1. Do A Cost-Benefit Analysis. A private plane will likely cost millions, so aviation experts suggest that 350 to 400 hours of flight time per year usually justifies full ownership of a jet, according to General Aviation Services, a private aircraft seller.

2. Calculate Your Needs. Private jets come in three sizes: small, medium, and big. New vs. used.

3. Go Find A Plane! Usually, a consultant helps with the search.

4. Now Take It For A Test Drive

5. Get An Inspection. Before you pull the trigger on a jet, make sure it's in flying condition and worth the asking price.

6. Find Financing

7. Get A Lawyer. There are lots of tax planning and FAA compliance issues to account for as you make a purchase. You'll need legal advisors versed in aviation tax law, insurane and rules of the sky.

8. Now Pimp It Out. There are plenty of ways to make your plane jaw-dropping.

9. Hire A Management Team. Once you have your own plane, the trick is getting it in the air -- and keeping it there. A jet management company does a lot: select the crew and pilots; oversee plane maintenance; do your accounting (fuel, insurance, parts, crew pay, etc.); coordinate your flights; and storage .
Source: businessinsider.com