Over the last couple of years, the tourist industry experienced a genuine explosion. Who knows – maybe the global pandemic just built the desire to be free and travel the globe into the very core of our generation? Be that as it may, the wheels are rolling and tourism has become one of the most high-profile business sectors in existence.
If we use the USA as an example we will see that the local tourism industry generated as much as $9.9 trillion, which makes 9.1 of the country’s GDP which is pretty impressive.
So, the time to tap into this lucrative market seems just about right. Now, let’s take a look at how you can do that in the most thoughtful, strategic, and productive manner and finally get your travel agency off the ground.
Research the market and choose your niche
Ideally, you should aim for market pockets that are marked by returning, high-paying customers and very little competition. Now, that won’t always be possible, but it’s definitely worth trying. Trying to compete on all fronts with different types of businesses will simply stretch your resources too thin.
So, start with thorough market research and pick the battle you actually have a chance of winning. Some of the most popular options you have at your disposal come in the form of:
- Luxury travel
- Wellness and spa
- Adventure travel
- Family travel
- Culinary tourism
- Senior travel
- Sustainable tourism
- Wedding tourism
- Sports events
Pen down a rock-solid business plan
A business plan is a document that presents the template and a feasibility study of one company and as such makes an excellent tool you can use to assess if you are moving in the right direction and how fast. But, more importantly, a comprehensive business plan is absolutely necessary to get the financial assets necessary for the launch. Well, at least unless your gig is going to be self-funded.
Here are some of the most important elements that need to make the final draft of this document:
- Executive summary
- Business description
- Market analysis
- Organization and management
- Products and services
- Marketing and sales strategy
- Funding request
- Financial projection
- Appendix (documents that support your plan like permits, resumes, lease agreements, etc.)
Create a versatile marketing strategy
The success of one travel agency largely depends on two factors – the offers you will be able to put out and how well you will be able to communicate these offers to a wider audience. Well, keeping in mind the nature of your industry your approach should consist of two strategies. The first comes in the form of content marketing and SEO which will help you build authority and lure in people who are still on the fence about using your services.
The second revolves around third-party PPC packages that will help you advertise limited offers and achieve more short-term results. Throwing a healthy dose of social media marketing into this mix can prove to be a killer combo.
Try to set up long-term partnerships
We are talking about the connections with parties like hotels, airlines, restaurants, tour operators, and others. These relationships can open doors to all sorts of discounts and exclusives that should, in turn, make your tourist agency more competitive as well. Keeping your networking efforts scattered across various sectors should keep your offer fresh and tailor-made for every pocket.
Now, building these relationships takes some time, but that doesn’t mean you shouldn’t start laying the foundations from the get-go. Make outreach a part of your short-term and long-term plans, set clear goals, and results will fall into place soon enough.
Lay down the infrastructure
By this, we mean all the assets your business is going to use throughout its lifespan. Start by zeroing in on the location that will see a reasonable level of foot traffic and the window space that will give you enough room to play with visual marketing assets. As for the website, the modern SEO good practices dictate your online presentation is optimized for mobile, fast-loading, and features simple navigation. Also, be sure that the website is packed with internal links that encourage people to dig deeper.
And then, there are the various booking, payment handling, and management tools that will help you streamline your daily chores. Be sure to make them a part of your budget from the very inception.
Take care of legal matters
Last but not least, let’s quickly cover one of the most horrifying aspects of starting any new business venture – legal matters. And, in this regard, tourist agencies take a lot of flak since they need to deal with local, regional, and international. So, try to start the research as early as possible and obtain all the permits, licenses, accreditations, and all other important documents well before the launch. Also, don’t forget the traditional business chores like registering your business as a legal entity and obtaining a federal tax ID.
So, there you have it – the top six steps you should take to put your travel agency on a solid foundation and ensure it will have a fighting chance in years to come. Of course, you should look at this short breakdown only as something that will nudge you in the right direction. How far you are going to get will depend entirely on your efforts. But, as long as you are motivated, know your market, and know how to pop on the digital marketing radar you are good to go. The tourism industry will keep growing for many years to come.