Gulf Blue Charters

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Executive Summary

Gulf Blue Charters is a fishing charter business in Florida. We take small groups out on a licensed charter boat for offshore, nearshore and inshore fishing trips, sunset cruises and corporate outings, with a licensed captain, a deckhand, tackle and ice provided. Our guests are visitors and locals who want a safe, well-run day on the water, whether they catch fish or not.

The problem is simple. Many people want to fish on the Gulf but do not own a boat or know where to go, and they worry about safety and hidden costs. We provide the boat, the captain, the gear and a clear price.

Here is what our numbers show. We expect sales of $186,500 in Year 1, growing to $429,600 by Year 5 as we add trips, a second captain and corporate groups. We expect a loss of about $23,400 in Year 1 while we build our reviews and bookings, then a profit from Year 2 (about $12,900), growing to about $36,500 by Year 5.

We need $195,000 in total. That covers $164,500 in startup costs (a charter boat with equipment and tackle, safety gear, the slip deposit, captain's license and charter permits, insurance and branding) and a cash cushion for the first months. I am putting in $45,000 of my own money, and I am asking for a $135,000 SBA loan plus $15,000 from an investor or partner.

I am Travis Boone, the owner. These numbers are estimates based on the assumptions listed at the end of this plan, not promises.

Company Description

Gulf Blue Charters will be a limited liability company (LLC) in Florida, owned by Travis Boone. An LLC is a business type that generally keeps your home and savings separate from the business's debts and lawsuits, although a lender may still ask for a personal guarantee. A business attorney or the Small Business Development Center (SBDC) can explain how it works in our state.

What we believe. Safety on the water comes first. We check the weather, cancel when it is unsafe, brief every guest and never promise a catch.

What we offer:
- Offshore and nearshore fishing trips. Full and half-day trips for up to six guests.
- Corporate and group charters. Private trips for companies and groups.
- Inshore, sunset and night trips. Shorter trips close to shore.
- Later, as we grow: a second boat. The numbers in this plan do not include this.

The base. The boat is kept in a slip at a marina. We budget $7,200 a year for dockage and fuel dock fees in Year 1.

Licenses and insurance. Carrying paying passengers on a boat requires a captain licensed by the U.S. Coast Guard, which includes sea time, a medical certificate, and drug testing, and the state also requires licenses and sometimes charter permits. A boat with six or fewer passengers is treated differently from a larger vessel, so I will confirm exactly what applies to our boat, our guests and our waters before I buy the boat. We will register the LLC with the state, get a business license and an EIN (the business tax number from the IRS, free at irs.gov), and carry charter and passenger liability insurance, hull insurance and workers' compensation once we hire. These rules change, so we confirm every requirement before we act.

Where things stand today. This plan is my starting point. Before I sign a lease or buy equipment, I will ask at least 20 anglers and 5 charter captains what they pay and what they dislike, confirm the license and permit rules and line up at least 20 trips that people say they would book. If the numbers do not match this plan, I will change the plan before I spend money.

Problem & Opportunity

A day on the water should be safe and fun.

1. No boat. Most visitors do not own a boat and do not know the waters.
2. Safety. Guests worry about weather and about the captain's qualifications.
3. Unclear prices. Fuel, bait and tackle charges can surprise guests.
4. Hard to book. Good captains are booked weeks ahead.
5. Groups. Companies and families want a trip that works for people of all skill levels.

How we will find out if people want this before we spend money. I will talk with at least 20 anglers and 5 captains. Our Year 1 plan needs about 130 offshore and nearshore trips, 30 group trips and 40 inshore, sunset and night trips.

Products & Services

What we sell. We have three types of trip, each priced simply.

1. Offshore and nearshore fishing trips. The plan assumes an average of about $950 per trip in Year 1, rising to about $1,050 by Year 5. Fuel, bait, ice and supplies cost about $260 per trip. We expect about 130 trips in Year 1, growing to about 240 a year by Year 5.
2. Corporate and group charters. The plan assumes about $1,300 per trip in Year 1, rising to about $1,460, with about $330 per trip in direct costs. We expect about 30 trips in Year 1, growing to about 76.
3. Inshore, sunset and night trips. The plan assumes about $600 per trip in Year 1, rising to about $680, with about $160 per trip in direct costs. We expect about 40 trips in Year 1, growing to about 98.

Our prices. A flat price per trip for up to six guests, including the captain, tackle, bait and ice, and a deposit to hold the date.

How it works for a guest:
1. The guest books online and pays a deposit.
2. We check the weather the day before and decide whether to go. If we cancel for weather, the deposit is refunded or moved.
3. Guests arrive at the marina, hear the safety briefing and put on life jackets as required.
4. We fish, and the crew helps every guest. We never promise a catch.
5. We clean the catch where the law allows and guests keep fish within legal limits.

Gross margin, explained. "Gross margin" is the share of each sale left after paying for fuel, bait, ice and supplies. Our plan shows about 73% in Year 1. That money pays the captain, deckhand, insurance, maintenance and other bills. Crew pay is counted separately, under payroll.

Market Analysis

Who will use us:
- Visitors and tourists looking for a fishing trip.
- Local anglers without a boat.
- Companies and groups planning outings.
- Families celebrating birthdays and holidays.

Where we will work. Marina and waters within about 30 miles of the slip.

How we sized the plan. Our Year 1 plan needs about 130 offshore and nearshore trips plus group and inshore trips, a few a week in season, which one captain and one deckhand can run. I will check the real numbers by talking to guests and captains before spending money.

Season. Spring through fall are busiest, and winter is slower with weather cancellations. The numbers show a yearly average.

Competitive Landscape

Other choices guests have:
1. Other charter captains and large party boats.
2. Fishing guides in small boats.
3. Renting a boat and going alone.
4. Other tourist activities.

How we will win guests: a licensed captain, a safe, clean boat, a clear price, and a crew that helps every guest. These are promises we have to keep, and any competitor could make them too, so we will measure ourselves on them every week.

Marketing & Sales Strategy

How guests will find us.
- A website with trips, prices, photos and online booking.
- A free Google business listing and review sites.
- Hotels, vacation rental owners, tackle shops and concierges.
- Corporate outreach with a one-page group offer.
- A referral thank-you for guests who send friends.

Marketing budget. About $8,400 a year in Year 1 (about $700 a month) including booking software, growing about 8% a year. The boat lettering, website and photos are paid for from startup costs ($6,500).

Operations Plan

How the business runs day to day.

The boat. A used center console boat with proper engines, safety gear, navigation electronics and fishing equipment, kept in a marina slip.

A normal trip:
1. Check the weather, the boat, the fuel and the safety gear and confirm the guest list.
2. Brief the guests on safety, life jackets and rules.
3. Run the trip, fish and keep a lookout for weather and other boats.
4. Return, clean the boat, record the trip and thank the guests.

Safety and compliance. The captain holds the required license, the boat carries the required safety equipment, drug testing is done as required, guests are briefed on safety, and we never go out in unsafe weather. We keep a float plan, a radio and a first aid kit and follow every fishing law on limits and seasons.

Equipment. About $135,000 to start: a used charter boat with engines and trailer, tackle and electronics, safety gear and coolers. We set aside about $8,000 a year after that, mainly for engine and equipment upkeep.

Running costs in Year 1: vessel and liability insurance about $14,400, maintenance and haul-out about $12,000, dockage and fuel dock fees about $7,200, marketing and booking software about $8,400, permits, licenses and safety gear upkeep about $3,600, and accounting and legal about $3,000. That is $48,600 in all.

Payment. Guests pay a deposit to book and the balance on the day. Corporate clients are invoiced and some pay in about 30 days.

Management & Organization

Who runs the business. Travis Boone, owner and licensed captain. As owner I will captain trips, manage bookings and the boat and handle the money. I plan to pay myself $45,000 a year in salary.

The team. Pay figures include payroll taxes and workers' compensation insurance.
- Deckhand (seasonal): one in Years 1 and 2 and two from Year 3, at about $22,000 a year each.
- Second licensed captain: one starting in Year 3, at about $48,000 a year.
- Booking coordinator (part-time): one starting in Year 4, at about $18,000 a year.

We hire people who are experienced on the water, reliable and good with guests, verify every license before the first trip and train everyone on safety and emergencies.

People who will help us: a bookkeeper or tax preparer, an insurance agent who understands charter boats, a business attorney for a one-time review of the boat purchase and guest agreements, and a free mentor from SCORE or the Small Business Development Center (SBDC).

Milestones Narrative

Our goals and when we plan to reach them.
- Before opening (6 to 9 months ahead): confirm the license, medical, drug testing and permit rules, talk with at least 20 anglers and 5 captains and line up at least 20 trips, register the LLC and get an EIN, open a business bank account, get insurance quotes, have the boat surveyed before purchase, secure a slip and have an attorney review the guest agreement. Buy the boat only after the license answers and the insurance quotes are in hand.
- Year 1: open with the owner and one deckhand, with about 130 offshore and nearshore trips, $186,500 in sales and a loss of about $23,400.
- Year 2: grow bookings and reviews, with about 160 offshore and nearshore trips, $247,000 in sales and a profit of about $12,900.
- Year 3: add a second captain and a second deckhand, with about 200 offshore and nearshore trips, $328,680 in sales and a profit of about $1,100.
- Year 4: add a booking coordinator, with about 220 offshore and nearshore trips, $380,140 in sales and a profit of about $12,400.
- Year 5: grow to about 240 offshore and nearshore trips a year with a team of five, $429,600 in sales and a profit of about $36,500.
Growth depends on booking and keeping guests, earning reviews and keeping the boat safe and working, so treat the later years as goals, not promises.

What we check every week: trips run, trips cancelled for weather, average trip price, repeat guests, repairs, safety incidents (aim for none), reviews and cash in the bank.

Funding Request

How much we need and how we will use it. Total we are raising: $195,000.

How we got that number. The Funding Need Calculator in this plan adds up three things:
- Startup costs of $164,500, listed item by item in the Startup Costs section: $108,000 for used center console charter boat with engines and trailer, $12,000 for fishing tackle, rods, reels and electronics, $9,000 for safety gear, life jackets, radios and first aid, $6,000 for coolers, ice chests and cleaning equipment, $2,500 for slip deposit and first month, $3,500 for captain license, medical certificate, charter permits and inspections, $5,000 for legal, contract and accounting setup, $6,500 for boat lettering, website and photos, and $12,000 for first insurance payment.
- A cash cushion of about $28,900: about 3 months of running costs. Our cash stays above zero in every year of the plan, but lenders still want a cushion in the bank for slow weeks and surprises. They call this "working capital."
- Together that comes to about $193,400, rounded up to the nearest $500: $193,500.
We are raising $1,500 more than that, $195,000 in all, to leave extra room for loan payments in the first years, repairs and the slow winter months.

Where the money comes from:
- My own money: $45,000.
- Amount requested as a loan: $135,000.
- From an investor or partner: $15,000.

Kind of funding we are looking for. An SBA 7(a) small loan through a local bank or community lender, plus investor or partner money. Investor or partner money is not paid back with interest, but the person gets a share of the business. A family member, a friend, a local investor or a business partner could fill this part. Put any agreement in writing.

How we will pay it back. We expect a loss of about $23,400 in Year 1 while we build our reviews and bookings, then a profit from Year 2 (about $12,900), growing to about $36,500 by Year 5. With this funding, the business has money in the bank at the end of every year of the plan, and the lowest year-end balance is about $49,300, at the end of Year 1. The loan is planned at 12.75% interest over 10 years, so payments of about $1,996 a month (about $23,950 a year) are already included in our cash flow. We chose 12.75% as a cautious planning rate. Ask the lender for the real rate, which may be lower or higher.

What we are offering the lender: our equipment as collateral (something the lender can claim if the loan is not repaid) and my personal guarantee (my promise to repay from my own money if the business cannot).

A smaller first step, if needed. If we cannot raise the full amount right away, we can start smaller and grow into this plan:
- Phase 1: start as a mate or second captain on an established charter boat, or take a smaller used boat with a licensed captain (check the rules), while you build bookings. Startup can be roughly $40,000 to $70,000 for a smaller boat, gear and insurance. Get your own quotes.
- Phase 2: once you are booked most weekends, buy a larger charter boat and follow this plan.
To plan the smaller start, make a copy of this plan (use Duplicate) and lower the numbers to match.

All numbers in this plan are estimates. We will update them as real results come in.

Appendix Notes

Documents to attach before you send this plan:

- Your resume (one page is fine) and any licenses or training certificates.
- A personal financial statement (a list of what you own and what you owe; lenders usually provide a form).
- Business registration papers and your EIN (your business tax number from the IRS, free at irs.gov).
- Proof of insurance, or a quote.
- Your captain's license, medical certificate and drug testing records, or the agency's written answer.
- A marine survey and quotes for the boat.
- Proof of insurance, or quotes.
- Your guest agreement and a sample safety briefing.
If you don't have any of this yet, no worries - let's continue.

The assumptions behind our numbers (change them in the Financials section to match your own):
- Offshore and Nearshore Fishing Trips: about $950 per trip in Year 1, rising to $1,050; about $260 per trip in direct costs, rising to $292; about 130 trips in Year 1, growing to 240.
- Corporate and Group Charters: about $1,300 per trip in Year 1, rising to $1,460; about $330 per trip in direct costs, rising to $370; about 30 trips in Year 1, growing to 76.
- Inshore, Sunset and Night Trips: about $600 per trip in Year 1, rising to $680; about $160 per trip in direct costs, rising to $180; about 40 trips in Year 1, growing to 98.
- Pay: Owner / Licensed Captain $45,000 (1/1/1/1/1); Deckhand (seasonal) $22,000 (1/1/2/2/2); Second Licensed Captain $48,000 (0/0/1/1/1); Booking Coordinator (part-time) $18,000 (0/0/0/1/1). The numbers in parentheses are how many people we plan to have in Years 1 through 5. Pay figures are yearly and include payroll taxes and workers' compensation.
- Other yearly costs in Year 1: vessel and liability insurance $14,400, maintenance and haul-Out $12,000, dockage and fuel dock fees $7,200, marketing and booking software $8,400, permits, licenses and safety gear upkeep $3,600, and accounting & legal $3,000. These grow between 5% and 10% a year as the business grows.
- Guests pay a deposit and the balance on the day, but corporate clients are invoiced. At the end of Year 1 about $9,325 (5% of Year 1 sales) is owed to us by those clients.
- Tax rate: 21%.
- Every dollar amount is an estimate. Replace them with your own quotes and research.

Startup Costs