There are two factors that contribute to answering that question, your specific operation and business needs. Here are five reasons why owning an aircraft makes sense for your small, medium, or even large business.
Reason 1 – TIME
When I first started my aviation career, I was having dinner with a successful executive in the abrasives industry. This was before I was in aircraft sales, so you could say I was a little “fresh.” We were having dinner and he leaned over and asked me, “Grant, do you know what I love most about having an aircraft for work?” I responded, “because it’s cool, you like flying?” He laughed and said, “Yes I love flying but it’s a time machine and it saves money, it allows me to be at home for dinner, with my family, after traveling to sales meetings all day.”
Most people in aviation understand this benefit, but often we forget that some businesses, entrepreneurs, and individuals haven’t thought about an aircraft as a “time machine” and all of the ancillary expenses associated with delaying a sales trip by a day or two.
TSA Lines can be excruciating depending on your departure time and airport. Having your own aircraft eliminates this altogether. Having your own aircraft also increases your security by limiting the people around you, your employees, and your family. Arranging for your aircraft to be fueled and ready to depart on your schedule only adds to your time savings.
How much is your time worth? An aircraft can give you the time savings you and your team need to be more efficient, especially with the unreliability and uncertainty of the airline industry.
Reason 2 – COST SAVINGS
Most people scratch their head after hearing “Cost Savings” and “Aircraft” in the same sentence. However, it is true. Depending on which aircraft you own, the cost will vary but the opportunity costs, potential tax benefits, and time savings can contribute to your bottom line. In some situations, you may be able to write-off the entire depreciation cost of the aircraft. Our friends at Aero and Marine Tax Professionals can help you navigate tax laws and practices if you would like to learn more.
Think about it – how much does it cost you or your sales team to travel for a meeting or business function? Take your hotel expenses, airfare, food, and other business expenses and add two days of travel to this number. Why two days? It typically takes two days to travel to and from business meetings depending on the distance. That’s two days of additional lodging, food, and other expenses on top of your original business function. If you own an aircraft you can, in most cases, be home for dinner without the need to stay several nights because your airline flight isn’t available until the following day. Instead of making your schedule work around the commercial flight departure times, you can set your aircraft departure time around your schedule.
Some aircraft owners offset the costs of owning an aircraft by having a third-party manage their aircraft and charter the aircraft out during times you are not flying. This way it is generating revenue while you’re not using it. Although your aircraft most likely won’t become a cash cow, it can help offset some of your expenses by generating additional income.
By filling an appropriate number of seats on your aircraft with colleagues, while still remaining comfortable, you can maximize the benefit of operating an aircraft for business by cutting down on expenses. Finally, if you can reduce the amount of time spent traveling and help you and your employees spend more quality time with their families, you will not only improve your bottom line, you will most likely achieve higher employee appreciation and higher retention rat
Reason 3 – PRIVACY
Having your own aircraft can mean increased productivity during your flight. Some aircraft come equipped with Wi-Fi and in-flight telephones which allow you to remain connected in the air.
You can easily be more productive when you have complete privacy. It can be extremely difficult to hold a meeting or even effectively communicate on commercial flights. Think about all of those unproductive hours on a commercial flight.
If you are bringing additional employees onto your aircraft you can easily have confidential meetings in the air, en route to your destination. Whether it’s your CFO or board members suggesting you maximize efficiency in the air, it’s wise to be more productive when you can – especially if one of the points of owning your own aircraft is to focus on cost/benefit elements.
Reason 4 – TAILORED EXPERIENCE
Utilizing an aircraft for business doesn’t always have to be about…business. Oftentimes a trip can be extended for personal use.
Most aircraft owners love having an aircraft as a tool and love the tailored experience that comes along with it. You decide when the aircraft departs (weather and safety permitting) and you decide when the trip ends based on YOUR needs.
Having an aircraft will allow you to customize your sales trips and business meetings accordingly and hopefully in a more enjoyable manner.
Reason 5 – ACCESSIBILITY
According to the United States Bureau of Transportation Statistics, there are over 19,000 airports in the United States. Only 5,000 of these airports are public/commercial airports. With access to airports that do not serve commercial airlines, you have the ability and accessibility to reach more customers, produce more sales, all while saving a significant amount of travel time. You choose the most convenient airport for you to get to, from your home or office, and you land at the airport nearest to your meeting(s).
Imagine what you can accomplish for your business, family, and future when given access to more airports using your aircraft.
Want to learn more?
If you would like to learn more about how owning an aircraft can help and improve your business and family, our team at Modern Aviation can guide you through the process and explain the intricacies of aircraft ownership. Our top priority is identifying an aircraft that meets or exceeds your expectations and requirements. We are here as a resource to business leaders and entrepreneurs who want an extra leg up in today’s complex competitive market.
Modern Aviation provides charter solutions as well as Aircraft Sales (new and pre-owned).
Contact: Email me at: firstname.lastname@example.org for a discussion on how owning an aircraft can benefit you and your team.