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Starting a travel agency requires a business plan, capital, and knowledge of laws and regulations. Options include starting from scratch, partnering with an existing agency, or working with a franchise. Niche markets can be targeted, such as corporate travel or specific geographic regions.
When starting a travel agency, it’s important to develop a business plan that specifies your company’s location, as well as the genre of travel you want to specialize in. If you’re planning to start a home based business, you may want to work with one of the many travel agencies that contract with home based travel agents. If you want to create your own travel agency, then you will need significant capital to start your business. Depending on the jurisdiction you live in, you may need to meet licensure and bonding requirements. In all cases, you should familiarize yourself with the laws and regulations that govern travel agencies and travel in general.
Fortunately for entrepreneurs, there are several travel agency startup options available. While it is possible to start a travel agency from scratch, in some countries, such as the United States, you will be required to hire experienced travel agency staff to service your business. In addition to rules on staff experience, US law requires independent travel agency owners to meet other security and financial stability requirements. If you want to start a mainstream travel agency, you might want to work with a franchise company that specializes in establishing new travel businesses.
A popular option is to start a travel agency that you can do without at home. In many cases, you will partner with an existing travel agency and share their commissions in exchange for their support services. You can do business over the phone, over the Internet or even in person with trusted customers.
The Internet has made it easy for many people to make their own travel plans. If you want to compete with online travel services, you will need to carve out an industry niche for your business. For example, you might specialize in providing business or corporate travel services to small and medium-sized businesses that cannot afford employees to manage their company’s travel. You can also specialize in a specific geographic region. If you’ve traveled to an area many times and are very familiar with it, you may be in a good position to educate clients about tourism opportunities and book them from reliable hotels and suppliers. Another alternative is to start a travel agency that books travel for people with different demographics such as retirees, singles or the disabled.
Asset Smart.
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