Travel franchise opportunities abound in today’s travel market.
An astounding $704.4 billion of travel expenditure was generated by domestic and international visitors to the United States with about 7.4 million jobs being generated by these travel expenditures in 2009 alone.* With so much interest in travel and tourism around the world, it naturally makes sense to look into travel franchise opportunities, or perhaps investigate about how to start your own travel agency.
There are three ways to start a travel business. You can start an agency from scratch, buy an existing agency, or invest in a travel agency franchise. Starting a travel agency from scratch requires a lot of determination and effort. You need to build a business from nothing. This involves risk as well, as usually travel agencies do not make profit until their third or even fourth year. Starting your own travel agency takes a lot of time and patience in order to be recognized and trusted by travelers.
Buying an established travel agency comes with its own risks and price, but is better than starting on your own without any guidance.
Investing in a franchise is probably the best option of all. Ideally, a well established travel agency franchise allows you to use its name, concept, and logo for a small royalty. The franchisor helps the franchisee by providing the necessary training and support in starting the business. It’s a win-win situation for both as the franchisor gets recognition and the franchisee benefits from the experience of the parent company. The biggest advantage of starting a travel franchise is that these can be quickly up and running. You can even start a home travel business as a franchisee when office space isn’t essential.
But before you start a travel agency the first step is to find information about the franchisor. Try and find as much information as possible. The internet is a great place to look. Be sure that the franchisor has the necessary experience, and maintains a good reputation. Look for one that will give you guidance, support and success.
Once you’ve made your initial research about the franchisor, check to see if your state or province requires any licensing. The franchisor should be able to tell you this. Before you sign a franchise agreement make sure you are comfortable with all the clauses mentioned on the agreement.
Then find a suitable location for the franchise agency. Most franchisors have strict instructions about location requirements. A decent amount of space, a few pieces of furniture, and high speed internet connections are the basic essentials. Don’t forget, you could start a home travel business, and not have to worry about renting an office.
The franchisor will guide you on some of the major advertising and marketing strategies. Another key advantage of a travel franchise is that a well established franchisor provides training.