Renting out boats is a lucrative business that is capitalizing on the growing experience economy. Maritime businesses are usually highly attractive; therefore, when coupled with comprehensive knowledge, the right ideas, alluring concept and boat design, the boat rental business can be very successful. In the recent past, more people are getting hooked to boat parties as they provide an elusive and unique party experience. For the hosts, boat parties are a way of expressing their status.
- Experience Economy
Boat parties are generally big, sophisticated, and luxurious, and they provide a one-of-kind party experience. Therefore, experience economy can be defined as an economy formed by futuristic consumers who prefer picturesque and worthy experiences over materialistic things. Boat parties are preferred by a growing number of people as it helps create lasting memories for a lifetime. The experience economy is also a high revenue-generating economy since people find any amount worth paying for the experience.
- Guidelines to Start Rental Boat Party Business
One thing the business entrepreneurs must understand before starting a rental boat party business is that no boat rental businesses are alike. Therefore, there is no tool kit to start a rental boat party business and hands-on experience is the only way to define a successful business model for each entrepreneur. However, there are certain factors that can help you start right and mitigate the risk factors to a large extent.
o Identifying the Right Market – an in-depth market study must be carried out to identify the right market for your rental boat party business. It can be quite tempting to start the business right away, especially when you have all the resources. However, one cannot tread on unknown waters; therefore, it is pivotal to identify the right market. The following aspects can help you identify the right market for your rental boat party business.
- Population density
- Volume of tourists
- Sailing routes
- Adventure tracks
- Tides, currents, and wind conditions
- Real estate development etc.
o Business Location – although the bookings of the rental boat party business will be made online, one cannot deny the importance of a good and strategic location to operate the business from. This is mainly because of a few reasons such as
- On-site attraction – party boats parked at a good location will draw more customers, generating more business leads. The appeal of a good party boat is enough to attract customers.
- Walk-in traffic – a strategic location with higher footfall means more walk-in customers. Although the business operations are executed through a resolute rental boat script, walk-in customers are very important for such a lucrative business.
- Boat tour – since rental boat party business is a derivative of the experience economy, an instant tour of the party boat would be of great advantage. Hands-on experience of the party boat can proficiently turn a business lead into a potential customer.
o Permits and Legal Sanctions – every city is different with varying jurisdiction laws and permits. Before starting the rental boat party business, it is necessary to obtain all permits and legal sanctions to operate your business on national or international waters. There are several legal and political risks in operating any rental boat business as it involves the risk factors of entering into international borders, fishing areas, etc. Therefore, based on the city or cities you want to operate the rental boat party business, you must obtain, maintain and renew all permits and legal sanctions.
o Safety Measures – rental boat party businesses are prone to life and health risks. Open waters and parties are both an incredible and dangerous combination. One can never be too safe; therefore, the entrepreneur must make every effort to have state-of-the-art safety equipment and instate the highest degree of safety measures. This is a non-negotiable aspect of a rental boat party business. In addition, the safety equipment and measures of the business must comply with the safety protocol set by the city’s laws.
o Customer Experience – what do you intend to give to your customers? If you are looking to start a rental boat party business, then you must ask this question time and again. Customer experience is the primary motive of the rental boat party business; therefore, one must make every effort to provide the best, unique, and unforgettable customer experience through their rental boat party business. Remember, boat party business is part of the experience economy; therefore, optimal customer experience should be inherent to a rental boat party business.
In addition to the above guidelines, staff maintenance, setting up of the dock, backing of a robust booking system, having a stable IT infrastructure, etc., are also very important to start a successful and profitable rental boat party business. RentCubo, a leading software and mobile app development company can be a perfect IT and booking system partner for your rental boat party business