Rhode Island Water Sports is a luxury boat dealer, service center, and storage facility. Since 2019, we have established ourselves as the place to go for high-end boat purchases in our area. Through the first 4 years, we have grown revenue from 1.5 Million in 2020, to 3.5 Million in 2021, 4.99 Million in 2022, and through 7 months of 2023 we are at 5.16 Million in revenue.
Our facility is brand new, built to suit, clean, and set-up for an incredible customer experience. We are already at the top of our region in market share for both classes of boats that we offer. Roughly one third of our new boat buyers this year are repeat clients. It's a testament to the way that we treat our clients, and the products and services that we provide. We've won Customer Service Index Satisfaction awards every year that we've been in business.
Where we need investment is for expansion into Massachusetts, and added seasonal cash flow. Our sales are strong, and our service department is growing each year. With this growth has come increased cost. We are expecting to grow our gross profit by 50% within 2 years, by moving into Massachusetts, while only adding roughly 20% to our overall expense.
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