A Travel Agency Business is a fun and rewarding venture, not only for tourists but also for all those who travel from one country to another, from one city to another for various purposes and with the help of traveling agencies. This is an important aspect to consider if you are an investor or entrepreneur who is looking towards starting a travel agency business. Starting with a good business plan will help you succeed in this exciting field.
Travel Agency Business Plan
In the business model part of the plan, there is a complete explanation about the company and its services. Travel agencies offer services that cover all aspect of traveling. They help their clients in securing visas, purchase flight tickets, book hotels, book taxi cabs and bus shuttle services and of course make arrangements for site seeing among other services. Travel agencies work with other service providers such as car rentals, airlines, cruise lines, hotels, railways, tourist sites managers, etc.
In this section of the business plan you will find a description of the industry and how to position the company in the market, which belongs to a large and lucrative industry all across the globe. The travel agency industry provides job opportunities to countless numbers of entrepreneurs all over the globe. The opportunities that are available for the company are very wide and a proper segmentation will be helpful to make sure the business position itself as a top provider for its niche.
The operations plan of a travel agency company focuses on providing qualified and reliable travels and tours services to assist people, business people and organizations in preparing and consolidating all of their travels. This part of the business plan outlines the regular operations for the company to succeed, such as schedule, staff, training, services and fees, among many others.
The good thing about the travel agency business is that there is readily available market for their services because people would always have a cause to move from one destination to another either through local or international travels.The main objective in the marketing plan chapter of the business plan is to become the leading brand within your area by offer tailored services to your target market.
The target market for the travel agency business cuts across people from different walks of life along with local businesses as well. In this business plan you will find research reports that will help you identify the potential segments in order to decide which ones you will be serving.
In this section of the business plan, there is a list of promotional strategies and ideas to reach the segmentation outlined above for your travel agency. Some of them are: introducing the company by sending introductory letters to organizations and households located nearby; advertising in relevant local traveling and touring magazines, newspapers ads, radio commercials, yellow page ads and listing, and many others.
The financial projections section of the travel agency business plan, is designed with the aim of maximizing profits by identifying and exploiting the main sources of revenue along with strategies to keep expenses as close to estimates as possible.
Travel agencies income comes from the commissions they get by offering travel-related services. In this section you will find an explanation of the main sources of revenue for the company and the important financial assumptions the business plan is taking to arrive at such results. Travel agencies also generate income from selling of traveling insurance policies, guide books and foreign currency exchange.
In this section there is a list of the major regular expenses associated with the travel agency operations including rent, software maintenance, staff, marketing expenses, etc. Also, there is information about how to keep the main expenses in line in order to maintain the profitability of the business.