If you have a great piece of land along the river or lake and want to get into a business of your own, you might start to consider offering pontoon rental services. Even though it seems like a natural decision, being so close to the water, there are some things that you will want to consider before jumping in head first. Here are some of those things.
Legally Form The Business
You will want to form an LLC or a corporation in order to protect your personal assets in the event someone sues the business. For example, if someone fell and hit their head on the side of the pontoon, they might try to sue you. As long as your business is a separate entity from you personally, they will only be able to attempt to go after your business assets, and not your personal bank account, car, or house. This is something that you can do on your own or hire an attorney to do for you.
Consider The Insurance Requirements
All businesses should have business insurance, but you will want to be prepared to pay a little more than insurance for a used clothing store. This is true if you are renting equipment for people to use and it involves going out on the water. Therefore, the insurance companies consider this to be a higher risk for them. As long as you keep up with your business insurance premiums, you will be legally protected whether someone gets hurt on one of your pontoons or an act of nature causes damage to your business.
You May Want To Offer Instructional Courses
You do not want to assume that everyone who wants to rent a pontoon will have had experience with them. Therefore, to protect them and your pontoons, you will want to offer some instructional courses. You will also want to make sure that everyone who will be on the pontoon will have a life jacket and knows how to use them properly.
With all of that in mind, you should have a much easier time deciding whether pontoon rental services is a business that you want to move forward with. And if you do, you will be prepared with the things that you need to take into account when you are just getting started. This will help ensure that your business will be as successful as possible and that you are legally protected.