Experience Starting a Wakeboard School?

[Clibka]

Anyone have experience starting a wakeboarding school? Did you run the boat through a LLC? Special insurance? Pricing for lessons?

Toying with the idea . . . Makes the 12' 210 SANTE purchase a little easier to swallow.

[njskier]

I looked into it, briefly. Biggest hurdle is insurance, over $4000/year and a lot more if you want to pull young kids on a tube. I was told there are more injuries on a tube than anything else.

In my area it's a short season, so not enough time IMHO to make enough money. However if you're in a resort area, then it would work. As long as you keep that boat running 5 days/week or more.

[jmo]

A couple in NH started up their own waterski school and they both needed to get some type of instructor certification and the ski boat needed to have some extra safety features installed (some type of automatic fire suppression system I think)

[Clibka]

Thanks for the responses. I guess I didn't expect to make a ton of money, just spread the Fun of wake-boarding/water-sports and give myself an excuse to be on the water more often. I didn't think about insurance being 4x, that might offset the tax savings that would come from the venture. Thanks again!

[gride]

Unless you have a name in the industry it's pretty tough. Factor in gas prices, insurance, boat maintenance, your time, and simple business start up costs and you're not making anything even at $85 an hour.

[njskier]

Thanks for the responses. I guess I didn't expect to make a ton of money, just spread the Fun of wake-boarding/water-sports and give myself an excuse to be on the water more often. I didn't think about insurance being 4x, that might offset the tax savings that would come from the venture. Thanks again!

If you just want to spread the stoke, maybe try hooking up with Greg at Waketheworld. www.waketheworld.org

[ES]

Also have a look at Adam Fields...he did the same thing and had a lot of great marketing ideas to get his business going: afwake.com

[ers906]

As a continuation of this thread, has anyone started a "school" for their friends to get the tax write-offs through an LLC? I have an LLC which I have started, and am not looking to quit my day job at all, just thinking that since people pay for gas, food etc, it may be worth while to run it through a business account. I know that I will need to show a profit in the first four years (I think), but since my boat will be paid off, the only expenses I will need to show is insurance and gas. I will only be taking and teaching the people that I would be normally taking, but instead of bringing me cash, I would have them swipe a CC or debit card on my iPhone. I would also be able to deduct the new garage that I am building to store the boat etc. Has anyone done something like this? Any ideas, advice or condemnation will be appreciated.

[Whitetail15]

I own a LLC and another Corp. If you think you are going to buy a 125000 G, build a 80,000 garage to keep it in, and collect 100 from your friends on the weekends via a credit card swipe. YOU will be sure to get visit form the IRS in the near future.

That is or course if you are writing the boat and garage off as a business expense to off set your normal income that you do not want to pay taxes on.

please, someone chime in and find us all a way and tell me I am wrong.

[ers906]

I was going to try to write a portion of it off since the boat will not be exclusively used for the business of course. Neither will the garage. However, I do already help out with a buddy's youth group teaching them to board and surf, and am looking to set up a mentorship program with some local young riders and underprivileged kids. I figure setting up a non-profit would be a definite red flag, but mild deductions against personal income may be as well I guess. I am certainly going to consult with a tax attorney, but was wondering if this was even feasible. Sounds like it may not be a great idea

[F725]

Been teaching wakeboarding and wakesurfing for 7 years as a local ministry for youth.

Formed a 501c7 nonprofit "club" (501c3 is nonprofit charitable. ex. religous, educational) and became a chartered "venturing" group through the Boy Scouts of America who provides our liability and medical insurance. We base the program fees on gas and food. All the coaching is volunteer.

I own the boat, the 501c7 (it's a ministry for us) is able to rent the boat from me... I have not done this yet but according to our accountant it is acceptable.