Private aviation has grown in popularity, as more people prefer to travel without the hassle of going through the long TSA lines. Private jets are also preferable due to their safety, privacy. and convenience it provides, especially during COVID-19. Private jet companies were created to meet this need. You can profit from this venture. Read on to learn how to run a successful private jet company. Get ready to take off!
Do Your Research on the Market
Before you start the business, ensure you carry out enough research. You can choose to have your fleet of aircraft, which will be expensive, or you can simply work as a charter broker company. Most businesses work as charter companies and still make good money. According to Stratos, where you can rent a private jet to Dallas, “by hiring a jet charter broker like Stratos to book on-demand jet charters, we can provide access to any size or type of aircraft allowing us to recommend the most appropriate size and type of aircraft for your mission…we’re also free to source an aircraft that’s nearby, saving clients additional repositioning fees.”
Operating from the consultancy point and ensuring clients get the jets they require can still bring in money. All you need to do is figure out how such an arrangement would work and benefit you. If you have enough money, you can always buy your fleet and expand your business
Find a Niche
The next thing you need to do is find a niche in the charter space. The niche you choose will determine your business model. It will also determine how you will approach your clients. For instance, if you only offer luxury-chartered services, you need to ensure that your clients get just that when they book with you. That involves getting the finest drinks and snacks on board. You also need to ensure all that your clients’ needs are met.
On the other hand, you might need to work with local tour guide companies to offer sightseeing services. They will ensure the guests can get the full experience. When starting, you should begin with a single niche before adding other features to the services you offer.
Know Your Competition
One of the things you will notice with the business is there is a lot of competition. Some companies have been in the business for years and will better handle things. In such a scenario, you might not compete with them similarly, but you can learn from them. The good thing about studying your competition is knowing what they are missing and how you can deliver that. You can also collaborate with them, which will bring in more clients.
Get the Licenses and Permits
If you want to run a business that clients will trust, you need to get a license and permit. The Federal Aviation Administration has different regulations for you to qualify to run a private jet charter company. Therefore, you should familiarize yourself with it. In doing so, you can know what is expected of you. If you have your planes, ensure your crew and employees are certified and have the proper licenses to work on an aircraft. Such things might seem minor, but they will be beneficial when you least expect it.
The next thing you need to ensure you do is to get the right license for your business. Like every other business, you run a risk of accidents and property loss or damage. The insurance will cover any of these should they happen. Ensure the insurance you get covers the business and the employees you work with. Working without insurance is very dangerous and could cost you in case of damage to property and any injuries to your clients.
Set Your Company in a Suitable Location
Before getting started on your business, ensure you are at a suitable location. Many private jet companies are near airports, making them more convenient for clients. You can also choose to set it up in the outskirts of town but near the suburbs where your potential clients come from. Whatever the choice of location, ensure it gives you access to a huge client base. That way, clients will stream in with ease.
Running a jet company can be lucrative when you plan it right. Even though business starts quite slow, it will peak soon, and you will make good money out of it. The pointers above will guide you in ensuring you make the most of your business.