Two veterans of the private aviation industry, Glenn Gonzales and Vishal Hiremah, expanded the business model of Jet It, the private jet company they founded in Greensboro, North Carolina, US, in 2018, to the Canadian market from mid-February.
Jet It carries a business model that is different from the typical private jet charter around the world. This business model, studied at Harvard University, offers private jet service throughout Canada at a flat rate.
The tenant is only required to pay a fee of CAD$2,200 (US$1,743) per hour without additional repositioning fees, fuel costs or landing fees. Charterers can book one-tenth to half of the plane’s capacity and use the plane all day long but only pay for the time they spend.
Gonzales has implemented this business model since he founded Jet It with Hiremath with one jet and two employees. The model was judged to be successful, as evidenced by the success of Jet It growing into an airline company with 10 aircraft and 65 workers in the US.
That business model was brought to Canada. To make it successful, Jet It cooperates with a similar local company, namely Skyservice Business Aviation. In addition, Jet It also enlisted the support of local aviation industry veteran, Jeremi Austin, to direct its sales and operations.
According to Austin, “Canadians are looking for a bespoke travel experience at an economical price and all-day flight access. They want consistency at the price they expect.”
Apart from expanding into the Canadian market, Jet It will also launch JetClub, an airline with the same business model for the European market, in the first quarter of this year, before expanding to Southeast Asia and India.