Starting a boat rental and charter service company in Australia is an exciting business venture, nowadays it is growing in popularity and its even easier to get started. This is why we thought it would be a great to time to show you How to Start Your Boat Rental Or Charter Service Company!
There are currently 2.5 million Australians that hold a marine licence with only 1 million boats registered. That is 1.5 million people who potentially don’t have a boat to use.
Here is a step-by-step guide to help you get started:
Business Plan:
Having a basic business plan to get your business started is a great idea. It gives you the opportunity to consider the various aspects of your business.
Conducting market analysis to understand the demand for boat rentals and charters in your target area is a good place to start.
You need to also decide on what types of boat/s you want to offer, the services you’ll provide (e.g., fishing charters, day cruises, yacht charters), and your target customer base.
Create detailed financial projections, including startup costs, operating expenses, pricing structure, and revenue expectations.
A business plan does not need to be complicated. Use the K.I.S.S principle of Keeping It Simple, Stupid.
Legal Considerations:
You will need to choose a legal structure for your business, such as a sole trader, partnership, or company. You can operate on a boat sharing platform under any of those structures.
The easiest is as a sole trader but you may not have the legal protections you need. Under a sole trader structure you don’t need an ABN and don’t need to register for GST unless you are earning more than $75,000 per annum.
You should consult a solicitor to ensure you have the best structure for your operations.
Register your business with the Australian Business Register (ABR) and obtain any necessary permits or licences for operating a boat rental service. This is only required if not operating as a Sole Trader.
You will need to obtain a Domestic Commercial Vessel (DVC) registration for your vessels and if you are operating a charter service the Master will be required to hold a relevant coxswain’s certificate.
The process for obtaining a DCV is straightforward and is completed as an online application if applying under EX02 – Non Survey Vessel.
If you need more information you can check out our article here. You can you also email us at info@matesboat.com.au to request our eGuide to getting a DCV registration.
Where Are you Storing Your Vessel/s:
Choose a location that has a demand for boat rentals and offers access to popular waterways or tourist destinations.
If you are renting your vessel as a BareBoat Rental (i.e Hire & Drive) then you can handover the vessel at your place of residence. You can also arrange to meet the hirer at the local boat ramp.
If your boat is in storage at a Marina you can arrange for the boat to be ready for collection by the hirer.
What Boat?
What Boat?If you are going to purchase boats to rent out or charter then familiarise yourself with EX02 – Non Survey Vessel registration. Aluminium boats are probably a safer choice given that they are less likely to get scratches and dents.
Safety Standards:
Ensure your boats meet all safety and seaworthiness standards outlined by the Australian Maritime Safety Authority (AMSA). As a commercially registered vessel you will be required to have some additional safety equipment onboard. The requirements are not onerous and you probably have most if not all of the items already onboard.
The requirements differ slightly depending on the waterway you are operating in but you can check them out here. You will likely be registering as Class 2D, 2E or 4D, 4E dependant on the waters you are operating in.
Insurance:
Secure adequate insurance and invest in comprehensive marine insurance to protect your business and customers. Companies such as R&M Insurance Brokers can help you with your requirements.
Booking System:
Using an online boat marketplace like MatesBoat™ provides you with the ability to have online booking, calendars, and support. You don’t need to worry yourself with complicated websites or worry about SEO.
MatesBoat™ uses the world leading online booking payment system Stripe for its online payment portal.
There are no subscriptions and the commission is the most competitive in the industry.
Set Your Pricing And Your Rules:
Research competitor pricing and establish rates that reflect the quality and uniqueness of your vessels and service.
Check out MatesBoat™™ owners page to see a case study where the owner returned $50,000 in one year!
Boat Rental Agreements:
Create clear rental agreements that outline terms, conditions, cancellation policies, and safety guidelines. With the MatesBoat™ platform you can outline these conditions in your listing.
Remember you are always in charge of your rental, you choose who, when and how you rent your vessel.
Contact MatesBoat™ who can help you with onboarding procedures and rental agreement templates.
Customer Service:
Deliver exceptional customer service to build a positive reputation and encourage repeat business and referrals.
Remember the more Awesome reviews you get the more likely you will rent your vessel in the future.
Maintenance and Repairs:
Implement a regular maintenance schedule to ensure the safety and reliability of your boats. Companies like Seaworthy Inspections are able to come to you and conduct safety checks of your vessels at regular periods to ensure safety.
Using an app like Tracket Boat App to record all maintenance undertaken, provide a schedule of upcoming maintenance and also record money spent on your vessel simplifies this entire process. It is all at the tip of your fingers and available for your insurance company and your accountant.
Safety Briefings:
Conduct thorough safety briefings to all customers before they depart, emphasising safety procedures and emergency protocols. Ensure your customers are shown how to use safety equipment and give them instructions on what to do if they break down.
Using an app like Wavve Boating app allows you to provide safe routes for your renters, monitor their whereabouts and ensure they are complying with your rules on speed and location.
Feedback and Improvement:
Encourage customers to provide feedback, and use this information to make improvements to your services.
Starting a boat rental and charter service in Australia can be a rewarding venture, but it’s important to carefully follow regulations and prioritise safety to ensure the success and longevity of your business.
Joining the growing community revolutionising boat sharing in Australia and help make Boating For Everyone!
