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return on his capital (not profit
necessarily, although sometimes they
can coincide). Far too many people
forget this, set themselves up with
no research, don't market their
product, then expect the world to
beat a path to their door because
they have an aircraft. Even if work
does come, more often than not by
accident, the same people undercut
everybody else around, thinking to
put the opposition out of business
then put the prices up again.
Unfortunately, it doesn't happen like
that—they're the ones to go out of
business first because they have no
cash flow, left with debts, wondering
what went wrong.
A lot of Aviation Companies owe
their existence to a larger parent
company that bought an aircraft as a
way of spending excess money that
can't otherwise be used (there is such
a thing), but it's not impossible to
survive purely on Aviation without
assistance from a Big Brother.
Whether it is or not depends on the
existence of competition, how big
you expect your Company to be and
the availability of the work itself (if
there's no competition, have you
thought of the fact that there might
not be any work?).
Purchasing An Aircraft
Whatever happens, you will have to
get your hands on a machine.
Expensive stuff like that (while being
an asset in itself) will create massive
debt which will require servicing,
which in turn means interest. Which
company will take care of that? If the
Aviation Company itself buys the
machine then it will have that much
more to worry about.
What is more likely is that an outside
company will own the aircraft and
lease it to your Company, giving the
additional benefit of the equipment
being one step removed in case of
disasters. Outside aviation it's
common practice to place all
valuable assets into a holding
company that trades only with
associated ones, thus insulating them
from unplanned contingencies (try
looking at a Pure Trust). Where
Aviation is concerned, it also legally
separates the registered owner from
the user. The leasing cost to you will
be a total of maintenance costs,
spares or engine replacement costs,
insurance costs plus a bit on top for
contingencies (the spares or engine
replacement costs are like
depreciation, an accountant's way of
establishing a fund for future
replacement of machinery).
There are two types of lease, wet or
dry. The former will include fuel,
which is useful, because there's less
squabbling over who put what fuel
in what aircraft. It's easier just to let
the owner pick up the tab, provided
Setting Up A Company 293
he's not overcharging. Leasing costs
are charged hourly and the total cost
is variable, that is, dependent on the
amount of hours flown.
There is a chance that the anticipated
costs above turn out to be less
expensive than you anticipate, but
that will be the lessor's good fortune,
not yours. Of course, things could
go the other way and it will cost him
more—this will happen if he buys a
bad machine in the first place
and/or it's flown badly. Leasing
means that you have no asset to fall
back on, which you would have if
you raised a mortgage and bought it.
If you ever end up leasing an aircraft
to somebody else, you will make the
most money by stumping up at least
50% yourself and financing the rest.
One creative solution is to raise a
loan on something else, say, a house,
and use that money to buy the
aircraft – you will then get lower
interest rates and longer terms.
The aircraft doesn't just cost, say two
million pounds. It will also cost what
you can't do with the money having
spent it—what economists call the
opportunity cost. In other words, you
lose the opportunity to do
something else with it, even if only
to sit in a bank account and gain
interest. Sometimes it's better not to
buy outright but to do it on a
mortgage and let the interest gained
from whatever you do with the rest
pay the interest on the mortgage.
With a little shopping around for
interest rates (abroad as well) this is
entirely possible.
Imagine you have the choice of two
aircraft—one relatively expensive to
buy, but cheap to operate and the
other cheap to buy, but expensive to
run. Both do the job you want—
well, near enough, anyway. The
difference in purchase price between
the two may well, if placed on
　
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