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Kings of the Sea - Side Hustle Turned Million Dollar Business
How Luke developed his yacht rental side hustle to a thriving million dollar business.
Happy Sunday. This week we are pivoting to an industry which is a little more in my wheelhouse - yacht charters.
Luke is an ex-colleague who turned his yacht rental side hustle into a fully-fledged business. He has multiple years of experience in this industry and has grown to own one of the biggest yacht rental companies in Miami.
Our interview will cover:
Challenges faced (and overcome),
Key lessons learned,
Marketing strategies.
Now, over to Luke!
Kosyachts
Can you tell us a little bit about yourself and your business? What made you want to start it?
My name is Luke, co-founder, and CEO of Kosyachts, a yacht and charter management company in Miami. My inspiration came from my experience with an online boat rental marketplace, recognising the advantages for owners. I identified a need for top-notch yacht management services to maintain these vessels at a high standard, given the constant influx of new boats and clients in Miami's year-round boating season.
Did you face any challenges with getting started?
Challenges are a part of the game. Initially, bootstrapping and assembling a dedicated team were key hurdles. Developing an effective business plan and branding was crucial, laying the foundation for an ever-evolving strategy. Navigating investor relations, city regulations, and geographical expansion are current challenges to name a few.
What are some key lessons you’ve learned from running Kosyachts?
Running Kosyachts has taught me the importance of core values such as extreme ownership, communication, and seizing the present moment. Team alignment and effective collaboration is crucial for day-to-day operations. Motivation and a shared vision are key for growth, ensuring everyone works towards immediate objectives and keeps moving forward.
How do you promote and market your business?
From day one, our promotion strategy has relied on word of mouth and social media, with zero ad spend. We've achieved over 1000 charters, generating over $1.5M in revenue. Future plans involve raising investment to implement targeted ad campaigns and optimize SEO.
Are there any expansions or new directions you're considering?
We're continually expanding our yacht fleet and charter management systems. Leveraging our brand momentum, we've introduced on-water events, merchandise, and news sections. Over the next three months, we aim to establish boats in two new districts and pursue a technology-based approach to modernize the marine industry.
Where can people find you?
If you're in Miami or want to connect to explore ways we can collaborate or share insights - myself and our team are always ready to embrace opportunity.
Our company can be found at kosyachts.com or @kosyachts on all socials. Please feel free to reach out via email [email protected] or via cell 610-996-7000.
Thank you for your support and hope to have you all on the water soon!
🧰 Tools & Resources:
If you’re thinking of starting a side hustle but don’t know where to start, consider using my Side Hustle Starter Guide. I've distilled years of experience and research into a concise, easy-to-follow guide, ensuring you have everything you need to hit the ground running.
This guide is designed to give you the confidence, vision, and motivation to start your own successful side gig.
Check it out here!
If you want to read some of my previous interviews, you can check them out here.
Thank you all,
See you next week! 👋