- 1). Assess your competition by strolling the port of call you've picked for your business. Talk with boat owners and maritime officials to ascertain traffic. Busy coastal areas attract underwater recovery divers, marine salvage pros and treasure hunters by the droves. You want a port that's already home to salvage businesses to take advantage of an established market. Veteran divers and salvage workers often have the best take on commercial viability. Some may be looking for new recovery businesses to help with overflow when things get hectic.
- 2). Buy or rent a vessel for your underwater recovery business. Select a boat with sleeping accommodations and a working galley so you can undertake long stays on the water when mining for marine salvage. Survey the used boat market to save thousands of dollars you'd spend on a new vessel. Pick up a recovery boat that's already been modified for underwater recovery jobs and you'll hit gold. Ask about financing so you don't deplete your entire budget in one fell swoop.
- 3). Have the boat you prefer inspected by a professional to verify the boat's seaworthiness before you write a check. Turn to the closest Society of Accredited Marine Surveyors (SAMS) or the National Association of Marine Surveyors (NAMS) bureau to locate an inspector. Buy marine insurance on your boat; it's your main asset and the item that anchors your business.
- 4). Earn Coast Guard certification or U.S. Power Squadron credentials to show potential underwater recovery customers that you've been vetted by authorities and are ready to accept commercial jobs to recover their marine salvage. Depending upon the program you choose, training can take hours or days. Apply to state, federal and local marine authorities for commercial licenses and permits required to conduct marine searches in your area.
- 5). Acquire, update or replace equipment as necessary. Underwater recovery efforts require a crane, A-frame, gantry, trolley, submerged docking rigs, topside winches and hydraulic power packs. Add lift bags and rigging, side scan sonar, underwater metal detectors, a submersible search grid, markers and buoys to your shopping list. Prioritize weather-advisory equipment and electronics -- especially a GPS system -- to maintain contact with the Coast Guard at all times.
- 6). Require divers you employ to meet U.S. Coast Guard training standards before hiring them. Look for fully engaged professionals familiar with all aspects of diving operations to work on your team. Maintain an inventory of oxygen tanks, wetsuits, masks, ventilators and other personal equipment for divers who don't own their own gear.
- 7). Align your fee structure with that of other underwater recovery businesses in your area. Offer hourly and package rates based on the area's economy, distance to recovery sites, work at hazardous depth sites and other variables. Build amortization of equipment, insurance, maintenance and other business costs into your final pricing menu.
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