Career Change

[Stu S.]

I can't think of a legal retail business that will allow you to do that combination. In Central Florida, the number of dive retailers is shrinking. Too many stores were in pursuit of too few dollars.

The way to get that kind of return is to develop and patent a product that is the next big-big thing. A sensor for nitrogen in a diver's bloodstream? A fin capable of compressing water? A regulator mouthpiece that is mint flavored and whitens teeth! Maybe an exothermic cream that you rub on and takes the place of a wetsuit. (No, not Ben Gay.)

 

[oly5050user]

I think you are off by at least an order of magnitude for gross income. $500K in equipment sales will net you maybe $150K, then you get to pay for all the other crap you mentioned. If you meant net then maybe.

Its not just equipment sales.Theres training, travel,equipment repair,boat cleaning,light commercial work,movie work,etc..
But you could be right if just depending on gear sales.depends how much you pay instr's/or if you do the teaching yourself.How much you have to pay for pool..I based it on a very small op with minimal rent..Next to impossible to do here in NY..Rent on the facility I am at is $10,000. a month.Then there is electric/phone/etc...big nut to meet every month.We figured out we have to teach 500 students a year( ow courses) with associated sales to survive comfortably.With 350 students a year it is very difficult.We do have a pool on site so that is a plus..sell alot of 3mm wet suits during classes in addition to the standard mask/fins/snorkel.

 

[Boxcar Overkill]

I'm not qualified to speak about the dive business, except that I know there are some really cool places to live in this world that don't require you to make $75,000 per year to have a blast.

If possible, and if it's not necessary for you to live in the U.S., you might want to reconsider that part of the equation.

 

[bottomfeeder22]

A Key Largo dive boat captain once told me, "If you want to make $1 million in the dive industry, it's easy. Start with $2 million."

 

[GADJIT]

Great responses, please keep them coming. I appreciate your points of view!

David

 

[kouhoutek]

Diving, like a lot of hobbies (flying, skiing, golf, photography), is hard to turn into a profession:

• Competition is crazy. Everyone dreams about what you are looking for, and a lot of them are richer, smarter, or more skilled than you. You are going up against the 60 year old with a fat pension, who is happy if he breaks even, and the 22 year old scuba bum, who is happy with $12/hour and free air.
  
• It's a business. Successful businesses are started by people who are entrepreneurs first, hobbyist second (or third or sometimes not at all). A lot of hobbyist start a business out of love, only to find they are pushing papers more, and doing their hobby less, than before.
  
• Uncertainty. Wanna make $75K+ a year? Go to school, study accounting, or engineering, or law, or finance. If you have decent aptitude, there is a clear road map to this sort of income. Scuba, not so much. I'm sure there are lots of pro divers who make what your are looking for, but only after years making peanuts while honing their skills, making connections, and learning the industry.

So, what should you do, if you still want to make your dream come true?

First, if you haven't already, get involved with a local shop/operator, working towards a dive master or instructor type role. You'll have to put in some time, working up the food chain, but this will give you a chance to learn the industry more, and see if you can stomach some of the non-dive realities (sales, customers, grunt work).

Second, find something to offer. There area plenty of experienced divers who will work cheaper than you. What makes you worth more? Do you have business skills that will make you an asset to a retail operation? Do you have experience organizing large travel events? Can you service and repair equipment? Do you have specialized diving knowledge that is in demand? Can you captain a commercial vessel? If you don't have any special skill like these, you need to find a way to go out and get one.

 

[nwhitney2003]

I have to disagree with bfw. If you're realistic about your goals, expectations and limits then go for it. I might reconsider expecting to make 75k+ a year, maybe scale down your current standards of living in order to support this new venture. Also, know when to call in the pros, for example accounts, financial planners, other divers, other small business owners when you need help. Really consider the pros/cons of having a pool in the facility for classes. That is a huge investment both up front cost and maintaining it, which includes insurance. One idea to save money if you want classes is to become an instructor yourself and team up with a local college/university to hold classes.
I have a huge passion for beer, started out as a home brewer and now work as a brewer. I'm not burnt out on beer and I still drink beer. It's a lot of long hard hours but as long as you're realistic then you shoud be fine. There are grants out there to help people start businesses. Talk to your LDS owner to get a better picture of the day-to day work, requirments, and learn about all the crap that comes with it so you aren't surprised. Take your time and be careful with money and don't screw people over. It takes a life time to buid a great reputation and second to destroy it.
What's better going to a job that pays well and lets you live the type of life you want and you are bored in the job and hate it or getting up everymorning excited to go to work and do something you love and sacrifice other things in your life? Only you can answer that.

 

[Alex777]

You haven't asked the question but ...

In the Caribbean, and particularly on Grand Cayman, the advice above applies in spades. Not only will your return on investment be quite similar here (i.e., you'll probably starve) but you will have to give a percentage of the net to your Caymanian "partner" because, as a foreigner, you cannot hold a Trade & Business Licence. Your "partner" will naturally expect you to put up ALL the capital.