Wanting to start a salmon/halibut charter business

[disco]

Best way to become a small charter operator is to start off as a large one.

 

[Foxsea]

There is much good advice here. I have some questions for you. Have you been a lodge guide before to see if you like the business and lifestyle before you throw a bunch of time and money at a hobby? Do you have a business background or any education in business operations? Have you discussed your plan with an accountant or business consultant or your significant other? Have you written a comprehensive business plan, yet? Do you think the timing is good for a start-up, given current economic conditions and the state of the west coast fishery? Many small businesses fail because of under-capitalization. Businesses take years to establish. This is a seasonal business. Do you have the financial resources to cover capital expenses plus several months of operational costs each year with little or no income? Do you have a good banking relationship? What are your plans to deal with closures or accident or equipment breakdown or sickness? You are dealing with the public. Have you discussed insurance or talked to a lawyer?

I'd think long and hard before taking this leap. Is this the highest and best use of your time, skills and resources?As mentioned elsewhere, many things are easy to get into and damned hard to get out of.

I later realized this is an old thread - and that Scott nailed it 7 years ago!

 

[scott craven]

I admire your enthusiasm, but I would be careful about a new charter business these days.
There is too much uncertainty handed down from DFO to really understand what your potential
will be in the years to come.
A serious investment in boat,tackle and other associated costs could be lost with closures
that limit fishing in the future.

Seems like I had a crystal ball 7 years ago .....
wonder if the OP ever started a charter business

 

[Chasin' Dreams]

Would anyone be able to recommend a good insurance for a commercial sport fishing boat in Vancouver? for a 27in aluminum boat and what the yearly price would be like

What do you mean by "good insurance"?
You will have to go to an insurance broker, give them the full details of your vessel including contents (attached and not attached), value of the hull, motors, electronics etc then the liability coverage etc.. When that is all settled the broker will put the coverage out for bid to all the underwriters. They will usually use 3 to 6 different ones and should let you know what all the quotes are when they come in. Then you decide on the one you want to go with. If you currently have insurance for your sport recreational vessel you can pretty much expect it to almost double if you are going to get full coverage for everything and clients as a commercial charter operation. We can't tell you how much it's going to be cause we don't know all of the details I listed above.

 

[MadJigga]

27 inch boat should be pretty cheap to insure.

Not sure what transport Canada will have to say about licensing it though

 

[Corey_lax]

Not sure what transport Canada will have to say about licensing it though

 

[searun]

Not sure what transport Canada will have to say about licensing it though

If it floats a metal thru hull, you're good to go man

 

[profisher]

Unless you are prepared to be on the move and have clientele that will follow you to the locations you can fish with a long season of Chinook retention I would be having second thoughts. Te industry has really changed or better word degraded over the past 25 years. The nineties were the last of some good years with both great fishing, reasonable rules and lots of visitors wanting to partake. 2008 was the beginning of the big drop in revenues as the financial crisis hit and since then fishing restrictions have made it impossible to recover. Last year was the beginning of the end (at least for a few Chinook cycles at minimum) and 2020 is a disaster. I'm still hanging around because everything to do with my charter business is paid for and it costs me nothing to sit in my yard waiting for the phone to ring. Would I be looking to start out now with a fishing business....not a chance.
In fact after going to the Big Island and seeing how much money a boat can make in a day taking 100 people at a time 3 times a day (at $125.00 US per person) out on snorkeling trips...I would be looking at doing something with a larger boat but not fishing. Once travel resumes this was one of my ideas. (to close to retirement to actually follow it through) Team up with a bus service to pick up downtown...bus transports a boat load out to boat kept in Saanich Inlet (always calm very few weather days) Trip would involve a fresh cooked crab and shrimp/prawn lunch cooked on board while cruising down the inlet towards Todd Inlet and Butchart Gardens. (seafood bought based on passenger loads) Arrive at dock at Butchart Gardens where passengers disembark and tour the grounds. At a set time they return and are taken back down the inlet for the bus trip back downtown. Obviously Butchard Gardens would have to agree to having you use the dock to drop off and pick up. Build the per person price with all costs included so money is collected up front and you pay your vendors their fees. The reason why I think this stands a good chance of working...large volume of people keeps the price per person at a price point most can afford....many visitors are always asking where they can get fresh seafood here...(fresh crab, oysters. prawns and halibut are most sought after) most people plan to take in the gardens anyway and few get a chance to see any part of the Island other than where there is road access. I want 10% if anyone goes for it!! lol

 

[searun]

Gosh, you sure picked a good year to start a guide business....let's see, Covid to keep your customers away, and Chinook non-retention to keep your hands clean because you don't have to clean any fish. Epic. Oh and the future outlook is pretty solid....Fraser Stocks of Concern will be at least a decade or more of Chinook measures such as non-retention while DFO chases the shinny penny of fishery measures thinking that is a cheap fix that appeases the political pressures they get from ENGO's and FN's. Ah, that was fun...I need a smoke.

 

[gk71]

What do you mean by "good insurance"?
You will have to go to an insurance broker, give them the full details of your vessel including contents (attached and not attached), value of the hull, motors, electronics etc then the liability coverage etc.. When that is all settled the broker will put the coverage out for bid to all the underwriters. They will usually use 3 to 6 different ones and should let you know what all the quotes are when they come in. Then you decide on the one you want to go with. If you currently have insurance for your sport recreational vessel you can pretty much expect it to almost double if you are going to get full coverage for everything and clients as a commercial charter operation. We can't tell you how much it's going to be cause we don't know all of the details I listed above.

Thank you for your help, do you know any insurance brokers that you can recommend?

 

[Chasin' Dreams]

Thank you for your help, do you know any insurance brokers that you can recommend?

They are all doing the same thing; selling insurance. And they all put the policies out for bid to mostly the same under writers. You could ask if the broker you use or is near you has a marine division. Some of agents that specialize in boating policies in their offices.

 

[westburg]

hey

Seems like I had a crystal ball 7 years ago .....
wonder if the OP ever started a charter business

all, I actually forgot I posted this. I was doing it a little on the side. Not doing it anymore. thank you all for the amazing advise.

 

[Unreel]

I LOL'd when i saw this thread title and thought it was just posted, then looked at the date. Was a good time back when this was posted but now good luck, covid is the final straw for a number of operators this year.