If you’ve ever been on a jet ski, you know how great it is to fly over the water and feel the wind in your hair. Sporting sailing is a big business worth almost $30 billion, and fly skis are a well-known part of it. This is why sales of personal boats grew by 8% in 2020. You could start a jet ski hire business to take advantage of this growing market, make people happy, and make a good living.
But you can’t just start a business like a jet ski and start flying across the water. To be successful, you need to know the ins and outs of your business. This step-by-step guide has everything you really need to start being creative.
Step 1: Find Out if this is the Right Business for You?
Positives Vs Negatives
| Have a wonderful time! – Help people enjoy their free time by working on the water. Profitable: Make hundreds of dollars per day You can work whenever you want. | High starting cost; you need at least two jet skis. Seasons: Time off due to the weather |
Industry Trends
- Size and progress in the past: In 2019, the value of the leisure boating market was close to $30 billion. In this area, personal boat sales went up by 8% in 2020.
- The market for recreational sailing is expected to grow to almost $36 billion by 2027.
Cost of Starting Jet Ski Rental Business
Getting a stream ski hire business off the ground will cost between $13,000 and almost $50,000. Jet skis are the most expensive thing, so how much you spend varies on how many and what kind you get.
Investment Items:
- Jet Ski
- Trailer
- Storage room
- Survival gear
Is Jet Ski Rental Business Profitable?
Usually, it costs $85 for 60 minutes to rent a pair of stream skis. After paying for gas and maintenance, your net profit should be around 80%.
In your first year or two, you could rent out two jet skis for five hours each, every day, for 175 days of the year. This would bring in nearly $150,000 a year. If the spread was 80%, you’d make close to $120,000 from this. As your fleet of fly skis grows to six, you might need to hire one or two reps, which would cut your net income by about half. With a crazy $450,000 a year in income, you would make about $225,000.
Entry Barriers
- Startup funding
- Finding a good place to go jet skiing, especially near a tourist draw, is hard.
Step 2: Create a Strategy
Identify a Gap
Look into the jet ski hire companies in your area to find out what they give, how much they charge, and what their customers say about them. You want to make up for a hole in the market. For example, there might not be a nearby company that rents out jet skis for fishing.
This could get people talking about you again and bring you customers right away.
Solutions
You’ll have to decide if you need to add any extra fees to your fly ski hire. You could add jet ski lessons, organized trips, or jet ski fishing.
Pricing
Prices for hiring a jet ski range from $70 to $100, with an average price of $85. You’ll have to pay for gas, maintenance, and space on the fly skis. You should try to get a gold edge of around 80%.
When you know your costs, you can use this Bit by Bit general income number cruncher to figure out your price increase and final price. Remember that the prices you use at send-off should be open to change whenever the market says so.
Target Market
Your target market will be mostly tourists in your area. You can talk to them on Instagram and Facebook. You can also pass out handouts at local hotels, cafes, or places of interest.
Location
You only need a place to store your jet skis, unless you want to rent them out from a house on the water. You can find business space to rent in your area on websites like Craigslist, Crexi, and Instant Offices.
If you are looking for a place to do business, you might want to keep these basic rules in mind:
- Focus area accessible by public transportation
- Spacious, well-lit, and well-ventilated.
- Flexible rent that can go up or down as your business grows.
- Ready-to-use room that doesn’t need any major changes or fixes
Step 3: Write a Business Plan
Each business needs an arrangement. This will work as a manual to take your startup through the send off process and keep up with center around your key objectives. A marketable strategy likewise empowers expected accomplices and financial backers to more readily grasp your organization and its vision:
- Executive Summary: Brief outline of the whole marketable strategy; should be written following the completion of the plan.
- Business Outline: An overview of the business, its vision, mission, ownership, and objectives.
- Item and Administrations: Give a thorough description of your services.
- Market Examination: Evaluate market patterns like varieties popular and possibilities for development, and do a SWOT investigation.
- Analyses of the Competition: Make a list of your services’ advantages by evaluating the strengths and weaknesses of your main competitors.
- Marketing and Sales: Develop strategies for sales, marketing, and promotion by analyzing your company’s unique selling propositions (USPs).
- Supervisory crew: Outline of supervisory crew, specifying their jobs and expert foundation, alongside a corporate order.
- Plan of Operations: The procurement, office location, key assets and equipment, and other logistical details of your company’s operational plan are included.
- Plan for finances: Three years of monetary preparation, including startup costs, earn back the original investment investigation, benefit and misfortune gauges, income, and accounting report.
- Appendix: Include any additional documents pertaining to business or finances.
Step 4: Create a Marketing Plan
People who walk by or find you online will bring you some business, but you should still spend money on advertising. For new companies, getting the word out is especially important because it will bring in more customers and make more people aware of the brand.
Connect your website to your social media accounts once it is up and running. Social media is a great way to market your business because you can write posts that are interesting and sell your goods.
- Facebook is a great place to run paid ads because you can target specific groups, like guys under 50 in the Cleveland area.
- Instagram is used by a different group of people than Facebook, but it offers the same benefits.
- Website: Search engine optimization (SEO) will help your website show up higher in appropriate search results, which is a key part of making more sales. Make sure your website has clear calls to action. Change how big, what color, and where you put calls to action like “Book Now.” This could get a lot more people to come.
- Google and Yelp: Getting your business mentioned on Yelp and Google My Business can help people find out about it and buy from you.
- Flyers need to be handed out to hotels and restaurants in the area.
- You hired a jet ski, so make a movie about it. If you use fun, it might spread like wildfire.
- Ask for suggestions. Give your customers a reason to tell their friends about you.
- Paid social media ads: Choose sites where your target crowd is likely to be and run focused ads.
- Pay-per-click marketing is a way to improve the success of search engines by using Google AdWords. First, look into terms.
- Pay people with a lot of social media fans to tell their readers about your jet ski rentals. We call this “influencer marketing.” There are micro-influencers whose followers are small and whose prices are cheaper.