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Determining Profitability:
- To determine profitability, you should earn more than your expenses within months.
- Maintain records of monthly expenses and income to see if adjustments need to be made.
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Factors Affecting Earnings:
- The amount of money you can make depends on factors like location, demand, type of fishing offered, and amenities.
- Market research helps identify your target customers.
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Establishing Successful Operations:
- Establishing an accounting system is critical to long-term success.
- Experience and familiarity with regulations are key for success.
-
Determining Profitability:
- To determine profitability, you should earn more than your expenses within months.
-
Factors Affecting Earnings:
- The amount of money you can make depends on factors like location, demand, type of fishing offered, and amenities.
- Market research helps identify your target customers.
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Managing Costs and Income:
- Operating costs like maintenance, fuel, insurance, permits, marketing, and crew salaries impact profit margins, averaging 10-15% in the US.
- Understanding customer demand maximizes income.