How to start a jet ski rental business

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

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

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

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’’

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”

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”