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How to start a jet ski rental business

By Christian Wilkens 

Why start a Jet Ski rental business?

With the newest technology in rental software, the launch time and cost has been reduced considerably.

Setting up a successful business is hard work, but it’s worth the effort. Starting a jet ski rental business is an great opportunity for you to make money while providing people with fun. To be a successful entrepreneur, you need to know the ins and outs of the jet ski rental business. This step-by-step guide has all that is needed for beginning an entrepreneurial adventure.

 

 

Contents

Industry size and growth

The recreational boating market was worth nearly $30 billion in 2019, and it’s projected that this number will grow by 20%. Personal watercrafts are part of the equation – they saw an 8% increase last year alone!

Trends and challenges

Trends in the jet ski rental industry include:

  • The sport of jet skiing and the opportunity for making more money has made it a popular pastime and industri.
  • People are seeking thrills like never before, and with low price points, the activity is popular like never before. This includes fishing and racing from jet skis.

Challenges in the jet ski industry include:

  • These risks are only increased by the dangers of accidents. If you’re injured when your jet ski is struck by another object or involved in an unfortunate accident, it’s important that liability insurance covers any damages incurred as a result.

Pros and Cons Of Starting A Jet Ski Rental Business

Pros and cons

There are many pros and cons to consider before deciding if starting a jet ski rental business is right for you.

Pros

  • Work outside on the water, helping people enjoy their leisure
  • Good Profit
  • Flexibility in workhours
  • It is usally sunny

Cons

  • High Startup Costs – At least two jet skis needed
  • Seasonality – Down times due to weather
  • High gas prices
  • Expensive to repair

How much does it cost to start a jet ski rental business?

To start a successful jet ski rental business, you’ll need about $13k-$50K in startup costs. The largest expense is for the equipment and it all depends on how many jetskis that are included with your purchase or if they’re extra-cost addons – so keep this number handy!
You can get started by purchasing some essential items like:

  • Jet skis
  • Trailer
  • Storage space
  • Life vests

Marketing Strategy

Marketing Strategy

Your marketing strategy is a crucial part of running any successful business, and marketing strategies can be the difference between success or failure. A company’s value proposition (the reason they exist), key brand messaging(what it says about them) , data on target customer demographics like age groups and genders; all these things work together in order to attract new consumers who will turn into customers after being attracted by your product/service offerings!

The marketing strategy should be a long-term plan for achieving your goals, which means understanding the needs of customers and creating an advantage that will last. It encompasses everything from deciding who you’re targeting to figuring out how often they’ll want messages from you in order to reach them with quality content. 

 

 

READ: ‘’How to create a marketing strategy for rental businesses’’

Business plan

It can be a scary thing to not know how to create a business plan, but do not worry. We got you covered. When starting a rental business, there are basically nine important steps that need to be followed. We have listed them all down for you to copy paste for your own strategy outline, so you don’t have to stare at a blank piece of paper. Now you just need to fill in the outline with your vision and goals for your rental business.

  1. Write an executive summary
  2. Company description
  3. List your products and services
  4. Perform a market analysis
  5. Organization overview
  6. Who is your customer?
  7. Make a marketing plan
  8. Provide a logistics and operations plan
  9. Make a financial plan

 

READ: ”How to create a business plan for rental business”

 

Essential software and tools for a rental business

If you are engaged in the rental business or planning to be, whether it is a short term equipment rental or long term subscriptions model, it becomes increasingly important to secure a good rental software and to ask the question: What expectations do customers have for a good online experience?

A good rental software must contain these two functions:

  • Online booking system: What your customer can actually see and experience on the website. Choosing, booking and paying.
  • Management system: The part of the software that you use for handling orders, control inventory and have an efficient admin operation.

 

READ: ”Essential software and tools for a rental business”

Start your jet ski rental business idea today!

There are rental business ideas for nearly every niche. If you’re interested in starting a profitable business in the rental industry, find your ideal match in the list above and then invest in the items needed to provide quality rental services to your community. We at Sharefox can help you get started with the rental software that you need.

What are you going to do now?

  1. Do you want to grow your business today? Try Sharefox rental system for free – or book a demo and get a personal expert to analyze your company’s situation, come up with solutions on how you can streamline your methods and create a more profitable company.
  2. To learn more about the Sharefox rental system, read about trends and news for free, visit our blog or visit our resources section in the main menu. Here you can download guides and e-books that we also share with our customers.
  3. If you want to work with the circular economy and Saas and want to be part of the Sharefox team or find out why we are one of the fastest growing rental platforms in the rental industry, see our job postings here.
  4. If you have a good friend or know someone who would have found this article interesting, then feel free to share it with them via email, Linkedin or Facebook .
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