The travel industry is a vigorous, competitive and lucrative economic sector but full of opportunities. Though, for starting a Travel Startup, one does not necessarily need to have experience in the Travel Industry, starting your own Travel Startup comes with a unique set of perks and challenges.
If you are choosing a competitive industry like Travel, you are unescapably resigning yourself to a high degree of hard sprig. So before jumping in into the industry, make sure you are making the right move. Also, make sure your motivation to start a Travel Startup is followed by persistent hard work and service. Customers are always looking for the best deal but there is nothing like best in the trade. So let’s get started with the Steps:
Develop A Business Plan or Find Solution
It’s the imperative part of the start-up and all ideas and criticism should be welcomed. A strong and thorough brain storing is required to strike the right string of success. Entrepreneurs should always understand only starting up is not a solution but a reason and unique idea will jingle the bells of success for them. Let’s take an example: Ritesh Aggarwal started with the idea of standardizing the Budget sector hotel and got OYO. You should also have a solution to the problem still persisting around you.
Calculate Projected Cash Flow
Consider all your possible financial obligations which might include insurance premiums, business registration, and various taxes. Also, consider your projected income.Don’t forget to consider various recurring costs.Cash flow information is a critical component of any business plan which also helps you to figure out whether your Travel Startup will be viable.
Registration of Company
You need to register your firm with the Government of India and should comply with all state laws. An entrepreneur can go ahead with various options available in the market. A private limited company is definitely a must for entrepreneurs who have plans to offer their services online and quickly scale up their business – using the power of the internet. On the other hand, newly introduced business entities like Limited Liability Partnership (LLP) or One Person Company (OPC) would be ideal for entrepreneurs who have plans to slowly build the business and/or do it on a part-time basis. As Limited Liability partnerships have no requirement for audit unless the turnover exceeds Rs. 40 lakhs in a year, it would be ideal for entrepreneurs who are getting their first-hand experience in their venture. On the other hand, OPCs would be ideal for entrepreneurs who are establishing their business as a single individual, who want to avoid having extensive compliance related requirements to follow. Either way, a business entity offering limited liability status and separate legal entity status would be ideal for a travel agent. Same can be done by clicking on the below link.
All entrepreneurs must decide the offerings to the customers very carefully, they should spend a good amount of time in finding the problem and according to the same product, offerings need to be designed. In Travel products, examples can be, A complete package of Dubai or A booking of hotel etc. Based on your Business plan, it should be tailor-made for audience or region you are targeting.
In the era of e-commerce, it is imperative to have the website. Mostly customer searches you on the website and gains confidence about the company. A website can be of any sort, a static one or a dynamic one, based upon your budget. Travel Entrepreneurs with limited social network and limited fund uses static one and those with good funding will go for dynamic one. Irrespective of the audience he is catering to you. Do note that the Brand name should be catchy, short, symbolizes the product and should pass telephone test.
Get a Space for your Startup
Get a dedicated place to work, be it a small cabin or just a small room in the home. Getting a dedicated space will give you a sense of work while keeping away all the random distraction. Dedicated space also increases your dedication to work.
Positioning any product or service in a right market is tres imperative. So depending on the budget available correct kindly of marketing should be done.Marketing can be of 2 types ATL / BTL and initial days BTL should be followed if on a low budget.It will create your brand awareness among the target audience and results are very good. Some example of the BTL can be Stall in the event, Banners & hoardings etc. Plan out some great digital marketing and social media strategies to reach out more and more people. However, do not spam!
Last but not the least, entrepreneurs should review the results every quarter, understand the high & low point of the quarter. Also, understand which offerings are high selling and execute a new strategy for the low selling or go back and understand the root cause.