Side Hustle Spotlight: How Boat Owners Earn Extra Cash With GetMyBoat

Do you own a boat? There's an old saying that the two happiest days of a boat owner's life are: the day you buy the boat, and the day you sell the boat. That's because boats -- although boating can be a fun and family-friendly outdoor hobby -- tend to come with a lot of costs.

Along with the costs of financing a boat, boat owners often need to pay for storage, fuel, maintenance, and insurance. What if you could get help to cover the extra costs of boat ownership? Now you can!

Turn your boat into a side hustle with GetMyBoat, and have many happier boat-owning days. This website can be a great way for boat owners (all sizes and types of boats) to connect with people who would love to rent your watercraft, or go on guided cruises, fishing trips, and excursions. GetMyBoat is like "Airbnb for boats."

Let's look at a few examples of how GetMyBoat can help you make extra money with a lucrative side hustle -- and help everyone have more fun out on the water.

How GetMyBoat helps boat owners earn extra cash

GetMyBoat is an online platform that helps people find affordable boat rentals, and that helps boat owners build boat rental businesses. If you own a speedboat, fishing boat, pontoon, ski boat, sailboat, or many other kinds of watercraft (including kayaks, jet skis, stand-up paddleboards, and more), you can use GetMyBoat to rent your boat to other people.

You don't always have to set up your GetMyBoat listing as a straight-up rental that leaves your beloved boat in other people's hands. If you'd rather stay with the boat and lead customers on a guided boat outing, you can advertise as a "Captain Provided in Price" and give boat rides to your customers.

GetMyBoat success stories

You don't have to own a yacht or a whole fleet of speedboats to make money on GetMyBoat. This platform can be helpful for boat owners in a variety of life situations.

From retiree to boat captain

Captain Jim is a boat captain and retired geophysicist based in New Orleans who takes guests on cruises on Lake Pontchartrain on his 52-foot sailboat. Jim was looking for extra activities to stay busy in retirement, and wanted to share his love of sailing with visitors and locals in New Orleans.

Jim earned his U.S. Coast Guard Captain's license and began hosting sailing charters on his boat, using GetMyBoat to book customers. Now he gets to meet people and do more of his favorite hobby, while running a small business he is passionate about.

Miami model earns up to $100,000 a month…by renting boats

Another GetMyBoat success story that was featured in Business Insider was the story of Patxi Francisco Areitio, a fashion model and boat owner. Patxi started renting boats to customers in Miami, and in his best month during peak tourist season, earned $100,000 in revenue.

Of course, don't assume that renting boats is an immediate overnight get-rich-quick plan. That $100,000 happened during an exceptionally busy month, and that number is not "profit" -- he still had to cover all the various costs of boat ownership. But this is a great example of how boat owners in high-demand locations can potentially make serious money by connecting their boats with people who want to rent them.

Kayak rentals to earn extra income

Want to see if GetMyBoat can be a good side hustle for smaller boat owners? Callie Ritsema is a GetMyBoat user who lives in East Grand Rapids, Michigan. She and her husband own two single kayaks, which they rent out on GetMyBoat for $10 an hour or $25 per day.

According to local TV news coverage, Callie typically gets three to six kayak bookings per week during the spring and summer. The extra cash from this side hustle quickly added up to be enough to cover the costs of buying the kayaks, and Callie and her husband are now planning their next fun, affordable luxury purchase: a golf cart.

Be prepared for GetMyBoat insurance and service fees

GetMyBoat charges a service fee to boat owners (8.5% for U.S. transactions, as of March 4, 2024), so be sure to price your boat's hourly rental price at a level where you can comfortably cover your costs and make a profit. But one advantage of GetMyBoat for boat owners is that the platform pays you pretty fast: GetMyBoat processes payouts within 48 hours from the end of each rental excursion.

Keep in mind that as a boat owner, you are required to have insurance for your boat and comply with any laws and regulations. GetMyBoat does not offer boat insurance directly, but boat owners can buy insurance through the platform's recommended partner insurance company -- this policy will cover your personal boat use, as well as your rentals. Just like Uber drivers and food delivery side hustlers might need rideshare car insurance, you'll want to make sure your boat insurance protects you against any costs or liabilities from renting your boat.

Bottom line

If you own a boat, and would love to help other people enjoy time on the water at an affordable hourly rental rate, you can turn your boat into a side hustle with GetMyBoat. Turn your dry-docked boat from a painful monthly cost into a happy source of profit in your bank account.

Learn more at GetMyBoat.com, or check out the GetMyBoat mobile app on the App Store or Google Play.