We have always heard that no one can buy happiness that is no true statements. "Travel is the just thing you buy that makes you happy". In the present scenario, tourism and travel are reaching great heights. Travelling is now a day is a part of everyone's lifestyle. If you really understand and loves doing travel planning and help your near and dear ones to experience great travelling. Then you can think to start with a travel business or agencies. They are growing and most demanding industries this time.
But the question arises that how to do that all? As from where to start?
How do you make yourself a provider of travel services?
What is the way to get the location where you just sit and watch the deals roll in?
How do you make your brand name in a market immersed with services across the travel world?
Answering all these questions is a travel business can be honestly economical to start. Also, you can usually get away with short staff and a small upfront expense. The success of a travel startup is mostly dependents on locating the right recess in a strongly competing market. So, if you want to be the richer brand in the market always offer great deals. A lot of efforts into your branding, market analysis & research, marketing and promotion are required.
Here are our best tips for establishing your travel agency off the ground.
Step 1: Prepare a plan for your travel business
When we talk about business the first thing comes into mind is what will be going to be a business plan?
Planning is a way of picking between those multiple options. If we do not wish to plan, then we wish to have others plan for us. Business planning has various aspects such as company registration or business registration process and licencing. Decide which type of travel you are interested in opening a business. Say for example if you are planning to start home-based travel agent type of business there are many essential steps you must lead market research and find your niche know. This type of business requires a straightforward business planning process. You need to look for a host travel agency, where you can be actually an indenpendent contractor.
What type of plan do you require?
- The sort of business plan you require to start a business will depend on what type of funding you are looking for. If you don't have much funding or savings for starting a travel business, you can look for sponsors or investor. Also, you can take a loan from the bank. All of the above situations have one common demand that is formulate business plan proposal on submission. With all the relevant and necessary details.
- If you have own saving that is nothing is secure and safe than that. A lean business plan will do wonders for business. It's simple and easy to prepare a plan with streamlined core planning.
- If you plan to pitch your business idea with an investor, begin with a plan and add other info later or simply make LivePlan.Having a clearly defined niche and a plan will help you stand out.
But if you are planning to own a business that requires a real hard work and business planning process will be lengthy but it's more elasticity because it's your own business.
Points of considerations
- Start with exploring the market, research it and analysis well. Business planning efforts can take a full 1 year before launching it. But a good analysis will bring more chances of success.
- Begin with early planning will always help to know what our market niche can be and set whether or not we can beat our competitors in the existing market. Also, one gets a clear vision of where you can want to take your business. A great of sense is developed for placing business at the best-suited market requirements.
- Going to different events looking forward to what they offer and is attracting the audience towards there travel business. This will create a sense of understanding as what you can deliver in future to the audience. After doing so will try to create unique offers which are more relevant for your audience.
Lead market research and find your niche
"Launching a travel business purpose is to deliver valuable services".
- Performing some market research to find out what sort of travel business the market actually wants or wish for.
- Think about the local community located near you, looking up to their requirements that do they need something special. Are there any niche, you can fill for them? Yes, the probability is there as maybe there’s an opening in the travel market to give destination thrilling and adventure filled honeymoons for young couples but not romantic destinations. The twin factors of adventure and luxury is an unexplored niche which you chose very greatly.
- Learn about what your market demands, looking to present day time everyone wants online bookings at a reasonable cost. But keeps some part as an offline booking too. So that it makes you different from other travel business. This is thought will help in staying up this business line for the long run. As something also depends on personal connections and contacts.
Begin by researching the travel market in general.
Find out who are the primary players that you will be battling against.
Discover who your perfect customer is and Determine what they want!
Step 2: Brand your travel business along with dealing in legal formalities
After knowing market outlooks and niche-filling now its time to build your brand image in the market.As competition existing in the market is already high. The question here arises is how will you attract customer to visit your sites and see advertisements for your services?
Make a catchy headline to attract customers on your websites or social media pages. Social Media marketing is a beneficial way to attract customers. Let people know that you can deliver a great experience which others can't give.
Offer different and wonderful services like having a partnership with various local travel destinations, that customers don't have.
This is the initial move to let people know your travel business and brand strategy.
As travel business does not require much licencing but to maintain a great brand name keep the point of legal formalities in mind. Decide if you require any licensing processes.
Particular licensing terms will vary by state and country and also depends on the business structure.
There is a general licence also that is required in the commencement of business. Every business and company have a different structure. But, the business structure you pick will depend mainly on your plans for your business, and how you plan to fund it.
- The legal licencing in the Travel business are :
- Register a Trademark
- Name your business
- Filing a DBA
- Applying for a Federal Tax ID number (Employer Identification Number)
- Service Tax Registration
Step 3: Manage your funding strategy
In starting of the travel agency you need to manage the costing of all the equipment and assets requires in the business.
- Start with buying the less expensive equipment.
- Try to take office according to the needs and enlarge your office space in future depending on the success rate. You choose to rent office space and hire employees, which is an equitable high expense.
- Manage all the investment plans for online and offline marketing materials, also branding or advertising. Marketing tools can be websites, social media marketing that is an online marketing tool. Posters, hoardings, business cards, brochures- offline marketing tools.
Step 4: Pick a great location and hire employees
While starting a travel business we decide which location is suitable and can you find a great number of employees for your firm. The team can include various employees like:
- Retail Buyer
- Travel Nurse
- Sales Representative
- Travel Agent
- Event Coordinator
- Flight Attendant
- International Tour Guide
When talking about the location for the business you should consider the level of competition the target audience you can start with and slowly-slowly you can start expanding your target audience. Get connected to schools and colleges as they do require tour packages more and more.
Moreover, you need to decide where to set up your business location. While foot traffic will possibly not be a prime motivator in choosing a business location. Also, you need to pick somewhere that suits your space demands as well as matches your desired brand reputation.
Step 5: Market and start your travel business
Marketing has 4 ps that is price, place, product and promotion. If these 4 are present then no one can stop you. The marketing plan should contain all the necessary points.
- Know Your Business
- Determine Target Market
- Analyze Competitors
- Set Goals
- Outline Strategies
- Set a Budget
- Get to Work
When these aims are achieved you are ready to start a business in set line. Don’t perform the mistake of assuming that all your advertising efforts should turn around paid to advertise, however. Lots of your focus must go into social media marketing.
At each stage of the travel business build, you need to consider that what is making you different from others. There are not many other competitors competing for the same space. But how are you going to reach that creativity is a matter of concern?
Your business needs to have a personality. It requires to stand out. It demands to scream security in, and commitment to, your picked niche. In reality, you necessitate establishing a brand.
Shrishti Jain, who is a content writer at LegalRaasta has framed this article.
LegalRaasta is a great platform that gives adaptable services like GST registration, MSME registration and FSSAI License registration etc. Do visit the website for receiving the services linked to business licence and registrations.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.