Setting up your own business is a commendable venture, but one which is fraught with often difficult challenges. The majority of new businesses fail within the first year, and so new business owners should be prepared to go in with their eyes fully open to this possibility.
Choosing the Right Industry
In order to give their business the best chance of success, many new business owners think very long and hard about what type of industry they will go into. Some industries are easier to operate within than others, such as catering, cleaning or IT. These types of services are always in demand, and a company within these sectors can be started with minimal overheads.
Surprisingly, a less common type of start-up business is that of the travel service operator. No matter the state of the economy, there has always been a pretty consistent demand from consumers for travel and tour operators through which they can book holidays and short trips. However, upon closer inspection, the rarity of the fledgling travel service may be easier to explain.
A Complicated Industry
Travel service operators are complicated affairs. Whether you’re offering international or domestic getaways, the huge number of different elements which need to be taken into consideration, both during and after the founding of such a company, would pose a challenge to even the most experienced business owner. Not only does one have to offer a great service in terms of travel and accommodation, but you must also take into consideration things like changing currency (which means staying on top of exchange rates) and insurance provisions. In addition, you will need to familiarise yourself with as much information as possible about all of the different types of travel, as well as a vast number of destinations and types of accommodation. It’s no wonder that the travel service industry tends to be dominated by larger companies; these elements can be both time consuming and costly to put in place.
Tips for Starting Your Own Travel Business
You may well be thinking that starting up your own travel service company sounds far too complicated to actually be feasible. However, there are a number of small business owners and entrepreneurs who’ve managed to successfully start – and maintain – their own travel service companies. Here are some great tips:
- Think about franchising. Opening a franchise business is a great way to get started in the travel industry, without having to deal with as many challenges as a business owner who decides to go it alone. As a franchise you will have access to, and support from, your parent company while you build up your business.
- Hire experienced employees. Having experienced staff on your team will ensure that your new company is better able to handle any challenges or customer queries.
- Consult with an experienced travel industry marketer. Such a professional will be able to advise you on the best way to market your business in an already over saturated market. This may involve anything from branding and slogans to website design and general advertising.