A fishing boat charter business is a business that engages in services such as inshore/coastal fishing, offshore fishing, tournament fishing, and commercial fishing. Operators in the fishing boat charter industry provide charter boat fishing services for individuals, parties, and companies. Operators may vary in size, ranging from large operators with a fleet of vessels to single boat owner-operators and part-time charter companies.
Fishing boat charter is part of the boat rental industry. Statistics show that the boat rental market was valued at USD 15 Billion in 2021 and is expected to grow up to USD 20 Billion by 2027, registering a CAGR of 5 percent during the forecast.
Steps on How to Start a Fishing Charter Business in Florida
Table of Contents
Conduct Market Research
If you are starting a fishing boat charter business in Florida, you would need to do market research to be able to maximize profits from the business. The first step in the market research process for a fishing boat charter business is to develop market-based research questions in line with your business goals and objectives.
You should source information that will help you maximize your business, give you clues on what your potential market will be looking out for, and also help you operate your fishing boat charter business in Florida with less stress.
a. Who is the Target Market for a Fishing Boat Charter Business in Florida?
- Fishermen and fisherwomen
- Tourists and visitors
- Travels and tours agencies
- Everyone who lives and works in the city where you operate.
b. Is Fishing Boat Charter Business a Profitable Business in Florida?
Yes, the fishing boat charter business is profitable in Florida.
c. Are There Existing Niches in the Industry?
No, there are no existing niches when it comes to the fishing boat charter business in Florida.
d. Who are the Major Competitors?
- Anna Maria Boat Company
- Legend Charters (A Stella Fishing Company)
- Shiprock Charters Fishing Charter
- Charlotte Harbor Charter Company – Local Fishing Charter, Fishing Trip
- AMI Charters
- Sea Dog Marathon Fishing Charters
- Geno Fishing Charters
- Fishing Headquarters
- Fish AMI Fishing Charters
- Hubbard’s Marina
- Five O’Clock Charlie Boat Tours And Charters Inc.
- Sarasota Family Friendly Fishing Charter Boat
- Obsession Fishing Charters
- Hollywood | Fort Lauderdale Fishing Charters – Lady Pamela II Sportfishing
- Boat Charter Destin
- Key West Charter Boat
- Captain Mike’s Anna Maria Island Boat Tours and Fishing Charters
- Florida Keys Fishing Aboard Skins and Fins Charters
- Pelagic Color Fishing Company
- Florida Keys Fishing Company.
e. Are There County or State Regulations or Zoning Laws for Fishing Boat Charter Business in Florida?
Yes, there are county and state regulations and laws for fishing boat charter businesses in Florida.
f. Is There a Franchise for Fishing Boat Charter Business in Florida?
Yes, there are franchise opportunities for fishing boat charter businesses in Florida, they include;
- GoBoat Partner
- Freedom Boat Club Franchise
- Nautical Boat Clubs.
g. What Do You Need to Start a Fishing Boat Charter Business in Florida?
- A feasibility report
- Business and marketing plans
- Business licenses and permits
- Fishing boats and other related accessories
Choose a Memorable Business Name
When looking to start a business, before you can begin to file the necessary documents with the constituted authorities or start your website, it is necessary that you come up with a name that you will be recognized with. It is essential that the name you come up with can easily be pronounced, is unique and easily memorable.
Some of the catchy business name ideas suitable for a fishing charter business are;
Creative Fishing Charter Business Name ideas
- Rivers King© Fishing Boat Charter Company, Inc.
- Bradenton Fleet® Fishing Boat Charter Company, LLC
- Water Crest© Fishing Boat Charter Company, Inc.
- Madeira Beach® Fishing Boat Charter Company, Inc.
- Bradenton Beach™ Fishing Boat Charter Company, Inc.
- Palm Grove™ Fishing Boat Charter Company, LLC.
- Trent Harold© Fishing Boat Charter Company, LLC
- Prince Philips® Fishing Boat Charter Company, Inc.
- Miami Beach© Fishing Boat Charter Company, Inc.
- Belleair Bluffs© Fishing Boat Charter Company, Inc.
- Your Choice® Fishing Boat Charter Company, LLC
- Green Stream® Fishing Boat Charter Company, LLC
- West Coast™ Fishing Boat Charter Company, LLC
- Tyler Williams© Fishing Boat Charter Company, Inc.
- Sopita KYLER® Fishing Boat Charter Company, Inc.
- Bob Nelson™ Fishing Boat Charter Company, Inc.
- Sam Madison™ Fishing Boat Charter Company, Inc.
- Pro Rent© Fishing Boat Charter Company, Inc.
- Julius Chamberlin® Fishing Boat Charter Company, LLC
- Regal Base™ Fishing Boat Charter Company, Inc.
Register Your Business
a. What Type of Business Structure is Best for Fishing Boat Charter Business in Florida?
There are several options when it comes to the business structure of a fishing boat charter business in Florida, such as sole proprietorship, partnership, limited liability company (LLC), and corporation. But the one most players in this line of business consider is an LLC. It is considered because providers want to protect themselves from lawsuits.
b. Steps to Form an LLC
- Choose a name for your LLC.
- File articles of organization
- Choose a registered agent
- Decide on member vs. manager management
- Create an LLC operating agreement
- Comply with other tax and regulatory requirements
- File annual reports.
c. What Type of License is Needed to Open a Fishing Boat Charter Business in Florida?
- General Business License
- Boat Licenses
- Zonal Permits
- Signage Permit
- Operational State Facility Inspections for your parking
d. What Type of Certification is Needed to Start a Fishing Boat Charter Business in Florida?
You don’t need any certification to start a fishing boat charter business in Florida.
e. What Documents are Needed to Open a Fishing Boat Charter Business in Florida?
These are some legal documents that are required if you want to run a fishing boat charter business in Florida;
- Business and liability insurance
- Federal Tax Payer’s ID
- Watercraft Licenses
- Business License
- Business Plan
- Operating Agreement for LLCs
- Insurance Policy
f. Do You Need a Trademark, Copyright, or Patent?
When starting a fishing boat charter business in Florida, there may not need to file for intellectual property protection or trademark.
Cost Analysis and Budgeting
a. How Much Does It Cost to Start a Fishing Boat Charter Business in Florida?
The startup cost of a fishing boat charter business in Florida varies because there are some factors that can influence the cost. But generally, a fishing boat charter business in Florida will cost from $100,000 to $350,000 to start.
b. What are the Costs Involved in Starting a Fishing Boat Charter Business in Florida
- The total fee for registering a business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services total – $5,200.
- Marketing promotion expenses – $3,580.
- The cost of hiring a business consultant – $4,500.
- Insurance (general liability, workers’ compensation, and auto insurance) coverage at a total premium – $15,400.
- The cost of the purchase of fishing boats: $125,000
- Other start-up expenses including stationery – $500
- Phone and utility deposits will cost – ($2,500)
- The operational cost of the first 3 months (salaries of employees, payments of bills et al) – $30,000
- The cost of launching an official website – $600
c. What Factors Determine the Cost of Opening a Fishing Boat Charter Business in Florida?
- The size of the fishing boat charter business (number of fishing boats to start the business with)
- The choice of location
- The required licenses and permits
- The cost of branding, promotion, and marketing of the fishing boat charter business
- The cost of furnishing and equipping the fishing boat charter business – storage or parking facility
- The cost of the insurance policy covers
- The cost of registering the business
- Cost of recruiting and training your staff
- The cost of the purchase and customizing of uniforms
d. Do You Need to Build Facilities? If YES, How Much Will It Cost?
It is not compulsory to build a new facility for your fishing boat charter business in Florida, but, if you have the required finance, you can build a parking facility and administrative office.
e. What are the Ongoing Expenses of a Fishing Boat Charter Business in Florida?
- Utility bills (internet subscriptions, phone bills, and signage et al)
- Salaries of employees
- Maintenance and repairs
- Marketing costs
f. What is the Average Salary of your Staff?
- Chief Operating Officer (Owner) – $58,000 Per year
- Admin and HR Manager – $36,500 Per year
- Fleet Manager $36,000 Per year
- Accountant $34,000 Per year
- Instructors and Lifeguards – $33,800 Per year
- Customer Service Officer (Call Center Executives) – $26,100 Per year
- Fishing Boat Detailers -$24,000 Per year
g. How Do You Get Funding to Start a Fishing Boat Charter Business in Florida?
- Raising money from personal savings
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for a loan from the bank
- Source for soft loans from your family members and friends.
Write a Business Plan
a. Executive Summary
Bradenton Fleet® Fishing Boat Charters, Inc. is a licensed fishing boat charter business. We have secured some facilities in Florida. This business caters to experienced and novice anglers alike by offering customized full or half-day Marathon fishing charters.
We have full-service fishing charter equipment, which includes bait, tackle, and fishing licenses. Bradenton Fleet® Fishing Boat Charters, Inc. has secured licenses and permits to operate in the United States. We will abide by all the rules guiding the fishing boat charter business in Florida.
b. Products and Service
- Inshore/coastal fishing boat charter business services
- Offshore fishing boat charter business services
- Tournament fishing boat charter business services
- Commercial fishing boat charter business services
- Fishing licenses
- Expert advice
- Fish cleaning.
c. Mission Statement
Bradenton Fleet® Fishing Boat Charters, Inc. is in the fishing boat charter industry with a mission to make some of the latest and safest fishing boats available for rent and lease to customers.
Our vision is to be listed as the top 3 fishing boat charter companies in Florida.
d. Goals and Objectives
The goals and objectives of a fishing boat charter business are to make available different types and sizes of fishing boats and accessories for use by individuals and organizations.
e. Organizational Structure
- Chief Operating Officer (Owner)
- Admin and HR Manager
- Fleet Manager
- Instructors and Lifeguards
- Customer Service Officer
- Fishing Boat Detailers
a. SWOT Analysis
- Excellent operational history
- Availability of latest and safe fishing boats
- Accurate estimates with no hidden costs
- Experience and trained professional instructors and lifeguards.
- Excellent customer testimonials.
- Not enough existing clientele to run at full capacity immediately
- We will need a loan to build our parking (storage) facility and to purchase the latest fishing boats and other related accessories
- The owner is currently running the business solo and will need to manage construction, and also build the existing business
- Lack of economies of scale.
- Increase in the number of tourists and visitors to our location (Florida has the longest coastline (1,197 statute miles) in the contiguous United States, with 825 miles of accessible beaches to fish)
- Build upon existing clientele
- Online market, services, technology, and the opening of new markets.
- Loans diminish profitability until they are paid off
- The first year will be financially tight while we gain customers and pay off loans
- Competition in the area could increase
- Management of employees requires time, money, and efforts
- The water transport department could change its regulatory status and decide to enforce strict regulations that can strangulate new businesses.
b. How Do Fishing boat charter Businesses in Florida Companies Make Money?
Fishing boat charter businesses make money by renting and leasing fishing boats and related accessories.
c. Payment Options
- Payment via bank transfer
- Payment with cash
- Payment via credit cards/Point of Sale Machines (POS)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
d. Sales and Advertising Strategies
- Introduce your fishing boat charter business in Florida by sending introductory letters alongside our brochure to corporate organizations, households, and key stakeholders in the state
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities, train stations et al.
- Use friends and family to spread the word about your business
- Post information about your business and the services you offer on bulletin boards in places like schools, libraries, and local coffee shops et al
- Place a small or classified advertisement in the newspaper, or local publication about your company and the services you offer
- Leverage on referral networks such as agencies that will attract clients who would need your customized services
- Advertise your business in relevant magazines, newspapers, TV, and radio stations.
- Encourage the use of word-of-mouth marketing from loyal and satisfied customers
a. How Much Should You Charge for your Services?
The average cost of a fishing charter is $527 for a full day and $415 for a half-day. Fishing charters vary in price based on the type of fishing, city of the charter, fuel requirements, and the number of people you bring on the boat.
b. How Much Profit Do Fishing Boat Charter Owners Make a Year?
The profit of fishing boat charter business owners is not usually fixed, but on average, they can make over $64,205 in a year.
c. What Factors Determine the Amount of Profit to Be Made?
- The capacity of the fishing boat charter business (number of fishing boats owned)
- The location the fishing boat charter business is covering
- The management style of the fishing boat charter business
- The business approach of the fishing boat charter business
- The advertising and marketing strategies adopted by the fishing boat charter business.
- The number of years the fishing boat charter is in business.
d. What is the Profit Margin of a Fishing Boat Charter Business in Florida?
The profit margin of a fishing boat charter business in Florida is not fixed. It could range from 25 percent to 55 percent depending on the duration and other factors.
e. What is the Sales Forecast?
Below is the sales forecast for a fishing boat charter business. It is based on the location of the business and other factors as it relates to such startups in Florida;
- First Fiscal Year: $240,000
- Second Fiscal Year: $360,000
- Third Fiscal Year: $480,000
Set Up your Shop/Office
a. How Do You Choose a Perfect Location for Fishing Boat Charter Business in Florida?
- The demography of the location as it relates to people who love fishing
- The purchasing power of businesses and residents of the location
- Accessibility of location and availability of beaches
- The number of fishing boat charter businesses in the location
- The local laws and regulations in the community/state
- Traffic, parking and security et al
b. What City is Best to Open a Fishing Boat Charter Business in Florida?
- Miami Beach, Florida
- West Palm Beach, Florida
- Clearwater, Florida
- Coral Springs, Florida
- Pompano Beach, Florida
- Riverview, Florida
- Palm Coast, Florida
- Deerfield Beach, Florida
- Boynton Beach, Florida
- Daytona Beach, Florida
c. What Equipment is Needed to Operate a Fishing Boat Charter Business in Florida?
- Fishing boats
- Fishing boat tracker
- Booking software
- Dash Cam
- Coolers and fishing containers
When hiring employees for a standard fishing boat charter business in Florida, you should plan to hire a competent chief executive officer (you can occupy this position), admin and HR manager, fleet manager, accountant, instructors and lifeguard, fishing boat detailers and customer service officers (call center executives).
Launch the Business Proper
No fishing boat charter business in Florida opens for business without first organizing an opening party to officially launch the business. You can do a soft opening party if you are operating on a low budget or you can go for a grand opening party.
With a proper launching of the business, you will officially inform people in your city that your fishing boat charter business is open.
a. What Makes a Fishing Boat Charter Business in Florida Successful?
- Choose a good location and the latest fishing boats to launch the business
- Be deliberate with your marketing sales approach
- Encourage the use of word of mouth to promote your business
- Leverage all available online and offline platforms to promote your business
b. What Happens During a Typical Day at a Fishing Boat Charter Business?
- The business is open for the day’s work
- The fishing boats are washed, cleaned, and ready for rental
- Customer’s requests to rent and lease fishing boats are attended to
- Schedule maintenance of the fishing boats is carried out
- Marketing/website upkeep
- Supply ordering
- Administrative duties
- The business is closed for the day.
c. What Skills and Experience Do You Need to Build a Fishing Boat Charter Business in Florida?
- Business management skills
- Customer services skills
- Interpersonal skill
- Logistics and material handling skills
- Good fishing skills
- Bargaining skill
- Work experience in the fishing boat charter services industry
- Experience in managing people
- Experience in business administration
- Experience in handling logistics and transportation software.