Using a private jet to fly is quick, convenient, and luxurious. Although flying by private jet is often seen as an image of extravagance, business executives can maximize time and efficiency by booking a private business jet charter and even save money in some cases. Related: The Comprehensive Guide to Chartering a Private JetNew to JetLevel Aviation? Signup for our daily newsletter.
Multiple First Class Tickets vs. Private Jet Cost
The number of people in your party may affect the economic benefits of chartering a private jet. In most circumstances chartering a private jet is going to be more expensive than it would be to book a standard commercial flight with first class tickets. With some routings we have found that chartering a private jet for 10 to 12 executives can be close to the cost of a first class commercial ticket though. For this reason we always recommend reaching out to get a quote from JetLevel Aviation if you feel the cost of first class commercial is becoming very expensive and time prohibitive.
PRIVATE JET CHARTERS VERSUS FIRST-CLASS COMMERCIAL FLIGHTS FOR BUSINESS TRIPS.
Comparing the costs of private jet charters with first-class commercial flights reveals that for groups, the price difference can be minimal. However, the added benefits of time savings, flexibility, and productivity can make private jets a cost-effective choice for business trips.
Time Is Money
Every successful business leader knows that the old saying “time is money” is accurate. Private jet charter saves you hours of standing in congested terminals, enduring TSA security lines, and waiting for layovers. You can hand over your luggage and board a plane in minutes (not hours). It can also help reduce the time spent on ground transportation, because the flexibility of private jet charter can get you closer to your ultimate destination.
BENEFITS OF PRIVATE JET CHARTERS FOR CEOS AND BUSINESS EXECUTIVES.
Private jet charters offer unmatched privacy, flexibility, and convenience for CEOs and business executives. These benefits can enhance productivity and ensure a more efficient travel experience, directly impacting the bottom line positively.
Empty Leg Flights
It’s rarely simple to arrange last-minute business travel, especially when commercial airlines are frequently overbooked. You can be in the air in as little as 90 minutes with a private business jet charter. Individuals who take last-minute trips can also take advantage of empty-leg flights, where private jet rates are significantly reduced. Related: How to get the last-minute empty leg flight private jet deals
Freedom of Flying on Your Schedule
When traveling, you might not need a hotel if you consider all these factors. Business executives from Las Vegas might leave in the morning, fly to San Diego for an important meeting or negotiation, and return home the same day. Eliminating the need for overnight hotel stays and the additional expenses that come with them might significantly affect overall cost by switching from commercial travel to private jet charter.
How Much Do Businesses Save In Dollars?
Let’s look at some of the highest-paid CEOs and how they save money traveling privately. With CEO compensation in the tens of thousands of dollars per hour, even saving minutes of a CEO’s time represents actual money saved. JetLevel Aviation, a worldwide jet charter firm, has solid numbers to back this up. Travel times were estimated using the fastest available commercial aircraft and assuming that a typical CEO works 40 hours per week, 52 weeks per year.
HOW CAN PRIVATE JETS SAVE MONEY FOR BUSINESS TRAVEL?
Private jets can save money for business travelers by offering direct routes, reducing time spent in airports, and enabling more productive work environments. This can lead to significant savings in time, which, for high-earning executives, translates to monetary value.
Bernard Arnault of Louis Vuitton
Bernard Arnault, the CEO and president of the company, earns $43,750 an hour (or approximately $91 million per year). He frequently travels to the company’s European headquarters in France and flies to worldwide fashion events. To get to Paris, a commercial flight takes 10 hours and 30 minutes, including wait time and a stop in Paris. In contrast, a private flight in a 16-seat Gulfstream G-IV takes just over 8 hours and costs $100,600. We estimate that Louis Vuitton saves 2 hours and 30 minutes of Bernard’s time (or more) and $109,375 by flying private.
Dave Calhoun of Boeing Co
Dave Calhoun, CEO of a leading aerospace manufacturer giant, earns $22 million per year (or approximately $10,577 per hour). Although Boeing Co’s headquarters are in Arlington, Virginia, the company’s largest operational footprint outside the United States is in Brisbane, Australia. For example, on a commercial trip from Virginia to Brisbane, Dave Calhoun would need to take an international flight with multiple stops – a total travel time of 28 hours, including waiting time. He may also charter a twelve-seat Falcon 900 from Virginia to Brisbane in 19 hours and 5 minutes for $284,300. According to these figures, booking a private business jet charter for their CEO saves Boeing Co slightly under 9 hours of Dave’s time and $95,193.
Pablo Legorreta of Royalty Pharma
Pablo Legorreta is the CEO of the pharmaceutical company Royalty Pharma, and he is America’s highest-paid CEO, earning $49.5 million per year (or $23,798 per hour). Legorreta is also a member of the board of directors for several other major corporations, including Pfizer and Merck. This requires a lot of travel for Pablo If he flies to California from his base network, the total travel duration for a commercial flight is 7 hours and 10 minutes, costing $200,564.92, including a first-class seat and lost time. On the other hand, if Pablo Legorreta uses a nine-seat Citation Sovereign as his private business jet charter, his flight would take only 3 hours and 56 minutes and cost $36,000, totaling only $93,526 when his time is factored in. We estimated that by traveling privately, Pablo Legorreta saves 3.14 hours and more than $107,038.
Conclusion
Consider chartering a private flight if you’re looking for a more efficient way to travel for your next business meeting or conference. You may be surprised at just how affordable it is, especially when you factor in time saved! By chartering a private jet, Bernard, Dave, Pablo, and other business travelers can save both time and money. By considering the cost savings of flying private, executives can make sound decisions about how to get their team where they need to go.
