Owning a private jet comes with a lot of perks, but it also comes with sky-rising costs. To make the most of your investment, offering it for charter services can help you with the costs or even generate some revenue.
Wondering if there are ways to offset the costs of private jet ownership and even generate revenue from your aircraft? You are exactly where you need to be for the right information.
There are many options that can help you generate revenue with a private jet, however, one good option to consider is putting your jet on a charter certificate and offering it for charter to other individuals or organizations.
There are several benefits to chartering your private jet, that include:
Offsetting Ownership Costs
Private jets come with huge cost tags. By offering your jet for charter, you can offset the costs of ownership, maintenance, fuel, and hangar fees and potentially generate revenue. This can help to make the financial burden of owning a private jet more manageable.
When you utilize your aircraft for charter, you can choose when and how often you want to make it available for charter. This allows you to retain control over your aircraft and schedule while still generating revenue.
If you don’t want to deal with the day-to-day tasks of chartering your private jet, consider Gold Aviation as your jet management partner to handle these tasks for you.
Gold Aviation handles everything from scheduling flights and coordinating maintenance to marketing your aircraft and handling bookings.
Increased Utilization of Your Jet
By chartering your private jet, you can increase the utilization of your aircraft, which can help to offset the costs of ownership. When your jet is not in use, you can make it available for charter to lower your operating ownership costs by up to 80 percent, rather than letting it sit idle.
Before deciding to charter your private jet, there are several considerations to keep in mind to avoid any challenges.
Meet Legal and Regulatory Requirements
There are various legal and regulatory requirements involved in chartering a private jet. A jet’s compliance with a specified set of FAA regulations (known as Part 135), or the equivalent state authority certificate such as EASA, and inclusion on an FAA aircraft certificate are prerequisites for it to be chartered.
The easiest option to make your private plane available for charter is through an organization that manages aircraft and has a Part 135 air carrier license.
What’s the good news? Gold Aviation is FAA part 135 certified. So you can be sure that your aircraft is in good hands for management and charter.
You will need to have sufficient insurance coverage for your private jet, both when it’s being used for your own travel and when it’s being chartered by others.
Your insurance should cover any potential liability or damage that may occur during a charter flight. Make sure to review your insurance policy and consider any additional coverage that may be needed.
Maintenance and Safety
As the owner of the aircraft, you will be responsible for ensuring that your private jet is properly maintained and safe for flight. This includes performing regular inspections and maintenance, as well as ensuring that all crew members are properly trained and qualified.
Regular maintenance will ensure that your aircraft is in top condition and that you can provide a safe and reliable service to your customers.
Marketing and Sales
If you are chartering your private jet, you will need to market and sell your aircraft to potential clients. This can involve creating a marketing plan, developing a website or other online presence, and networking with potential clients.
Or, if you don’t want to indulge in time-consuming chartering activities, Gold Aviation’s reliable and trusted team of experts will help you with aircraft chartering and sales.
A latest private jet can generate more revenue due to its advanced technology, comfort, efficiency, reliability, and improved maintenance. The latest jets come with features like, spacious cabin, fuel-efficient, and modern technology. This appeals to high-paying clients who are looking for a luxurious and comfortable flying experience.
The average age of private jets in the US is over 18.2 years old. Be sure that your aircraft is no more than 10 years old if you want to maximize your revenue.
The goal of aircraft ownership is to enjoy the benefits of flexibility, speed, comfort and privacy, while managing the associated costs.
To maximize the return on investment, it’s recommended to have a team of experts such as an aircraft management company, aviation attorney, CPA, financier, and aircraft broker, who can provide a comprehensive view of your asset.
Utilizing charter revenue to offset ownership costs is a smart strategy and an ideal time to do so with the rise in demand for private jet charter due to the global pandemic.
If you’re considering chartering a private jet or need a trustworthy partner to manage your aircraft, Gold Aviation has it all for you.
We, at Gold Aviation, offer a range of services including charter, maintenance, sales, and management. We have the knowledge and experience to handle all aspects of private jet charter and management ensuring a smooth and stress-free experience for you.
Contact us today to learn more about how we can help you maximize the value of your private jet and make the most of your ownership experience.
With Gold Aviation, you can enjoy the convenience, flexibility, and luxury of private jet travel while minimizing the hassles and headaches of ownership.