It's hardly a secret that accomplished professionals have long used private jets as the preferred way to travel conveniently, efficiently and safely, and to do so on short notice.

In fact, because today's business executives have important clients and business opportunities scattered across the country, private jet travel is often their only viable alternative. This rings true for executives at IMI Resort Holdings, who look to companies like CitationShares and Flight Options for many of their travel needs.

"When you consider the penalties for traveling on weekdays and booking last-minute commercial flights, combined with valuable time lost at ticket counters, in security lines and waiting around at connecting airports, flying private is often the wisest option," says IMI CEO Mike Collins. "With a company like CitationShares, we can have a flight booked with only a few hours' notice, we have the invaluable assurance that we are flying as safely as possible, and we can reach our destination and return home with great efficiency. Traveling to as many markets in North America as frequently as we do, that saves money and makes good sense," Collins says.

While private jets are used frequently in and out of the country's largest cities, they seem to work especially well when traveling to and from mid-size markets. They can land at any of about 3,500 U.S. airports, versus only 600 or so that commercial jets use. Indeed, for many busy travelers, time is money. And spending three hours in Atlanta or Salt Lake waiting to connect to Birmingham or Boise is frustrating and costly. With a private jet, there are no flight schedule constraints and the absence of long lines is well worth paying for.

For Pleasure, Too

Acquiring blocks of time on a private jet is not only for the high-end business traveler. This practice has also become increasingly popular among those who own second and third homes, retirement homes and vacation properties.

Convenient, short-notice access to and from a secondary residence is critical and it makes particularly good sense for the business executive who can join the family only for a portion of a vacation, or the person commuting from a major city to a more remote resort community on a regular basis.

Over the years, many private jet travelers have turned to fractional ownership, which has established itself as a high-flying concept. Instead of committing millions of dollars for your own private jet, the "fractional" concept has been simply to purchase a share of the aircraft and use it as needed.

The change of market dynamics over the past several years has also given rise to a new concept that targets private aircraft fliers whose travel needs are not as demanding: acquiring a fixed number of hours on a private jet and leaving all of the costs and responsibilities of ownership to service providers. In lieu of paying huge acquisition fees for an aircraft share, along with annual fees that can exceed $100,000 for management and operational expenses, you simply purchase a block of hours that entitles you to jet travel on an as-needed basis.

Time on Your Side

These programs typically allow travelers to purchase jet use in 25-hour blocks, which allows the option of reserving flight time on a variety of different aircraft within a fleet, with as little as eight to 10 hours' advance notice.

Though costs vary from company to company and plan to plan, the mid-range cost of buying blocks of time typically begins at about $110,000 for a 25-hour prepaid card, which must be used within a year. This translates into an hourly rate of $4,400. After doing the math, most will agree that these programs make a lot of sense for those who will use a private jet less than 50 hours a year. If your travel exceeds that level, fractional ownership is probably your best bet.