have a passion for the sea and you want to share your passion with others. Then what do you do? Easy. Start a boat rental business. While there are many things to consider, such as customer safety and business transactions, owning your own boat rental business can be a smart move.
Of course, there are many things to consider. You need to find an ideal location and start marketing and using social media for promotions. But should you consider buying a boat rental business? There are a plethora of things to consider when thinking about buying a business, not to mention a business that deals with rentals. However, there are enough signs that boat rental companies are a smart investment in the long run.
Here are 5 reasons why you should consider buying a boat rental business.
1. It’s the hottest thing right now.
It is currently one of the most popular and profitable businesses to hold onto, in part because boating is becoming more popular with people who don’t own boats but would love to get on the water. The most potential yacht charter customers are tourists and police departments. The reason why most of these clients prefer to rent a boat is because buying boats can be very expensive.
2. Rent to Fishermen
Renting small, motorized, wheeled boats to fishermen can be a lucrative rental business venture. Anglers travel far in search of the perfect spot to fish. In addition to anglers, you may find clients looking to charter a boat for a relaxing time on the water.
3. Flexibility
The business can be water based and operated from a marina or from a rented dock. Or the business may be land based and the boats may be rented with a trailer.
4. Profit margin
A high profit margin is normal for rental companies capable of offering exceptional service and a great product. Offering good products and services will mean an increase in sales and constant growth. You’ll get referrals and expanded business.
5. Associations
Hotels and motels can act as reservation agents for the business while providing excellent service to their guests. A split of the rental income represents a fitting financial incentive for any motel owner who is more than excited to have this type of business in their establishment.