Perfect Timing: Starting a Travel Agency
Many people feel that starting a travel agency is a thing of the past with the internet being so prevalent in our lives today. There have been changes to the way business is conducted in the travel industry over the years but those that adapted have done well. In fact, starting a travel agency now is easier than ever and here is why.
- Simple to Start : All you need is a computer, a phone, be part of a good organization and you can start from home.
- No Upfront Inventory: In travel you don’t have to buy anything upfront in order to sell product which is unlike many other businesses where purchasing food, product or raw materials is required to be able to open. Your overhead in travel is very low.
- Access to Inventory: Being part of a good travel organization gives you immediate access and higher commissions to all product and destinations around the world just as if you’ve been in business for 20 years.
- Market: The potential market for starting a travel agency is incredible. With over 318 million people in the US, 35 million in Canada and the internet you have the ability to reach not only those individuals in North America but around the world. Cruise lines continue to be very bullish on the future of the cruise business. 5 ships entered service this year bringing in 11,000 new berths, later this year 2 new ships will be arriving bringing an additional 7,450 berths into the market, in 2016, 10 new ships are set to enter the marketplace bringing 22,300 additional berths and from 2017-2020 another 18 ships are scheduled to be built. Approximately 24% of the US population has taken a cruise so you can see that the market has plenty of room for growth.
- Consumers have Limited Amount of Time: Our lives are busier now than ever, both parents are working, kids are in more activities than ever, people are working longer hours and many don’t have the energy or time to search the internet for hours to find that right vacation.
- The Internet can be Helpful and Confusing: People are definitely doing some research online regarding vacations. However this can add to much confusion, many sites say they are the best with the lowest price, sites also have conflicting information, some don’t provide the full cost so the consumer can easily become overwhelmed with the process.
- Economy – Travel is one industry that always bounces back quickly in economic downturns, and people feel entitled to their vacations!
Starting a travel agency is not at all a thing of the past but very much a great opportunity for many in the future!