Travel Agency Business Plan Template
Written by Dave Lavinsky
Travel Agency Business Plan
You’ve come to the right place to create your Travel Agency business plan.
We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their travel agencies.
Below is a template to help you create each section of your Travel Agency business plan.
Executive Summary
Business overview.
My Itinerary Travel Agency is a new travel agency located in Boca Raton, Florida. The company is founded by Sandra Rodriguez, an experienced travel agent who has gained valuable knowledge on how to run a travel agency during the past ten years while working at Fun Destinations Travel Agency. Now that Sandra has experienced managing a travel agency, she is ready to start her own company, My Itinerary Travel Agency. Sandra is confident that her organizational and communication skills, combined with her understanding of business management, will enable her to run a profitable travel agency of her own. Sandra is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running a travel agency – sales and marketing, vendor relationships, customer relationship management, budgeting, and financial reporting.
My Itinerary Travel Agency will provide a full suite of travel planning services for individuals nationwide through its sophisticated online platform and accompanying customer app. My Itinerary Travel Agency will be the go-to travel agency for personalized service, convenience, and expertise of its travel agents. The company will be the ultimate choice for customer service while offering the best travel accommodations available.
Product Offering
The following are the services that My Itinerary Travel Agency will provide:
- Airline travel bookings
- Tour and travel package sales
- Accommodation reservations and bookings
- Cruise bookings
- Car rental reservations
- Travel ticket sales and reservations
- Tour ticket sales and reservations
Customer Focus
My Itinerary Travel Agency will target individuals nationwide who are looking for personalized and convenient travel planning services. The company will target vacationers, tourists, and business travelers who are seeking the best deals on premium accommodations. No matter the customer, My Itinerary Travel Agency will deliver the best communication, service, and the best prices.
Management Team
My Itinerary Travel Agency will be owned and operated by Sandra Rodriguez. Sandra is a graduate of Florida University with a degree in business. She has over ten years of experience working as a travel agent for another local agency. Sandra will be the company’s chief executive officer. She will oversee the travel agency staff, manage customer relationships, and build vendor relationships.
Sandra has recruited sales and marketing expert, Sara Anderson, to be the company’s chief marketing officer and help oversee travel agency’s sales and marketing activities. Sara will handle all branding, marketing, advertising, and outreach for the company. She will also create and maintain the company’s online and social media presence. Sara has a Master’s degree in Marketing and has nearly ten years of experience working as a marketing director for a leading travel industry corporation.
Success Factors
My Itinerary Travel Agency will be able to achieve success by offering the following competitive advantages:
- Skilled team of travel agents combined with the latest technology in the industry will allow the company to provide its clients with personalized service and modern convenience to make planning their trip easy and efficient.
- The members of the leadership team have long standing relationships with a large pool of vendors, allowing them to provide clients with the best deals possible on premium accommodations.
- The company offers a variety of modes of communication to better serve more clients’ preferences. Customers can speak with a travel agent in person, via telephone, video call, email, or chat through the website or app. Support is available 24/7 to ensure all clients’ questions and concerns are promptly attended to.
Financial Highlights
My Itinerary Travel Agency is seeking $290,000 in debt financing to launch its travel agency. The funding will be dedicated towards securing the office space, and purchasing office equipment and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff and marketing expenses. The breakout of the funding is below:
- Office build-out: $110,000
- Office equipment, supplies, and materials: $70,000
- Three months of overhead expenses (payroll, utilities): $90,000
- Marketing costs: $10,000
- Working capital: $10,000
The following graph below outlines the pro forma financial projections for My Itinerary Travel Agency.
Company Overview
Who is my itinerary travel agency.
My Itinerary Travel Agency is a newly established travel agency in Boca Raton, Florida. My Itinerary Travel Agency will be the first choice for anyone seeking a personalized approach, 24/7 support, and streamlined technology to make trip planning easy. The company will serve customers nationwide from their headquarters in Florida.
My Itinerary Travel Agency will be able to guarantee the best deals possible thanks to the leadership team members’ long standing relationships with a large network of vendors in the hospitality, transportation, and entertainment markets. The company’s team of highly qualified travel agents will provide personalized service to each client, removing the uncertainty and hassles associated with finding and booking the right accommodations.
My Itinerary Travel Agency History
My Itinerary Travel Agency is owned and operated by Sandra Rodriguez, an experienced travel agent who has gained valuable knowledge on how to run a travel agency during the past ten years while working at Fun Destinations Travel Agency. Now that Sandra has experienced managing a travel agency, she is ready to start her own company, My Itinerary Travel Agency. Sandra is confident that her organizational and communication skills, combined with her understanding of business management, will enable her to run a profitable travel agency of her own. Sandra is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running a travel agency – sales and marketing, vendor relationships, customer relationship management, budgeting, and financial reporting.
Since incorporation, My Itinerary Travel Agency has achieved the following milestones:
- Registered My Itinerary Travel Agency, LLC to transact business in the state of Florida
- Has identified the ideal location for the company’s office and is in the process of securing a lease
- Reached out to numerous contacts to include transportation, hospitality, and entertainment companies to begin securing vendor contracts
- Began recruiting a staff of accountants, travel agents, and other office personnel to work at My Itinerary Travel Agency
My Itinerary Travel Agency Services
- Airline travel comparisons and bookings
Industry Analysis
The U.S. travel agency industry is valued at $48.5B with more than 90,600 businesses in operation and over 318,600 employees nationwide. Factors currently driving industry growth include an increase in domestic tourism and travel for overnight trips, vacations, and business purposes. More domestic travel typically results in more consumers using travel agencies to book their trips. The travel agency industry can be segmented by brick-and-mortar establishments or online businesses. The global market size for the online travel agency segment reached $432B last year and is expected to rise as more people use the internet to book their trips. The travel agency industry relies heavily on the use of technology. Industry operators must stay up-to-date on the latest travel technology in order to remain competitive in the market.
One of the most significant hurdles for travel agency operators is attracting customers in the age of do-it-yourself booking. Now that customers are able to book many of their travel accommodations themselves, travel agents must be able to demonstrate why booking with them is a better option. Some ways industry operators can add value are by providing personalized services, promotional discounts, and helpful information about accommodation options.
Customer Analysis
Demographic profile of target market.
My Itinerary Travel Agency will target individuals nationwide who are looking for personalized and convenient travel planning services. The company will target vacationers, tourists, and business travelers who are seeking the best deals on premium accommodations. No matter the customer, My Itinerary Travel Agency will deliver professional communication, service, and the best prices.
The precise demographics for Boca Raton, Florida are:
Zip Code: | 78712 | 78718 |
---|---|---|
Total Population | 13,059 | 26,896 |
Male | 52.6% | 48.5% |
Female | 47.4% | 51.5% |
15 to 19 years | 3.6% | 3.6% |
20 to 24 years | 61.4% | 62.2% |
25 to 29 years | 21.0% | 20.5% |
30 to 34 years | 14.0% | 13.7% |
Household income $50,000 to $74,999 | 1.2% | 2.3% |
Household income $75,000 to $99,999 | 9.8% | 10.2% |
Household income $100,000 to $124,999 | 3.6% | 3.2% |
Household income $125,000 to $149,999 | 10.8% | 8.9% |
Household income $150,000 to $199,999 | 27.4% | 27.2% |
Household income $200,000 or more | 47.2% | 49.0% |
Customer Segmentation
My Itinerary Travel Agency will primarily target the following customer profiles:
- Individuals and families planning a vacation
- Business travelers
- Individuals and families in need of accommodations for events such as weddings, reunions, or conventions
Competitive Analysis
Direct and indirect competitors.
My Itinerary Travel Agency will face competition from other companies with similar business profiles. A description of each competitor company is below.
Fun Destinations Travel Agency
Fun Destinations Travel Agency is one of the largest and oldest travel agencies in Florida. The company was founded in 1958 in Boca Raton with one small office location. Now, the company has over 50 locations throughout multiple states. Fun Destinations specializes in booking accommodations for family vacationers. The company books accommodations near key family destinations such as theme parks, resorts, and tourist attractions. Fun Destinations is family owned and operated so the founders are familiar with the hassles associated with planning a family vacation. For this reason, Fun Destinations focuses on booking the best family-friendly accommodations so its clients can relax and enjoy the family fun.
Best Fit Vacations Travel Agency
Best Fit Vacations Travel Agency is a small travel agency catering to Boca Raton locals from its central office and nationwide clients via its online booking platform. The company was established in 1995 with the mission of providing vacation accommodations that will be “the best fit” for every client. Best Fit Vacations is owned and operated by industry professionals that have extensive experience working with vendors to negotiate the best deals for clients. The company strives to get the lowest prices for every booking and regularly finds additional savings and discounts other agencies might not know about.
Trustworthy Travel Agency
Trustworthy Travel Agency is a Boca Raton, Florida-based travel agency that provides superior service to its consumers. The company is able to provide a wide variety of travel accommodation bookings for customers in the area. Trustworthy Travel Agency has three locations throughout the state and operates an online booking platform for nationwide travelers. Customers can book online or over the phone at their convenience. The company uses an algorithm that finds the lowest prices on travel, lodging, and other accommodations across the country.
Competitive Advantage
My Itinerary Travel Agency will be able to offer the following advantages over their competition:
Marketing Plan
Brand & value proposition.
My Itinerary Travel Agency will offer the unique value proposition to its clientele:
- My Itinerary Travel Agency offers the best deals through its extensive vendor network.
- The company offers personalized customer service, a variety of communication modes, and 24/7 support.
Promotions Strategy
The promotions strategy for My Itinerary Travel Agency is as follows:
Social Media Marketing
The company’s chief marketing officer will create accounts on social media platforms such as LinkedIn, Twitter, Instagram, Facebook, TikTok, and YouTube. She will ensure My Itinerary Travel Agency maintains an active social media presence with regular updates and fun content to get customers excited about traveling.
Professional Associations and Networking
My Itinerary Travel Agency will become a member of professional associations such as the Travel Agency Association, American Travel Agents Society, and the Florida Travel Industry Association. The leadership team will focus their networking efforts on expanding the company’s vendor network.
Print Advertising
My Itinerary Travel Agency will invest in professionally designed print ads to display in programs or flyers at industry networking events. The company will also invest in professional ads to place in travel magazines and local publications.
Website/SEO Marketing
My Itinerary Travel Agency’s chief marketing officer will design the company website. The website will be well organized, informative, and list all the services that My Itinerary Travel Agency is able to provide. The website will also list testimonials from happy customers.
The chief marketing officer will also manage My Itinerary Travel Agency’s website presence with SEO marketing tactics so that when someone types in a search engine “best travel agency” or “travel agency near me”, My Itinerary Travel Agency will be listed at the top of the search results.
The pricing of My Itinerary Travel Agency will be on par with (and often lower than) competitors so customers feel they receive value when purchasing the company’s services.
Operations Plan
The following will be the operations plan for My Itinerary Travel Agency.
Operation Functions:
- Sandra Rodriguez will be the chief executive officer for the company. She will oversee the travel agents, vendor relationships, and customer relations. Sandra has spent the past year recruiting the following staff:
- Sara Anderson – chief marketing officer who will oversee all marketing strategies for the company and manage the website, social media, and outreach
- Tom Brown – accountant who will provide all accounting, tax payments, and monthly financial reporting for the company
- Christopher Jones – lead customer support manager who will directly oversee all customer support activities
Milestones:
My Itinerary Travel Agency will have the following milestones complete in the next six months.
12/1/2022 – Finalize contract to lease the office
12/15/2022 – Finalize personnel and staff employment contracts for the My Itinerary Travel Agency management team
1/1/2023 – Begin build-out/renovation of the office, and purchase office equipment and supplies
1/15/2023 – Begin networking at industry events and implement the marketing plan
2/15/2023 – Finalize contracts for initial vendors
3/15/2023 – My Itinerary Travel Agency officially opens for business
Financial Plan Business Plan FAQs
Key revenue & costs.
The revenue drivers for My Itinerary Travel Agency are the commissions earned as a percentage of bookings from vendors and fees charged to customers for consultations and services.
The cost drivers will be the overhead costs required in order to staff a travel agency firm. The expenses will be the payroll cost, utilities, greenhouse equipment and supplies, and marketing materials.
Funding Requirements and Use of Funds
Key assumptions.
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Average accommodations booked per month: 9,000
- Average commissions per month: $15,000
- Overhead costs per year: $640,000
Financial Projections
Income statement.
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
Revenues | ||||||
Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
Expenses & Costs | ||||||
Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
LIABILITIES & EQUITY | ||||||
Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
Share Capital | $0 | $0 | $0 | $0 | $0 | |
Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
CASH FLOW FROM OPERATIONS | ||||||
Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
CASH FLOW FROM INVESTMENTS | ||||||
Investment | ($180,950) | $0 | $0 | $0 | $0 | |
Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
CASH FLOW FROM FINANCING | ||||||
Cash from equity | $0 | $0 | $0 | $0 | $0 | |
Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
What Is a Travel Agency Business Plan?
A travel agency business plan is a plan to start and/or grow your travel agency business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your travel agency business plan using our travel agency Business Plan Template here .
What are the Main Types of Travel Agencies?
There are a number of different kinds of travel agencies , some examples include: independent agency, host agency or franchise.
How Do You Get Funding for Your Travel Agent Business Plan?
Travel agencies are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding. This is true for a travel agent business plan and a tour and travel business plan.
What are the Steps To Start a Travel Agency Business?
Starting a travel agency business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Travel Agent Business Plan - The first step in starting a business is to create a detailed business plan for your travel agency that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your travel agency business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your travel agency business is in compliance with local laws.
3. Register Your Travel Agency Business - Once you have chosen a legal structure, the next step is to register your travel agency business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your travel agency business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Travel Agency Equipment & Supplies - In order to start your travel agency business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your travel agency business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful travel agency business:
- How to Start a Travel Agency Business
Free Travel Agency Business Plan Template
This article contains affiliate links. It won't cost you anything extra, but we may be compensated a small amount for referrals. You can read our full (and I daresay the most fun) affiliate disclosure here .
Okay, okay. I know you’re crazy thrilled that you’ve found a free travel agency business plan template for your agency! I promise we’ve got a super razzly-dazzly one that will help you craft THE BEST travel agency business plan out there. So we’ll have you download your free travel agency business plan template in just a second, and then we’ll walk you through the different pieces of the business plan in the article.
Sound like a (business) plan?!
What Is the Purpose of a Travel Agency Business Plan?
Here's a sneak preview of what you can expect from HAR's business plan below. (Need no convincing? Download it here .)
Business plans got their start as a way for banks to vet new businesses before deciding to give them a loan. After all, people that have thought long and hard about their business and taken the time to painstakingly write down all the steps and intricacies have a higher likelihood of success.
Now when it comes to travel agencies, you may think having a business plan is overkill or outdated. Sure, if you’re opening a storefront agency or a franchise you may need some capital from the bank/investor so a business plan may be a necessity. But now that most agencies are home-based, the median start-up cost for a non-franchise travel agency is $1,000 . If you’re not getting a loan, do you really need a business plan?
Where did that $1,000 number come from? Not from thin air . . . find HAR's data here!
If you’re starting a travel agency, here’s a few reasons why creating a travel agency business plan might be helpful to you:
- Practical: it will help you feel prepared and confident as you make important business decisions.
- Inspirational: it will help remind you what it is that inspired you to start a travel agency and what kind of impact you hope to have on your clients. The kinds of things that will remind you why you started all these shenanigans when logistical tasks like taxes get boring or complicated.
The other thing a travel agency business plan can do? It will help you describe your agency—the service you provide (do you have a niche?), the market in which you’re operating, the money you need to get started and keep going, and the people you need to help you get there (accountants? Sub agents? Bookkeeper? Web Developer?) In short, it can help you feel prepared and confident, and our free travel agency business plan is going to help you with that!
Download HAR’s Free Travel Agency Business Plan Template
We have a handy dandy (and free) travel agency business plan template for YOU, dear reader! Yay, it is the companion to this article.
We’re offering our travel agency business plan template free (no catch) because we want your new business to be off to the best start possible!
Alright, now you’ve downloaded our free travel agency business plan template, great! We’ve already filled it out for our fictional travel agency, Corona Travels , and now we need to work on personalizing this business plan to your travel agency.
To update your personal business plan template with your brilliant ideas, all you'll need to do is delete the sample description provided in the template and add in your own material! In the next section, we walk you through each part of the business plan. I recommend that as you read through the article, you compare the sections of the travel agency business plan template. That way, you'll have an explanation for each part with an example.
Let’s jump in and start tailoring the business plan template to your travel agency!
Hold up. Still need to get your agency set up? We have just the thing.
Now, a business plan template may feel like you're getting ahead of yourself if you haven't named and/or registered your business yet! If you still need to take strides to get your agency off the ground (your agency, name, niche, registration, host affiliation etc.) we have a course that will fast-forward that process.
Check out HAR's 7 Day Set Up Accelerator course to get your agency set up faster so you can start monetizing sooner! The course is written and taught by HAR Founder, Steph Lee, and professional Educator, Bridget Lee. It includes nine chapters with 70+ instructional videos, course quizzes, peer accountability, and monthly meet-ups with HAR members and industry experts.
Now, let's go over the business plan!
Travel Agency Business Plan, Part 1: Overview
The overview is like an executive summary that briefly summarizes all aspects of your travel agency business plan. You can think of this as the “elevator pitch” of your travel agency business plan. Oddly enough, I like to do these summaries last, since then you’ll have all the info at your fingertips that you'll need to summarize.
So what details are you filling out in this first part of the travel agency business plan?
- Name of Your Business: Not sure what your travel agency name is yet? We can help you with that .
- Location: Is it your house? A PO box? A storefront? Your sister’s basement?
- Your Travel Niche: Specializing as a travel agent is more important than ever. Selling travel is about much more than booking. It’s also about bringing knowledge, expertise, access, and resourcefulness to the table—all the qualities that help separate you from an OTA (online travel agency).
Read here if you want help developing a niche of your own!
- Your Target Client: Luxury? Families? LGBTQ? Cruisers? Boomers or Millennials? Honeymooners? Foodies? Who do you imagine your client to be and how will this shape the way you develop your travel agency?
- Your Competition: Another way to look at this is, who are your industry peers? What might your customers consider if they don’t use you as a travel agent? (Try to think beyond OTAs like Expedia.)
- The expertise of Management Team: Okay, so your management team might be you and the office dog (we know who’s the alpha in the office!). But even if that’s the case, this section is an opportunity to reflect on your strengths as a travel agency owner.
- Financial Projections: Unless you’re coming into the industry with a book of business, this might seem intimidating. It’s hard to know what to expect right? But the good thing is we have an amazing resource for you: “ Travel Agency Startup Costs and Earnings: What to Expect ” Wow! Who knew?!
- Travel Agency Mission Statement: This will help you remember why you did this in the first place, and remind you what kind of impact you hope your business will have on others! Warm fuzzies, right?!
And hey, we’re done with Part 1!! Just like that. ;)
I know you can barely contain your excitement to start reading about our next section, business foundations !
Travel Agency Business Plan, Part 2: Business Foundations
This section of your travel agency business plan provides background information on your agency. If you’re brand-spanking new, much of this information will be provided in the overview. If your business has roots, it may be a little more complex.
This section can include:
- Legal Structure : What type of business is your agency? LLC? Sole Prop? S Corp? Has it changed over time?
If you are just starting and aren’t sure what type of business you want, check out this resource on how to choose a travel agency business structure
- Agency Founders and Their Role in the Formation of Your Travel Agency : Who are the founders and what are their roles?
Ah, that was a nice and easy section, wasn’t it? Now we need to start getting real. Yes, folks, the well-loved travel agency business plan template goes OCD in the next section!
Travel Agency Business Plan, Part 3: Product or Service
This section is where the rubber hits the road with your niche and will help you begin to think about developing preferred supplier relationships with your travel agency.
- Products/ Services Provided: This may seem obvious—you sell travel! But if you’re considering providing other services (even if it’s a future goal), it will be important to consider that too. In addition to planning and booking travel, this may include: Coaching clients to book their own trips; trip consultations; wedding planning; providing education, training or mentorship to other agents; facilitating educational webinars (etc.); speaking at industry events.
- Sales Projections: This is hard if you haven’t booked any travel yet. But consider what kind of travel you want to sell. How many clients are you booking? How many trips do you aim to sell weekly/monthly/annually?
This is a good opportunity to make financial goals for your travel agency. What kind of annual income are you aiming for? How much would you have to sell in one year to reach that?
If you are providing multiple services as a part of your travel agency business, what is the breakdown among those different services?
You can see how Madeline Jhawar breaks down her earnings by services in this article here
- Industry Projections for Your Travel Services: We’ve done a lot of legwork for you on this one in our travel agency business plan template. But, if you want to add more, imagine this as describing the industry viability to someone who is not within the industry. What influences demand for your travel services? How is the health of the travel industry overall? Check out HAR's latest income survey results !
Now that you’ve dug into the details in this section, let’s move into the next section of your travel agency business plan that doesn’t tax your brain. It’s about management structures and it’s equal parts easy and boring (#honest).
Travel Agency Business Plan, Part 3: Management Structures
This will be a very fast exercise if you are opening your agency alone :). If you’re working for yourself, you may also want to consider outside organizations that influence your business:
- If applicable, which host agency/franchise do you belong to?
- If you or your host belongs to a consortium, which one?
- What travel organizations are you a part of? (i.e. ASTA, IGLTA, PATH, CCRA etc.)
- Since you are an independent agent, these outside organizations won’t have a direct stake in your business, but they may influence your day-to-day operations in some way.
If you're flying solo, you can probably stop here! But if you have or want to take on sub agents or employees you’ll want to do the above, and you’ll also need to go into more depth with your travel agency management structure below:
It’s important to avoid misclassifying employees as independent contractors because it can get you in deep trouble with IRS. Read up here to learn the difference .
- If applicable, create an organizational chart of your travel agency. You can think of this as a business version of a family tree. This will help you visualize who the players are and what roles they serve to your agency.
- What value do the different management positions add to your travel agency?
- What are the responsibilities of their positions?
- Describe other ICs or employees/ positions and their responsibilities. How will they complement what you do for your agency? (i.e. Sell a different type of travel under your brand? Work on sales? Bookings only? Administrative assistant?)
- If you have sub agents or employees, break down overall payroll expenses. What is their compensation? A commission split? A base salary? A combination of the two? Will you provide any bonuses or benefits if you have employees?
- Do you anticipate future additions to your staff?
Phew! That was a long one. Well, you certainly nailed it. Kudos!
Travel Agency Business Plan, Part 3.2: Who Is Your Office Mascot?
This is probably the most important factor in building a business plan. How the heck are you going to get up and work every morning without a dog pushing their cold nose into your face, or a cat trying to use your neck as their personal radiator?
Still with me? Okay, no more goofing off. Just wanted to throw in a fun interlude . . . I’ll get back to business now.
Travel Agency Business Plan, Part 4: Marketing Strategy
This section of your travel agency’s business plan will help you clarify some of your marketing goals in the long term.
- Who are your major clients? Include names, location, and what kind of travel they prefer. What was the sales volume for each customer? Have they provided referrals for your business?
- Who are prospective clients? Who might be other potential travel clients for you? Parenting class members? Your yoga class? Regulars at your favorite bookstore? Do you have a way to informally see how they might respond to your travel services?
Marketing Plan
What is your marketing plan? Consider things such as:
- Your pricing. For example, if you want to charge fees.
Not sure where to start with fees? Go here first
- How do you want to market to clients? Online, at wedding expos, in line at the grocery store?
- What region do you want to target and if you want to target clients outside your locale, how do you plan to do so?
- What is the flow of your services during planning, travel and post-trip? How do you plan on getting feedback from your customer once the travel is complete?
We have a few forms resources to help you with your workflow!
- What are your marketing priorities ? Networking? Referral? Online? Social media?
If you’re not sure where to start, this is the way into our rabbit hole of marketing resources .
- Sales Strategy: Now that you have a list of potential clients and a marketing plan, how will you reach out to prospective clients? Host a cocktail hour? Send a mailing? Go to networking meetings? Do you need to outsource or delegate any tasks to help you with your sales efforts?
Are you ready to head on over to that travel agency business plan template you have a love-hate relationship with? Good, because you’re gonna read all about Corona Travels marketing strategy and how they plan on closing the leads they get . . . and maybe you can steal some of Sol’s ideas for your agency. :)
Travel Agency Business Plan, Part 5: Technology
What kind of tech do you need to help your agency get up and running, and what technology will you need to keep your travel agency machine humming? You don’t need everything at once, but you’ll want to have an idea of what you need to reach some travel agency milestones you’re going for.
You might want to consider things like:
- Travel Agency Website
- Read up on different website options for agencies
- Customer Relations Management (CRM):
- ClientBase Online
- Online Scheduling Tools:
- Itinerary Builders:
- Axus Travel App
- Payment Processing (for fees)
- Quickbooks Payments (use this link for 50% off first SIX months -- normally it's 3 months)
- TESS (built into CRM)
- Travel Joy (built into CRM)
- WixPayments
- Bookkeeping and Accounting
- Google Sheets ( part of Google Workspace )
- Mac Numbers
- Quickbooks Online / Quicken (use this link for 50% off first SIX months -- normally it's 3 months)
- Quickbooks Online (use this link for 50% off first SIX months -- normally it's 3 months)
- Booking tools
- Google Workspace : We have an exclusive 10% off promo code for Google Workspace! Just fill out the form and we'll send you the code.
- Office equipment
- Fax: FaxZero
- Scanner: Scanner Pro ($3.99 in Apple App Store)
- Scanner: Tiny Scanner (Google Play Store)
- Business Card Scanner: CamCard (Free on Apple App Store | .99 on Google Play Store )
- Forms / E-signatures*
- JotForm (free plan allows e-signatures)
- RightSignature
- Email Automation
- Sendinblue (that's what we currently use, and I highly recommend it!)
- Active Campaign
- Constant Contact
- Online Meetings / Video Conferencing
- Google Meet (part of Google Workspace )
- Secure Password Manager (also known as The Handiest Thing Ever )
- Mileage Tracking
- MileIQ (Free but if you ever decided to upgrade, use this link for 10% off paid plans)
Just because it’s technology, it doesn’t mean it has to be state of the art or über fancy. You can pick and choose where you want to allocate your financial resources on tech: I’ve spoken with several travel agents who swear by a combination of sticky notes, physical calendars, and Excel spreadsheets.
Think about which of these technologies you really need. If you go with a host agency or consortium, which of these technologies do they provide? Looking forward as your business grows, which technologies do you anticipate you’ll want to phase in?
Choosing those technologies was fun, wasn’t it? But now we need to iron out how you’re going to run the agency. So let’s move into the next section of your travel agency’s business plan template and make sure you’re running a tight ship!
Travel Agency Business Plan, Part 6: Operations
Developing a plan for travel agency operations will help you understand how to ensure your business runs smoothly, in addition to understanding the capacity of your travel agency. For this section of your travel agency business plan you’ll want to consider:
- What is your sales volume compared to your sales capacity? How much travel can you actually sell in the time you want to spend working to sell travel?
- Who are your preferred suppliers? Who are your host or consortium’s, preferred suppliers? How do these suppliers (and your host) disburse commissions and on what timeline? How does this impact your bookkeeping and workflow?
- If you are booking groups, plan ahead. Are there any special cruise sailings or new ships you want to block space for? Is a resort opening a new property that you’re excited about and might be in high demand? Is there a new exciting product coming up that you want to get ahead of?
- In order to find out about some of these opportunities, what travel publications do you want/ need to subscribe to? (*Ahem* Make sure HAR is one of them!!) How are you utilizing your host or consortium resources to stay ahead?
OMG. OMG!!! That’s right, keep that grin plastered on your face because we’re entering the final leg. You did it!
Travel Agency Business Plan, Part 7: Administrative Support
As a business owner, there will be a lot of external organizational support as you go. First, we’ll focus on financial logistics. What are the business names (or contacts) and addresses of some of your administrative support? This may include:
- Your bank/ banker
- Accountant and/or Bookkeeper
- Host agency or consortium
- Legal counsel/ lawyer
See our updated list of travel industry lawyers here!
Congratulations. You Have a Travel Agency Business Plan!
Seriously, that was INTENSE. Give yourself a huge pat on the back. Creating a business plan for your travel agency ain’t for the faint of heart, but you did it.
Go ahead and tell us about your process. Was our free travel agency business plan template helpful? Did it help to think things through and write a business plan for your agency? Was it a waste of time? Most importantly, what kind of office pet do you have and what sort of moral support do they provide?
Comment below!
*Editor's Note: This article was originally published on April 16th, 2019. We updated it on the publish date listed on the article!
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Travel Agency Business Plan Template
Written by Dave Lavinsky
Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their travel agencies. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a travel agency business plan template step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What is a Travel Agency Business Plan?
A business plan provides a snapshot of your travel agency as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan for a Travel Agency
If you’re looking to start a travel agency or grow your existing travel agency you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your travel agency in order to improve your chances of success. Your travel agency business plan is a living document that should be updated annually as your company grows and changes.
Source of Funding for Travel Agencies
With regards to funding, the main sources of funding for a travel agency are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.
The second most common form of funding for a travel agency is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.
Finish Your Business Plan Today!
Your travel agency business plan should include 10 sections as follows:
Executive Summary
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of travel agency business you are operating and the status; for example, are you a startup, do you have a travel agency that you would like to grow, or are you operating a chain of travel agencies.
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the travel agency industry. Discuss the type of travel agency you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.
Company Analysis
In your company analysis, you will detail the type of travel agency you are operating.
For example, you might operate one of the following types:
- Commercial Travel Agencies : this type of travel agency caters to business travelers. These agencies specialize in tracking down deals for business travelers to help companies manage travel costs.
- Online Travel Agencies : this type of travel agency exists only in cyberspace. They provide clients with the convenience of online booking and discounts that are available only to professional travel agencies.
- Niche Travel Agencies : this type of travel agency provides clients with specialized knowledge of a region.
- Membership Associations : Memberships associations give travelers access to the organization’s travel planning services for the cost of an annual membership rather than charging per transaction. This type of agency offers the most benefit to frequent travelers.
In addition to explaining the type of travel agency you operate, the Company Analysis section of your business plan needs to provide background on the business.
Include answers to question such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new location openings, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry analysis, you need to provide an overview of the travel agency business.
While this may seem unnecessary, it serves multiple purposes.
First, researching the travel agency industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards glamping, it would be helpful to ensure your plan calls for plenty of luxury camping packages.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your travel agency business plan:
- How big is the travel agency business (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your travel agency. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section of your travel agency business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: sports enthusiasts, soccer moms, baby boomers, businesses, etc.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of travel agency you operate. Clearly baby boomers would want a different atmosphere, pricing and product options, and would respond to different marketing promotions than businesses.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most travel agencies primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other travel agencies.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes customers making travel arrangements themselves at home. You need to mention such competition to show you understand that not everyone who travels uses travel agency services.
With regards to direct competition, you want to detail the other travel agencies with which you compete. Most likely, your direct competitors will be travel agencies located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of customers do they serve?
- What products do they offer?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide better travel packages?
- Will you provide products or services that your competitors don’t offer?
- Will you make it easier or faster for customers to book your offerings?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a travel agency business plan, your marketing plan should include the following:
Product : in the product section you should reiterate the type of travel agency that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to regular accommodation and transportation booking, will you offer items such as tour packages and excursions?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the packages you offer and their prices.
Place : Place refers to the location of your travel agency. Document your location and mention how the location will impact your success. For example, is your travel agency located next to a heavily populated office building, or highly trafficked retail area, etc. Discuss how your location might provide a steady stream of customers.
Promotions : the final part of your travel agency marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Making your travel agency’s storefront extra appealing to attract passing customers
- Distributing travel brochures outside the travel agency
- Advertising in local papers and magazines
- Reaching out to local bloggers and websites
- Social media advertising
- Local radio advertising
- Banner ads at local venues
Operations Plan
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your travel agency such as serving customers, procuring supplies, keeping the office clean, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.
Management Team
To demonstrate your travel agency’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in the travel agency business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in travel agencies and/or successfully running retail and small businesses.
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you serve 50 customers per week or 100? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your travel agency, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a travel agency:
- Location build-out including design fees, construction, etc.
- Cost of equipment like computers, website/platform, and software
- Cost of marketing materials and maintaining an adequate amount of supplies
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint or location lease.
Travel Agent Business Plan Template PDF
You can download our travel agent business plan PDF to help you get started on your own business plan.
Travel Agency Business Plan Summary
Putting together a business plan for your travel agency is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the travel agency business, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful travel agency.
Don’t you wish there was a faster, easier way to finish your Travel Agency business plan?
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Other Helpful Business Plan Articles & Templates
Travel Agency Business Plan Template & Guidebook
Whether you are looking to start a travel agency from the ground up or simply update your current business plan, the #1 Travel Agency Business Plan Template & Guidebook provides a comprehensive resource for entrepreneurs. The intuitive step-by-step guidebook walks through the process of creating and organizing a business plan that will make launching and running a successful travel agency easier than ever before. With expert tips, financial analysis templates, and more, this Travel Agency Business Plan Template & Guidebook provides all the tools necessary to create the perfect business plan.
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- How to Start a Profitable Travel Agency Business [11 Steps]
- 10+ Best & Profitable Travel Agency Business Ideas [2023]
How to Write a Travel Agency Business Plan in 7 Steps:
1. describe the purpose of your travel agency business..
The first step to writing your business plan is to describe the purpose of your travel agency business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.
It also helps to include a vision statement so that readers can understand what type of company you want to build.
Here is an example of a purpose mission statement for a travel agency business:
Our mission at [Travel Agency] is to provide customers with the hassle-free and cost-effective travel experience that best meets their individual needs and exceeds their expectations. We strive to make travel an enjoyable and memorable experience for each and every one of our customers.
2. Products & Services Offered by Your Travel Agency Business.
The next step is to outline your products and services for your travel agency business.
When you think about the products and services that you offer, it's helpful to ask yourself the following questions:
- What is my business?
- What are the products and/or services that I offer?
- Why am I offering these particular products and/or services?
- How do I differentiate myself from competitors with similar offerings?
- How will I market my products and services?
You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.
3. Build a Creative Marketing Stratgey.
If you don't have a marketing plan for your travel agency business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals.
A good marketing plan for your travel agency business includes the following elements:
Target market
- Who is your target market?
- What do these customers have in common?
- How many of them are there?
- How can you best reach them with your message or product?
Customer base
- Who are your current customers?
- Where did they come from (i.e., referrals)?
- How can their experience with your travel agency business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?
Product or service description
- How does it work, what features does it have, and what are its benefits?
- Can anyone use this product or service regardless of age or gender?
- Can anyone visually see themselves using this product or service?
- How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?
Competitive analysis
- Which companies are competing with yours today (and why)?
- Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
- What specific advantages does each competitor offer over yours currently?
Marketing channels
- Which marketing channel do you intend to leverage to attract new customers?
- What is your estimated marketing budget needed?
- What is the projected cost to acquire a new customer?
- How many of your customers do you instead will return?
Form an LLC in your state!
4. Write Your Operational Plan.
Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations.
In it, you should list:
- The equipment and facilities needed
- Who will be involved in the business (employees, contractors)
- Financial requirements for each step
- Milestones & KPIs
- Location of your business
- Zoning & permits required for the business
What equipment, supplies, or permits are needed to run a travel agency business?
To run a Travel Agency business, you will need the following equipment, supplies, and permits:
- Computer and/or laptop with internet access
- Printer/copier/scanner
- Travel Agency Software
- Stationery Supplies (envelopes, notepads, pens, etc.)
- Business cards
- Business License/Permit from your local government
- Travel Accreditation (IATA / CLIA)
5. Management & Organization of Your Travel Agency Business.
The second part of your travel agency business plan is to develop a management and organization section.
This section will cover all of the following:
- How many employees you need in order to run your travel agency business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
- The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
- How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!
6. Travel Agency Business Startup Expenses & Captial Needed.
This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.
Typically, expenses for your business can be broken into a few basic categories:
Startup Costs
Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a travel agency business varies based on many different variables, but below are a few different types of startup costs for a travel agency business.
Running & Operating Costs
Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.
Marketing & Sales Expenses
You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your travel agency business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.
7. Financial Plan & Projections
A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your travel agency business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses.
Here are some steps you can follow to devise a financial plan for your travel agency business plan:
- Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
- Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
- Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
- Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
- Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
- Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.
Frequently Asked Questions About Travel Agency Business Plans:
Why do you need a business plan for a travel agency business.
A business plan for a travel agency is essential for a number of reasons. It will help you to define your objectives and strategies, identify your target market, and assess the potential profitability of your business. It also serves as a roadmap for establishing key relationships with vendors, creating operational structures, and setting budgets. A business plan can also be used to demonstrate your commitment to potential investors or lenders, showing them that you have taken the time to understand the industry and create a realistic plan for success.
Who should you ask for help with your travel agency business plan?
You should ask a professional business consultant or accountant for help with your travel agency business plan. They will be able to provide the knowledge and experience necessary to develop a successful plan that meets your goals and objectives.
Can you write a travel agency business plan yourself?
Yes, it is possible to write a travel agency business plan yourself. Writing a business plan requires in-depth research, a clear understanding of your industry and the ability to articulate your strategies and objectives. This includes creating an executive summary, market analysis, details on the services you offer and a financial forecast. Additionally, you need to clearly define your travel agency’s mission statement and list out any unique features or goals. Once you have researched your industry and developed these key elements of the plan, you may be able to create an effective business plan on your own. However, it may be beneficial to consult with an expert in the field or hire someone to assist in the process.
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Travel Agency Business Plan Template: A Practical Overview
A travel agency business plan template provides a structured framework for launching and managing a travel business. It maps out goals, strategies, and operational details essential for success.
Crafting a compelling travel agency business plan is crucial for any new or existing agency aiming to navigate the competitive travel industry. This plan not only serves as a roadmap to guide operations but also as a valuable tool for securing financing and attracting investors.
Ensuring that your business plan is detailed and comprehensive can set the foundation for a prosperous venture. Such a template typically includes market analysis, marketing strategies, financial planning, and customer service protocols — all pivotal components that help establish clear objectives and benchmarks for your travel agency. Engage potential stakeholders by clearly outlining your business model, value proposition, and growth potential through meticulous planning and strategic foresight.
The Essence Of A Travel Agency Business Plan
The creation of a travel agency business plan is a crucial step towards success. It lays out the path your business intends to take to thrive in the travel industry. Crafting this plan requires a deep understanding of the market and the ability to forecast changes and trends. Let’s unfold the key elements that make a travel agency business plan effective and practical.
Travel Industry And Market Synopsis
The travel industry is dynamic and competitive . Understanding its workings is vital for any travel agency. A comprehensive market synopsis should cover:
- Current travel trends and statistics
- Target customer profiles
- Competitor analysis
- Emerging destinations and travel services
These points will highlight the opportunities and threats in the travel landscape, guiding strategic decisions.
Key Components Of A Successful Plan
A successful travel agency business plan revolves around several core components. These are:
A snapshot of the business goals and vision. | |
Detailed services provided by the agency. | |
Strategies to attract and retain customers. | |
Day-to-day business functionalities. | |
Anticipated revenue, expenses, and profits. |
Each of these components plays a distinct role in charting the future of the travel agency. Through careful analysis and detailed planning, your travel business can tailor unique experiences for clients, ensuring longevity and profitability in the sector.
Conducting Market Research
The cornerstone of any successful travel agency business plan is robust market research. This phase arms travel entrepreneurs with vital insights. Understanding customer needs, preferences, and behaviors guides a tailored approach. It creates offerings that resonate with the market. Let’s dig into two essential components of market research.
Identifying Your Target Market
Who will you serve? It’s the question at the heart of identifying your target market. To find the answer:
- Study demographic data like age, income, and location.
- Look at psychographics such as interests, values, and lifestyle.
- Evaluate travel trends and habits.
Two primary tools for this job include surveys and focus groups. They reveal direct insights from potential customers. Use them to understand specific needs and desires within travel circles.
Analyzing Competitors In The Niche
Knowing who your competitors are and what they offer is vital. Perform a SWOT analysis to assess your position.
Strengths | Weaknesses | Opportunities | Threats |
---|---|---|---|
Exclusive packages | Limited marketing budget | Emerging destinations | Established rivals |
Also explore online reviews and social media activity. This shows how the market views your competitors. See where you can outperform them. Spot gaps in their offerings to capitalize on. This research sets the stage for building a unique value proposition.
Crafting Your Travel Agency’s Unique Value Proposition
As you craft your travel agency’s business plan, creating a strong unique value proposition (UVP) is crucial. This statement defines why travelers should choose your agency over others. It should capture the essence of what makes your agency special and different.
Highlighting Specializations And Services
In a bustling travel market, standing out is vital. Highlight your agency’s specializations and services to differentiate from the competition. Focus on areas where your expertise shines. Consider these elements:
- Niche travel offerings : Are you an expert in exotic locations or luxury cruises?
- Exclusive partnerships : Do you have special access to unique travel experiences or properties?
- Travel packages : Can you offer competitively priced bundles that add value?
A table might help clients see your different services:
Adventure Tours | Guided experiences in unique destinations tailored for thrill-seekers |
Family Vacations | All-inclusive packages perfect for family bonding and relaxation |
Luxury Retreats | Opulent and bespoke itineraries in the world’s most luxurious locales |
Creating Memorable Customer Experiences
Travel is not just about places, it’s about the memories and experiences that come with it. Your UVP should reflect how your agency creates unforgettable customer experiences. Consider these approaches:
- Personalized planning : Tailor trips to individual preferences to make them unique.
- Quality assurance : Ensure every trip is high-quality and hassle-free.
- Customer service : Offer unparalleled support before, during, and after the trip.
For instance, use visuals or testimonials to show the experiences you’ve crafted:
“Our family trip was beyond expectations. The attention to detail made it stress-free and incredibly enjoyable!” – The Thompsons
Your UVP must resonate with your target audience and emphasize your dedication to exceptional travel experiences .
Structuring Your Business
Embarking on a travel agency journey requires careful planning. Structuring your business is vital. It ensures smoother operations. It also provides clear guidelines for growth.
Choosing A Business Model
Deciding on a business model shapes your travel agency. Two popular models exist. The first is the traditional brick-and-mortar office. Comfort and trust come with face-to-face interactions. On the other hand, an online travel agency reaches more clients globally. It operates 24/7. Cost-effectiveness is a key advantage here. So, which aligns with your vision? Choose wisely for long-term success .
Building A Team And Operational Framework
Behind every successful agency stands a strong team. Building a team involves hiring skilled personnel. This includes travel consultants, marketing experts, and support staff. Establish clear roles. Provide detailed job descriptions.
Team Aspects:
- Skills and experience levels
- Roles and responsibilities
- Training and development
An operational framework guides day-to-day activities. Create reliable workflows. Use tools that enhance productivity. Automation is key for repetitive tasks. Emphasize on communication. Both within the team and with customers.
Operational Framework Components:
Component | Purpose |
---|---|
Workflows | Streamline processes |
Tools | Enhance productivity |
Automation | Improve efficiency |
Communication | Facilitate collaboration |
Financial Planning And Projections
Setting the financial foundation for a travel agency is crucial. Your business plan must include a solid financial planning section. It will guide you through budgeting, funding , sales forecasts, and financial goals. It’s the map that leads to profitability.
Budgeting And Funding Your Agency
Understanding your budget is the first step toward financial success. Here’s a simple approach:
- Create a list of startup costs. Think about office space, marketing, and staff.
- Plan for ongoing expenses . These include rent, utilities, and website maintenance.
- Consider unexpected costs . Always keep room in your budget for surprises.
For funding:
- Explore loans from banks or credit unions.
- Check for grants and subsidies available to new businesses.
- Consider crowdfunding or finding investors who believe in your vision.
Forecasting Sales And Setting Financial Goals
To keep your agency on target, set clear financial goals . Use these steps:
- Analyze past trends in the travel industry for accurate predictions.
- Define your sales targets . Break them down monthly and annually.
- Use realistic growth rates . Avoid overly optimistic projections.
Sales forecasting involves:
Year | Expected Clients | Revenue |
---|---|---|
Year 1 | 150 | $100,000 |
Year 2 | 300 | $200,000 |
Year 3 | 450 | $300,000 |
Forecasting helps you stay prepared . Having a financial plan keeps your agency’s future bright and clear.
Marketing Strategies To Reach Global Travellers
Marketing strategies are vital for travel agencies aiming to connect with global travellers. In an ever-connected world, reaching potential clients goes beyond traditional advertising. A smart blend of digital prowess and strategic relationships sets the stage for success. Let’s explore how travel agencies can capture attention on a worldwide scale.
Leveraging Social Media And Digital Platforms
Social media and digital platforms offer powerful tools to engage with global audiences. Travel agencies can craft compelling narratives that resonate with travellers. A robust online presence attracts and retains clients.
- Instagram showcases stunning visuals of destinations.
- Facebook facilitates community building and customer service.
- Twitter serves real-time updates and engages in industry conversations.
- YouTube shares immersive travel videos and virtual tours.
Email marketing campaigns keep offers and news in the spotlight. Personalized messaging drives conversion and loyalty. Strong SEO practices ensure visibility in search results, directing traffic to tailored travel packages.
Platform | Engagement | Conversion Rate | Customer Acquisition Cost |
---|---|---|---|
Likes, comments, shares | Package bookings via link in bio | Ad spend per new customer | |
Post interactions, messages | Inquiries to bookings | Campaign cost per lead | |
Tweet engagements | Clicks to website | Cost per website click |
Developing Strategic Partnerships And Networks
Trusted partnerships and industry networks broaden reach and offer mutual benefits. Cross-promotion with destination stakeholders enhances credibility. Collaborations with local tourism boards create authentic experiences.
- Identify local partners in target destinations.
- Negotiate contract terms that favor both parties.
- Implement co-marketing strategies for expanded audience access.
Affiliations with travel influencers bring destinations closer to potential travelers. Networking at industry events opens doors to valuable business opportunities. Progressive networking tactics lay the foundation for global brand awareness.
Legal And Regulatory Considerations
Legal and Regulatory Considerations form the backbone of a successful travel agency business. Failing to comply with laws can lead to serious consequences. A well-drawn business plan must outline steps to navigate these challenges. Let’s dive into the essentials of licenses, permits, and understanding the legal landscape of the travel industry.
Navigating Licenses And Permits
Before launching a travel agency, securing the appropriate licenses and permits is crucial. These vary by location and the nature of services offered. Check with local authorities for specifics. Common requirements include:
- Business license
- Seller of travel permit
- Professional licenses for guided tours
- Tax registration certificates
Research and apply early to avoid delays. Keeping a record of all applications and approvals is a good practice. Remember, each destination your clients visit may also have distinct regulations.
Understanding Travel Laws And Insurance Needs
Travel law encompasses consumer protection, liability, and transaction regulations. Consultants must stay informed about:
- Package Travel Regulations
- Data protection laws
- Accessible travel legislation
Travel insurance is another pivotal area. Offering the right insurance products can safeguard both the agency and its clients. Options include:
General Liability Insurance | Protects against third-party claims |
Professional Liability Insurance | Covers claims of negligence |
Error and Omissions Insurance | Defends against mistakes in professional services |
Commercial Property Insurance | Shields business property and assets |
Partner with a knowledgeable insurance broker. They can help tailor coverage to specific business needs. Documentation should be clear, and staff fully trained on the insurance products offered.
Implementing And Evaluating Your Business Plan
Implementing and Evaluating Your Business Plan is like setting sail on a grand voyage. Your travel agency business plan is your map and compass. It guides you through market storms and competitive seas. To navigate successfully, regularly check your position and adjust your course as needed.
Utilizing Business Plan As A Roadmap
Think of your business plan as a GPS for your travel agency. It outlines the path to your destination – business success. Key parts of your roadmap should include your vision, goals, and the steps to reach them. Start with setting clear, actionable objectives. Prioritize tasks and assign timelines for each milestone. Track progress with tools like Gantt charts or project management software.
- Define clear milestones: Monthly or quarterly goals keep your eyes on the prize.
- Assign tasks and deadlines: Know who does what by when.
- Maintain a budget: Monitor spending to stay on financial track.
Assessment And Iteration For Continuous Improvement
Continuous evaluation turns a good business plan into a great one. Use performance metrics to measure success. This clarifies what works and what doesn’t. Learn from client feedback and adjust your services accordingly. Annual reviews of your business plan keep it fresh and relevant.
Client Satisfaction | Surveys, Feedback Forms | Ongoing |
Sales Targets | Sales Reports, Analytics | Monthly/Quarterly |
Marketing Effectiveness | ROI, Engagement Metrics | Quarterly/Annually |
- Analyze feedback: Use client insights to refine offerings.
- Update the plan: Revisit and tweak your plan yearly or as needed.
- Stay agile: Stay ready to pivot strategies when opportunities or threats emerge.
Frequently Asked Questions
What is a travel agency business plan.
A travel agency business plan outlines the company’s vision, strategies, and financial projections. It serves as a roadmap for starting and growing the business, detailing target markets, services offered, marketing tactics, and revenue forecasts.
Why Do Travel Agencies Need Business Plans?
Business plans are crucial for travel agencies to secure funding, guide operations, and measure progress. They provide a framework for decision-making and help agencies identify objectives, strategies, and potential challenges.
How Often Should I Update My Travel Agency Business Plan?
Updating your business plan annually or when major changes occur is advisable. This ensures that your business adapts to market shifts, incorporates new goals, and reflects accurate financial data.
What Key Elements Should I Include In My Plan?
Your business plan should include an executive summary, company description, market analysis, organizational structure, service offerings, marketing strategy, and financial projections. Each section plays a vital role in presenting a comprehensive overview of your agency.
Crafting the ideal travel agency business plan is vital for success. With the outlined template, you’ve got a strong starting point. Firm up your objectives, market strategies, and financial projections. Remember, adaptability and thorough research fuel longevity in the dynamic travel industry.
Now, chart your course to triumph!
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How To Write a Travel Agent Business Plan + Template
Creating a business plan is essential for any business, but it can be especially helpful for travel agency businesses who want to improve their strategy and/or raise funding.
A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.
This article provides an overview of the key elements that every travel agency business owner should include in their business plan.
Download the Ultimate Business Plan Template
What is a Travel Agency Business Plan?
A travel agency business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.
Why Write a Travel Agency Business Plan?
A travel agency business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.
Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.
Writing an Effective Travel Agency Business Plan
The following are the key components of a successful travel agency business plan.
Executive Summary
The executive summary of a travel agency business plan is a one to two-page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.
- Start with a one-line description of your travel agency
- Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.
Company Description
This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.
If you are just starting your travel agency, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your travel agency firm, mention this.
You will also include information about your chosen travel agency business model and how, if applicable, it is different from other companies in your industry.
Industry Analysis
The industry or market analysis is an important component of a travel agency business plan. Conduct thorough market research to determine industry trends and document the size of your market.
Questions to answer include:
- What part of the travel agency industry are you targeting?
- How big is the market?
- What trends are happening in the industry right now and, if applicable, how do these trends support the success of your company?
You should also include sources for the information you provide, such as published research reports and expert opinions.
Customer Analysis
This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, and interests). You will need to provide a profile of each customer segment separately, including their needs and wants.
For example, a travel agency’s customers may include individuals, families, or corporate clients.
You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.
Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or travel agency services with the right marketing.
Competitive Analysis
The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.
For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors?
Marketing Plan
This part of the business plan is where you determine and document your marketing plan. Your plan should be clearly laid out, including the following 4 Ps.
- Product/Service : Detail your product/service offerings here. Document their features and benefits.
- Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
- Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
- Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or you may promote your travel agency via word of mouth or PR.
Operations Plan
This part of your travel agency business plan should include the following information:
- How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
- What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?
The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.
Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a travel agency include reaching $X in sales. Other examples include adding new products/services, hiring new employees, and so on.
Management Team
List your team members here including their names and titles, as well as their expertise and experience relevant to your specific travel agency industry. Include brief biography sketches for each team member.
Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.
Financial Plan
Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix).
This includes the following three financial statements:
Income Statement
Your income statement should include:
- Revenue : how much revenue you generate.
- Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
- Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss
Sample Income Statement for a Startup Travel Agency
Revenues | $ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 |
$ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 | |
Direct Cost | |||||
Direct Costs | $ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 |
$ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 | |
$ 268,880 | $ 360,750 | $ 484,000 | $ 649,390 | $ 871,280 | |
Salaries | $ 96,000 | $ 99,840 | $ 105,371 | $ 110,639 | $ 116,171 |
Marketing Expenses | $ 61,200 | $ 64,400 | $ 67,600 | $ 71,000 | $ 74,600 |
Rent/Utility Expenses | $ 36,400 | $ 37,500 | $ 38,700 | $ 39,800 | $ 41,000 |
Other Expenses | $ 9,200 | $ 9,200 | $ 9,200 | $ 9,400 | $ 9,500 |
$ 202,800 | $ 210,940 | $ 220,871 | $ 230,839 | $ 241,271 | |
EBITDA | $ 66,080 | $ 149,810 | $ 263,129 | $ 418,551 | $ 630,009 |
Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
EBIT | $ 60,880 | $ 144,610 | $ 257,929 | $ 413,351 | $ 625,809 |
Interest Expense | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 |
$ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 | |
Taxable Income | $ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 |
Income Tax Expense | $ 18,700 | $ 47,900 | $ 87,600 | $ 142,000 | $ 216,400 |
$ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 | |
10% | 20% | 27% | 32% | 37% |
Balance Sheet
Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:
- Assets : All of the things you own (including cash).
- Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
- Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.
Sample Balance Sheet for a Startup Travel Agency
Cash | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
Other Current Assets | $ 41,600 | $ 55,800 | $ 74,800 | $ 90,200 | $ 121,000 |
Total Current Assets | $ 146,942 | $ 244,052 | $ 415,681 | $ 687,631 | $ 990,278 |
Fixed Assets | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
Accum Depreciation | $ 5,200 | $ 10,400 | $ 15,600 | $ 20,800 | $ 25,000 |
Net fixed assets | $ 19,800 | $ 14,600 | $ 9,400 | $ 4,200 | $ 0 |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 | |
Current Liabilities | $ 23,300 | $ 26,100 | $ 29,800 | $ 32,800 | $ 38,300 |
Debt outstanding | $ 108,862 | $ 108,862 | $ 108,862 | $ 108,862 | $ 0 |
$ 132,162 | $ 134,962 | $ 138,662 | $ 141,662 | $ 38,300 | |
Share Capital | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Retained earnings | $ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 |
$ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 | |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 |
Cash Flow Statement
Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:
- Cash Flow From Operations
- Cash Flow From Investments
- Cash Flow From Financing
Below is a sample of a projected cash flow statement for a startup travel agency.
Sample Cash Flow Statement for a Startup Travel Agency
Net Income (Loss) | $ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 |
Change in Working Capital | $ (18,300) | $ (11,400) | $ (15,300) | $ (12,400) | $ (25,300) |
Plus Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
Net Cash Flow from Operations | $ 21,480 | $ 82,910 | $ 152,629 | $ 256,551 | $ 380,709 |
Fixed Assets | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Net Cash Flow from Investments | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Equity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Debt financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow from Financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow | $ 105,342 | $ 82,910 | $ 152,629 | $ 256,551 | $ 271,847 |
Cash at Beginning of Period | $ 0 | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 |
Cash at End of Period | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
You will also want to include an appendix section which will include:
- Your complete financial projections.
- A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.).
- Any other documentation which supports what you included in the body of your business plan.
Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your travel agency. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it. This will give you a much better chance at success than going into business blindly.
While it may seem like a daunting task, if you take it step-by-step and include all of the necessary information, you will be well on your way to having a successful travel agency.
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Travel Agency Business Plan Template [Updated 2024]
Travel Agency Business Plan Template
If you want to start a Travel Agency business or expand your current Travel Agency, you need a business plan.
The following Travel Agency business plan template gives you the key elements to include in a winning Travel Agency business plan.
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
Below are links to each of the key sections a business plan for a travel agency: I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
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Travel Agency Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
Travel Agency Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business ideas » Hospitality, Travel & Tourism » Travel & Tour Agency
Are you about starting a travel agency online? If YES, here is a complete sample travel agency business plan template & feasibility report you can use for FREE.
The line of business (travel agency) is open to both big time investors who have the financial capacity to invest in the travel and tourism industry and also aspiring entrepreneurs who just want to make a living but don’t have start – capital.
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As a matter of fact aspiring entrepreneurs who don’t have start – up capital can start out as freelance travel agents if they are diligent enough, they can build a big and well organized traveling agency. Simply put, travel agencies render services that cover all aspect of traveling.
They help their clients in securing visas (especially transit visas), purchase flight tickets, book hotels, book taxi cabs and bus shuttle services and of course make arrangement for site seeing amongst other services.
They work in conjunction with service providers such as airline companies, car rentals companies, cruise lines companies, hotels, railways, tourist sites managers and perhaps interpreters and security agencies ( supply of bodyguards et al for celebrities and other VIP clients).
How Do Travel Agencies Make Money?
The norm in this industry is that, travel agencies make their money via commission they get by offering traveling related services such as booking for flight tickets, securing transit visas, booking for shuttle buses / taxi cabs, car rentals, hotel bookings and cruise line bookings amongst many other services.
Travel agencies also generate incomes from selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies.
A Sample Travel Agency Business Plan Template
1. industry overview.
Statistics has it that as far back as 2009, the total market size for travel agencies in the united states experienced a sharp decline, dropping from an estimate of $17 billion in 2008 to $14.5 billion.
Cruise line booking remains one of the most profitable aspects of travel agencies, as a matter of fact, they handle an estimate of about 77% of bookings in that line of business and also an estimate of about 73% of packaged travel tour as it relate to cruise line services.
It is on record that Brownell Travel which was founded on July 4, 1887 by Walter T. Brownell is the oldest travel agency in the United States of America and it took several years, in the 1920s to be specific for travel agencies to become a popular business that looks promising and profitable.
Available data shows that employment of travel agents is projected to decline 12 percent from 2014 to 2024. This is so because the ability of travelers to use the Internet to research vacations and book their own trips is expected to continue to subdue demand for travel agents.
Since 1995 till date, many airline companies around the globe and most airline companies in the United States of America no longer pay commissions to travel agencies whenever they help clients book airline tickets. What traveling agencies now do is to ensure that they add their commission to the price of the tickets whenever they are selling to their clients.
In recent time, with the advent of the internet and the general public accessing the Internet, many airline companies have started selling their tickets directly to their target market via their online portal. So also it is now easier for other business in the value chain of travels and tours industry to now directly sell their services via their online portal to their target market.
Service providers such as airline companies, car rentals companies, cruise lines companies, hotels, railways, tourist sites managers and perhaps interpreters and security agencies et al. which is why you can’t find any airline company paying commissions to travel agents on each ticket they sold.
No doubt the travel agency line of business cannot be said to be oversaturated despite the challenges most traveling agencies are facing.
The source of the challenges cannot be far – fetched, as a matter of fact, with many people swapping to self-service internet websites, the number of available services and even jobs as travel agents is decreasing despite the fact that there are more travelers than ever before.
Some of the factors that encourage entrepreneurs to start their own travel agencies could be that the business is easy to set up and the start – capital is indeed affordable; you can actually start your own travel agency business from the comfort of your home. All you need to do is to create an office somewhere in your house.
2. Executive Summary
Chris Williams Travels & Tours, LLC is a registered and standard travels and tours agency that will be based in Las Vegas – Nevada.
The company will handle all aspect of travels and tours related business such as booking for flight tickets, securing transit visas, booking for shuttle buses / taxi cabs, car rentals, hotel bookings and cruise line bookings amongst many other travels and tours related services such as selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies.
We are aware that to run an all – round travel and tour agency can be demanding which is why we are well trained and equipped to perform excellently well. Chris Williams Travels & Tours, LLC is a client-focused and result driven travels and tours agency that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.
We will offer a standard and professional travels and tours services to all to our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.
At Chris Williams Travels & Tours, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the travels and tours industry.
Chris Williams Travels & Tours, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our plan is to position the business to become the leading brand in the travels and tours line of business in the whole of Nevada, and also to be amongst the top 20 travels and tours agencies in the United States of America within the first 10 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Las Vegas is the right place to launch our travels and tours agency before spreading to other parts of The United States.
Chris Williams Travels & Tours, LLC is founded by Chris Williams and family. The organization will be managed by Chris Williams and other members of his family and partners. He has well over 15 years of experience working at various capacities within the travels and tours industry in the United States of America.
Mr. Chris Williams graduated from both University of California – Berkley (First Degree), and University of Harvard (MSc.) and he is a Certified Travel Agent (CTA), a Travel and Tourism Professional (TTP) and he has a Total Travel Certification (TTC).
3. Our Products and Services
Chris Williams Travels & Tours, LLC is going to offer varieties of services within the scope of the travels and tours industry in the United States of America. Our intention of starting our travels and tours agency is to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition.
Our business offering are listed below;
- Travels and Tours consulting and advisory services for individuals and corporate clients
- Selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies.
- Booking for flight tickets
- Securing transit visas
- Booking for shuttle buses / taxi cabs
- Car rental services
- Hotel bookings
- Cruise line bookings
4. Our Mission and Vision Statement
- Our vision is to build a travels and tours agency brand that will become the number one choice for both individual clients and corporate clients in the whole of Las Vegas – Nevada.
- Our vision reflects our values: integrity, service, excellence and teamwork.
- Our mission is to provide professional and trusted travels and tours services that assist individuals, corporate organization and non-profit organizations in organizing all of their travels and tours.
- We are to position the business to become the leading brand in the travels and tours line of business in the whole of Nevada, and also to be amongst the top 20 travels and tours agency in the United States of America within the first 10 years of operations.
Our Business Structure
Chris Williams Travels & Tours, LLC will build a solid business structure that can support the growth of our business. We will ensure that we hire competent hands to help us build the business of our dream.
The fact that we want to become one of the leading travels and tours agencies in the United States makes it highly necessary to deliberately build a well – structured business from the onset. Below is the business structure that we will build Chris Williams Travels & Tours, LLC;
- Chief Executive Officer
Travels and Tours Consultant
Admin and HR Manager
Marketing and Sales Executive
- Customer Care Executive / Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Office:
- Responsible for providing direction for the firm
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for handling high profile clients and deals
- Responsible for fixing prices and signing business deals
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
- Responsible for booking for flight tickets, securing transit visas, booking for shuttle buses / taxi cabs, car rentals, hotel bookings and cruise line bookings amongst many other travels and tours related services for clients
- Plan, design and produce events while managing all project delivery elements within time limits
- Liaise with clients to identify their needs and to ensure customer satisfaction
- Conduct market research, gather information and negotiate contracts prior to closing any deals
- Provide feedback and periodic reports to stakeholders
- Propose ideas to improve provided services and tourism quality
- Ensure compliance with insurance, legal, health and safety obligations
- Cooperate with marketing and PR to promote and publicize travels and tours events
- Conduct pre- and post – travels and tours events evaluations and report on outcomes
- Research market, identify travels and tours opportunities and generate interest
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Design job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defining job positions for recruitment and managing interviewing process
- Carrying out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversee the smooth running of the daily office activities.
- Responsible for selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies.
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writing winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, marker surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develop, execute and evaluate new plans for expanding increase sales
- Document all customer contact and information
- Represent the company in strategic meetings
- Help increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Client Service Executive / Front Desk Officer
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
- Receives parcels / documents for the company
- Distribute mails in the organization
- Handles any other duties as assigned my the line manager
6. SWOT Analysis
Chris Williams Travels & Tours, LLC engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured travels and tours agency that can favorably compete in the highly competitive travels and tours industry.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Chris Williams Travels & Tours, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Chris Williams Travels & Tours, LLC;
Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.
As a new travels and tours agency, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated travels and tours industry; that is perhaps our major weakness.
- Opportunities:
The opportunities in the travels and tours industry is massive considering the number of individuals, families and corporate organizations who travels on a daily basis within the United States and to other parts of the world. As an all – round travels and tours agency, we are ready to take advantage of any opportunity that comes our way.
Some of the threats that we are likely going to face as a travels and tours agency operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
A common trend in the travels and tours industry is that in recent time, with the advent of the internet and the general public accessing the Internet, many airline companies have started selling their tickets directly to their target market via their online portal.
So also, it is now easier for other business in the value chain of travels and tours industry to now directly sell their services via their online portal to their target market.
The travels and tours industry is in a continuous state of evolution and as such, ground breaking strategies and ideas that are once highly successful are no longer as productive as they were in time past. Close observation of the trend in the industry reveals that the past few years have seen the rise and proliferation of social media and new tech tools.
The trend also extends to increased attention paid to engagement and new market segments, adopting eco-friendly measures and sustainability when planning travels and tours events.
As a matter of fact, social media has now become one of the most important tools travels and tours agencies leverage on to disseminate information about their travels and tours events, interact with clients, solicit feedback, and create year-round engagement with their target audience.
Furthermore, new software apps and emerging technology have made it easier for travel and tours agencies to gather all the needed data and information that will help them plan and project for the future. People that start travel agency can as a matter of fact start the business from a small office space / shared office space and still make headway in the business.
One thing is certain when it comes to travel agency business, you are sure of making profits in form of commissions when you are able to successfully book flight tickets, hotel reservation, taxi cab reservation and any other travel related services for a client. You are going to get your cut as soon as they make payment.
The truth is that, the cost of running a travel agency can be kept to the barest minimum because there are always ways you can cut operational and overhead cost. As a matter of fact, most people that run travel agencies have abandoned the “brick and mortar” agency for a home-based business just for the sole aim of reducing overhead, and maximizing profits.
8. Our Target Market
The demographic and psychographics composition of travel agencies cuts across people from all works of life; there is no clear distinction on those that would naturally need the services of travel agencies. Although a travel agency might decide to concentrate on high – income earning clients, and another travel agency might only concentrate on corporate clients.
The bottom line is that anyone that can afford to travel from one country to another is a potential client for travel agencies.
Although Chris Williams Travels & Tours, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading travels and tours agencies in the United States.
As an all – round travels and tours agency, Chris Williams Travels & Tours, LLC offers a wide range of services hence we are well trained and equipped to services a wide range of clientele base. Our target market cuts across people of different class and people from all walks of life, local and international organizations as well.
We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses. Below is a list of the people and organizations that we have specifically design our products and services for;
- Potential Couples / Young Adults
- Blue Chips Companies
- Corporate Organizations
- Religious Organizations (Pilgrimage journeys et al)
- Political Parties / Politicians
- Households / Families
- The Government (Public Sector)
- Schools (High Schools, Colleges and Universities)
- Sport Organizations
- Entrepreneurs and Start – Ups
Our Competitive Advantage
The level of competitions in the travel agency line of business depends largely on the location of the business and of course the niche of your travel agency. If you can successfully create a unique brand identity for your travel agency or carve out a unique market, you are likely going to experience less competition.
For instance if you are one of the few travel agency in your country or state that handles pilgrimage travels, you are show going to be making constant mega box year after year. This is so because religious faithful are always traveling for pilgrimage journey annually.
Although the competition in the travel agency line of business is not just within travel agencies but also other travel related service providers.
For example, it is now easier for you a traveler to book his or her hotel accommodation, book flight ticket, reserve taxi cab or rent car ahead of his journey from the comfort of his or her home with the aid of the internet simply because most of the service provider are by – passing travel agencies and taking their services directly to their target market.
We are quite aware that to be highly competitive in the travels and tours industry means that we should be able to deliver consistent quality service, our clients should be able to experience remarkable difference cum improvement and we should be able to meet the expectations of both travelers / tourists and our partners (services providers).
Chris Williams Travels & Tours, LLC might be a new entrant into the travels and tours industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified travels and tours experts in the United States. These are part of what will count as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups travels and tours agencies) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Chris Williams Travels & Tours, LLC is established with the aim of maximizing profits in the travels and tours industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.
Chris Williams Travels & Tours, LLC will generate income by offering the following travels and tours services for individuals and for corporate organizations;
10. Sales Forecast
One thing is certain; there would always be individuals, families and corporate organizations that would travel on a daily basis within the United States and to other parts of the world.
We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Las Vegas to other cities in Nevada and other states in the U.S.
We have been able to critically examine the travels and tours market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas – Nevada.
Below is the sales projection for Chris Williams Travels & Tours, LLC, it is based on the location of our business and the wide range of travels and tours services that we will be offering;
- First Year-: $150,000
- Second Year-: $350,000
- Third Year-: $750,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there are stiffer competition amongst travels and tours agencies and other related service providers in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.
Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.
We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard travels and tours business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow our travels and tours agency to become one of the top 20 travels and tours agencies in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Las Vegas but also in other cities in the United States of America.
Chris Williams Travels & Tours, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in Las Vegas and other cities in Nevada.
- Promptness in bidding for travels and tours contracts from the government, religious organizations and other cooperate organizations
- Advertise our business in relevant travels and tours magazines, newspapers, TV stations, and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local travel and tours expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver quality services to them
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the travels and tours industry by storm which is why we have made provisions for effective publicity and advertisement of our travels and tours agencies.
Below are the platforms we intend to leverage on to promote and advertise Chris Williams Travels & Tours, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Las Vegas – Nevada.
- Engage in road show from time to time
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.
12. Our Pricing Strategy
Travel agencies also generate incomes from selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies. At Chris Williams Travels & Tours, LLC we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.
In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises. We are aware that there are some clients that would need regular access to travels and tours consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
At Chris Williams Travels & Tours, LLC, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
13. Startup Expenditure (Budget)
Starting a travel and tours agency can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.
Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.
This is the financial projection and costing for starting Chris Williams Travels & Tours, LLC;
- The Total Fee for incorporating the Business – $750.
- The budget for basic insurance policy covers, permits and business license – $2,500
- The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
- The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $ 5,000
- The cost for purchase of the required software applications – $2,500
- The Cost of Launching your official Website – $600
- Budget for paying at least one employees for 3 months plus utility bills – $10,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
- Miscellaneous: $1,000
Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand (150,000) U.S. dollars to successfully set – up a medium scale but standard travels and tours agency in the United States of America.
Generating Funding / Startup Capital for Chris Williams Travels & Tours, LLC
Chris Williams Travels & Tours, LLC is a family business that will be owned by Chris Williams and family. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to offer a wide range of event planning and other related services to both individual and corporate clients.
We know that if we continue to deliver excellent travels and tours services, there will be steady flow of income for the organization. Our key sustainability and expansion strategy is to ensure that we only hire competent employees, create a conducive working environment and employee benefits for our staff members.
In the nearest future, we will explore the options of either selling out franchise or expanding our scope beyond Las Vegas – Nevada to other major cities in the United States of America. We know that if we implement our business strategies, we will achieve our business goals and objectives in record time.
Check List / Milestone
- Business Name Availability Check:>Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in the industry: In Progress
- Business Ideas
- Startup Plans
- Advertising
How To Start Travel & Tourism Agency Business [PLAN]
- by Olaoluwa
- October 26, 2022 August 28, 2024
TRAVEL AGENCY BUSINESS PLAN
Are you planning to start an online travel agency from home? Today, traveling has been much easier than it used to be a decade ago. There are many travel agencies these days taking care of everything that has to do with traveling.
Starting a travel agency at this present time won’t be a bad idea.
Travel agency provides a lot of services to clients starting from booking of flight, to find a good taxi, to booking hotels and resort reservation, to providing information about specific destinations.
If you have always had a love for traveling and providing traveling advice, you should start a travel agency so as to compliment your passion. Though relatively competitive, it is a very lucrative business and doesn’t require too much capital to start.
It is also an industry that is not affected by the economy because people must travel and some are too busy for the running around and so will need traveling agencies to do the running for them.
Here is a business plan for starting an online or home based travel business.
1. Conduct a Market Research and Find Your Niche
The travel agency is a vast industry with many niches. You have to conduct a market research to find out the kind of travel agency that is hot in the market and would suit you. Use the needs of the market to decide on the niche you should launch your travel agency in.
For example, corporate or academic travel may be what might be in high demand from a travel agency in your locality, but you won’t know until you conduct a market research. This will be helpful when choosing a travel business name to use .
During the research, also inquire about the startup cost for the niche that you might choose. Travel agency expenses are not more than office rent, office equipment like computer and phone lines, furniture and electricity.
So, don’t skip this step as if you do, you will find yourself to blame.
2. Check Local and State Laws
After you must have decided on the niche of travel agency you want to embark on, you need to make sure you are complying with the applicable laws concerning starting a travel agency.
Depending on your location, some paperwork will be needed to become established as a recognized business in your state. You will need to register your travel agency with the appropriate agents of government and apply for a Tax ID number.
Also, have it in mind that you will be needing a corporate account to operate this business.
3. Create a Travel Agency Business Plan
Not only does a business plan help you run your agency effectively, it also helps you secure funding from investors in the case you might need additional capital. If you will need financial backing from investors for your travel agency, your business plan must be professionally written to include a great deal of information.
Don’t rush into creating your business plan. Try to gather enough information before coming to conclusion.
Notwithstanding, if creating a business plan is something you are not sure of yourself that you can do, kindly outsource it to a professional business consultant.
Also, you may likely find samples of a travel agency business plan if you search online. There is also business plan software that can ease the process for you too.
4. Get a Location
I know you must have heard about home-based travel agency. Yes, they exist. But, check out the top travel agencies, are their offices located at home? if you want to join the top players in your market, you will need to get a location for your travel agency.
Contact real estate agent to find a good retail space for your business. Space should be large enough to accommodate clients while also housing furniture, marketing materials, and office equipment. There should also be enough car parking space too.
Location most suited for this kind of business is where the business is needed which include places like flight booking channels, hotels and airports. Your location should also reflect your brand image.
5. Market Your Travel Agency
You don’t just start a travel agency and sit down waiting for clients, you must market aggressively to your target clients. Making your business visible to the local people in your city is also a way to position your business for success.
You will need to have a promotional plan in place and be ready to spend money on the business card, logo design and also online marketing. Advertise your business in newspapers, billboard, hangout fliers etc.
Social media is still another channel you can use to market your business. you will have to create an account on social media platforms specifically Facebook, Instagram, LinkedIn, and Twitter. These are social sites your potential customers are always visiting. You should take your business to them.
Creating a website is also a must. This is where you will be directing your traffic from social media to so as to engage them with your content. A well- designed website conveys professionalism to potential clients and it is the best way to convert interested customers.
How to Start a Tourism Company
Do you have the mindset to start a tourism business but don’t have the confident to kick-start because you are not clear about some aspect of the business? Tourism business is a very profitable business if you are well-informed about the business and how you can make money with it.
Why Do People Travel
People travel from one town to another, one city to another, one country to another and one continent to another for different purposes. They include;
- Conferences: This can be academic, religious, economic and so on.
- Leisure: People travel for relaxation, to ward off stress, to initiate and complete a healing process.
- Health: People travel to get better medical assessment and assistance.
- Sports: People travel from place to place for sports.
Above are some of the reasons why people travel and hence promote tourism.
The tourism business is a broad business in the sense that there are many aspects of it. A person that want to start a tourism business will have to study the different aspects of the tourism business.
Tourism services are provided for tourists. A tourist can be said to be a stranger to the visiting environment and so will need assistance in performing almost all his/her activities in the said environment.
It is in providing these required assistance to a tourist that one can really start a tourism business and make money. A tourist will need assistance with:
- Accommodation
The hospitality aspect of the tourism business comes in handy here. A place to live for the time being is very fundamental to a tourist and so accommodation is a key need of tourists and this is why you need to start a tourism business.
Of course human beings need food to function maximally. Food business is a thriving sector of the tourism business.
The local cuisine of the environment can be well prepared and made available to tourists. Even the native cuisine of the tourists can be made available to make them feel at home.
- Transportation
Another reason why you should start a tourism business is because being a stranger in the environment, a tourist will need a reliable means of transportation to take him or her around to desired destinations. Flight tickets can also be booked for them.
- Language Translator
Sometimes, tourists go to countries with languages that he or she is not familiar with and therefore need a translator who understands both his or her language and the language of the environment. This is one way to make money from tourism business.
Most tourist, especially the ones traveling solely for leisure will need a person who is familiar with the terrain and sites of importance or places of tourist attraction as a guide to lead him/her around.
- Sales of Cultural Items/Goods
Most tourists want to take home some goods or items that are indigenous to the countries they visited. This is also a means of income to the tourism business. Local items and materials like clothing, footwear, jewelry, stationary and so on can be beautifully made and sold to the tourists at attractive prices.
- Local Entertainment
Every country is known to have their own cultural heritage and identity. This aspects of culture can be explored to be a source of income for the tourism business. The local dance of the people, local plays and so on can be performed to entertain the tourists.
Having mentioned the different ways of how to make money in the tourism business, it is now left for a person that wants to start a tourism business to decide on the aspect of the tourism business that he/she intends to focus on.
STARTING A TOURISM & TRAVEL AGENCY
Location is very important factor to consider in starting a tourism business. Most tourists want to see exciting sights and sounds. To start a tourism business , one has to be in a location that is easily accessible to tourists.
The environment where a tourism is located has to be such that visit regularly and one that geographically has a lot of tourist attractions. Environments with caves, rocks, stream, waterfalls, museums and so on are suitable environments to start up tourism business.
Tourism Business Plan
A business plan is a very important tool that will help a person intending to start a tourism business. A business plan is a document, more like a roadmap on how to start any business.
Aspects of the business that will be captured in the business plan include:
- The company profile
- The service/products to be offered
- The financial plan
- The marketing plan
- The unique selling point of the business
- The selling strategy and so on.
There are complete courses available for free on writing a business plan and an individual interested in starting a tourism business should study such courses as it will come in handy in providing a guideline for the success of the business.
There are authorities that control business startups and growth in the different sectors of the economy. These authorities issue licenses to business operators which enable them to run their businesses under the provisions of the law.
In starting a tourism business, the appropriate authorities should be contacted and the conditions that need to be met for a license to be issued to operated a tourism business should be taken into cognizance and met in order to obtain a license to start a tourism business.
The world tourism organization forecasts that international tourism will continue growing at the average annual rate of 4%. Did you hear that? 4%! What are you waiting for? Arise and take the steps above on how to start a tourism business and start rolling in the “bucks”!
How to Start an Online Travel Agency Working From Home for Free
Do you know how to become a home based travel agent? Here are the basic steps to becoming a successful travel agent from home.
The internet has increasingly changed the way work is done. This applies for a wide range of businesses including the travel industry.
If you seek to establish a travel agency business and also want to work from home, you can achieve both. This article will show to how to start an online travel agency working from home.
- What Products/Service will you be selling?
As a home based travel agency, you can still function effectively. But what type of services will you be providing? There are several of these travel products. These include car rentals, hotel and accommodation, and special packages such as cruises and incentive programs.
Guide: Ideas to Choose a Travel Agency Name
Other services and products include airline loyalty, travel insurance and emergency services and many more.
- A Business Partnership is Highly Essential
Operating a successful online travel agency requires partnership. This is the lifeblood of the business. But who are these partners? They consist of tour or activity providers. These are businesses which are on ground and will offer direct services to clients. Such include hotels or other types of accommodation arrangements, car hire services, flight companies, tour services and many others.
This partnership is bound by an Agency Agreement that allows you as the travel agency to resell their products.
Under such an agreement, the client or consumer pays for the service while you pay the net rates to the provider(s).
- Choosing a Host Agency
These agencies offer you the incentive of using its booking numbers, therefore presenting a unified front as a single agency. This is highly crucial for a new online travel agency business. The benefits of host agencies are enormous.
Any host agency you choose has its numerous benefits. Hosting agencies provide different business models. You get to choose which best fits your needs. Some host agencies require the payment of a one-time fee only. You get to retain every commission made.
Others charge a fee for each booking made without a commission split, while others will require a commission split.
- Advantages of Using a Host Agency
One of the major benefits of using a host agency is the low start-up requirement. It significantly lowers your cost of doing business. Others include ready support for your online travel agency, training, helpful tools, using its accreditation as well as access to its Seller of Travel (SOT) license.
In spite of its obvious benefits, there are those who would prefer not to use this option. If you are one of such persons, other options like joining a co-operation, operating independently or buying an online travel agency franchise are available.
- Patience is a Necessity
Starting an online travel agency as with other businesses requires a reasonable amount of time to stabilize. For a new business, it is usually challenging getting your first clients and maintaining steady patronage at the early stages. You will need to also understand that there are peak seasons. This means that apart from such periods, patronage is usually low even for established online travel agency businesses.
We recommend that you maintain your current job while gradually building your travel agency business. This is because if you depend on it for some income from the onset, you are likely to get disappointed. A lot of work is necessary to build a strong brand.
- Choice of a Niche
If you are surprised, you shouldn’t be. There are several online travel agency niches you can choose from. These can be effectively run from the comfort of your home. Some of these include wellness travel, specialty cruises, lifestyle or libertine travel, organized tours and special needs travel.
Others are women-only travel, travelers with pets, adventure travels, luxury travels and those for honeymooners. There are several more niches you can pick from.
It is necessary when picking a travel niche that you choose those with a higher demand. This should also align with your interest.
- Do you have a Source of Funding?
In other words, have you made adequate financial preparations for your proposed online travel agency business?
Luckily, running a successful online travel agency business from home will cut down significantly on funding. This is because you do not need a brick and mortar office. This takes up a substantial amount of your start-up costs.
With your computer and an internet connection, the funding requirement is significantly reduced. Having the right relationships are important to your success.
- Consider Sorting Out All Legal Issues
There are several laws that apply to different types of businesses. This includes travel agencies operating from home.
Such laws may vary from one state to the next. Whatever the case is, you should ensure that you abide by all stipulated guidelines. The legal structure of your business is also crucial to its smooth running or otherwise.
- Create Catchy and Effective Ads
Because your business is done entirely online, you should pay special attention to your marketing strategies. You need to create highly engaging ads with catchy infographic content. You may want to seek/hire the services of experienced graphic designers to get the job done. You also need marketing tips to sell your business to your target market.
- Is Your Business Deserving of Trust?
This is an important question that you will need to ask yourself. To build trust, you will need to establish a close relationship with your clients. A good thing with starting an online travel agency from home is that you set your pace. You should genuinely care for the needs of your clients.
In other words you should go the extra mile to satisfy your clients.
Once they know of your willingness to make them comfortable and happy, you would have won over some dedicated clientele.
We have discussed on how to start an online travel agency working from home . If you have followed to this point, you would see that there are definite steps that contribute to success.
Above all, your clients should not be taken for granted. Your whole aim should be to maintain the trust of these clients and to give them the picture of a reliable and well run business. The benefits are tremendous!
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The U.S. travel agency industry is valued at $48.5B with more than 90,600 businesses in operation and over 318,600 employees nationwide. Factors currently driving industry growth include an increase in domestic tourism and travel for overnight trips, vacations, and business purposes.
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Download HAR's Free Travel Agency Business Plan Template. We have a handy dandy (and free) travel agency business plan template for YOU, dear reader! Yay, it is the companion to this article. We're offering our travel agency business plan template free (no catch) because we want your new business to be off to the best start possible ...
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