You will have to research the industry and determine the type of tourism you would be interested in position yourself with. Researching the target market and competitors will guide your business operations.
Starting your own travel business requires commitment and dedication. A successful travel business doesn't materialize overnight. It may appear as if it is a simple process when one looks at it on the surfaces of social media pages. However, few steps are required for you to build a strong clientele. Let's take a look at how to start your own travel business.
1. Study the trade
One of the steps to starting your own travel business is to study for a Master's in Business Administration (MBA) degree. The degree is a prestigious graduate degree earned by students interested in management and leadership. The program requires that students have a strong background in math, science, and computer skills, as well as business knowledge and interpersonal skills. These are some of the main attributes that are required in the travel business. You have to have sharp communication skills and know the processes of running the general business.
The MBA degree does not just cover business administration. It also involves learning leadership skills and understanding the management aspects of finance and marketing. All these skills will come in handy for a tourism business. Let's take a look at how you go about obtaining an MBA degree.
- Campus Learning. You can obtain an MBA degree by physically attending a university campus. The coursework typically requires students to complete internships while attending classes. Students can expect to spend four years in a graduate business degree program. There are, however, business schools that offer extension programs that allow students to complete their degrees faster. A typical extension program includes a faster completion rate and a reduction in the number of coursework hours required. These in-person classes are usually offered in conjunction with an in-house internship.
- Online Learning. If physically attending a campus university setting isn't feasible, online learning is a convenient and equally successful method of obtaining an MBA. You simply have to research the reputable online universities that offer the program and enrol.
Online learning may work out cheaper than attending campus because you don't have expenses such as relocation, transport, accommodation, permit and visa fees, parking fees, learning material costs, and the fees may be lower depending on the institution.
Digital learning is also convenient in that you study at your pace, determine the learning schedule, and work in a comfortable and familiar setting. Online learning is a step to consider taking when starting your own travel business.
2. Research about the industry
Obtaining an MBA is one step closer to starting your own travel business. However, this knowledge needs to be coupled with researching the industry. If you don't hold knowledge about how the tourism industry operates, you won't be able to position yourself and strategize as a service provider. Here are some of the areas that you should research regarding the tourism industry.
- Types of Tourism Services. The different kinds of tourism have to be identified for you to position yourself among one or more of these. The three types of tourism include domestic, inbound and outbound tourism.
Domestic tourism involves tourists traveling among their local community. Domestic tourists may visit family members, relatives, and friends living in the same country for a few days or an extended stay. A tourist may also choose to spend time on an excursion, a cruise, a skiing or snowboarding trip, or any other recreational activity where he is involved with the community in which he lives.
Inbound tourism describes an exploring visitor from outside the country of residence. An example of inbound tourism is a Spaniard visiting Germany. Outbound tourism, on the other hand, involves a resident visitor's travels outside the country of residence.
Such travel dynamics need to be researched for a business position.
3. Identify your product service
Once you are familiar with the types of tourism, you can continue to identify your service product. Ask yourself what you would enjoy providing travellers with. Here are some of the options you have;
- Travel Consultant. A travel consultant offers guidance to travel to specific destinations, help finding accommodation and comparing prices with other travel agencies and/or hotels, and assist with making pre-travel arrangements. Travel consultants are usually hired by large tour operators such as Disney World, the Grand Canyon, and other big theme parks, for example. Some travel agents also work as independent contractors for major hotels and airline companies.
- Accommodation Provider. You may decide that you want to venture into accommodation. You have to establish the type of accommodation that you will offer. These can be in the form of camping spaces, Airbnb, backpackers, or safari lodges, for example. Once you identify the type of accommodation you are interested in setting up, you then need to research the steps required to achieve this.
- Transport Services. You can offer transport services in the tourism industry. You can purchase a fleet of cars or mini busses that will shuttle tourists from one point to another. There are different ways to execute this, such as hiring out your cars to hotels and adventure agencies or forming your own transport system line.
There are various niches that you can position your business. You need to identify your passions and research the niches that you can position your business in.
4. Register your business
The business registration process varies depending on your area. Each place has its own requirements and it's important to research these to avoid a prolonged process. Generally, business registration can be done online by filling in a simple application form provided by the appropriate authorities. You will need to fill in various forms, including one for the business bank account.
It is the most important document that you need to get registered because the next step involves the submission of an application for an Employer Identification Number (EIN). The EIN is considered as the proof of identity for a company.
Once you get registered with the employer identification number, then you can proceed to complete the registration. Keep in mind that processes vary from one place to another.
The next step that you need to take is to locate the tax identification number for the taxpayer identification number. Finally, a business permit is also required to operate legally. If you are operating a legal entity, you need to get registered as a corporation.
Business corporations require a different set of documents than sole proprietorships do. It is best to check with the business bureau to know what the requirements are.
5. Market your services
For your travel business to be successful, the market needs to know about your services. You have to dedicate time, effort, and resources to market your company. Here are pointers on how to market your travel company successfully;
- Research your market. To begin marketing your company, you need to research your target market. Knowing your target market's preferences and style will determine how you strategize your marketing campaign. For example, you may find that your target market appreciates visuals more than it does text. This means that your marketing strategy needs to comprise of photographs and videos more than narratives. The written pieces shouldn't be lengthy. Otherwise, your market might not engage the content. Once you get such data, you can accurately plan your marketing campaign.
- Research Competitors. Knowing how your competitors market their products is also important as this may influence your marketing style. In order to stand out, you must think outside the box. Otherwise, you risk blending with the competition. Research how your competitors present their travel services, the type of engagement they initiate with their audience, and the responses. This kind of insight may help you avoid mistakes your competitors may have made and guide you in coming up with ideas that may outdo the competitors.
- High Traffic Platforms. The data you discover from studying your target market and competitors will determine the channels you use for marketing. Here are some of the different channels you can market your company.
– Social Media – The digital space has made the advertising of service products convenient and globally accessible. You should determine the social media platforms that your target market frequents, such as Facebook, Twitter, and Instagram. There are several social media groups that discuss tourism, and becoming a part of those groups and pages, is one way of making your company visible. You can then upload your advertising content on such platforms and encourage interaction with the audience. Providing a link to your company's website is a strategy to gain website viewership.
– Press – You can advertise your company in travel magazines, brochures, and newsletters, for example. Paid advertising is one approach to take or to publish your own company's press materials. It's important to research the kind of material your audience enjoys. The distribution channels you choose are equally important for audience reach.
– Word of Mouth – Word of mouth is one way of growing brand visibility. Once you tell people about your company, they may refer travellers to your website, and you organically grow your clientele. Word of mouth might work only when used together with marketing methods such as social media and press.
– On-Ground Marketing – On-ground marketing entails visiting your target market and approaching them with information about your company. In this particular case, you can approach tourists at the airport and inform them about your services. You may receive business from the tourists that you approach and benefit from word of mouth from your potential customers.
Keep in mind that methods such as on-ground marketing may work hand in hand with other marketing approaches. For example, when you approach a potential client, you can hand him or her a pamphlet with information about your website and social media pages.
6. Train your team
It is important to train your team on how to engage with the public. Customer service can either make or break your company. You may have a quality product to offer, but if customer service is poor, you might not grow your clientele. Train your team on how to approach potential clients, respond to questions, professional etiquette, and how to handle any errors, for example.
Your team may appreciate the importance of customer service if you clearly communicate the company's goals and visions. As the leader, you have to set an example of the company culture you wish to mold through customer service. Your company's customer service may be the quality that makes your company stands out from the competition. Make sure to prioritize this dynamic in your company.
7. Provide quality
First impression is important for your brand. Having mastered how to engage your clientele, you need to make sure that they experience quality products or services. This is how your company will enjoy repeat purchases and positive branding. One way of finding out if your clients are experiencing quality product or service is to follow up with them. Collecting their information so that you can interact about their experiences will help you continuously adjust and improve.
Conclusion
The process of starting your own travel company requires some determination and work to be put in. You can begin by studying the trade by obtaining an MBA degree. You will learn the dynamics involved, such as financial management, leadership, and organization.
You will have to research the industry and determine the type of tourism you would be interested in position yourself with. Researching the target market and competitors will guide your business operations. The different channels of marketing you can explore include social media platforms, press, word of mouth, and on-ground marketing. A combination of methods is always ideal.
Never neglect training your team about customer service. This will determine whether potential clients will choose your service product or your competitors who may have been visible longer than your company. Always make sure that you make a lasting impression by delivering quality products and services once you begin. The goal is for repeat purchases and a growing clientele.
Keep in mind that starting a business and seeing it through requires consistent effort, patience, and continuous learning.
