Do you want to start a charter fishing company from scratch? Or you need a sample charter fishing business plan template? If YES, then i advice you read on.
A charter fishing company helps tourists and commercial fishermen locate popular fishing areas in the coastal line. If fishing is your hobby and you are looking to build a business around your hobby, then you can consider starting a charter fishing company.
There are just few businesses you can start without an initial capital and charter fishing business isn’t one of them. You need enough capital to float this business and most of the capital will go into advertising your business and purchasing equipments you will need to run the business. For instance; you need to construct a boat needed to take your Customers to the perfect location for the fishing.
You can’t just start a Charter fishing business without obtaining the necessary licenses and permit to run the business. For this business, you will need a U.S Coast Guard Capital (USCGC) license to permit you to take a trip with your Clients to the fishing location. To successfully run this business, you have to get all the required equipment needed to help you. You need to get a boat of at least 25 feet, amongst others.
Chances are that your Charter Fishing Company won’t be the only one operating in the area of your choice, so the success of your business will be dependent on the advert skills you have to attract Customers to use your services. Now let us quickly consider some of the steps you need to follow to successfully start a charter fishing company from the scratch and then build it to profitability within record time:
Starting a Charter Fishing Company – Sample Business Plan Template
You need to take out time to write a professional business plan on how you want your Charter fishing business to look like. If you know nothing about writing a business plan, you can contact a business plan consultant to help you write one.
The importance of a professional business plan cannot be over emphasised because an angel investor or a financial institution that wishes to grant you a business loan will request for your business plan. But basically a business plan should provide answers to issues like; the capital estimate required to float the business, how you wish to raise the capital, how the business structure will look like, and the estimated price you will collect per trip from your Clients, et al.
2. Register Your Business
It is advisable to register and run your business as a legal entity. The Company registration bureau in any state is in charge of registration of business. You can visit their website to know about the stipulated requirements and process involved to register a company and follow through to register your business.
Registering your business is quite different from obtaining a business license. The town county is responsible for issuing a business license and permit; you also need to get it to run your Charter fishing business.
3. Apply for a License-: Take note as earlier mentioned that you need a U.S Coast Guard Captain license to operate this line of business. You can visit the USCGC website for your State to apply for the license.
4. Business Insurance-: There are some risks that come with running a Charter fishing business, which is why it is important that you take up a business insurance to protect your business against damages that may come to your clients as a result of your own negligence.
You need at least $50,000 to start this business; the majority of which will go to the purchase of a boat for the business and other smaller equipments. If you have this amount stashed up in a savings somewhere, you can start with it, but if you don’t, you will need to find a way to source for the funds to do so.
One way to do so is to meet friends who you know have got a lot of money at their disposal. Show them the business plan and ask them to invest in your company. Map out from the outset how liabilities and profits will be shared in the business, and if possible get a lawyer to draw up the terms of agreement.
6. Purchase Your Equipments
Mentioned earlier was the fact that you need a boat of at least 25 feet high to run this business. You need to contact a boat manufacturing Company to supply you the boat you would need. If they don’t have the exact boat that matches your need, you can order for a Custom made boat. Don’t forget to order for safety equipments to ensure your Customer’s safety.
The final stage of setting up your business is the advert. After you are set to start off, you need to create awareness for your business so that anybody that needs your business services will locate you. Some of the easy ways to advertise this line of business include; building a website.
Most people go online to source for information on any product and services they wish to purchase from the internet via search engines. If you set up a website for your business, the search engine can easily direct anyone searching for a Charter fishing company in your location to your website. Your website should contain all the information about the services you offer including pricing.
There you have it; some of the steps you would need to follow to successfully start your own charter fishing company from the scratch and then build it to profitability within the shortest time possible.