If you have a business idea that you think could be profitable, why not consider trying your hand at business ownership? There are many lucrative opportunities out there, and one of them is investing in a travel franchise.
A travel franchise is an entity that owns a business – often a hotel – that provides travel services to customers. It may also own a car rental fleet, a cruise line, or an airline. A key part of the business model is marketing itself as an expert in the travel industry (“We’re the #1 travel agent…”).
The Ultimate Travel Agent
If you run a travel agency, you’ll know how expensive it can be to purchase travel tickets, pack travel bags, and get settled abroad. That’s why many travel agencies are looking for ways to reduce their operating costs. One way is by selling travel services to other companies or individuals, or providing advisory services. For instance, if you are fluent in several languages and have a good rapport with native speakers, you could take on freelance projects translating text for clients. Or if you are an expert in culture and have a solid knowledge of travel customs and laws, you could advise clients on how to behave internationally.
The above-mentioned roles require specialized knowledge that many travel agencies can benefit from having. To reach these communities, travel franchises develop industry-specific websites, social media accounts, and other digital marketing tools to draw in potential customers.
The Rise In Popularity
Since the COVID-19 pandemic began, many travel agencies have seen a significant uptick in interest in their products and services. As a result, they have had to increase their staff and adjust their operations to accommodate the demand. With more people seeking to travel abroad, particularly during the summer months, this is a lucrative market for travel franchises, providing you can satisfy the demand.
Profitable Niches
There are dozens of lucrative niches in the travel industry, from tourism to corporate travel management. Some travel businesses specialise in certain regions of the world, providing valuable services to those seeking to travel abroad. For example, Intrepid Travel handles all of the China itinerary planning for individuals and organisations, while Travellogic focuses on the European market. Traveling to a specific region requires specialized knowledge that only an experienced travel agent could provide. That’s why these businesses flourish, as demand for their services is high.
Where Do I Buy One?
With over 100+ countries, the world is your oyster when it comes to potential travel destinations. You might decide to establish a tourism office in one of the world’s most popular destinations to provide expert advice to travellers, and also sell them travel packages and tours to experience the place in-depth. Alternatively, if you are fluent in several languages and have a good rapport with speakers of other languages, you could set up shop in an area where your services are needed most (i.e. translate documents, give advice on cultural differences, etc). Buying a travel franchise in a location that is already established, with existing staff and clients, could be a good way to get your feet wet, and provide valuable assistance to travellers in the area.
How Do I Incubate My Business?
There are many ways to incubate your travel agency business. You could start by simply developing a solid social media presence, with the goal of attracting potential customers to your cause. From there, you could introduce email marketing, and get to work building out a powerful lead generation form. Finally, you could consider investing in online marketing, paid media, or getting a virtual assistant to handle marketing and sales for you.
If you think that owning a travel agency is a sound idea, why not learn more about the industry and see if there’s a potential franchise located near you? There are many perks to being an entrepreneur, and owning a successful travel agency is a sure-fire way to live your best life.
