The maritime industry, particularly yacht and boat rentals, has emerged as a lucrative business opportunity in Turkey. While the potential for substantial profits is evident, it is crucial to acknowledge that entering this sector requires a significant investment.
In this blog, we will provide an overview of the yacht and boat rental industry in Turkey, the associated legal considerations, and the steps to establish a successful yacht buying and selling company in the country.
How To Establish A Yacht Buying & Selling Company In Turkey?
This blog post will be your no-fluff guide on how to establish a yacht-buying and selling company in Turkey.
As an added bonus, you can also hire us for this task thanks to our premium maritime yacht services.
Yacht and Boat Rentals in Turkey
Yacht and boat rentals have gained immense popularity in recent years, becoming the preferred choice for various events, including weddings, birthdays, parties, business meetings, private dinners, and more.
This trend is not limited to local demand; international tourists visiting Turkey also show keen interest in yacht and boat rentals. Therefore, individuals aiming to open a yacht and boat rental company in Turkey are in a fortunate position.
Rental Demand Throughout the Year
The demand for rental boats and yachts tends to surge during the summer season, primarily due to the comfortable and spacious environment they offer for events. Warm weather and cooler evenings make them the top choice for hosting gatherings.
However, the winter season is also witnessing a growing interest in boat and yacht rentals. With the right conditions and facilities in place, attracting customers even during the winter months is entirely feasible.
Setting Up a Yacht and Boat Rental Company: Costs and Considerations
The establishment of a yacht and boat rental business is indeed an attractive venture, but it comes with a substantial initial investment. To embark on this journey, you must be well-capitalized. In general, the startup costs for this business can exceed 1 million Turkish Liras.
Although various strategies can potentially reduce these costs, having strong financial backing is crucial. Your success may also depend on the strength of your professional network and connections within the industry.
One approach to minimize the upfront costs is to engage in rental agreements with boat and yacht owners. This means that you would first lease the vessels and then offer them to customers.
However, it’s essential to have a strategy for attracting potential renters to ensure that your investment quickly pays off. In the early stages, you may face less competition, allowing you to establish a presence in the market more easily.
Choosing the Right Location for Your Yacht and Boat Rental Company
Location plays a pivotal role in the yacht and boat rental sector. Coastal areas, particularly in Turkey’s Marmara, Aegean, and Mediterranean regions, are highly preferred. These regions are popular among both local and international tourists during the summer.
While your administrative office may be located in the city center, having a presence along the coastal strip can be advantageous in terms of convenience and accessibility.
Profit Margins for Yacht and Boat Rental Companies
Once you have made the decision to establish a yacht and boat rental company, it’s time to consider potential profits. As your business gains momentum, you will start seeing substantial returns.
Typically, two pricing models are used: one for the summer season and another for the winter season. Given the higher demand during the summer, prices are adjusted accordingly. However, the pricing gap between the two seasons may not be significant.
On average, yacht and boat rentals range from $2,000 to $4,000 per day, with weekly rates varying between $7,000 and $14,000. These prices are subject to fluctuations based on vessel type, size, and additional services provided.
Remember to allocate a portion of your revenue to yacht and boat captains, as they are a crucial part of your operation. After covering expenses, you can expect a healthy profit margin.
Why Should You Consider Opening a Yacht and Boat Rental Company?
In a sector with relatively low competition, establishing a yacht and boat rental company can be a rewarding endeavor. The preference for these services among customers, coupled with the potential for significant income, can be highly satisfying for entrepreneurs, particularly those located along the coastal strips.
Conclusion
While operating a yacht and boat rental company in Turkey can be financially rewarding, careful planning and effective marketing are essential for success. Building brand recognition and attracting customers are critical steps to ensure your business thrives in this competitive industry.
