HOW TO WRITE A BUSINESS PLAN FOR TRAVEL AGENCY

HOW TO WRITE A BUSINESS PLAN FOR TRAVEL AGENCY

A business plan is an essential road-map for business success. Creating a business plan can be very helpful when starting your own travel business.  It does not have to be complicated. It can be a one page road map of where you want your business to go.   It can be a very simple plan.  Here are some ideas to get you thinking about how to create yours.

Executive Summary

Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals.  What services and products would you like to offer?   Would you like to offer pre-arranged tours, custom packages according to client’s specifications, travel consultation, arrange destination weddings and honeymoons, or family vacations? 

Company Description

Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.

Market Analysis

Before launching your business, it is essential for you to research your business industry, market and competitors.

Organization & Management

Every business is structured differently. Find out the best organization and management structure for your business.

Service or Product Line

What do you sell? What does a travel agent do? How does your service benefit your customers? What is the product life-cycle?  What are your duties as a travel agent?  Here are some suggestions.  .

10 Duties of a Travel Agent

  1. Making travel arrangements for their clients.
  2. Creating travel itineraries according to their clients’ interests.
  3. Hunting for the best prices on services from travel tickets to hotel accommodations and even event tickets.
  4. Travel ticket booking and reservations.
  5. Hotel booking and reservations.
  6. Provision of ground transportation through car rental service companies for clients during their stay in foreign countries.
  7. Arranging special tours for people who wish to travel or go on vacations.
  8. Arranging for travel insurance for their clients.
  9. Providing visa assistance and travel advisory services to clients.
  10. Providing any form of service or assistance that would improve the travel experience of clients.

What Are Your Responsibilities as a Travel Agent?

One of the most essential requirements in learning how to start a travel agency business is to know the extent of a travel business owner’s responsibilities. Though the usual knowledge lies in booking of cruises, airline tickets, and hotel rooms, there are also additional services which can be rendered to clients.

These include help with obtaining of passports and visas; arrangement of airport-to-hotel transportation; conducting research on different retreats for companies and groups, conferences, or business meetings; and even the participation in event planning for events like birthday parties or weddings.

Since you are interested in starting your own traveling agency, it is important to have a good grasp of what traveling agency does and how they make their money. Of course one of the best means to know how travel agent work and make their money is to work and understudy a successful travel agent.

Marketing & Sales

How do you plan to market your business? What is your sales strategy?

You must advertise your business.  The most important thing in this business is not registering your business or having a fancy office. The most important thing is getting clients to patronize you. You can get clients through the following means-:

  1. Advertising in Newspapers and Magazines.
  2. Market on FB and other social media site
  3. Join Meetup Groups
  4. Having a Search Engine Optimized website.
  5. Purchasing Marketing leads and Making cold calls.
  6. Getting listed on business directories.
  7. Sending Proposals to corporate organizations.
  8. Attending trade shows and networking events

You should consider taking a few business courses so you can learn more about how to begin and maintain your business more efficiently and effectively. These courses are available nationwide at local community colleges and online. Any fees paid to participate or to be enrolled in the course are tax deductible as a business expense.

How Are You Going to Fund Your Business  – Consider the Start-Up Costs

Where you decide to set up your travel agency business office will greatly have an effect on how much capital you would need to start. This is an important element to consider when learning how to start a travel agency business. Home-based travel agency businesses usually get by their first days with only a computer and a phone.

Whether you choose to operate from home as an affiliate or you want to float your own company, you would need some office equipment like a telephone, computer, fax machine, internet connection, files and cabinets, tables and chairs for lower back pain and other things that you would need to perform your job smoothly.

Financial Projections

If you need funding, providing financial projections to back up your request is critical. Find out what information you need to include in your financial projections for your small business.

Appendix

An appendix is optional, but a useful place to include information such as resumes, permits and leases. .

I hope this article helps you create a business plan for your travel business.

 

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