Learning The Basics Of Starting Your Own Jet Charter Business
If you have a private jet you would like to put to use
, you might want to think about starting a private chartering business. Instead of making payments on something, why not let it pay for itself?As airlines begin charging higher and higher prices for all of the little things that use to be free, many passengers are starting to look for alternate methods of transportation. Many are finding that it works out well for them to just charter a private flight, particularly for those who are traveling in groups to a destination that is a short flight away.
This new interest in chartering private jets has opened the door for many young entrepreneurs to start their own business of booking charter flights. If this has always been your dream, then there is really no time like the present to begin following that dream.
Just follow these simple steps and you'll know how to start a private jet charter business in no time. Start by putting some initial thought into the type of charter flights that your business will specialize in.
If you will be focusing on senior executives of corporations, politicians, dignitaries and the like, then you will need a fleet of impressive, state of the art jets and amenities. If you would like to carve out a niche of ordinary travelers who just want an alternative to traditional airport flights, then you may be able to get away with less sophisticated aircraft and basic amenities.
Write a business plan to detail how your business will attract and cater to your target market. Include information about your staffing requirements, your plans for advertising your private jet charter business.
You should also document how much it will cost to operate your business, and how long it will take your charter business to become profitable. If you are not accustomed to writing a business plan from scratch, there are a large number of free business plan templates online.
You can download one of these templates and fill it out with the information that relates to your private jet charter business. Obtain financing from your venture.
Assuming that you are not independently wealthy, you will need to form a financial partnership with a venture capitalist for a business venture of this magnitude. The costs associated with private jets, not to mention skilled pilots to fly the jets, can be a large investment.
It may be possible to obtain a business loan if you have exceptional credit, but business loans are rarely large enough to start a private jet charter business from scratch. Therefore, expect to put an exhaustive effort into locating the right financial partner, and expect to give up a decent portion of ownership in the company in exchange for the investment that you receive.
Choose a suitable location to serve as the headquarters for the private jet charter business you are going to start. There should be sufficient space for normal business and accounting operations, as well as for a reservations office and a control center that will keep track of where your aircraft are located.
It may be helpful if the headquarters is located near a major metropolitan airport, but this is not a requirement. Set up the company that will be the legal entity for your private jet charter business.
You will need to go to the local County Clerk's office to file papers to officially incorporate your business. This step can also be done directly with the Secretary of State's office.
Assuming you have taken a financial partner, ruling out the option of registering the business as a Sole Proprietorship, you will need to register your private jet charter business as either a General Partnership or as a Limited Liability Company. The LLC structure is preferred by most people, due to the pass-through tax status it carries.
File paperwork to have your new private jet charter business become legally recognized by the Federal Aviation Administration (FAA). At the very least, you will be required to file for Airline Certification so that you will be authorized to legally operate a private jet charter.
Advertise your business. With soaring fuel prices, it can be difficult to attract customers, even when they know who you are.
That means attracting customers is even more difficult if they have never heard of you, so it is important to get the word out and to bring customers in the door. Start by assigning a monthly advertising budget, then work out a campaign that will get your message out to the largest number of potential customers, without busting your budget.
If you are savvy, you can get your business going in no time. The possibilities are endless!
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