Deal governance for Travel Industry

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[Music] starting your own travel agency business can be an intimidating task for beginners from figuring out how much you need to invest deciding on legal implications and learning what regulations are in place for a traveling it's easy to get overwhelmed by everything that needs to happen before you can actually start selling trips in this video i'll go over the steps involved in getting your travel agency up and running from scratch what is a travel agency travel agency is a business that provides travel related services to customers on behalf of suppliers such as airlines car rental companies hotels and tour operators a travel agency can be a brick and mortar business or an online business the first step in starting a travel agency business is to decide what type of agency you want to start there are many different types of travel agencies each with its own focus and target market for example some agencies specialize in corporate travel while others may focus on leisure travel once you have decided on the type of agency you want to start the next step is to develop a business plan your business plan should include your business goals marketing strategy and financial projections after you have developed your business plan the next step is to find funding for your new business there are many ways to finance travel agency such as taking out a loan from a bank or investing your own personal funds once you have secured funding for your new business the next step is to obtain the necessary licenses and permits depending on the type of business you are starting you may need to obtain a license from the department of transportation or the department startup costs for a travel agency starting a travel agency can be a costly endeavor but there are ways to cut down on startup costs one way to do this is to start an online travel agency you can do this by setting up a website and using social media to promote your business another way to reduce startup costs is to use a home based office this will allow you to avoid the cost of renting office space finally you can use technology to your advantage by using online booking systems and software things to keep in mind about starting a travel agency when you're thinking about starting a travel agency there are a few things you should keep in mind first research the industry and make sure you have a good understanding of how it works it's also important to have a strong marketing plan and to build relationship with vendors so you can get the best deals for your clients finally make sure you have some financial resources in place to sustain a long-term business also you need to write a business plan before you start your travel agency business watch this video to learn how to write a business plan step by step