Updated: Aug 20, 2019
The travel business is a fast-growing industry and is fast becoming the largest, globally. It contributes to an estimated over the US $ 7.6 trillion of the global travel industry which is vast and encompasses transportation, accommodation, and entertainment.
The good news is that there are immense opportunities for growth for a startup travel businesses, owing to the ever-increasing demand for travel services from business travelers, tourists, and pilgrims. It does not need a corner office(s) and other expensive resources to set up one.
Here is what you can do to get started setting up a successful travel business.
Make a Plan
We cannot empathize planning enough. Planning is the difference between your travel business getting off the ground and not getting off at all. A business plan made well before setting up your travel is even better; it will be your guiding force. It will help you stay well within your business operation parameters and not divert from the set vision, especially in the beginning to help you manage your limited resources.
Curve Out Your Niche
The travel industry is a cutthroat business with fierce competition from established travel companies, new entrants, and related businesses who are your direct competitors. They are there because they have a sizable market share in your locality; therefore they are a force to reckon with. It will, therefore, be critical to devising ways to lure prospective clients to your business.
You can do this by offering the services that very few of the agencies are providing to the tourists or travelers. This could be unique travel destinations, routes or customized packages.
Gain firsthand experience of new markets by interacting with the travelers and tourists and find out what their challenges are in those routes, then come up with solutions for that market.
Utilize A Host Travel Agency
Most independent travel agents opt to go with a host agency for a reason. Working with host travel agencies are beneficial when you are looking at low startup costs and high commissions. A good host travel agency provides training and support.
Decide On Your Funding Resources
Another critical aspect of setting up your travel business is deciding your source of funding. You definitely need finances to create and design marketing materials like your professional website, logo design, and branding, flyers, business cards, and so on.
The sources of funding you can explore include personal loans, venture capital funding, and angel investment. You can also borrow money from your parents, family, or friends to help run your business, especially during the early days.
Just be sure to present your thought-through business plan to your intended lenders, so they can evaluate your business prospects before deciding if they will loan you the money.
Create a Brand Image
Now that you have identified your niche market, and established your source of funding, you are well on your way to create a brand image for your business. This is crucial seeing, as the travel industry is competitive. Your clients should know your business for a certain critical aspect that you provide. Be it travel destinations, routes or customized packages. Your customers should feel a certain way when they interact with your brand.
If you are interested in becoming an independent travel agent and join BNT Travel Group, please fill out the form or give us a call at 800-417-7010