As you think about buying a boat or permit, it is wise to get a good understanding of the current and historical value of the fishery you are about to enter. The price of the permit is only one indicator of the value of the fishery - many factors influence the cyclical rise or fall in permit values.
Now that you have a better understanding of income potential and a feel for historical production swings in your chosen fishery, "pencil out" your proposed operating and start up costs against different income projections. Alaska Sea Grant has a spreadsheet that can help.
Armed with solid information about the value of the fishery, potential earnings, and realistically estimated fixed and variable costs of your proposed fishing operation, you are ready to look for financing to get this fishing business in the water.
With your homework done, you're now ready to take the plunge into ownership of a fishing business. This section contains a business planning software program specific to commercial fishing operations that may help you take that big step with more confidence.
Just as your boat requires annual maintenance, so does the financial side of your business. Your long-term business success depends on accurately tracking and managing your profit and losses, beginning from your first season through your last. With experience and focus, you will gain confidence.