Do you like jet skiing? And do you want to start your own business? You can combine those two things and start a jet ski rental business! If done right, this business can be very profitable. With two jet skis, you could make $10,000. If you have more than six jet skis, you could make $1000 per weekday and even more on weekends. Of course, you need to have a good plan and know some things. Read on to learn what you should consider, at least for starters.
Consider the costs of starting a jet ski rental business
According to Business Name USA, it costs from $3,465 to $35,059 to start a jet ski rental business. According to Starter Story, the average cost of starting a jet ski rental business is $12,272. Different costs include licenses (at least $50), insurance (at least $500), maintaining a website, buying and maintaining your jet ski fleet. Still, it is considered that it is much cheaper to start a jet ski rental business rather than most other businesses. Read more about different costs here.
Finding the best location
Location is one of the most important things to consider when you plan a jet ski rental business. First, make sure that the waters are suitable for watersports because not all water bodies are. Also, it should be a popular location with tourists that are interested in watersports. Visit the place, explore it thoroughly, and acquaint yourself with all local regulations. It may even be illegal to rent out jet skis in the location, and you do not want to get into trouble with authorities!
What’s your competition?
Another essential thing to consider before deciding on your location and other business aspects is the competition. What competitors do you face in a prospective location? What are their strengths and weaknesses? How do they attract people? It would be best if you visit them and learn as much as you can about those things. It can help you create your business plan and avoid any mistakes they made or are making. You can also improve on their strengths to have a more successful business.
Want more general tips? Read our article on starting a rental business.
Decide on your jet ski rental business structure
How do you plan to carry out your business? Do you want to have jet ski tours: you on a jet ski leading a group of people with jet skis? Your insurance will be a bit cheaper if you choose this option. However, you might also not make as much. Of course, you could offer self‑rides, which is one of the most popular options: people like to rent jet skis by themselves. You will probably want to map out routes for people and install GPS markers on your jet skis so that they do not get stolen or lost. You can also offer both tours and self-rides.
Also, you need to choose a business structure. If you go with a company, your liability will be limited. But you could also go as a sole trader, which has its advantages, such as easy establishment, easy dissolution, total profit, etc. But you also have to cover the losses yourself. There are also partnerships, such as family trusts. Decide what type of company is best for you. It is best to discuss this with a lawyer.
Find insurance
Insurance might be one of the hardest parts of starting a jet ski rental business. Not many insurance companies cover jet skis for rent. Some of them might charge a ridiculous amount of money. It is recommended not to choose a company that deals with owners because they might have no experience with a business. If you find a good company that works with businesses and charges an understandable amount, stick with it.
Get permission
Another thing to do is to get a business license. It is usually either getting the insurance or the permission that deters people from starting a jet ski rental business. Getting permission can take several months, and you need to know your business plan. You might need to answer about your insurance, the days and hours you will be operating, where you will be operating, whether you will take up space on the boat ramp, protection for your customers, and so on.
Additionally, you might need a seller’s permit and an EIN. Learn more about the necessary licenses for a jet ski rental business here.
Does it seem like too much trouble to start a jet ski rental business, but you still want to earn with jet ski rentals? You could partner with companies to post rental ads for your jet skis! You could partner with us: our motto is allow partners to make money. We will not rip you off in commission fees. Contact us if you wish to partner!
A good name
You need a good business name to attract people. We recommend choosing something related to the location. For example, Bear Lake Jet Ski Rentals. Why? Because people that come to visit Bear Lake and want to try watersports are likely to google bear lake jet ski rent and your business would pop out in their search results.
What we do not recommend is naming the business after yourself, like Ben’s Jet Ski Rentals. First, it does not say much. Secondly, you might want to sell your business someday: potential buyers might not want to buy a business with someone else’s name.
Start a website for your jet ski rental business
Marketing is a highly important part of any business. And the website is one of the crucial tools in marketing today. Today you can even make a website yourself with little trouble. We recommend WordPress: it is the most popular website builder, powering 40% of all websites.
We also recommend adding a reservation system to your website. Nowadays, people love doing everything from the comfort of their homes, especially booking things. If they plan a trip to your location and plan to rent jet skis, they might want to book jet skis in advance through your site.
Need help with your website? Check out this site.
Buying your jet ski fleet
Getting your fleet is something that will cost quite a bit. The bare minimum if you want to earn is two jet skis. We recommend that you start with at least four jet skis. Seven would be much better, and ten would be awesome. Also, don’t forget that you need a rescue jet ski and a rescue board: people will run into trouble sometimes. We recommend that this jet ski is more powerful than others. For your fleet, some good models include Sea-Doo Spark and Yamaha Ex Series. You can also consider getting one fishing jet ski so you can appeal to fishing enthusiasts.
Some also recommend buying salvage jet skis that need to be repaired because they are much cheaper. However, you need to make sure you can fix them and that repairs will not cost that much. Most do not recommend buying used jet skis for business because problems can often arise.
Marketing
You are not likely to make it if you do not have good marketing. There are various strategies to go about it. For one thing, social media is highly important nowadays and can be a great tool. You can involve influencers, asking them to promote your product. You can also invest in ads. Of course, you must also moderate your presence on social media because negative reviews can ruin your reputation. Also, try to provide a good experience so customers can recommend you to their friends and family. Finally, highlight not just the services but also the experience, such as what people can see when they rent your jet ski. Read more marketing ideas for water activity rental businesses here.
Of course, these are not the only things to consider when starting a jet ski rental business. Research as much as you can before you try: there are many helpful articles and videos on the internet. It is also best to consult a lawyer. And if you try, you can make it! Best of luck!
Perhaps you have some tips about starting a jet ski business? Share in the comments!