Before we get into details, I need to stress one thing: whether your balloon ride business is a success will come down to one thing, your skills as a business person. This is something that you must fix in your mind. You may love flying, be an experienced pilot starting out in business for the first time, but your love of flying will not give you success, or even put you very far along the road to that success.

All the successful balloon ride operators I have spoken with said that their success had little to do with their love of flying balloons. Rather, it came down to careful planning, researching markets, making contacts, strategic marketing and organising publicity. You need a commitment to see your business succeed aside from any love you may have of flying. Successful balloon ride operators are business people who run businesses they enjoy, rather people doing something they enjoy which also makes them money. For certain, it is possible to make substantial profits from a balloon ride business. However, all businesses are vulnerable to failure if badly managed.

Do your research as to how much you should be charging for a balloon ride in your chosen location. Much will depend upon your expenses and market demand.

How you market your balloon ride and the contacts you make will be crucial. You'll need a steady flow of customers for your balloon ride, so make contact with agents and tour companies, local hotels and tourist offices. Consider how you can tap into the corporate client market where the prices you can charge may be higher. Get some business cards and some publicity materials made up, and give consideration to advertising and a properly search engine optimized website.

Try to build up contacts in the business and speak to people who have made a success of their balloon ride business. Run your ideas past these people, since they will have been there before and can give you so much valuable advice based on experience. You need to learn from their mistakes before you make them, and having friends in the business will be invaluable.

Give very serious consideration to seeking advertising sponsorship for your balloon ride. Your 'envelope' will be a huge canvass - seen for miles - so think about who might like to rent this ad space and for how much money.