6 Successful Tips To Start a Travel Business in India
All that you need to setup your travel business
Photo by Capturing the human heart. on Unsplash
The travel and tourism industry is one of the largest industries in India and it is ranked 12th among 183 countries in terms of GDP contribution. It is estimated to rise to USD 418.9 billion by 2022. Hence there is plenty of opportunities for new entrepreneurs to start a travel business in India.
In this article, we will share tips on how to start a travel business in India and make it successful.
Step 1 – Prepare a strong plan for your travel business
Business planning has various aspects like company registration and licensing. Most travel agents pick for private limited companies as it is one of the most extensively used forms of business in India which offers several advantages. For entrepreneurs, a private limited company is a must who want to offer services online and scale up their business quickly with the power of the internet. On the contrary, there are other entities like Limited Liability Partnership (LLP) which would be perfect for entrepreneurs who want to build their business slowly or as part-time.
Step 2 – Deal with legal formalities
Travel business does not require much licensing but to maintain a great brand name, you will need to keep it in mind. Specific licensing may vary by state, country, and business structure. The legal licensing in the travel business include:
· Register a trademark
· Name your business
· Business Registration
· Applying for Employer Identification Number
· Service Tax registration
Step 2 – Identify your audience
Identifying your target customers and their taste by adjusting the trips to their needs and developing a market plan keeping in mind the budget of your customer.
Step 3 – Manage your funds efficiently
Initially, you won’t have expenses to buy expensive equipment or an extensive office at the beginning of your business. But later, you will require funding. Your initial funding would go for branding, marketing, or advertising and you may need an extensive office space and hire employees too. You have an option for personal funding, loan, or venture capital funding available these days.
Step 4 – Choose a great location to set up your office and hire employees
When you select a location, you should consider the level of competition and your target audience. The right location is equal to having a lot of customers, hence picking one is crucial for your business. After setting up a location, you can start hiring employees in your team which include:
· Sales Executives
The best part is, choose a software which enables you and your team to work remotely/ work from home. People’s mindset has changed during COVID and this would help establish your travel business with low infrastructure cost.
Step 5 – Market your travel business service
After analysing the market and the customers, it is perfect to build your brand image. It is important that building a strong brand image will attract customers to visit your site and act. Social media marketing is one of the most valuable ways to attract customers. Offer the travel destinations and other features of your travel business with a catchy headline to attract your customers to your pages and website.
When all the above-mentioned points are fulfilled, then you are ready to launch the business. Your business needs to build a strong brand image and requires standing out. To achieve that the company should have the right marketing skills, funding abilities, and most importantly the passion for the travel business.
I am available for pro bono consulting and please get in touch with me for any assistance that you may need in setting up your travel business.