The COVID-19 pandemic has impacted various industries worldwide. The aviation industry is no exception. With the lockdowns and Fheftravel restrictions, airline companies are among those greatly affected.
But surprisingly, the pandemic has reshaped the private aviation sector. Aviation businesses and private entrepreneurs have created new and innovative programs despite the pandemic situation. Now, they try to make private flights more accessible, efficient, and affordable to people. Hence, private jet charters have surged during the COVID-19 crisis.
If you’re looking to launch a private jet charter business amid the pandemic, here’s what you need to do:
1. Study the aviation market in your region
As with any business, studying the market is the initial step to take. This applies to your private flying business as well. Be sure to have a thorough and detailed market analysis. Check to see how the aviation industry fares in your region, whether it thrives or declines. Determine how the flight needs of private individuals are affected. From there, you’ll see if launching a private charter business makes sense in your locality.
2. Identify your target market
Once you’ve determined the need to start a private aviation business in your region, you have to identify your target market. Before the COVID pandemic, this sector caters to only the richest and the most famous. Think of business tycoons, celebrities, and famous personalities booking a private flight. However, the pandemic has somehow led this sector to provide the needs of even affluent business owners and private individuals needing to travel.
3. Set your capital outlay
The most vital part of the overall equation is setting your capital outlay. As the aviation industry is one of the most luxurious markets in the world, you need a huge capital to fund your business. In fact, the $22,482 is the average cost for launching a private jet charter business. The total cost includes retail business expenses, business formation fees, IT costs, and professional fees for pilot employees. Don’t forget the equipment and supply costs, vehicle expenses, website costs, marketing and sales costs, and other miscellaneous expenses.
4. Hire professional pilots and ground crews
Of course, you need to get professional pilots and a ground crew to keep your private charter business running. Know that they are the lifeblood of your operation, so be sure to hire the best ones. Besides, you are catering to a more exclusive and high-end clientele.
Generally, you can expect your pilots to have undergone professional flying lessons and secured the license to fly an aircraft. But to secure a Part 135 certificate for running a private charter business, your pilots must have a minimum of:
- 1,200 hours of flying time
- 500 hours flying cross-country
- 100 hours of flying at night
- 75 hours of actual or simulated instrument time
5. Secure license, permit, and certificates
It’s important to be well-acquainted with the Federal Aviation Regulations when launching a private charter business. You need to secure permits and licenses from authorities such as the Chamber of Commerce, Federal Office of Civil Aviation (FOCA,) and Federal Aviation Administration (FAA).
First, you need to obtain a business permit to operate a private charter business. Plus, your aircraft as well as your pilots and crews must be licensed and duly certified. Lastly, you must consider your commercial establishment, all the properties inside, and the runway that all require licensing and certification.
6. Get Insurance
The private charter business can be risky. As accidents are inevitable in this industry, it’s best to get insurance for protection. Be sure that everything involved in your operation must be insured. These include your assets, properties, and employees. It’s best if your clients sign travel insurance for their protection and that of the cargo you’re transporting. Not only is insurance for travel necessity, but it is also for compliance with federal law.
7. Launch your business
At this point, you are now ready to launch your private jet charter business. But it doesn’t end there. You need to have a website for your advertising and marketing. You also need IT support for digital transactions and automated business operations. Plus, you must set health and safety measures in place for travel, given the current pandemic situation. Ultimately, the goal is to keep your clients completely satisfied with a safe, sound, and luxurious flight experience.
After having taken the crucial steps outlined above, be sure to keep your private aviation business up and running. Doing so will not only allow you to earn great profit in the long run. This emerging business model will help you cater to the needs of people in the time of a pandemic and beyond!