Crazy Money! He Started His Own Boat Charter Business

It’s Crazy Money Day!

In 2021, JP Mancini left his corporate job and bought a boat. That sounds crazy! A new boat, plus upkeep and gas would cost him over $400,000. He had chartered an old boat on the side for a while and decided to expand. He now charters 2 boats out for a minimum of 12 hours a week. One rents out of Virginia for an average of 3 hours. The other is in Florida where the average charter length is 5 ½ hours. Last year, Mancini ran around 20 charters a month per boat with rates running from $250 to $400 an hour. In 2022, he earned half a million dollars in revenue through rentals. He profited around $190,000 from Boatsetter, that’s the Airbnb of boat rentals. They provide captains and tools which grant boat owners the confidence to offer their boats for charters.

Now, Mancini’s looking into buying another boat and hiring someone to handle administrative and marketing details. Ultimately, he wants to expand across the United States. Perhaps you’re considering starting your own business. Like Mancini, keep your day job or have some source of steady income, while building the other on the side. Patiently do your research. Live frugally so as not to overextend yourself. Understand all the expenses involved: rent, equipment, insurance, taxes, certifications, registrations, inventory, and employees. Consider the example of Mancini – he worked his day job until he was ready to go out on his own. 

I really hope you can join us at Crown’s 2023 Reunion. October 12-15 at Ridgecrest Conference Center near beautiful Asheville, North Carolina. For more details and registration, go to crown.org/reunion.