Starting Your Own Private Charter Business
As airlines begin charging higher and higher prices for 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 popularity of chartering private planes has opened the door for many young entrepreneurs to start their own business of booking charter flights. Though it may not be an easy road to success, there are a few steps to follow to help pave the way.
Start by putting some initial thought into the type of flights that your company will specialize in. If you will be focusing on executives, politicians, dignitaries and the like, then you will need a fleet of impressive, state of the art jets and amenities.
If you would like the market of ordinary travelers who just want an alternative to traditional airport flights, then you may be able to get away with basic amenities. After deciding what type of company you want, you should write a business plan to detail how you will attract and cater to your target market.
Include information about your staffing requirements, the equipment you will need, and how you will advertise to the target market. You should also document how much it will cost to operate your company, and project how long it will take you to turn a profit.
If you are not accustomed to writing a business plan from scratch, there are a large number of free templates online. You can download one of these templates and fill it out with the information that relates to your private jet charter company.
You also need to consider how you are going to finance your new venture. The costs associated with private planes, as well as their pilots, can be a large investment.
It may be possible to obtain a business loan if you have exceptional credit, but loans are rarely large enough to start a private jet charter company from scratch. Therefore, you should be prepared to have a large sum of cash available to put into the company right away.
You also need to choose a suitable location for your office building, and have this located on or near a certified landing strip. 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 aircrafts are located.
Set up the company that will be the legal entity for your private plane charter business. You will need to go to your local County Clerk's office to file papers to officially incorporate your company.
You will then 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.
Research the jet models that are currently available on the market. You should consider having a fleet of planes that are of varying sizes and lavishness.
This will allow you to cater to a broader range of customers and accommodate each of them according to their needs. The specific jets that you purchase will depend largely on the clientele you have elected to cater to, as well as your budget concerns.
After you have acquired your fleet of planes, they will need to pass FAA inspection before they can be flown in American airspace. This means that each jet will need to obtain an Air Worthiness Certificate from the FAA.
If your private plane charter business will have flights that cross international borders, you will need to obtain similar certificates in each country's airspace you will utilize. You also need to find and hire the staff that will be required to operate your private jet charter company.
Pilots and mechanics will need to have special licensing from the FAA in order to work on a commercial plane. In addition to the jet crew, you will also need an office staff, accountants, reservations agents and other employees.
by: Tom Selwick
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