The travel market is a huge global entity, and one that currently supports a staggering 277 million jobs across the globe. It is also accounts for approximately 9.8% of the world’s GDP, with an increasingly large amount of this business transacted online. As you would expect, this type of vast industry is extremely alluring to aspiring entrepreneurs, who can capitalise on huge growth to establish a profitable venture.
Such a goal is not without challenges, however, as the lucrative nature of the travel sector has transformed into an extremely competitive space. With this in mind, we’ve teamed up with travel providers Just Fly Business to provide tips to help aspiring travel entrepreneurs on their way:
Invest Heavily in the Procurement of Top, Industry Talent
The travel industry is increasingly driven by innovation, both in terms of the services offered by brands and the way in which they are delivered to customers. No business can successfully innovate and carve its niche within the travel sector with the power of creative thinking, so it is crucial that you invest heavily in securing the most proactive and skilled employees in the industry. This requires both effort and distinct lack of ego, as you should always want your employees to challenge you and your ideas on a daily basis.
Have a Clear Defined Vision for your Brand and Service
When starting out in an increasingly competitive and evolutionary market such as the travel sector, it is crucial that you have a clear defined vision for your brand. Whether you have targeted a gap in the market and strived to fill this void or simply decided to add value to an existing niche, you must operate with clarity of thought and set specific objectives to channel your growth. Such clear and concise thinking must also be extended to your pricing structure and distribution channels, as this helps you to plan in detail and determine your value proposition in the eyes of customers.
Socialise your Idea to as Many People as Possible
If you have placed an innovative product or service at the heart of your travel venture, it is import that you leverage social tools to raise awareness, gain feedback and generate interest. By engaging a wealth of diverse people through an integrated social profile (and at in-person trade events), you can refine your ideas before creating a prototype or test service. The key is to be proactive and interact with as many people as possible, including distribution partners, industry experts and even potential customers.