Fishing is a wonderful hobby where you can enjoy the calmness of the sea and spend time with your friends, while also having the ability to catch your food. Sadly, not many people can have an authentic fishing experience because of the necessary vehicle and resources. This is where a fishing charter business comes along.
The fishing boat charter industry is estimated to be around $400 million in market value. That’s how essential it is to the overall fishing industry. It’s one of the fastest-growing subsectors because it brings in more hobbyists into the hobby.
If you want to start your own fishing charter business, you’ve come to the right place. In this article, you’ll learn the essentials of a fishing charter business and what you need to start it.
You can’t start a fishing charter business without a boat. It’s how you earn most of your revenue, and it’s how you’re going to get your clients to go fishing.
Fishing boats aren’t all that expensive when you compare them to other assets out there. Entry-level boats can cost around $10,000, while bigger boats, especially those at a commercial level, can cost between $30,000 to $50,000. It’s good to have at least one or two commercial fishing boats and one entry-level boat in your fleet.
By having at least two boats during your business, you can cater to more clients. It’s also good to have an emergency boat around in case of breakdowns while some of your ships are at sea. Feel free to purchase used fishing boats on the internet if you want to save a bit on finances. Some used boats can go for around $5,000, and that’s a reasonable price if you’re going to get more than a hundred trips from it.
Install Pumps in Your Boats
You must install pumps in your boats so you can avoid sinking while at sea. Moreover, many states in the United States mandates fishing boats to have working pumps in them.
A bilge pump is crucial if you want your heavy-duty fishing boat to stay afloat. However, if you’re going to install your pump appropriately, you’re going to need a ship marine bilge pump guide. This guide should teach you why you need such a pump and what the pump can do for your fishing vessel. It’s also going to teach you where you can install the pump for maximum efficiency.
A pump can save you and your client’s lives in cases of emergencies. It will also make your boats more seaworthy, so make sure to invest in them when you can.
Next up are salaries. As a small business, wages will take up almost 70% of your overall revenue. That’s a decent chunk of your earnings but well worth it if you have hardworking employees.
If you have two boats, you’re going to need another captain for the other one. That’s two captains if you do not know how to pilot a fishing boat. More or less, you’ll spend at least $250 on them per day, so that’s $500 for two captains. If you have additional employees, then you’re going to have to pay for them as well. But your captain salaries are the most crucial.
Insurance and Maintenance
You’re going to need to invest in insurance whether you like it or not. You never know when disaster will hit your business or your boats, and to address this, you’re going to need insurance.
Boat insurance can cost between $2,000 to $5,000 a year. It’s a worthwhile investment since you’re paying up to $20,000 on your fishing boats. You’ll also need to save money for maintenance.
The 1% rule suggests that you should be able to save 1% of your asset’s overall cost for maintenance. For example, if your boat costs $20,000, then you’ll need to save $200 on maintenance costs for it every year. That’s a pretty conservative benchmark, and feel free to save more money than that. But you should never go below the 1% rule.
Lastly, you’ll have to learn how much to charge your clients. The average price of a charter fishing trip in the US is $200. You should never go under that, even if you want to gain more customers because you have lower prices. Stay on that $200 mark or go higher. In this industry, people are willing to pay for expensive charter trips because they consider it much safer and offer more utilities.
With these things in mind, you can start your fishing charter business in no time. Make sure to invest in insurance and maintenance every year. Also, ensure that each of your boats has pumps so you can have a much safer trip at sea. By keeping all of these things in mind, your fishing charter business will be a success in no time.