How to start?
 

Im 18 now And my main life goal is to start an offshore power boat company so I'm wondering what dose it take to start a company like fountain I'm attending college in the fall to learn composits and next year will learn marine systems I then hope to get A job in the industry after college and then branch off on my own possibly 5-7 years after that what steps do I need to take along the way to be able to start a company some day and when I get to that point what are the steps to being successful in the marine industry?
Thanks kile

I wish I had some good advice for you. I have owned a few successful businesses. My first makeshift biz was at age 15, and my first real business at age 20. Own my 4th business now at 29 and still learning every day. No one in my family has ever owned a business. And no one handed me anything.

Takes a lot of hard work, SELF MOTIVATION, creative and passionate thinking.

But I know nothing about building boats. I am not sure Fountain is the best company to look up to. Controversial conversation to talk about fountain on here so lets not derail this thread. But I would urge you to research that company heavily before you admire them.

Not sure if there really is a lot of money in Offshore Powerboating. Once you are BIG then yeah, but getting there will take MILLIONS.

I do know that its VERY HARD to make a LOT of money the HONEST WAY.

Some tips

It takes money to make money, especially in the current economy
Debt almost always is bad
often the size of your investment helps determine the size of your profits
Failures usually involve bad time management and/or bad money management
Do better then your competition

Wake up everyday and CHOSE to be HAPPY at where you are in life. Yes you can strive for more, have goals, but if you wait to enjoy life once you hit a goal, you will always be waiting for that next goal to come, still unhappy.

Good luck and I hope you make your dreams come true!!!!!!!!!!

If the economy stays the way it is now, It will be hard to get yourself into your own offshore boat business...plus, even though there is a market for these types of boats, you've gotta build the right product that will sell, so you can keep building boats. You will be competing against many different go-fast boat companies if you do start something.
Do you have a job? I would start earning money for whatever it is you want to do, and keep saving...

Good luck

Find some cheap molds, fix them up and practice?? maybe you could find a cub mold or something, seems people are always looking for those. Not trying to discourage, but look at Statement. They came out with a unique boat/sysytemand make a great product. look at how much they have spent 'advertising" taking boats to power runs, demo rides etc... So figure your first 2 or 3 boats arent going to make a penny, they are going to cost you. The next 5 or 6 will cover the cost of the first 3. The next couple to cover intial overhead and materials. Now your on your 10th boat before you have made a dime of profit and all this time you are paying the guys in the shop, workmans comp, insurance etc...

HEDGEHOGER I love the ambition . A lot of people will say your foolish to even think of such an ambitious goal at only 18 . However I have been in business since I was 17 and I'm now 41 . My grandmother cosigned a $5000 dollar loan for me when I was 17 and I bought all the equipment and took over the garage I worked at . There has been a lot of highs and lows since and a lot of peanut butter sandwiches . Every few years my business evolves one way or another . I now own the second largest volume wheel shop in NC .
I have two mottos I live by . 1st if your not growing your dying and 2nd A little bit of something is better then a lot of nothing .
There are some advantages to working for yourself but just like being in the military that business own's you 24/7 . When your friends get off at 5 or have Saturdays off you don't .
My advice is this :
Start with a small boat , something under 20' . Build them , prefect them , sell them .
You'll learn QC , material cost , operating cost and build your name
When you start to build your bank account from your first boat your ready to move to your next size . Unfortunately this is all dictated by the economy and right now you can sell boats under $40K and $300k and up but the buyers in between can't get financing .
And most important : Remember who you are now and once you get a little change in your pocket always try and be that same person ...

If you want to make a million dollars selling boats start off with two million.
A few Keys to be a success in
the boat biz.:
1) Have a good line of BS.
2) Be good a making promises you know you can't keep
3) Get good at changing your name
4) Relocation is key
5) Excuses, excuses, excuses..
6) Come up with a catchy name like National Marine or....
:evilb::whistle:

and remember, when you work for yourself you only have to work a half day, but you get to pick the 12 hours....

sorry to say this but be a dentist or a doctor (MD) it will be a lot easier. then you can buy almost whatever you wish! with the competition and experienced boat builders out there today it would be really hard to compete with them. just my 2 cents follow your dreams tho, all the best just weigh all your options and research past boat builders. if for some odd random reason you buy the htm ss24 molds, keep in touch i want a full carbon build :)

Take your time in school, and learn everything you can. Even think about an advanced degree, perhaps an MBA. That will make it easier for you to understand how to start and run a business. It also gives you other opportunities if your dream doesn't pan out.

The boat business is full of failures. While you are in school, think about what will make your product so different that buyers would get their boat from you rather than some other established builder.

You might want to get your feet wet by building subsystems for boats. That allows you to start out small, and expand.

Good luck!

Michael

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