How To Start a Yacht Charter Business
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- Опубліковано 16 чер 2024
- I'm going to give you some general tips of how to get started with launching a yacht charter business. And then I'll go over potential pitfalls you'll want to avoid in order to grow your business easier.
0:00 - Intro
0:19 - Market Research
1:38 - Boat Shows
3:34 - Reason/Objective for Putting Your Yacht Into Charter
4:41 - Location and Market Research
6:36 - Who are the Players in this Business?
8:11 - Finding the Players
9:51 - Yacht Managers
12:10 - Potential Pitfalls
20:13 - Summary
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Exactly the information I was looking for. You did a great job 💯👍thanks
Thanks for the info Candice.
Great information! Thank you!
Very informative video, thanks so much. We have never chartered out our boat, were playing with the idea, but you made it clear that chartering our boat full season is not going to be for us. Sounds negative, but in fact your video was very positive. We may need to rethink our plans and see what is realistic and feasible. Never knew there was so much going on behind the scenes, there was a lot that we had not thought of. 👍
That's a lot of information you have offered here. Thank you.
I'm glad you found it helpful
Thanks for sharing!!!
Very informative video.
maybe more longer videos great video thanks!!!!!!!!!
The best info on this subject I've seen so far. Great video! Boats vary greatly in price. Is there a sweet spot for the best profit margin when picking Boat size? Is there also a preferred boat type? ie sailing Cat vs monohull vs motor yacht.
Hi John, Glad you like it!
First of all, buy the yacht for yourself.
A yacht salesperson could discuss potential charter revenue at different price points. The charter market is the strongest for catamaran in the BVI and power yachts in the Bahamas/Florida
@@mystyachtcharters Thank you. I'm retiring in 4 years and would love to live on a boat for a few years and do charters. I've got a lot of research to do.
How do you get in the business without a yacht and what if you live in a region where boats are not a custom like memphis Tennessee how would you go about it
Could the charter business offset the loan as well, apart from the maintenance and service cost?
Yes, it's possible it could offset the cost of the loan. If that is your goal it's essential to put the yacht somewhere with high demand for charters and price it competitively.
Nice thumbnail 😉
Do you distinguish between BVI and USVI? When you say the Bahamas and the Virgin Islands are the best markets.
BVI is the best market.
So i live in the pacific northwest, namely just outside seattle. Owning a boat and using it for charters has been a big dream of mine for a long time. How would you suggest someone new to the industry go about starting this business?
My specialty is in week-long charters of 20k so if you're looking to start a day charter company, the advice would be different.
For week-long charters, It would help if you found someone to list your yacht on central databases and act as an escrow agent.
I also live in the pacific northwest and don't want to subject my family to the horrible traveling experience that happens on our airlines. I am willing to pay more to charter a boat to take us from Seattle to ecuador. How would I find a charter that is willing to drop us off in ecuador?
@@jessiesheldon-huffey1824 No yacht owner will be willing to relocate their yacht to Ecuador, no matter how much you pay them. Also, this trip might take e several weeks and is not recommended. Sorry!
@@mystyachtcharters why would the trip not be recommended ? Is that stretch of ocean particularly dangerous?
What if you have a six-pack and want to have going to a get a 40feet ship? Are you available for hiring?
Hi, I'm not sure if I understand the question, but you can hire a captain for a 40ft yacht charter. That would be a "bareboat" yacht with a freelance captain added.
I want to charter my own vessel. It won't be big. It will be about 45ft. Can I still become a LLC?
@@Victoriaearth143 Most charter yachts are set up as an LLCs, but I would defer to your tax adviser on the best way to establish the business.
There is a good charter market for 45 catamarans in the Bahamas and Caribbean.
Is the charter broker business lucrative? How much revenue can one generate?
The primary goal is to offset the costs of owning a yacht. It's not necessarily a money-making venture. Some yachts can make money, but many variables go into it.
👍👍
let say I would like to start in this business by buying a low entry yacht to 400-500k only for rental..do you think it could be a good investment or not really ?
Yes, you can make money on a boat at that price with the right management and the right crew.
I would still say that it's best to buy it for yourself, not as an "investment" that you expect to appreciate in value. There are also many tax incentives that you can take advantage of them would help the numbers to work.
@@mystyachtcharters thanks for your reply .. i would not buy a yatch just for myself i'm not rich enought ... but i could paid a 400k-500k boat cash .. let say i give it to you under your management & what kind of profit do you think in average after all the expenses i could do every years (sorry for my english i'm french)
👍👌🙂
Please define your terms regarding a “crew member being past their prime.” I presume this refers to age. In essence, how old is too old?
It's not age-specific. It's the crew that has been doing it for too long and gets too comfortable in the job that they can't take advice and become less accommodating and set in their ways.
For instance, I once had a crew tell my clients that if they wanted to stay at the beach bar after 9pm, they needed to get a random ride back to the boat or find a water taxi because they needed rest. This crew was young but clearly "past their prime" and too comfortable in their job stability and relationship with the owner.. They seemed to have forgotten that it was "the client's boat for the week," and they work for the charter guests and are on their schedule.
On the flip side, I have had crew tell guests that the chef gets up at 7, and they're not allowed to touch the coffee maker themselves even though they wake up at 5:30/6 am. This crew had a full booking calendar but again forgot that they were working for the guests for the week.
@@ProYachtie I see. Familiarity does indeed breed both complacency and contempt. Although I can certainly see that crew members are there for the guests and should provide great service, I wouldn't tolerate a work environment as seemingly demanding as the picture painted by this description. 5:30am-till late evening/whenever the guests are done is a bit much. It seems these folks are ran like rented mules and expected to smile and suck it up.
Can you run a character out of Belize
Belize is a challenging location to run charters, I believe (and I'm not an expert on this) that you need to pay a full import duty to run charters there, which is why you see a lot of older yachts in Belize, and no one is just there for one or two bookings.
Very complicated and risky business. If I invest £20,000,000 in a yacht I would not want five companies managing it, considering that you say 20 weeks is a good season.
I dont understand, if you do 20 charters a year for $10,000 each, youre just breaking even? Do you really have $200,000/year in expenses to run this business? If im living on a sailing yacht when its not in charter, is it possible to make at least $100K a year profit? Since im living on a sailing yacht im not paying for full docking, fuel + full mechanical expenses seen in motor yachts, and sailing myself to the customer, self manage, etc.
Every situation is different, and you should only buy a yacht for "yourself." Offering charters can offset some of these expenses.
How profitable it is will depend if you own or have financed the boat, how many crew the yacht has, the rates, and the market conditions, etc.
yes if you set you mind to it and work hard you can profit 100k with your set up.
On motor Loon we get $600k per week bro :) about $25-30 million per year on average GROSS
Are you a yacht manager?
We are a broker and "charter manager". Not a yacht manager.
This means we manage the charter booking calendar, but we do not hire the crew, to the yacht accounting, or registrations.
More vocal fry.
So fake.
Hi there i want to became a yatch broker can i work with you