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Entrepreneur magazine - Travel Business and More: Step-by-Step Startup Guide

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Travel Business and More: Step-by-Step Startup Guide
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Entrepreneur magazine
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Entrepreneur Press
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Books / Home and family
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2012
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Pack Your Bags&hellipFull of Profits
At over a billion dollars, the travel industry is evolving, creating new trends and new opportunities for eager entrepreneurs like you. Our experts take you step-by-step as you embark on your most exciting adventurestarting a business. Discover success as an independent travel or specialty tour professional offering unique opportunitiesin both geography and market nichethat even online discount travel sites cant compete with.
From exotic getaways to adrenaline-pumping extreme tours and time-saving technology to important regulations, learn how to conduct business by land, air, or sea. Led by our experts, find your travel niche, establish your business, price your time and packages, master important destination details, and much more. Plus, access an abundance of resources including important associations, travel-specific software, mailing lists, and in-the-trenches tips from successful travel and tour operators.
Covers:
Hot travel markets including: business, leisure, adventure, honeymoons, family, men only, women only, seniors, and more
Designing and pricing your services and packages to compete in the travel marketplace
Managing your finances
Using efficient software systems and mobile technology for daily operations
Complying with the rules of security and domestic and foreign travel
Advertising and promoting online and in print
Growing your business
And more
From finding your travelers to delivering a trip of a lifetime and everything in between, learn what you need to know to become a high-flying success!
The First Three Years
In addition to industry specific information, youll also tap into Entrepreneurs more than 30 years of small business expertise via the 2nd section of the guide - Start Your Own Business. SYOB offers critical startup essentials and a current, comprehensive view of what it takes to survive the crucial first three years, giving your exactly what you need to survive and succeed. Plus, youll get advice and insight from experts and practicing entrepreneurs, all offering common-sense approaches and solutions to a wide range of challenges.

Pin point your target market

Uncover creative financing for startup and growth
Use online resources to streamline your business plan
Learn the secrets of successful marketing
Discover digital and social media tools and how to use them
Take advantage of hundreds of resources
Receive vital forms, worksheets and checklists
From startup to retirement, millions of entrepreneurs and small business owners have trusted Entrepreneur to point them in the right direction. Well teach you the secrets of the winners, and give you exactly what you need to lay the groundwork for success.
BONUS: Entrepreneurs Startup Resource Kit!
Every small business is unique. Therefore, its essential to have tools that are customizable depending on your businesss needs. Thats why with Entrepreneur is also offering you access to our Startup Resource Kit. Get instant access to thousands of business letters, sales letters, sample documents and more all at your fingertips!
Youll find the following:
The Small Business Legal Toolkit
When your business dreams go from idea to reality, youre suddenly faced with laws and regulations governing nearly every move you make. Learn how to stay in compliance and protect your business from legal action. In this essential toolkit, youll get answers to the how do I get started? questions every business owner faces along with a thorough understanding of the legal and tax requirements of your...

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Table of Contents

Preface

Youre holding this book either in your hands, on your lap, or on your deskprobably dangerously near a spillable cup of coffeebecause youre one of those people who likes living on the edge. Youre contemplating starting your own business.

This is one of the most exhilarating things you can do for yourself and for your family. Its also one of the scariest.

Owning your own business means you are the boss, the big cheese, the head honcho. You make the rules. You lay down the law. It also means you cant call in sick (especially when you are the only employee) or let somebody else worry about making enough to cover payroll and expenses. Nor can you defer that cranky client or intimidating IRS letter to a higher authority: Youre it.

Were assuming youve picked up this particular book on starting and running a travel business for one or more of the following reasons:

You have a background in the travel field.

You have wanderlust in your veins and a permanently packed suitcase in your hall closet, and you think the travel business would be fun and exciting.

You have a background in speaking, training, or sales; and you like helping people learn new things about new places.

You have no particular experience with speaking, training, or sales but believe you can sell travel or help people experience travel in an entertaining, informative fashion.

Which did you choose? (Didnt know it was a test, did you?) Well, you can relax because there is no wrong answer. Any of these responses is entirely correct, so long as you realize that they all involve a lot of learning and a lot of hard work. They can also involve a heck of a lot of fun, as well as a tremendous amount of personal and professional satisfaction. Our goal here is to tell you everything you need to know to:

decide whether a travel business is the right business for you;

decide what area or areas in the travel business interest you

get your business started successfully;

keep your business running successfully; and

make contacts and advertise your business successfully.

Weve interviewed lots of people out there on the front lines of the industry, from all around the country, to find out how the travel business really works and what makes it tick. Weve set aside places for them to tell their own stories and give their hard-won advice and suggestionsa sort of virtual round-table discussion group, with you placed right in the thick of things. (For a listing of these successful business owners, see the Appendix.)

Weve attempted to make this book as user-friendly as possible. Weve broken our chapters into manageable sections on every aspect of start-up and operations, and weve left some space for your creativity to soar. Our pages are packed with helpful tips so you can get up and running on your new venture as quickly as possible. Weve also provided an Appendix crammed with contacts and resources.

So sit backdont spill that coffee! Get reading, and get ready to become a travel pro.

Pack Your Bags!

Once upon a time, travel was only for the wealthy and the adventurous. It took a fair amount of capital, an inordinate amount of time andunless you were going the luxury trans-Atlantic liner route on a first-class ticketa willingness to accept discomfort as your due. Today, however, almost everybody travels, from backpack-toting students to briefcase-wielding corporate types, to retirees sporting group-tour name badges. Travel is a trillion-dollar industry that has skyrocketed since the first trans-Atlantic commercial jet took to the air back in 1957.

Although we still tend to think of travel in terms of airline seats or trips in the family wagon, todays touring encompasses far more than coach class to St. Louis or an endless drive to Toon World spent squabbling in the back seat with your siblings. You can choose from among a staggering number of cruises and specialty tourseverything from a trip down the Amazon studying ethnobotany with local shamans, to surf camp la The Beach Boys, to walking, biking, hiking, or chocolate-bingeing tours. There are tours for gardeners, gourmet cooks, antiques lovers, and art history buffs, and tours based on auto racing, agriculture, rafting adventures, wine-tasting, exploring the historic world of King Arthur, dog sledding, storm chasing, llama trekking, caving, cattle driving, and moremuch more! You can embark on adventure travel or take a more serene approach, as there are certainly a wide range of options, which we will cover in the various sections of this guide.

This opening chapter takes a broad based look at the flourishing travel business. Its a sort of in-your-lap TV-newsmagazine report without the commercials. We will delve into the steadily rising economic success of the field, dip into its secrets andunlike any TV newsmagazinehelp you decide whether its the business for you to pursue.

Splurging on Travel

According to the Travel Industry Association, travel and tourism generates $1.3 trillion in economic activity in the United States every year. That equates to $3.4 billion a day, $148 million an hour, $2.4 million a minute, and $40,000 a second, for those of you who like to be precise.

Stat Fact

Thirty years ago, the average American went on vacation once a year and spent a leisurely two to three weeks off the job, says the United States Tour Operators Association. Today, people take shorter but more frequent vacations that average seven to ten days each.

Even better, the U.S. Bureau of Labor Statistics says the money people spend on travel is expected to continue to increase significantly over the next decade. With the current employment boom, rising incomes, and smaller-sized families, funds that formerly had to be doled out for necessities can now go toward splurging on luxuries like travel. People are marrying later than they used to, which makes for a considerable population of young urban 20- and 30-somethings with money to spend, unfettered by family cares. Not that marriage and family is slowing anyone down, as the increase in family travel also continues to spiral upward, as evidenced by the rash of no vacancy signs at any popular family fun destination. Also, with an everincreasing population of peppy seniors, more and more Americans are expected to travel for funwatch out for those boomers! In fact, according to the Bureau of Labor Statistics, many folks now take more than one vacation per year.

But not all travel is recreation-oriented; business travel is also expected to increase.

Mists of History

The earliest tour operators have faded into the mists of history, unknown except as shadowy figures who might have organized groups of pilgrims for junkets to holy lands or to view ancient wonders like the Sphinx.

In the summer of 1841, however, a Baptist missionary named Thomas Cook decided to send a group of people round-trip from Leicester to Loughborough in England for a temperance meeting. He got the Midland Counties Railway Company to take on these passengers at a group rate of one shilling per personand thus was officially born the modern tour operator.