When working in marine sector, you have a number of different choices available. You could engage in shipbuilding, commercial fishing, shipping, and ship repair.
The choice is really yours. But, be sure that you thoroughly analyze the demands of your local market.
Overall, the industry is expected to grow through the year 2020. There is also a projected shortage in available workers.
The first major decision you will have to make is which aspect of this industry to enter. Maybe you could find a marine business for sale, and start out that way. Whatever you choose to do, be sure to research your idea carefully.
Even though the industry is projected to grow, many companies in the sector fail each day.
Say for example, you identify a strong demand for commercial fishing in your locality.
As always, begin by planning. This will help you create goals, identify potential challenges, and structure your thinking. It also makes your idea more legitimate when you approach people for financing.
Research the local market and see what is in demand. Call local wholesalers and see what they need. If you have the capital available, hire a company to do the planning for you.
This industry has a moderate startup cost, so financing will probably be necessary. Meet with local banks and present your plan. Network with professionals and attempt to track down venture capitalists.
Next, gain all necessary and applicable permits. The type of permit required depends on your jurisdiction and its laws. You may also need federal permits.
Next, hire your crew. Make sure they are trustworthy, honest, and reliable. It shouldn't be your job to motivate them. They should motivate themselves. If they aren't motivated on their own, it may be best to let them go.
Now, it's time to hunt down potential clients. Be sure to have business signage available, advertise on the internet, and sponsor events in densely populated areas.
You might also consider performing commercial fishing year-round, while offering charter fishing during the busy season. This helps diversify your income base and provides extra safety for your company.
If you are looking at buying a marine business, you have good potential for future growth. If you are considering selling a marine business, prices should continue to grow in the future.
About the Author
This Wiki was written by Andy White, CEO of Biz Trader .