Business owners who need to travel know how unproductive flying on commercial planes can be, especially since 9/11. Wait times often are arduous, and you are a slave to the airline's schedule and decisions that can change schedules out of the blue.

If you have the bank account for it and are considering fractional ownership in a private plane, ask yourself:

1. How much more productive time will I gain? Having access to your own plane certainly reduces the amount of time required to fly because you don't have to wait at the airport for boarding or layovers, go through security, be delayed for overbooking, etc.
2. How much do you fly? As a rule of thumb, if you fly between 50 to 500 hours a year and/or you need to be able to fly out of multiple locations, then fractional ownership can meet your needs
3. Can you afford it? Generally, fractional ownership costs at least $200,000 for the smallest share of a plane, which entitles you to a certain number of hours each year for a multiple-year contract. Also, expect monthly maintenance costs and other fees.

Action Steps
The best contacts and resources to help you get it done

Pick a plan

Jet ownership companies offer a variety of plans. Pick the one that best meets your business needs.

I recommend: NetJets, one of the pioneers in this industry, starts at 1/16th ownership (about 50 hours of flying time for $406,250). Airsprint sells in increments of 100 hours per year. Plans vary in terms of types of planes used, restrictions, monthly fees, etc.

Pick a plane

Some fractional aircraft ownership companies are manufacturer-neutral, meaning they offer a variety of aircraft to owners. Others are offshoots of the plane manufacturers themselves and thus offer only one brand.

I recommend: Check out: Bombardier FlexJet or Raytheon Co.'s FlightOptions.

Another way to tap private aviation travel for your business

If fractional ownership is too costly, consider purchasing private plane service by the hour, usually between $2,000 and $8,000 per hour. You pay by depositing funds into an account and then drawing on the money as you go. Many attributes are similar to fractional ownership.

I recommend: Some of the companies that offer this include: Jet Network, Sentient Jet Membership and Marquis Jet.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you already own one or more private aircraft and need more flexibility or more flying time, but don't quite need another plane, then fractional ownership can solve your problem.
• •  Amenities on the plane include such things as refreshments, daily newspapers, entertainment centers, and super-comfortable seats.
• •  When considering companies, ask about how much advance notice is needed to schedule a flight, any restrictions such as locations, holidays, number of passengers, etc., penalties for cancellation of contracts or flights, etc. These details vary widely.
• •  Check with your accountant before you buy. The IRS regulates the use of private planes stringently.