In the end to me it was not worth taking a big chunk of my life savings and opening a new shop or buying an existing operation in a market that experiences the radical ends with the ebbs and flows of the economy. Now the exit plan is real estate, and flight instruction, two of my other passions.
For any business to survive, you first need customers. As the price of Toys goes up, and average incomes go down, there are fewer and fewer customers who can afford to come out and play. People still want to get out on the water, but how many can afford a $10,000 to $20,000 "toy" to do it? That's why the stand up paddle boards and plastic kayaks are selling so well. They are the cheapest way to spend a day on the water, and zero learning curve, trailer or set up time required.
You may want to take a closer look at the Flight Instruction gig before you throw your eggs in that basket. My local FBO has just about gone out of business with fewer and fewer student pilot starts, over the past 5 years, he's had to let two out of three instructors go.
The price of insurance and Av Gas is killing that whole light plane industry ($5.85/gallon for 100LL). Not too many kid's Dad's can afford $170/hr. for flying lessons. I know I can't!
I'm instructing my kid in a borrowed Cherokee now, but it's still about $60/hr. just for the gas, and most days we are the only airplane in the pattern, at what used to be a semi busy instructional airport. The guys I fly with at work tell me there is no way they can afford to give their kids lessons either.
Check out
http://www.JetCareers.com for more insight from instructors around the country. Not too many instructors are many making ends meet on $10/hr.
BTW, my 19yr. old son gets $11/hr. to sit by the swimming pool as a lifeguard!
My wife only gets $10/hr. to substitute teach 3rd grade! She's got a 4 year degree and a Teaching Certification!
I told her she should have been a lifeguard! She said they don't make red swimsuits in her size...
