I was planning to start a new business of renting out boats for recreation and for commercial use as well, dividing into two different segments. This would cater to two different set of clients. We have boats which are used for fishing in our area and there are tourists coming over almost all through the year. So I plan to go for the first section which is to rent out boats for recreation. This would require me to have atleast 2 medium sized boats which are in a good condition. This business depends on the kind of services you can provide rest depends on your marketing skills. A good service definitely increases your goodwill which is of great value.
Now I have arranged for some finances. I had some savings to buy one boat but I will keep them to fund my running cost which includes the managing part of it. I will be going for boat loans on both the boats and they will be brand new ones. Getting some reliable people is the tricky part. I don’t want people who are not committed to their work. I don’t really trust people easily and I hate people who have a casual attitude towards work. In the past few years I have met so many people like this that I have to be really careful about getting the right people. From the calculations I made I will be needing a staff of 7 to 8 people right from the start.
I don’t want to burden myself too much with day to day activities down the line, so have to train the staff from the beginning. You should create the people you want and that takes time. Expansion with the commercial section is on the cards in 09. But first I have to set up everything for the first phase. By next week I ll probably start looking for people with some basic experienced. I don’t think getting too experienced staff will be a good idea, besides being expensive they are also hard to adjust in your system. Lets see how do I start up.