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.
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
- Accountant
- 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.
Human Resources and Admin Manager
- 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.
Client Service Executive
- 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.;
- Strength:
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.
- Weakness:
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.
- Threat:
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;
- 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
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