Personal watercraft rentals give tourists and residents of coastal communities an exciting option for watersports. Operating a PWC rental operation can be a great business opportunity, but if you are considering going this route, there are some important considerations that can increase the likelihood for success. Here are three tips to help you get started.
1. Get the Right Insurance
Getting the right PWC insurance is critical. As a business, you are responsible for third-party injuries and property damage caused by your crafts. Operating a PWC is a high-risk activity. In renting them out, business owners leave themselves open to renter accidents and lawsuits; thus, PWC liability insurance is crucial to protect you and your business.
2. Consider Your Crafts
The startup costs for a new business can run quite high, particularly when you consider the costs for purchase, maintenance, and repairs for personal watercraft. Look for ways to stretch your dollars. One potential option is to invest in refurbished or used crafts in good condition.
3. Understand the Overhead Costs
Before you get your business up and running, it is a smart idea to know ahead of time what it will cost you monthly and annually to operate. Overhead costs are frequently overlooked, especially those pertaining to storage, PWC maintenance, and fuel costs.
Opening a personal watercraft rental business in a coastal community can be a successful endeavor. The more you understand about the industry going in, the more likely you will be around to offer visitors an exciting adventure for years to come.