Now that the recession is over, boat businesses are quickly becoming a viable option to create a steady stream of cash inflow. Now more than ever, people are once again enjoying water fun. What’s even better than that is that a whole number of boating clubs have opened that allow for potential business owners to open up their very own franchise, making the ability to own boat businesses even easier. Because the decision to buy a boat business is a big one, some careful thought needs to go into the choice and timing. When you’re ready to purchase your boat business, keep these 5 helpful tips in mind.
1. Three to four months before boating season is a great time for purchasing boating businesses
Because you’ll want to have your boats available for rent as soon as the season starts, you need to give yourself time to go through the process of locating a suitable marina, finding and negotiating a reasonable lease for a fleet of boats, going through the company training, and setting up. Give yourself time to get everything in order so that you’re renting to begin renting out as soon as the first wave of people come looking for some fun on the water.
2. Enough time to get you through training
As stated above, you definitely want to give yourself time to complete training and support before the season starts. Every company is different, but it seems that a pretty average time frame is about 30 days of training, where you’ll learn everything you need to know about boating businesses, management, and other crucial aspects of owning a boat fleet.
3. Before the season in your local area
If you live in an area where there is an official season, you may want to get a head start on finding a franchise to buy a boating business from because not all franchises like to sell to areas where there is only seasonal boating. Do your research in advance to ensure that you are able to find a franchise that will sell to you.
4. Timing doesn’t really matter if there is no off-season in your area
Area that don’t have a marked boating season like California and other areas in the Gulf Coast don’t really need to be too wary of timing. However, if you want to be up and running by the time vacationers get to visiting your area, it’s a good idea to start early with typical tourist dates in mind.
5. Whenever you’re ready
Truth be told, everyone’s situation is different, and while there are ideal time to purchase boat businesses, there is no one perfect time. If you have the time and energy to begin, then you should begin looking into it. Most boat business owners will tell you that they’re glad they took the plunge and purchased their business.