Empower your Travel Industry business with personal selling online for Travel Industry

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this video is designed to help you start a travel agency business at the end of the video you'll find a valuable gift it's a travel agency business plan that you can download and will lay down for you step by step everything you need to know to start a successful travel agency business of your own if you are new to this channel make sure to hit the subscribe button for more videos like this a travel agency is a company that provides travel and tourism booking services and planning for people this can include making arrangements for things such as air travel vehicle rental hotels and travel insurance before you get started find out how travel agents make money and see if you can find out new ways to generate income cost to start a travel agency you don't need special training and certifications to get started although you should complete training and certification early in your career many travel agents have only completed their high school diploma before starting travel agency work why wait to get the training and certifications once you officially register your business and begin to operate the costs of training and certifications can become tax deductions you can gain knowledge by working part-time for successful travel agencies or you can begin by starting a travel agency the cost will vary obviously depending on whether you start a home-based travel agency or lease office space at a minimum you'll need a dedicated high-speed internet business line and basic office equipment such as computers software and printers how much can you make owning a travel agency the average salary for someone working for an established agency in the u.s is about 20 per hour the average annual earnings for independent travel agents are 45 000 that varies depending on your geographical location and the type of travel business you've chosen as a specialty agencies in the travel industry typically offer all types of services but specialize in a certain niche for example some travel agencies focus on luxury travel some focus on the adventure travel industry savvy travel agents should know their competition well especially before starting their own business choose between host agency independent travel agent and franchise under the umbrella of a host agency you can work as an hourly or salaried employee in addition to your regular pay you may be eligible to earn commissions if you're starting a travel agency you'll be working independently your source of pay will be the fees you charge clients plus commissions you earn from travel suppliers such as airlines hotels and rental vehicle companies some businesses function solely as online travel agencies those often focus on arranging corporate travel you can also opt to purchase a franchise such as dream vacations a franchise will provide training programs both a host agency and a franchise have the advantage of existing vendor partnerships find a specific niche and target market maybe your idea of a dream vacation is renting bicycles and traveling from into in in new england or you might prefer to canoe wilderness rivers staying in tents maybe you'd like to book an all-inclusive trip where the price includes airfare lodging food and beverages your preferences aren't what's most important you need to think about your potential clients and customers learn the demographics of your local community area and the average income of potential customers set up your office and invest in equipment you'll need typical office equipment such as computers software internet phone system and fax if you're offering travel services face-to-face you'll need comfortable furniture and a conference room as well as ample parking marketing what do other agents do to earn more money read and go to seminars learn all you can about the best ways to market your business and earn money comparable to top wages find partners partners can include elements of a destination motel b and b restaurants or spas for example a partner can also be a media company such as a newspaper radio or television station you buy advertising with them and negotiate a reduced price trip for an owner or manager developing a niche or usp setting up as a travel agent shouldn't be confused with being a tour operator the difference is that the former sells the holidays while the latter organizes them it's possible to set up as an independent tour operator but there is a lot of competition for big firms that have the buying power to keep prices lower travel agency ideas could include bespoke holidays on a particular theme or to a particular region think about what will make you stand out travel agencies are more about selling advice to your clients your customers want to be reassured about how they can hire a car or what local customs they might need to adhere to you don't necessarily need to have experience in the industry as with most things it may help but the most important thing is to be prepared for a steep learning curve for added security you may want to consider a travel agency franchise examples include the travel franchise the global travel group and go crews build trust with your customers you'll build trust by being easily reachable and quickly responsive to any issues that arrive for example a customer has picked up baggage at the airport but has been told by the rental vehicle agency that there's no reservation what are you going to do about that your response to such issues will build your reputation word of mouth is the best advertising your new travel agency can get to run a successful travel agency you'll have to accept that you can't go toe-to-toe with the big ones instead create your niche a type of travel or destination that isn't common in your area the next part of the video is not specific to a travel agency business nevertheless this knowledge is essential for success in the travel agency business as well as in any other business ignore it at your own peril e-operating a successful travel agency business will depend on the following four conventions one a practical plan with a solid foundation two dedication and willingness to sacrifice to reach your goal three technical skills four basic knowledge of management finance record-keeping and market analysis as a new owner you will need to master these skills and techniques if your business is to be successful finding a niche small businesses range in size from a manufacturer with many employees and millions of dollars in equipment to the lone window washer with a bucket and a sponge obviously the knowledge and skills required for these two extremes are far apart but for success they have one thing in common each has found a business niche and is filling it the most critical problems you will face in your early planning will be to find your niche and determine the feasibility of your idea get into the right business at the right time is very good advice but following that advice may be difficult many entrepreneurs plunge into a business venture so blinded by the dream that they fail to thoroughly evaluate its potential is your business idea feasible before you invest time effort and money the following exercise will help you separate sound ideas from those bearing a high potential for failure identify and briefly describe the business you plan to start identify the product or service you plan to sell answering yes to any of the following three questions means you are on the right track a negative answer to all of them means the road ahead could be rough one does your product or service satisfy an unfilled need 2. will your product or service serve an existing market in which demand exceeds supply 3. will your product or service be competitive based on its quality selection price or location market analysis for a small business to be successful the owner must know the market to learn the market you must analyze it a process that takes time and effort you don't have to be a trained statistician to analyze the marketplace nor does the analysis have to be costly analyzing the market is a way to gather facts about potential customers and to determine the demand for your product or service the more information you gather the greater your chances of capturing a segment of the market know the market before investing your time and money in any business venture the following questions will help you collect the information necessary to analyze your market and determine if your product or service will sell this brief exercise will give you a good idea of the kind of market planning you need to do an answer of no to any of the questions indicates a weakness in your plan so do your research until you can answer each question with a yes 1. do you know who your customers will be 2. do you understand their needs and desires 3. do you know where they live 4. will you be offering the kind of products or services that they will buy 5. will your prices be competitive in quality and value 6. will your promotional program be effective 7. do you understand how your business compares with your competitors 8. will your business be conveniently located for the people you plan to serve 9. will there be adequate parking facilities for the people you plan to serve planning your startup the following questions are grouped ing to function they are designed to help you prepare for opening day merchandise have you decided what items you will sell or produce or what services you will provide have you made a merchandise plan based upon estimated sales to determine the amount of inventory you will need to control purchases have you found reliable suppliers who will assist you in the startup have you compared the prices quality and credit terms of suppliers business records are you prepared to maintain complete records of sales income and expenses accounts payable and receivables have you determined how to handle payroll records tax reports and payments do you know what financial reports should be prepared and how to prepare them finances a large number of small businesses fail each year there are a number of reasons for these failures but one of the main reasons is insufficient funds too many entrepreneurs try to start and operate a business without sufficient capital money to avoid this dilemma you can review your situation by analyzing the following three questions one how much money do you have two how much money will you need to start your business three how much money will you need to stay in business in order to answer the second question how much money will you need to start your business you need to prepare an estimate of all your startup costs here is a list of items you may need to take into account note that this list is for a retail business items will vary for service construction manufacturing or online firms decorating and remodeling fixtures and equipment installing fixtures and equipment services and supplies beginning inventory cost legal professional fees licenses and permits telephone utility deposits insurance signs advertising for opening unanticipated expenses now the answer to the third question how much money will you need to stay in business must be divided into two parts immediate costs and future costs from the moment the door to your new business opens a certain amount of income may come in however this income should not be projected in your operating expenses you will need enough money available to cover costs for at least the first three months of operation the following list will help you project your operating expenses on a monthly basis typical expenses for one month may include your living costs employee wages rent advertising supplies utilities insurance taxes maintenance delivery transportation miscellaneous now sum up the total estimated monthly expenses and multiply it by three this is the amount of cash you will need to cover operating expenses for three months deposit this amount in a savings account before opening your business use it only for those purposes listed in the above list because this money will ensure that you will be able to continue in business during the crucial early stages by adding the total startup costs to the total expenses for three months you can learn what the estimated costs will be to start and operate your business for three months by subtracting the totals of the lists from the cash available you can determine the amount of additional financing you may need if any now you will need to estimate your operating expenses for the first year after startup the first step in determining your annual expenses is to estimate your sales volume month by month next determine the cost of sales you may want to use a spreadsheet to do this after startup the primary source of revenue in your business will be from sales but your sales will vary from month to month because of seasonal patterns and other factors it is important to determine if your monthly sales will produce enough income to pay each month's bills an estimated cash flow projection will show if the monthly cash balance is going to be subject to such factors as the following failure to recognize seasonal trends excessive cash taken from the business for living expenses too rapid expansion and slow collection of accounts if credit is extended to customers conclusion if you have carefully answered all the questions in this video you have seriously thought about your goal however there may be some things you may feel you need to know more about owning and running a travel agency business is a continuous learning process research your idea and do as much as you can yourself but don't hesitate to seek help from people who can tell you what you need to know as we conclude this video it's time you get your free travel agency business plan gift go to the description below this video to get it now it is completely free no strings attached thanks for watching if you enjoyed this video 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