In addition, you also have to have the wherewithal to withstand the occasional armageddon cash-call. Whether it be metal in the oil, triggering an engine overhaul, avionics meltdown, corrosion found in the main spar or a random bit of maintenance legislation from EASA, at some point this can and will happen, so you need to be prepared for a major cash call at any time - think £20k.
If you're prepared, it may never happen - if you're not, it's likely to happen tomorrow, and might lead to six months of down-time.
Worth also remembering that, save for the fuel, an aircraft costs more or less the same if it flies, as when it doesn't.
Last edited by wsmempson; 28th April 2016 at 13:33.
Reason: illiteracy