How to Make Money Fishing in Hawaii (5 Steps)

Become a charter captain. This option requires the most equipment. However, it also offers the most income potential. As a charter captain, you derive income from both the charter fees you charge as well as from the fish you are able to sell commercially. To become a charter captain, you will need to obtain the appropriate licenses from the Coast Guard, the National Marine Fisheries Service (NMFS) and the State of Hawaii. The licenses will vary by your target species, the number of passengers you hope to carry, and the type of fishing you do.
Start a commercial fishing operation. Hawaii is a large consumer of fish, so there is definitely a commercial market for fish and seafood in the islands. Similar to a charter business, a commercial fishing operation is equipment-intensive. You will also require a license from the same entities as you would for a charter business. Unlike the charter business, you would spend more time fishing and less time trying to sell charter shares on your boat. A blended approach, in which you fish commercially on days when you have no charters, may be a good compromise between the two options.
Enter fishing tournaments. The islands of Hawaii are home to several large fishing tournaments, such as the Maui Jim Classic, that are known to pay hundreds of thousands of dollars in prize money. Despite this tremendous upside, you will face fierce competition and run the risk of having wasted time, fuel and a large entrance fee only to come home with a t-shirt.
Try inshore fishing. If you don't have a boat, there are still ways to make money fishing in Hawaii. Spearfishing for commercially viable inshore species, such as octopus, is one way to limit your equipment costs while making money. Spearfishing can also yield the occasional surprise as larger pelagic species, such as yellowfin tuna, often wander close to shore in Hawaiian waters. Using a cast net or fishing pole to target fish like tilapia and moi can also yield a salable catch.
Target fish for the aquarium trade. Catching fish for sale in pet shops and aquarium retailers is a big business in the islands. Hawaii's beautiful reefs make it an excellent location for catching aquarium-bound fish. Many reef fish are protected or off limits, but others like the yellow tang, Hawaii's most valuable inshore species, are abundant.
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How to Start a Home

Write a business plan for your home-based business. Initial business plans can be a simple road map for starting the business. If you plan to approach a bank or venture capitalist for start-up capital, however, your business plan should be comprehensive and detailed. It should include a summary of the home-based business idea, details of each product or service, an evaluation of the marketplace and competitors, a marketing plan and financial information such as start-up fees, marketing costs and salaries. Business plan templates are available at SCORE.org and business.gov websites. North Carolina residents can contact the BusinessServi Center for free help with business plans.
Register the business and apply for a state business license through the North Carolina Department of the Secretary of State office if your business is a corporation, LLC, LLP or limited partnership. Register sole proprietorships and general partnerships with the County Register of Deeds office. Inquire about local business licenses through your city, town or county and confirm that your business won't violate zoning ordinances. Apply for North Carolina retail sales and use tax license if your business sells retail items and/or rents tangible property. Use form NC-BR and send by mail or complete the form on the Secretary of State website.
Apply for a federal Employer Identification Number through the Internal Revenue Service website. An EIN is required for federal tax filing and opening a bank account.
Organize your home office. Designate an area in your home for business. This can be a room with a desk, computer and office supplies. If you sell products, have an area for item storage, order filling and shipping. Keep business areas separate from your family living space.
Get funding from a bank, venture capitalist or the U.S. Small Business Administration if you need it. The business plan and a persuasive elevator pitch will be critical to securing funding. An elevator pitch is a 30-second summary of your business you can use on investors. Practice reciting your pitch before you meet with a potential investor.
Market your business by word of mouth, online marketing and print or radio ads. Online advertising can include pay per click advertising or social media marketing through Facebook, Twitter and other social websites. Hire a marketing specialist or visit a SCORE office for help with your marketing.
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