If you own a boat but aren’t in vacation mood all the time, it’s a good financial strategy to make use of your boat for passive income. Aside from earning extra, it also offsets the cost of ownership that gets thrown at maintenance, insurance, upgrades, etc.
So how do you go over this?
Here are some brilliant ideas on how to capitalize on your boat.
Cruising is a fun and unique experience that is not always accessible to people who don’t own boats. A personal cruise allows these individuals to enjoy the privileges of touring without chartering for bigger, more expensive setups. The trip can vary in length – weeks or months – depending on the negotiations, and you as the owner can charge your cruisers extra costs on items as food, fuel, mooring, etc.
If you live in a place where there’s constant demand for shipping, you can create a twist around that need and offer corresponding services that help get the job done. The cargo, however, should be commensurate to the weight capacity of your boat. Learn this figure first before accepting delivery requests. Also, set limitations as to the types of cargo you are willing to transport.
If you’re lucky to live near diving spots, you can collaborate with the local tourism office to offer services for divers who flock the site. If you don’t want middlemen, you can go DIY but make sure you know all the legal restrictions there are before positioning yourself for commission.
Fishing has always appealed to many Americans. If your boat offers the capacity for fishing, then go ahead and offer a full fishing cruise that is customized to your client’s liking. Still, you need to set certain parameters and keep up to date with local and statutory legislations that might place limits on fishing activities.
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If you have a license, you can make use of your free time, your idle property, and your boating knowledge to teach someone to sail. It’s a wonderful collusion of things that you can perfectly converge into one monetizing project. If you don’t have the skill, you can instead allow the boat to be rented for lessons. Courses don’t have to be restricted to basics; there is also demand for refreshers.
It’s a unique idea to monetize on creativity. Some views just aren’t accessible by land. Advertise a photographic tour in your website and you might be surprised how many enthusiasts would warm up to the idea for some experimentation. You might even get commissions for more projects such as films, photographing sea life, even telling your own story as a boater, etc.