Everyone wants to rule the world, according to Tears for Fears; and one way to do this would be to start your own business. You could have everyone eating out of the palm of your hand especially if you struck the proverbial gold, but you can also find yourself having a hard time making ends meet if you have not done proper planning before rushing in, especially if the venture you are after is considered to be one of the hardest business to establish. This is especially the case if you are trying to put up a travel agency.
The Joys of Traveling
What could be more appealing than traveling the world in order to get your business going? Well, if you have an innate love for traveling, you have one foot on the door and might just be able to get your travel agency a start. A good understanding of what appeals to tourists is needed if you want your agency to be a success. This will help you in coming up with unique packages and experience that other agencies might not be able to offer.
It’s All About the Niche
You might think that all travel agencies are the same, but this could not be farther from the truth. Travel agencies have their own specialties, with most of them offering tour packages to popular attractions. A handful, however, focus on what is known as MICE – Meetings, Incentives, Conferences, and Events. This is a specialized service where the focus of the travel agency is the coordination and facilitation of international meetings and company events. Because it is a niched service, agencies that cater this type of service typically charge also a higher price. If you are planning to provide this kind of service, you might need to take a business loan as the capital needed for this kind of service is quite significant. Consider attending such summits as the Annual Singapore MICE Forum so that you have an idea on how this should be run.
Build Your Online Presence
Nowadays, if you are not online, you will not be able to make it. The challenge in this area, however, is that you must contend with such known names as Expedia and Tripadvisor, among others. You must learn how to position your agency so that you do not have to directly compete with the big names. If you are going for a niche, this should not be a problem; however, if you are going for the usual ticket booking and tour packages, you should learn how to play your cards right. Start marketing locally first and build your presence. Once you have had a couple of clients, get them to help you spread the word around about your agency. Rome was not built in a day so don’t expect your business to flourish overnight, or in two to three days’ time.
Your Battle Scars
Once you have started your business be prepared for some highs and lows. Do not expect that it will be something that continually grows upward over the next few months. You need to manage your finances well as there are times when you will have very little clients. Keep in mind that the travel business has its own peak and off-peak season.