How to Start a Luxury Yacht Business
Think that luxury yachting is only for the ultra-rich? Some luxury yachts are out there for charter part time, presenting a business opportunity for people with both the passion for sailing and the ability to manage a high-profile business.
Are you interested to know how to start a luxury yacht charter business?
It is commonly thought that luxury yachts are for the ultra-rich who can afford boats that cost more than their houses. However, high-profile yachting is not only for those at the extreme end of the social ladder, but also for those who can afford a week-long extra expensive cruise to places like the Virgin Island. Sometimes, companies also sponsor luxury yachting vacations for employees or hold important business meetings on board a yacht with a Jacuzzi and a private sitting room. This very niche market can be served by a luxury yacht charter company.
If you want to start this specialized business, you must:
- Determine whether you have the interest, passion, finances and management skills to run an expensive and complicated business like a yacht chartering business.
- Determine whether you would like to become a licensee of an established yacht chartering business or you would like to start your own company. By becoming a licensee you will get training on how to run the business, as well as support during operation. If you do not have enough management background and would like to acquire some or you plan to start your own company later on, this is a good training opportunity.
- If you think you are ready enough to go on your own, you can open your own yacht chartering business, in which case you will have to decide whether to buy or charter private luxury yachts. Charterers, who don’t want to buy a luxury yacht that could cost millions of dollars, opt to charter private yachts. Aside from being less expensive, it also gives them a wider choice on what type of yacht to manage.
- Decide on the type and size of yacht to manage, which destinations to charter, what clientele to serve and what cruising package to offer. Will you operate a corporate charter and crew for dozens of people? Will you serve smaller groups? Where you sail only on local water or venture into international seas?
- Secure licenses and insurances. These are among the most important steps you have to take when opening this business. To operate a yacht chartering business you must have a pilot license. Private yachts must be licensed for commercial use when taken out on charter. When chartering, you need to have a license under each jurisdiction whose waters you plan to navigate. Safety is of utmost concern in this business. That is why insurance is one thing that a yacht business owner must take care of.
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