From fishing to ferrying, there are numerous ways that you can make a living out on the water. Those livelihoods, however, seem to be increasingly put in peril every year that goes on. From lockdowns, to depleted oceans, to new regulations, the number of challenges boat-based businesses face means it has become harder than ever to bring home a tidy profit.
While expanding business operations is always a great way to bring in new revenue streams, the best place to start is actually looking at your existing operations and ensuring that your boat and business run smoothly. By improving your cost-efficiency, you can pay less and bring home more, and can get started with this guide:
Avoid Costly Repairs with Regular Servicing
If you know how to and are qualified to service your boat, do so regularly. Checking over the engine, cleaning your exterior and interior professionally on a regular basis, and of course, bringing in professionals like Marine Engineering Looe to service your Volvo Penta engine is how you can prolong the life of your vessel.
Properly servicing your vessel becomes increasingly important if you operate in saltwater or brine water, where the salt can deteriorate systems before you know it. Don’t finish the day without cleaning, oiling, and otherwise maintaining your vessel and engine to avoid costly repairs that could put you out of business.
Shop Around for Providers
Shopping around for providers can help you secure better deals and keep your running costs as streamlined as possible. The providers in question will include everything from your insurance to your marina. New deals regularly are offered, but after the deal is over, you can end up paying high monthly costs that you can avoid simply by taking advantage of the next deal.
This is very easy to do; it just requires a little extra work getting in touch with your provider at the right time.
Invest in the Efficiency of Your Workday
New tools can make your job more efficient. New technology can reduce the running costs of your vessel. There are so many options available, but they all depend on your location, business type, and vessel type. You can better insulate an older boat to reduce heating costs in the winter, for example. Similarly, with a new layout, you can increase the amount of storage or working space your vessel offers. Technology is evolving every day, which can help improve your practices. Tools like the SPICA E-Navigator can help with route planning, weather alerts, and automatic navigation rerouting when needed. This can drastically cut times on journeys, as well as prevent delays due to unforeseeable events.
Finding Cost-Effective Solutions for Your Slow Periods
If you have down periods or slow periods, it is worthwhile investigating your storage options. If you only operate in the summer months, for example, paying for a spot in the marina where tourists go is not a cost-effective option. Having your vessel stored off-site, or even paying to have it wrapped and then storing it on your own property (if you have the space), can help you save significantly and keep your vehicle in the best condition for longer. Similarly, winterizing your canal tourist boat can help protect it and save you money.
Boat businesses have the elements to contend with, have advanced running and storage costs, and are also competing in a very difficult industry. Any strategy and every effort that works to help you save on your operating costs is a win worth writing home to, so try out these ideas to get you started.