You may love the water and boating is a special way of life for you. Since you love the water and the boating lifestyle so much, you may have decided to make it a business and to own your own marina. This can be a lucrative business and one that is sure to be close to your heart.
How do you find the right marinas for your business to ensure success? There are a few things to look for while you are searching for a marina to buy that can help make your business successful.
Create Your Business Plan
Before you go searching for marinas for sale, you should stop and create a business plan. All successful entrepreneurs and business people create business plans for their company. This makes a type of guidebook for how you plan to start your business, how you plan to finance it, and how you will run it over time. This is key if you need to get a loan to buy a marina to begin with. Banks and lenders are going to want to see what you have planned for your business.
Your business plan should include items like what your startup costs or purchase cost will be for the marina. Are you targeting yacht and high-end boat owners, or are you planning on targeting families with smaller boats? How much will you charge your customers and how long until the business becomes profitable? This is a good idea to have before you head out to buy a marina; it can also help you narrow down the right existing marina for you.
Tour Each Marina You Are Considering
Once you begin your search, it's a good idea to narrow down the list of marinas in the area you want to buy one in and then take a tour of each one you are considering. Just like when you buy a house, you need to visually inspect the marina to see if it suits your needs. You could have an inspector go along with you to see the shape of the dock and slips and see if any repairs need to be made or if any slips need to be replaced.
Check to see if the marina has the correct equipment for putting the boats into the water and taking them out again. Is the equipment in good condition and is it included in the purchase price? Are there buildings onsite for boat and equipment storage? Will you need to build one or are boats and equipment held offsite?
You will also want to check on all licenses and permits to operate the marina and if they will transfer to you. Keep these tips in mind as you look for marinas for sale.