This guide is for Superyacht crew who are thinking about leaving the industry and have the seeds of a business idea. The aim of the guide is to help you understand some key considerations in starting your own company and to provide frameworks to help you plan your finances.
Ideally, you would be looking to leave the industry in 1 or 2 years or already have your start-up capital saved.
The guide contains benchmark saving sums as well as advice from other yacht crew who have made a success of their business ventures.
If you are considering leaving the industry to pursue your own project, some key considerations are:
- the start-up costs to set up your company in your desired location
- whether you’re expecting to be able to pay yourself a wage from your business and, if so, how soon after you launch
- the expected time frame that your business will start being cash positive
- having a support network or a mentor in place for the launch (business creation has highs and lows and you’ll want a champion!)
- tax obligations and declarations of your revenue and your wages.