What Boat Franchise Should I Buy?
So you’ve decided you’re going to invest your money in a franchise. Or maybe you’re still on the fence? Whatever the situation, it’s always a great idea to gather as much information as you possibly can. It can be a daunting task finding exactly the franchise or business opportunity for you, and if you don’t know someone who knows someone, you might feel like you’re sinking.
The most important first step to finding out where to invest your money is to know what’s on the market. We’ve gathered some of the boat franchises on the market, as well as combining some of our top tips from our own experiences of setting up a boat rental in order to give you an introduction to the boat rental franchises on the market.
Copyright: GoBoat ApS
Why invest?
Investing your money into a franchise can be a great way to establish your own business, whilst still having the security of doing it in the framework of an already successful business. There are many different kinds of franchises and things to look out for when considering investing in one. Some require you to have a huge initial investment, whilst others are cheap but provide little to no training.
It’s important to conduct research and have a good open conversation with the franchise owners before investing. This might seem like an obvious point, but it’s important to reiterate it, as jumping into any business without solid ground (or water) beneath you, you might soon find yourself in deep water.
It’s also important to not give up before you’ve started. It’s better to have tried than to die curious, and although it’s a big deal to start a business it can also be one of the most satisfying things you do in life – and it can also provide an economic boost. Business is hard but it’s also fun, and a boat franchise, where you might be combining your passion for the sea and business or where you’re enjoying seeing your city and harbour change, it makes it even more fun.
Boat franchises
There are different types of boat franchises. We’ve focused the following list on those providing a service to private people, rather than B2B shipping and maritime businesses. The following are private boat rentals. We’ve chosen to focus on some of the more established franchises on the market, but there are most likely more opportunities out there. Choosing the right franchise for you, will depend on where your interests lie, what opportunities might be available in your location and how much of a down payment you have.
Overview of the boat rental franchises currently on the market: GoBoat, Freedom Boat Club, Nautical Boat Club, Carefree Boats & SailTime
GoBoat ApS and its affiliates do not provide investment advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, investment advice. You should consult your own business advisors before engaging in any transaction.
What franchise is right for me?
The saying goes that if you do what you love, you’ll never work a day in your life again. True or not, it provides an excellent starting point for finding out where you should invest your money. If you find a franchise in an industry you love and find interesting, you’ll be more likely to succeed. As can be seen above there are two quite different ways to invest in boat rentals; one being a boat club setting, whilst the other is a unique experience business. These two subgroups of boat franchises are likely to interest some more than others, and it’s important to know what you would like from your own business as well: do you want to become part of a boat club and buy a boat and be able to sail in boat clubs in numerous places or would you like to establish a business, where you’re not the main user of the boats.
After that, it’s important to find out more and do your research. It’s also a good idea to get in contact with the franchise and have an open conversation about how you might fit with each other, what financing is available and what needs to be considered before you move on.
Support when starting a business
Starting any new business can feel daunting and getting support from friends, family and business partners is vital for its success. Another element of support you might need is financial. Not everyone has the money saved up to pay for the initial investment, but don’t let that deter you! There’s financial support at hand, whether it be from friends, family, the bank, business association or another place. According to FranchiseBusinessReview, many lenders are more likely to lend money to someone wanting to start a franchise, rather than those starting from scratch.
Collaboration with others may also be a way to gain the finances needed to start a boat rental franchise. Due to the fact that these are usually part of an established environment, such as a harbour, real estate developers, other business and land owners may want to invest in the franchise alongside you, as it will make the local environment more attractive to future buyers, locals and tourists. A win-win situation for everyone. Finding potential partners is also a great way to see whether or not there’s interest in a boat franchise.
Why should I pick a boat franchise?
If you’re one of the many people who love the water but feel that it’s too daunting to establish a business because there’s no solid ground beneath you, a boat franchise can be an excellent option. With the franchise options above you can end up owning your own boat or starting a sustainable business that makes your local area more attractive.
Unlike food franchises, boat franchises are not yes as invested in. That’s not to say they’re not a great investment, but rather that they’re still flying under the radar. This leaves a competitive advantage because the market is far from saturated, and it allows for a boat rental company to be the world leaders.
What’s important to remember when investing in a franchise is that you will become a business owner. Prior to investing in it you need to have a comprehensive understanding of what the franchise opportunity actually entails:
What are your responsibilities?
Do you fit with the corporate culture?
Would you prefer to outrightly own your business
Is equipment provided?
Do you have to find mooring?
Will you get the support you need from the corporate office?
The only way to get answers to these questions is to contact the franchise you are interested in and finding out as much as you can. The better the understanding between you and the corporate office, the better your chances of success.
Still interested? Find our ultimate guide to starting a boat rental business here.