The experience economy is flourishing, and boat hiring and boat rental firms capitalize on it. Consumers of the future place a higher value on experiences than on material goods, and they seek scenic encounters. This makes the marine industry very appealing, and boat leasing may be a very successful business to start if you have the right skills, concept, and boat design. This guidance is based on the GoBoat® License concept’s experiences in opening and operating in Denmark, Sweden, the United Kingdom, Australia, Croatia, and many more. With over 500,000 visitors serviced worldwide and millions more on the way, it’s safe to say we’ve mastered the art of opening and managing boat rental businesses. We hope that our information will be useful to you if you are beginning a new boat rental, buying an existing boat rental, or thinking about buying into a franchise business.
Where should you put your money to make a profit? Your new boat rental business will be well worth your time and money if you plan and execute it well. License partners at GoBoat typically recoup their original investment within the first four years of operation. However, only an established concept, a robust support structure, and a strong franchise model can make this happen.
SELECTING THE APPROPRIATE MARKET
Like with any other business, it is critical to identify a target market. Please keep in mind that market conditions vary based on the kind of boat. These are the elements of a good boat rental market, according to our experience:
Cities with more population have a higher volume of clients, which makes logical. However, it will almost always come at the cost of increased competition. Keep in mind that certain cities have tiny inhabitants but many visitors. When deciding on the appropriate market for your business, bear in mind that the amount of money you’ll need to spend on marketing will vary greatly depending on whether you’re targeting tourists or locals. If you decide to target tourists, keep in mind that new customer acquisition costs are generally greater than local ones, and lifetime value is often lower.
The route for sailing
The tourists must find the sailing route interesting and enticing. Customers will still have an unimportant overall experience if the water routes are dull and the boats are chilly. The good news is that the market for outdoor micro-adventures is exploding in both urban and natural settings, and they may both provide a worthwhile experience for your potential clients. Consider whether your selected position offers a practical perspective, whether from an intriguing metropolitan setting or the gorgeous beauty of nature. Look for the greatest potential spots in the area you’ve picked. The most straightforward approach to getting started is using Google Earth to investigate the region. If you want more information, we’ve prepared a guide on creating safe sailing routes and what to consider.