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HOW TO START ATOURISM RELATEDBUSINESS BOATRENTAL & CHARTER
A Guideline for Starting aTourism Related Business Watersports/ Charter BusinessOSTIf you’re still wondering if this is the right fit, BEDChas course for you! The Ice House EntrepreneurshipProgramme is an 8-week challenging learningexperience designed to reveal new opportunities,ignite your ambition and foster skills that willempower you to reach new heights as anentrepreneur. This course runs twice a year.Is the Watersport/ CharterBusiness Right for you?A. Do you enjoy working with people?B. Can you deal with long hours?1
C. Do you have good business sense?Matching Your Desire to theMarket DemandD. Are You A Good Financial Manager?OSTThe Right Market Research Is Key to Your SuccessDetailed market research will reassure you that youare doing the right thing and there is a market foryour Charter Boat/Watersports business. Asuccessful business has a carefully planned mix ofelements and getting one wrong can be costly andor even fatal to your business.E. Can You Balance Business Stress with YourPersonal Life?F. Is Seasonality an issue to your personal financialcommitments?2
c. Market Research Outcomes1. Who needs/wants this type of business?2. Who do you think are typical customers?3. Is the market for my product/service growingand expanding?4. Who are my competitors?OSTd. BEDC Marketing Support:5. What is working well in our local environment?6. Is the market familiar with my proposedproduct?7. What Watersports/Charter boats businesseshave recently been sold or locations closed,stopped operating and why?8. Where will I locate the hub and office for mybusiness as well as the point for customers toembark and disembark and why?The Right Location Is Key ToYour Success9. What will be my premises rent assuming I need abrick and mortar building?10. Am I capturing new trends i.e. Eco Friendly?11. How many customers will I need per day tomake my business work?12. How much are customers/clients willing topay?a. Market Survey:3
Buying A Charter Boat/Watersports Business VS.Starting From Scratchb. Liquor Licensing Authority -c. Department of Planning -Get Certifiedd. Department of Parks -e. Department of Health –Business Risk: What you needto know?f. HMS Customs –g. Tax Commissioner –http://www.marineandports.bmh. Department of Social Insurance –Government Approvalsa. Marine and Ports -i. Pension -4
Legal Issues/ Insurancea. Determine the structure of the companyi. Sole Proprietorshipj. Employment Act –ii. PartnershipKnowing the Numbersiii. Limited Company (LTD)iv. Limited Liability Company (LLC)b. HealthIf you still need assistance with knowing thenumbers BEDC has a course for you! FinancialStatements Planning and Costing usingQuickBooks is an 8-week course focused ongetting business owners to accurately price andc. Liabilitycost their products and services, review andunderstand financial statement and to learn how touse basic QuickBooks functionality. This courseruns twice a year once in the spring and once in thewinter.5
Financing The Businessd. Workers CompensationBEDC Government IncentiveGuideLoansCharacter:The Business PlanCredit capacity:OSTBEDC Business Plan ChecklistCapital:Collateral:Conditions:Executive Summary:3. BEDC GuaranteeCompany Description:Product/Service:Market Analysis:Strategy and Implementation:Management Team:Financial Plan:Entrepreneurship 101 is an 8-week course where4. BEDC Micro Loan5. Bootstrappingyou will learn how to take your idea and turn it intoreality with the foundation of a solid business plan.Throughout the course there will be industryprofessionals who will give presentations to helpyou with important information to ensure smallbusiness success. This course runs twice a yearonce in the spring and once in the fall.6
NOTE: Any financial product that you may applyfor, a credit check will be performed, so pleaseensure you are up to date with payments orpayment arrangements for any debt referred to thecredit association.Bermuda Business starts here at BEDC and BEDC isthe first stop for local business in Bermuda. Formore information and assistance with getting yourtransportation business started, visit our websiteat www.bedc.bm, email us at info@bedc.bm or call292-5570 to schedule an appointment to speakone-on-one with one of our dedicated officers.OST7
Sofia House, 48 Church Street, Hamilton HM12P.O. Box HM 637 Hamilton HMCXP: 292.5570 F: 295.1600 www.bedc.bm
Bermuda Business starts here at BEDC and BEDC is the first stop for local business in Bermuda. For more information and assistance with getting your transportation business started, visit our website at www.bedc.bm, email us at info@bedc.bm or call 292-5570 to schedule an appointment to speak one-on-one with one of our dedicated officers. 7
