You’re a boater. And an entrepreneur. You’re fond of collecting boats and want to earn lots of money. You have a passion for the sea and want to share the passion with others. So what do you do? Easy. Start a boat rental business. While there are a lot of things to consider, such as the security of the customers and the business transactions, having your own boat rental business can prove to be a smart move.
Of course there are lot of things to consider. You have to find an ideal location and begin marketing and utilizing social media for promotions. But should you consider buying a boat rental business? There are a host of things to consider when thinking of buying a business, not to mention a business that deals in rentals. Yet there are enough signs pointing to the fact that boat rental businesses are a smart investment for the long haul.
Here are 5 reasons you should consider buying a boat rental business.
1. It’s the hot thing right now.
It is currently one of the more popular and profitable businesses to latch on to, partly because boating is becoming more popular with people who do not own boats but would love to get on the water. The most potential boat rental customers are the vacationers and police departments. The reason why most of these customers preferred to rent a boat is because buying boats can be very expensive.
2. Renting to Fishermen
Renting small, motorized, runabout boats to fishermen can be a lucrative rental business venture. Fishermen travel far in search of the perfect fishing hole. In addition to fishermen, you may find customers looking to rent a boat to spend some relaxing time on the water.
3. Flexibility
The business can be water-based and operated from a marina or rented dock facility. Or the business can be land-based and the boats can be rented with a trailer.
4. Profit Margin
A high profit margin is par for the course for rental companies able to deliver exceptional service and great product. Offering good products and services will mean a spike in sales and steady growth. You’ll get referrals and an expanded business.
5. Partnerships
Hotels and motels can act as booking agents for the business while providing a great service for their guests. A rental revenue split represents an adequate financial incentive for any motel owner more than thrilled to get this kind of business in their establishment.
