Summarize this article in one sentence.
You don't need to have worked in the boating industry to start a cruise line, but doing well will require an intimate knowledge of this industry and the inner working of cruise ships. You may be able to gain a good amount of experience by being a cruise planner (like a travel agent for cruises) or a high-ranking employee aboard another cruise ship. For example, working as a captain, entertainment coordinator, guest services manager, or another important position aboard another ship would be good preparation for starting your own line. Each approach has its advantages and disadvantages, and it's a good idea to research each option thoroughly to ensure that the decision you reach is the right one given your expertise, financial flexibility, and previous experience.  Developing a cruise line on your own will require you to build your service offerings, buy or charter ships, create marketing strategies, and design operational structure on your own, which will be expensive and require trial and error. Working with a syndicate can give you the benefit of having partners that share in your business and also share the risk and responsibility. Learn about the industry and your competitors so that you can outline an unfulfilled niche for your cruise line to fill. This is the only way you can be profitable, as the cruise industry is highly competitive. What will be different or unique about your cruise line that will attract paying customers? Think about offering very luxurious travel, unique experiences or entertainment, or going to unusual locations as a way to differentiate yourself.  Avoid taking on the large players, like Carnival and Royal Caribbean, directly, as these are powerful and established companies. However, there are a number of smaller companies that serve under 10,000 passenger per year. You could compete against these companies more easily than you could against the larger ones. Think about what cruise routes you plan to use and what permissions you'll need to obtain to navigate them, or what competition you'll be up against on the same routes. You should also think about where you will be sailing from and what that means for your target customers. Market penetration for cruise lines is relatively low outside the United States, which could offer an opportunity for easy growth in an untapped market, like Asia or the Middle East. It would be more cost-effective to start a boat-charter service or mini-cruise ship line. This would also somewhat simplify your navigation restrictions and enhance your ability to access more remote locations. When starting a cruise line, your primary expense will be purchasing or building your ships. The cost will depend on what size cruise line you are considering. This can vary from a small fleet of one or two small cruise boats that can take just a small group right up to a full-size liner. For most people, a sensible beginning is a small cruise boat with room for a small group or family. This will allow you to build up your business over time and prove to yourself and others that it can work.  The cost of this type of small boat depends on its size and features, but even a small cruise ship with 100 berths will cost about $50 million. A full-sized cruise ship, like those used by Royal Caribbean and Carnival, will cost you at least $150 million (for the smallest ship class). The largest ships currently on the water cost a whopping $1.2 billion. Your cost will also depend on your specific ship needs. Are you fine with customizing an existing one, or do you need to have a boat or ship built from scratch? Obviously customizing or buying a ready-made cruise boat will cost less than commissioning one from scratch.  You will also need operating capital to buy fuel, pay dock fees, pay employees, stock the ship with supplies, and for other ongoing expenses. Chartering an existing cruise ship is a cheaper option (although still pricey). Chartering allows you to "borrow" or lease a ship for your own cruise to use as you see fit. For example, some organizations have chartered cruise ships for special interest events or poker tournaments. Chartering is still expensive, though. For example, a three-day charter for one of Royal Caribbean's ships can cost over $900,000. Longer trips may cost up to $6 million. To cover these costs, you will have to fill the boat with customers and find a way to earn back your charter fee, plus a profit for yourself, over the course of the trip. . Before you even go to the bank or look for other sources of financing, it's vital to have a business plan drawn up and thoroughly ready. It's your source of convincing others that this project is a go-ahead. As part of developing your business plan, address all previous steps in this part, including your own experience, your competition, the state of the market, your funding needs, and your planned routes. You also need to spell out:  Your cruise line's name. This should differentiate you from your competition in the same way that your offerings do. Make sure that your name reflects the type of cruise line you are starting. The activities you plan to provide on your cruise. For example, whale-sighting cruising, on-board activities, visiting cities or islands, etc. Your pricing structure. Remember that cruise lines profit primarily from on-board purchases like food and alcohol, rather than from the ticket sales. For a starting point, the average price of a cruise ticket in 2015 was $1,350, while customers spent an average of $429 on on-board purchases. However, much of the ticket price is eaten up by overhead expenses, like crew and fuel costs.  Earnings and growth projections.
Gain industry experience. Decide whether you want to develop your cruise line from scratch on your own or with a syndicate (a group of partners). Study the market and your competition. Consider your routes and destinations. Estimate startup costs. Consider chartering your cruise ships instead of buying them. Develop a business plan