Used boat buy-and-resell side business

First-time boat buyers, anglers, cottage owners and families who want a cheaper used boat from someone who has checked it over.

You earn the gap between what you pay and what you sell for, after repairs, storage and advertising costs. You can add a small fee for delivery or help with paperwork.

• Judging a boat's condition and fair value
• Negotiating when buying and selling
• Basic cleaning and light mechanical know-how

• Check whether your province or territory requires a dealer licence or registration for selling boats on a regular basis
• Run a lien search (provincial personal property registry, or the RDPRM in Quebec) before buying, so you don't inherit a debt
• Check the Transport Canada rules on pleasure craft licences and ownership transfers for motorized boats
• Ask your accountant how GST/HST and provincial sales tax apply when you resell used boats
• Commercial general liability and inventory insurance, since you will be storing and test-running boats
• Sales are seasonal and boats can sit unsold over winter, so don't tie up money you can't spare

Estimates suggest startup costs typically around $5,000 to $25,000, depending on the boats you buy, cleaning and repair supplies, storage and insurance. Boats can sit unsold over winter, so avoid tying up money you can't spare.

Monthly revenue is typically estimated at around $2,000 to $10,000, depending on the boats you handle and how quickly they sell. This is revenue, not profit, and sales tend to be seasonal.

Check whether your province or territory requires a dealer licence or registration, run a lien search before buying, and review Transport Canada pleasure craft licence and ownership transfer rules. Also ask an accountant about GST/HST and provincial sales tax, and check your insurance.