What connections do you have on St Thomas?
owns property there, been about 6 times or about 20 weeks total
How many years have you spent on St Thomas? What size and value of sailboats have you owned to date?
Started with a San Juan
24 currently have a hunter
40. I race
2 seasons a year up in pac nw for 6 years.
What experience do you have in the charter business?
What do you currently carry for a captains license? Have you looked at some of the charter brokerages to better understand the existing market?
I'll be getting a 6pk I have the hours. I have looked into the brokerages, yes. My assumptions are the bigger cats service
a different market I'm targeting.
I try not to discourage ambitious spirit and can appreciate stubborn optimism. After 10 years of living here I've seen you countless times with a successful history in the states come down here and lose large sums of money
because you believe running a business here will be like you've done it before. The successful small business people I see have vacationed here for many years and see a specific niche to fill. I'm associated with the term charter business and know many in the day trip and crewed charter business. In my mind it is a fairly saturated business. I don't know of anybody with a single
boat that is really successful. The economy of scale makes it challenging. The ones that I see doing the best have a history in social networking, have a history as cruisers and many years of sailing experience, are mechanically inclined and truly love to entertain. There isn't really a AAA on the water
As to boats. Do your research. Count how many monos are out there as compared to cats. I'm guessing 5:1 cats to monos. Why do you suppose that is?
People don't like getting leaned over? 😃 more help here. I know cats have more room but do they have more occupancy?
As to opening a beach bar. How many existing beach bars are currently on St Thomas? How many are for sale
? What is going to make yours, assuming you can find one for sale
, better than the existing?
This part I'm not even slightly worried about. 1st we will have a partner, brother who owns 3 incredibly successful bars and restaurants in ca, wa, tn. If we can't find one for sale we will make an offer to buy out an existing bar, done it before, worked out fine. I owned a 4000 sq foot bar and averaged 40-60k a month gross.3rd one of my bar managers will be reloing for s partnership
. Plus gf won several awards here in the nw as exec chef, and she will be bringing her sous chef. I know fine dining sucks there.
Our 2 businesses don't require a lot of work and her sous will be taking over day to day, and we have a gm. I run all sales for my startup and currently only put in 30 hours, will reducing it more with my assistant. Currently we are at a 2.5m run rate with 40 percent gp.
Most people starting a small business locally don't have enough hours in the day to run a new bar and you want to try and throw a boat in on top of it? And remotely manage a couple of other businesses too? Let me know when you will be arriving so I can buy stock in Redbull.
The hardest part of owning multiple businesses is finding someone to run them for you. Obv me and the gf sleep like normal humans.
Any answers on the crewed vs bareboat
weeks chartered? I'm trying to run budget
and proforma. Non booked days can be offset with airbnb bookings.
Sent from my iPhone
using Cruisers Sailing Forum