What Is the Cost to Build a Marina?
The boating industry is not only an exciting field to be involved in, but it can also be very lucrative if your investments are made the right way. There are many avenues you could take when trying to break into the marine industry, marinas being among them. But what is the cost to build a marina business? And is it the right business for you? Our marine marketing agency’s team of experts has looked into the opportunities that marinas can offer and reported their findings in this handy guide!
Let’s get down to brass tax. When it comes to owning a marina, you’re going to need to fully understand the initial investments that will go into your new venture. You have two options when it comes to marinas – purchasing a marina that has already been set up by another person or building a marina from scratch. Both of these methods come with their own pros and cons.
When buying a pre-existing marina, the price will vary greatly depending on size and location. Due to the great diversity of marinas that exist, it is very hard to pin down a price on a marina this way. You might want to consider that in upstate New York, the average marina is listed at approximately $625,000.
Setting up a marina from scratch is easier to pinpoint. First, investigate your area’s plots of land for sale that have ample water access. Next, find the one that is right for you and purchase it. The cost to build a marina from scratch doesn’t end with the land, however. Your tenants are going to need somewhere to put their vessels, so investigate the cost to build a boat dock and how many docks you will need and can fit. An average wet slip will set you back between $50,000-$60,000. Depending on the size you wish your marina to be, more than one wet slip may be required.
Marina Operating Expenses
Once you’ve set up your facilities, complete with water access and facilities for storing boats, you’re going to need to consider what your new venture’s day-to-day costs are going to be. There are many different costs that go into owning any business, but with marinas, our team has looked into the most common types of expenses owners face.
The first things to consider are the employee and maintenance costs that you’re going to be spending every year. Your employee’s wages may vary based on a number of factors, but, on average, marina workers make between $15-$20 an hour. Adjust their wages and the size of your team depending on how the total cost to build a marina will affect your bottom line.
Let’s not forget about taxes and insurance. These costs will vary greatly depending on a wide range of different factors. In many cases, this makes or breaks the profitability of a marina. But with the right person who knows how to run a marina business and a good rate for marina charges, you could be running an exciting and profitable business.
The Marine Marketing Agency for You
Understanding the cost of building a marina is just one piece of the planning to consider when starting your new venture. You should also understand the importance of getting the word out about your marina. The internet has provided marketing opportunities for marine businesses like never before, so be sure to use this tool to your advantage by teaming up with Marine SEO. Through a variety of different marine-specific marketing services, our team will take your business to the next level! Contact us today to learn more.