With all these operating expenses, you may now be wondering if it's worth it. The short answer is yes, especially when economic conditions are conducive to it. Research has shown that fishing charter companies, when functioning and managed well, can generate profits of up to 25 percent. Remember that fishing charter trips are a luxury, so they are highly subject to recessions and economic upturns.
In coastal areas, fishing charter companies provide locals and tourists with access to a variety of deep-sea fishing locations. If you love water and fishing, and enjoy spending time with different types of people, starting a fishing rental business can be a good business opportunity. To start this business, you'll need a boat, the right licenses and permits, commercial insurance, and knowledge about popular and remote fishing areas, as customers expect to fish during their trip. Coast Guard captain's license to legally operate a boat and charge people for fishing trips.
Visit the USCG website for more information on the application process and fees. Apply for a business license at the county clerk's office or small business administration office in your area. Apply for a sales tax license through your state's revenue department to accept all customer sales taxes. Request an employer identification number provided by the Internal Revenue Service.
Use this number on all business tax forms and documents. Purchase a boat large enough to safely transport small groups on fishing trips. Ships must be at least 25 feet long to accommodate small groups, usually up to six people, and crew. Select a boat in good condition and suitable for the types of waters you will sail through.
Purchase lifeguards, first aid kits, and other safety items required by laws governing fishing charter companies in your state. Get the necessary fishing licenses by contacting local fish and wildlife departments. Fishing licenses allow customers to legally fish while traveling. Maintain fishing licenses by paying quarterly or annual fees.
Every person on the boat will need a fishing license, so be sure to purchase enough licenses to cover the maximum number of people in the charter fishing groups. Purchase commercial insurance from an authorized insurance provider to protect your fishing charter business in the event of an accident or injury during fishing trips. Business insurance usually includes general liability, property, and workers' compensation. Promote your fishing rental business in local and national magazines, newspapers and online.
Create a website to describe the types of fishing trips offered, prices, photos, testimonials from satisfied customers, operating hours and safety information. If you are a fisherman with sufficient experience in fishing and are now looking to turn your passion into profits, you have probably considered entering the fishing industry as a professional. Getting an ad on a fishing guide app like Guidesly is useful, as people planning fishing trips can easily find you just by searching by location. Some fishing trips offer sightseeing and island-hopping trips, while others offer other water-related sports, such as snorkeling or diving.
You must obtain a master captain's license from the USCG, the U.S. Coast Guard. In the U.S., if you intend to run your own fishing charter business. When starting a fishing rental business, it's good to have a bird's eye view of the initial expenses you'll encounter.
Once you get your fishing charter up and running, you'll incur even more expenses as a business owner. .