Charter Boat Business Plan [Sample Template]

Pinterest Facebook

If you live somewhere that is close to a body of water, then you have the market to start a charter boat business. This business is unique and diverse and you can choose to focus on a particular niche.

Different boats exist for all types of target market, but to run this business successfully, you will need to get a boat that can seat a good number of people comfortably, while still being small enough to be cost effective. Researching the clientele where you live may help you decide on the kind of boat you want for your charter business.

If you buy a boat outright, then you have the freedom to do with it as you please; but if you decide to lease a boat, then you will be giving up some freedom, but the responsibility of repairs will fall on that company. The things you will need to succeed in this business will depend on the niche you choose in this industry.

What Does It Take to Start a Charter Boat Business?

If you plan to start a fishing-charter boat business, then bait tanks and fishing pole racks are necessary. If you decide to start a snorkelling business, you will need various sizes of appropriate gear. All boats need safety gear, such as life vests, life rafts, as well as a fire extinguisher, as mandated by law and common sense.

It’s advisable you keep a GPS on your boat at all times. Make sure it has emergency broadcast capability and that it is in good working order.

Note that you can market you charter boat business by making friends with folks at your local marina, who may be in contact with people who want to charter a boat. Research and get to know your local tourism industry board and speak with them about what you have to offer.

Consider creating a website that features what you’re offering, along with competitive rates clearly listed. Have it in mind that by starting a charter boat business, you offer people the opportunity to share the wonderful experience of being on the water.

Always keep a clear focus on the kind of experience you want to provide while marketing yourself and gathering clients. Also note that for many of your boat’s guests, part of the fun of climbing aboard a charter boat involves a friendly, charismatic captain and crew.

Although employees’ primary concern must always be the safety of all passengers, but it’s advisable you train your crew members to chat with customers, note points of interest and offer to take photos or serve drinks to guests.

You should also understand that no matter how entertaining the charter, a lot of guests will prove to be landlubbers. It’s advisable you stock the cabin with ginger tablets and over-the-counter nausea-fighting medication, and direct passengers to take care of seasickness business above deck.

Also note that not all passengers who come on board your boat will be familiar with charter boat toilets, or “heads.” That is why you have to take a few minutes to demonstrate how to pump and flush the head while still docked.

A Sample Charter Boat Business Plan Template

1. Industry Overview

According to reports, experts believe the global recreational boat market will reach revenues of more than $50 billion by 2023, growing at a CAGR of approximately 4% during 2017-2023. It is believed that the massive growth of the travel and tourism industry across the European region will positively impact the development of the global market.

While the rapid economic development and the growing demand for charter services in Southeast Asia will boost the demand for new products in the market. Have it in mind that this industry is driven by growth in travel and tourism across the European, Russia, APAC, and Latin American region.

The rapid economic growth, increasing HNWI population and the growing popularity of Southeast Asian tourist beach and marine destinations will boost revenues in the global recreational boating market. Reports also have it that the rising participation in leisure boating activities across the European and the US regions will boost the demand for superior systems in the global recreational boating market.

Statistics has shown that the US and Europe are the biggest markets for recreational boating. In 2017, about 3.9 million people in the uk, i.e., about 7.4% of the total UK adult population, participated in core boating activities.

It’s very important to state that the introduction of digital dashboards with touchscreen displays enable users to control the boat by just touching the screens. The fly-by-wire technology introduced in digital throttles and shifts are more reliable than moving mechanical parts and will contribute to the development of the global recreational boating market.

Also note that the growing development and use of hybrid and electric boat engines will contribute to the transformation of the global recreational boating market.

Experts believe that the growing consumer awareness about the harmful effects of marine pollution and the stringent environmental norms is encouraging the manufacturers to make electric and hybrid engines for recreational boats in the global market.

Inflatable boat segment dominated less than 1/3rd of the market share in 2017, growing at a CAGR of more than 4% within 2017 – 2023. The growing participation in various water-based leisure activities is contributing to the rising demand for these products in the global market.

The affordable prices and ease of use of inflatable boats create lucrative opportunities for the leading vendors in the global market. Reports have it that the man-powered segment occupied the second largest market share in 2017, growing at a CAGR of around 4% during the forecast period.

The extensive use of man-powered boats for leisure, sports, and competition purposes is gingering the growth of this segment in the global market. Canoes, kayaks, gondolas, and punt boats are some of the most widely available man-powered boat in the global recreational boat market.

2. Executive Summary

Royal Entourage is a new resort in South Lake Tahoe, California that provides numerous lodging and chartering services to tourists and the people of California and the neighbouring Nevada. We at Royal Entourage plan to offer customers 26 two-bedroom units with boat charter services, underground parking, fully-equipped kitchens, laundry facilities and stone fireplaces.

We will also offer a common-area outdoor hot tub as well as an on-site store and on-site front desk service. Lake Tahoe is a major tourist attraction in both Nevada and California.

This large freshwater lake in Sierra Nevada of the united states is home to winter sports, summer outdoor recreation, and scenery enjoyed throughout the year. Snow and ski resorts are a significant part of the area’s economy and reputation.

Our Business objective at Royal Entourage is to surpass customer’s expectations for boat charters and maintaining a 90% occupancy rate during the peak periods. We plan to assemble a workforce that understands the industry perfectly and will strive to help us achieve our business goals.

Alfred Jonah and Simba Conan, co-owners of Royal Entourage, plan to operate Royal Entourage as a ski resort during the months of November to April. While during the spring and summer months (May to August), the resort will operate as a summer resort. Our business location, South Lake Tahoe, provides us with the opportunity to offer all these services.

It has a snowy highland climate with winters that are chilly, especially at night, and summers that feature warm to hot days and cool nights with very low humidity.

South Lake Tahoe climate is either classified as a warm-summer Mediterranean climate, using the 27 °F (−2.8 °C) isotherm of the original Köppen scheme, or a continental Mediterranean climate (Köppen Dsb), using the 32 °F (0 °C) isotherm preferred by some climatologists.

Note that summertime is also the dry season, with July averaging only 0.31 inches (7.9 mm) of precipitation, in contrast to December’s 3.81 inches or 96.8 millimetres.

Snowfall is extremely heavy, with an average of 143.4 inches or 3.64 metres, whilst the wettest “rain year” has been from July 2005 to June 2006 with 31.12 inches (790.4 mm) and the driest from July 2002 to June 2003 with 9.26 inches (235.2 mm).

3. Our Products and Services

Royal Entourage will provide our clients with a 26 two-bedroom units, fully-equipped kitchens, laundry facilities, stone fireplaces and chartering services for boats and skiing gears. We also plan to provide a common-area outdoor hot tub as well as the following services on-site:

Fishing boat charter
Parasailing
Jet ski rentals
Eco-friendly paddle sport rentals.
Food store
Ski rental/clothing shop
Front desk service

4. Our Mission and Vision Statement

Our vision at Royal Entourage is to offer our clients the balance of relaxation and excitement they seek by providing options for activities to suit both individuals and groups.
Our mission at Royal Entourage is to become the number one lodge of choice with visitors to Lake Tahoe.

Our Business Structure

Our main aim at Royal Entourage is to provide our prospective clients with unique products and services that will beat competition. We plan to employ individuals who know and understand the baseline of the industry – Hospitality.

We also plan to train our employees to meet the needs of our clients with smiles and understanding. We at Royal Entourage will build a business that will offer its employees good rewards for their hard work and dedication. Royal Entourage is co-owned by Alfred Jonah and Simba Conan.

Alfred Jonah will be the manager of daily operations of the resort while Simba Conan will in charge of marketing and publicity. The personnel needed for Royal Entourage are the following:

Chief Executive Officer
Lodging Manager
Company Cashier
Boat Captain
Boat Deckhand
Maintenance staff
Store clerk/Front desk officer
Housekeeper

5. Job Roles and Responsibilities

Chief Executive Officer

He will oversee all other executives and staff within the resort.
Charged with meeting with board of directors and other executives to determine if company is in accordance with goals and policies.
Tasked with directing the resort’s financial goals, objectives, and budgets.
Responsible for implicating the resort’s guidelines on a day-to-day basis.
In charge of developing and implementing strategies and set the overall direction of a certain area of the resort.
Charged with providing visionary and strategic leadership for the resort.
Will make sure the members of the Board of Directors have the information necessary to perform their fiduciary duties and other governance responsibilities.
Will provide adequate and timely information to the Board to enable it to effectively execute its oversight role.

Lodging Manager

Greet and register guests.
Answer inquiries pertaining to hotel policies and services, and resolve occupants’ complaints.
Assign duties to workers, and schedule shifts..
Collect payments, and record data pertaining to funds and expenditures.
Manage and maintain lodging facilities.
Observe and monitor staff performance in order to ensure efficient operations and adherence to resort policies and procedures.
Show, rent, or assign accommodations
Inspect guest rooms, public areas, and grounds for cleanliness and appearance.
Purchase supplies, and arrange for outside services, such as deliveries, laundry, maintenance and repair, and trash collection.
Arrange telephone answering services, deliver mail and packages, and answer questions regarding locations for eating and entertainment.
Receive and process advance registration payments, send out letters of confirmation, and return checks when registrations cannot be accepted.

Boat Captain

Maintain boats and equipment on board, such as engines, winches, navigational systems, fire extinguishers, and life preservers.
Measure depths of water, using depth-measuring equipment.
Read gauges to verify sufficient levels of hydraulic fluid, air pressure, and oxygen.
Resolve questions or problems with customs officials.
Tow and manoeuvre barges, or signal tugboats to tow barges to destinations.
Perform various marine duties such as checking for oil spills or other pollutants around ports and harbours, and patrolling beaches.
Compute positions, set courses, and determine speed
Direct and coordinate crew members or workers performing activities such as loading and unloading cargo, steering boat, operating engines, and operating, maintaining, and repairing boat equipment.
Inspect boat to ensure efficient and safe operation of boat and equipment, and conformance to regulations.
Maintain records of daily activities, personnel reports, ship positions and movements, ports of call, weather and sea conditions, pollution control efforts, and/or cargo and passenger status..
Steer and operate boat, using radios, depth finders, radars, lights, buoys, and lighthouses.

Boat Deckhand

Sweeps and washes decks, using broom, brushes, mops, and firehose.
Lowers and mans lifeboats in case of emergencies.
Stands steering watches or lookout watches while underway.
Moves controls or turns hand wheels to raise or lower passenger or vehicle landing ramps or kelp-cutter mechanism.
Loads or unloads material from barges, scows, and dredges.
Paints lifeboats, decks, and superstructure of vessel, using brush.
Lubricates machinery and equipment.
Examines cables that holds boat in tow and tightens cables to ensure boat is snug.
May tour decks during watch to caution passengers engaged in unsafe practices, and ensures departure of passengers at end of voyage.

Maintenance Staff

Give responses to all visitors in an effective and prompt manner.
Keep all mechanical areas in a neat and orderly condition.
Carry out inspection on public areas on a daily basis in case of problems arising unexpectedly.
Offer maintenance and repairs to public areas, guestrooms and administrators office buildings.
Work together with the front office manager and housekeeper, and connects with the manager to discuss any aspect of operations which will involve the maintenance department.
Engage in flexible work schedules to be able to perform well during emergencies.

Store clerk/front office manager

Operate the cash register and provide accurate change to cash-paying customers
Show customers the location of items they are looking for and suggest complementary items when appropriate
Pay attention to shoppers on the floor and notify management of any possible shoplifting activity
Restock shelves when needed to ensure optimum availability of products
Unpack shipments in the store room and categorize them appropriately
Place special orders for customers who can’t find what they need in the store
Prepare and distribute special-ordered merchandise
Makes sure that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides the client with a personalized customer service experience of the highest level
Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
Charged with managing administrative duties assigned by the manager in an effective and timely manner

Housekeepers

Clean corridors, lobbies, stairways, elevators and lounges as well as guest rooms
Organize work schedule from the room status list, arrivals and departures
Distribute linen, towels and room supplies using wheeled carts or by hand
Restock room supplies such as drinking glasses, soaps, shampoos, writing supplies, mini bar
Inspect and turn mattresses regularly
Monitor guest laundry bags
Replace laundry bags and slips
Check all appliances in rooms are in working order
Realign furniture and amenities according to prescribed layout
Respond to guest queries and requests
Deliver any requested housekeeping items to guest rooms
Ensure confidentiality and security of guest rooms
Follow all company safety and security procedures
Report any maintenance issues or safety hazards
Observe and report damage of hotel property

6. SWOT Analysis

Royal Entourage is a business established to compete favourably in the industry and gain substantial market share. Our business location is ideal for this business as it provides adequate sport, sights and location to attract our target audience.

We are not planning to be a trial and error business, as we have analysed our market and ascertain our position in this competitive environment. Below is the analysis and summary of our SWOT Analysis at Royal Entourage.

Strength

According to our SWOT Analysis, our strength at Royal Entourage is in our well prepared strategy to maintain our resort and charter boats. We believe this will help us attract clients due to the neatness of our facility and products. Another strength we have in the industry is the various activities and services we plan to offer our clients.

Weakness

Our key weakness at Royal Entourage will be the time it will take our target audience to know who we are and trust our services. Also getting experienced workers who will be willing to attend to clients is another weakness we might be facing at Royal Entourage, but we plan to remedy this by training our workers to adopt the customer first approach we plan to promote at Royal Entourage.

Opportunities

According to the SWOT Analysis, Lake Tahoe is a major tourist attraction in both Nevada and California. It also serves as a home to winter sports and summer outdoor recreation. Snow and ski resorts are a significant part of the area’s economy and reputation.

Threat

According to our SWOT analysis, the threat we at Royal Entourage will be facing is the capital to start our resort and charter boat business. Also the different requirements for different cities in this business can become a hindrance for us.

7. MARKET ANALYSIS

Market Trend

According to reports, more travellers started looking for alternative accommodations in 2017, although marketing channels looked to provide more personalized search experiences and more choice to users. Experts believe that one possible 2018 evolution of this trend would be to see more vacation rentals available on more hotel distribution channels.

Also with a greater focus being placed on the quality of the guest experience than ever before, hotels of all sizes are looking to streamline operational processes and facilitate inter-staff communication as much as possible this year with cloud-based management systems.

Report had it that last year highlighted the shift to an online booking journey; now we’re seeing that booking journey going mobile. We believe that hotel companies are feeling the pressure to provide the ultimate customer journey on mobile devices, with a voice-responsive search experience hot on its heels.

We at Royal Entourage acknowledge that the speed of information and UX in the industry are now cornerstones in the conversion funnel; today’s chatbots assist with both. Note that it wouldn’t be surprising to see these low-cost, high-impact multi-functional bots popping up on more hotel websites to assist guests and encourage bookings this year.

We’ve also noted that mobile-first indexing will be fully implemented in 2018 and 2019, which means that making hotel websites and booking pages optimized for mobile will be a priority for many companies in the coming months. We also found out that online marketing techniques are getting more strategic and targeted, which means hotels will harness more data this year to reach the right audiences with the right content.

In the industry, some sources say the smart room is nigh, while others say it’s already here. Either way, research has shown that we will be seeing more Internet-of-Things-inspired hotels rooms in 2019, with guests unlocking their rooms, adjusting the lighting and temperature, and streaming their Netflix favourites on the TV with their smartphones.

We believe hotels looking to renovate this year could take the opportunity to par guestrooms down to the bare minimum, increase communal space, and incorporate more live greenery and natural light into their designs.

8. Our Target Market

Resort hotel development and operation in the Lake Tahoe area has been very profitable and successful due to the economic upturn experienced after the mining era. Within the past few years, sales in the area have increased by over 40 percent.

There are 39 condominiums, lodges, inns and hotels within two miles of the Lake. Report has it that every year, room occupancy is close to 100% during the peak skiing season. Our customers at Royal Entourage can be broadly divided into two groups:

Skiers

Lake Tahoe area is fast becoming one of the best ski attractions in the U.S. Our resort is easily accessible from the Lake Tahoe Airport and our flyers and online marketing program will target this group.

Summer Visitors

During the summer months, the Lake Tahoe area is a beautiful wilderness retreat with over 45 hiking trails, deep sea diving, fishing boat charter and other outdoor recreational activities.

Our competitive advantage

We at Royal Entourage plan to market our services aggressively to both winter and summer visitors of the Lake Tahoe area. Lake Tahoe boasts of activities happening all year round. During the winter there is skiing but in the summer months, the resort has hot-air balloon trips, water adventures, day hikes into the forests, and other recreational activities that take advantage of Lake’s spectacular beauty.

According to our research, there are only thirty nine lodges and inns in the Lake Tahoe area. These facilities represent only 940 room units of the total of 5,000 room units in the Lake area. We believe that our prospective clients will be looking for a different lodging experience that cannot be found in any of the area’s complexes or hotels.

We at Royal Entourage plan to provide our customers with a comfortable, congenial environment that will assure return visits to our resort. Although our lodge will cost a little more but we will make it worth it for our clients by providing all the services they need to make their stay memorable.

We will offer a food shop that will be able to take special orders daily. There will be a charter boat shop for all those interested in water adventures and a ski rental shop where customers can outfit themselves and purchase ski passes. Each evening, guests can gather in the lodge’s main room where there is a large fireplace, drinks and light music.

9. SALES AND MARKETING STRATEGY

Marketing and Sales strategy

The Lake Tahoe area has its own website and advertising/promotion program where businesses in the area are promoted. Report has it that over 85% of the area’s visitors use the website to identify lodging and service options. Royal Entourage is well positioned as a new upscale resort that is focused on the high-income visitors to the Lake Tahoe.

We believe that most lodges and inns in the Lake Tahoe are receiving approximately 75% of their guests from the Lake Tahoe booking system. Since the total number of room units are few with the area’s hotels and lodges, these lodging units fill up quickly.

Also we have made plans for Royal Entourage to be highlighted in a promotional piece for Lake Tahoe in the January 2019 edition of Welcome to Lake Tahoe Magazine. Our marketing techniques also include:

Local advertising in California and Nevada vacation and travel magazines
Website creation and promotion
Direct mail to travel agents across the U.S. and California and Nevada tourism
Partnerships with travel agents. These will be sought over time, not expected until year 3 or later

Sources of Income

We at Royal Entourage will make profits by providing our clients with a 26 two-bedroom units, fully-equipped kitchens, laundry facilities, stone fireplaces and chartering services for boats and skiing gears. Our sources of income include:

Charges for Fishing boat charter
Charges Parasailing
Income from Jet ski rentals
Income from Eco-friendly paddle sport rentals.
Food store
Ski rental/clothing shop

10. Sales Forecast

Our sales strategy at Royal Entourage is to harness the existing Lake Tahoe area booking system that has been crucial to the success of all of the area’s hotels and lodges. Room rates for the lodge will range from $300 – $650 per night in peak season. Off season prices will range from $240 to $500 per night. The following is the sales forecast for three years.

First Fiscal Year: $1,980,000
Second Fiscal Year: $3,762,000
Third Fiscal Year: $9,422,000

11. Publicity and Advertising Strategy

We at Royal Entourage plan to make use of direct mail and television advertising to generate sales for our lodging and charter boat services. We have outsourced our advertising and publicity to Norms PR firm for strategic ideas and adequate awareness. We also have additional promotional plans aside from the contract we have with our publicity partner. Below are the publicity strategies we plan to execute in-house;

Print advertising and article publishing
We hope to print our advertising program which will include advertisements in local newspapers and local journal publications like the Welcome to Lake Tahoe Magazine. We also plan feature articles on services provided in these publications.
Design and use a significant business colour and uniform
We also plan to have a distinctive colour that can be attributed to our business alone.

12. Our Pricing Strategy

Our plan at Royal Entourage is to provide Lake Tahoe visitors with a unique and different lodging experience that cannot be found in any of the area’s complexes or hotels. We hope to get the confidence of customers and create our business to be acknowledged for providing superior customer service.

Our pricing system at Royal Entourage will be based on what we know and believe is obtainable in the industry. Our room rates will range from $300 – $650 per night in peak season. Off season prices will range from $240 to $500 per night, while our basic boat rental rates will depend on the specifications of a boat and the season. Our seasonal rates are based on peak usage times at Lake Tahoe.

Payment Options

We at Royal Entourage acknowledge that organising reliable and diverse payment systems for clients is one of the best things we can do for our business. We plan to bring payment options that will make the payment for the service we offer very easy for our customers.

We have partnered with a renowned bank in the country and we hope to make use of that relationship. Our bank account numbers will be made available on our website and promotional materials so that it will be easier for clients to make payments when necessary.

Payment by via bank transfer
Payment via POS machine
Payment via online bank transfer
Payment via mobile money
Payment with cash

13. Startup Expenditure (Budget)

We will also offer a common-area outdoor hot tub as well as an on-site store and on-site front desk service. We have analysed the market and have decided on how we plan to spend our start up fund.

The Total Fee for Registering the Business in the United States – $750.
Legal expenses for obtaining licenses and permits – $4,000
Marketing promotion budget for Norms PR- $500,000
Cost for hiring Business Consultant – $20,000
Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $254,000
Cost of accounting software, tracker software apps, CRM software and Payroll Software – $6,000
Cost for leasing standard resort facility and boats- $1,000,000.
Cost for facility remodelling- $70,000.
Other start-up expenses including stationery – $1000
Phone and utility deposits – $3,500
Operational cost for the first 3 months (salaries of employees, fuelling, maintenance, payments of bills et al) – $250, 000
The cost for Start-up inventory – $15,000
Cost for store equipment (cash register, security, ventilation, signage) – $27,000
The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Credit card machine, POS, tables and lodging equipment et al): $270,000.
The cost of Launching an official website: $600
The cost for our grand opening party: $50,000
Miscellaneous: $10,000

From our detailed analysis above, we will need an estimated $3,000,000 to start Royal Entourage successfully.

Generating Funding/Startup capital for Royal Entourage

We also plan to get a large chunk of the startup capital from our bank as a business loan that will be serviced in three years. These are the areas we intend generating our startup capital;

Generate part of the startup capital from personal savings
Generate part of the startup capital from friends and other extended family members
Generate funding from getting a business loan from our bank

Note: We at Royal Entourage have been able to raise $2,000,000 from the personal savings and family soft loans. We are at the final stages of acquiring a substantial $1,000,000 from our bank, and we believe that aside from our services that will generate fund, we will be attracting investors in no time.

14. Sustainability and Expansion Strategy

We at Royal Entourage are not afraid to surround ourselves with experts or to pay for their services. We believe that a short-term investment now can lead to massive long-term gains. For instance, if our rooms start to look dated, we plan to work with a renovation expert to come up with a cost-efficient solution. We also understand that on-line exposure is incredibly important in this day and age.

Just as the importance of on-line bookings grow, so does the importance of 3rd party booking sites, such a wotif.com, booking.com and expedia.com. We plan to leverage these platforms for the gains of our business and also to generate sales.

We at Royal Entourage believe strongly that our client base remains the key to our success. We plan to contact our clients regularly to inform them of new features or special offers. We hope to give them a reason to return; maybe a free breakfast or a complimentary night.

We at Royal Entourage also believe that the power of ‘random acts of kindness’ cannot be underestimated. A small gesture that is unexpected by the recipient can inspire a great sense of loyalty and be remembered long into the future. Our plan is to clean our guests’ windscreens before they check out, leaving a note under the windscreen wiper reading ‘We’ve cleaned your windscreen to make your day a little brighter. Be safe and come back soon’.

We also understand the benefits of joining accommodation chains and regional tourism organisations. We also plan to surround ourselves with as many similarly minded people as possible. We believe that one of the great things about the accommodation industry is the support that operators are able to find if they go looking for it. We plan to look and acquire friends and employees that share our visions and objectives.

Check List/Milestone

Business Name Availability Check:>Completed
Business Incorporation: Completed
Opening of Corporate Bank Accounts: Completed
Opening Online Payment Platforms: Completed
Application and Obtaining Tax Payer’s ID: In Progress
Application for business license and permit: Completed
Purchase of Insurance for the Business: Completed
Conducting feasibility studies: Completed
Leasing, renovating and equipping our facility: Completed
Generating part of the startup capital from the founder: Completed
Applications for Loan from our Bankers: In Progress
Writing of Business Plan: Completed
Drafting of Employee’s Handbook: Completed
Drafting of Contract Documents: In Progress
Design of The Company’s Logo: Completed
Printing of Promotional Materials: Completed
Recruitment of employees: In Progress
Purchase of the needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
Creating Official Website for the Company: In Progress
Creating Awareness for the business (Business PR): In Progress
Health and Safety and Fire Safety Arrangement: In Progress
Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry: In Progress