There’s no doubt that the private jet charter industry is positively booming, and you might think that it’s a great new business frontier for the ambitious. Well, that’s all true, and the stats and sentiments all show that it’s an industry with a ton of potential. Here are few reasons why it’s an exciting new area for business opportunity:
- There’s been an increase in demand from non-billionaires.
- It’s an affordable alternative to actually buying a private jet.
- You get to travel quickly, comfortably, and in luxury.
- It’s a better alternative to travelling first class.
- You don’t need to put up with flight cancellations.
That being said, it’s not a good idea just to jump straight in and then find out that it may not be the best business for you. As with any other business, there’s a lot of bad advice out there that you need to know to avoid. Here are some of the biggest culprits, watch out for them!
1. It’s not rocket science: Of course it isn’t, but if you go into the industry thinking that anyone can manage a private jet charter business, believe us, you’re going to run into trouble. It’s extremely complex, and there’s a ton to learn to make sure that your business is safe and successful. Never take this phrase at face value.
2. You can avoid taxes: This is what everyone in prison for tax evasion was told, always remember that. There are legal ways to save on your taxes, but you’ve still got to pay them in some way!
3. Insurance isn’t essential: Of course it’s essential! An accident most likely won’t happen, that’s true. But if it does, you better pray you have insurance. This can be very costly if you choose to ignore it, and can end up costing you far more than buying a good policy in the first place. Be careful to not be tricked into getting a cheap insurance policy as they’re worth less than the paper they’re printed on.
4. Charter jets work well even without regular maintenance: Sometimes they do, but this is something you should never risk, and is easily the worst advice on this list. It’s not just your life you’re risking, it’s your customers’ as well. Regular maintenance saves lives.
5. Get your fleet with a loan: There’s nothing wrong with getting a loan or lease when you want to purchase a private jet charter, but you’re going to need very good credit. The idea that you can get a loan, start a private jet charter business, and repay the loan with the income you make is not a sound business plan. Ignore this and save up to do it properly.
These fallacies may save you money in the short run, but they’re bound to lead to major trouble down the road. The best thing to do when given bad advice is do the exact opposite and turn it into good advice!