Start Your Travel and Tour Business
Past decade has seen an incredible boom in travel and tourism industry which was quite low prior to that. But as administration realized the underutilization of high revenue potential inherent in this industry, steps were taken to promote it as an independent sector. And as an old adage goes that money multiplies itself, in no time the investments made in travel and tour sector started bearing fruits. As a result, with more foreign tourists coming to our country every year, more and more hotels and associated business bodies are emerging giving a further boost to the industry. As a whole it can be said that travel and tourism as a sector, is quite promising.
Current Market Trends
Currently, in Indian context this sector is developing as a promising one. Internet has become a key to the 24×7 accessibility to the outside world and travel agencies haven’t delayed in identifying their tool in promoting their business. Online bodies of these agencies have identified social media to reach out to the young and savvy the urban section of the society. Even the Ministry of Tourism has acknowledged the crucial role played by the social media in flourishing of an industry. No wonder, all world class hotels, travel agencies, car rentals etc are making efforts to be visible online. This can be ascribed as a total shake up from the last decade’s stagnant position. To keep up with ever increasing demands and expectations of the customers, more technologies are being introduced, like, mobile concierge services, sms, easy online bookings, no hard copy for tickets or booking documents and list can go on and on.
Competitiveness of the Industry
Travel and tour business employs a large number of people and the top of it, it is a two-way trade which boosts the national income as well as foreign revenue. It is one of the most vibrant as well as potent tertiary sector that gives stronghold to the nation’s economy. In terms of competitiveness, it had been ranked 39th in terms of security and safety while 6th in terms of cost. This advantage can be ascribed to both our ancient culture as well as modern day accomplishments that exposed us to a greater world. Both these factors have given us an edge in the competitiveness
Prospects in Travel and Tour Business
Travel and tour business is a strange amalgamation of bulk work and huge workforce. And the coordination between two is the key factor which lets this industry going, rather soaring high and up. It is this growth which attracts fresher as well as experienced professionals to take plunge into it. According to the big shots of associated companies, state as well as national tourism boards have taken this sector very seriously, thus steps have been taken in this direction which has given a major push to it. Television commercials and other medias have also played a key role in it. Added to it is the improved lifestyle. Medical tourism is another related area which has seen a boom. All these factors have resulted in demands for job profiles like travel educator, travel product designer, itinerary designer, tour manager, foreign exchange and so on. It is a perfect platform for a fresher to start his or her career in this industry.
Requirements to Start a Travel and Tour Business
Doing a job in travel and tourism department is easier compared to starting own business. Start with getting familiarizing with the nuances of the industry. Gather information on travel types, luxury packages, popular destinations and role of seasons etc. If you are unsure about yourself, start as a franchise. This way, you will be in the competition right from the beginning but you will also have to share your profit with them. Now comes the most important part- getting licenses and permits without which you cannot proceed a step ahead. Talk with banks for loan if you do not have your own capital for the kick off. Good location and spacious office with impressive interiors are equally important. Now you will need employees like accountants and bearers to start with. With franchisors, you do not need to think about business and marketing strategies but independent business, you will need extensive marketing work to make yourself visible in your domain. Be available online so that people can reach you at anytime from anywhere. Make necessary arrangements of payments through cheques, cash, debit and credit cards. And finally, follow the rules prevalent in your industry and work with full dedication. Success will surely kiss your feet.
Risks in Travel and Tour Business
Main business risks pertaining to tourism business can be the factors like natural calamities like the flash flood in Uttarakhand or Tsunami in Andaman and Nicobar Islands, Sri Lanka or Japan; terrorist attacks like in Kashmir Valley, epidemics like swine flu in Pune, political unrestlike one in Egypt and Middle East and the list can go on. Above all there is economic downturn which affects anything and everything that has something to do with people’s money.
There is no short cut to success. In travel and tour business too, profit feasibility depends upon diverse factors like marketing techniques, communication with potential customers, business strategies and key factors like weather swings, disasters, accidents or any unfortunate happening.
Administrative works in travel business means managing, coordinating and operating different aspects of a tour. From arranging tickets to reserve cars, making contacts with vendors to customers, all fall under admin work.
Any ailing infrastructure will result in collapse of the business. So make sure, infrastructure of your business which includes logistics, transportation, IT, internet facilities, supplies and all other factors are well taken care of.
A company is as efficient and competent as its team is. While hiring, make sure you select right person for right position. With proper team building efforts, you can get a competent workforce which will help you touch your dreams.
Marketing plans for a travel business would be in two parts- online and offline. With advent of smartphone and easy internet access, making online presence felt is immensely important. So, website building, banners, using social media, and posting ads of your company is mandatory. Offline marketing includes newsletters, pamphlets, TV commercials, brochures and above all word of mouth. Vigorous marketing means employing all these to promote your business.
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