Things to Consider When Launching a Travel Business

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Travel and tourism are some of the most profitable industries. Before the Covid-19 pandemic, this industry has been growing very rapidly. And now that the world is slowly opening and people are back to traveling, the industry is expected to bounce back fast.

Studies show that more than half of the population around the world are traveling at least once a year either for business, leisure, or other reasons. So, it does not come as a surprise why many are still interested in opening their own travel business.

If you’re one of them, here are some of the things you need to consider when launching a travel business.

1. Naming Your Company

The first step to launching a travel business is to come up with a name. Make sure the name is something that people can remember easily. To boost your SEO, think about a name based on the target phrases that people search for in the travel industry.

This is one way to stand out in this very competitive market. Once you have a name in mind, try to test it out on Google AdWords using the “find keywords” tool.

When you search the name on the tool, it will display similar search phrases along with information on the number of local and global monthly searches that the keywords are getting.

Make sure no other companies own the name you have chosen. The last thing you want is to find out later that you have infringed on someone else’s trademark. So, do your research well.

And after you have finalized a name, secure the domain name immediately before somebody else does!

2. Getting Your Values Right

Core values are a crucial part of every company. It provides a framework for decision-making and gives employees a shared sense of commitment, allowing them to rally behind a common cause.

Due to the increasing awareness of environmental issues, many travel companies nowadays are going carbon neutral and have demonstrated ecological sustainability as their core value.

When demonstrating ecological sustainability, make sure that you practice it in all aspects of your business, but be careful of greenwashing.

Greenwashing happens when companies market themselves as environmentally friendly even though they are making less effort in minimizing their environmental impact.

This is a deceitful advertising gimmick intended to mislead customers who prefer to support environmentally conscious companies.

It is an attempt to capitalize on the increasing demand for environmentally products by conveying a false impression that the company is environmentally sound.

Greenwashing is a common practice in the travel industry. For instance, some tour companies would try to create excursions that look more sustainable and ethical than they truly are.

These companies would trick travelers into believing that they are helping the environment if they participate in certain activities. But the truth is that these activities are mere gimmicks to entice tourists and earn more revenue.

If you are really serious about going green, make sure you clearly demonstrate that in all aspects of your business.

3. Recruitment

Recruitment in the travel industry is very competitive, so offer good employee benefits and salary packages to attract the right talents. But choosing the right candidate is not easy.

Regardless, there are some measures you can use to ensure that you end up hiring the best employees no matter what.  To understand the industry talent and get the right talent to your company it’s worth looking for a specialist in luxury travel recruitment and getting them to help you with onboarding.

Choose someone with a commitment to their career. Ask the right questions during the interview to gauge their ability and assess their skills. Assess with objectivity and fairness to ensure that you evaluate all candidates in the same manner.

Set clear criteria for talent early on during the recruitment process and be very consistent with the questions you ask each candidate.

Remember, hiring is not only about ticking boxes. Sure, it usually involves publishing an ad, screening potential candidates, and coming up with a shortlist of suitable candidates.

But overall, hiring employees for your travel business is a crucial factor in the overall success of your company.

After all, your business cannot function without these employees, and it’s your responsibility to look for and hire stellar performers who can help make your travel business a success.

Once you have successfully found the right talents to hire, the next step is onboarding.

You must have the right tools for onboarding. Having the right strategies for onboarding while providing necessary support and training can help improve employee retention and minimize the overall costs of having to hire again in the future.

4. Partnerships

As a new company, it can be challenging to reach the right audience and attract awareness to your brand, especially since the travel industry is highly competitive. Therefore, consider joining forces with other companies in the same space or location as you.

This can benefit you in terms of marketing and attracting the right customers and clients. In fact, some of the world’s biggest companies have built bridges with their competitors and became strategic partners because they knew that it’s good for their companies.

Partnerships refer to an agreement between two companies or more, where everyone agrees to work together to achieve a common goal or undertake certain tasks. Partnering may also require sharing responsibilities, risks, and resources.

It is what enables many travel companies to expand. For instance, you can consider partnering with airline companies, hotels, cruise lines, and tour operators. Through these strategic partnerships, you can reach out to your target audiences and market your brand.

Sure, it’s not always easy to approach companies for partnerships. You need to make sure that the partnership will be beneficial for you and the other party. It will not work if you simply use these companies to hire or act as a middle man, and then you pay for their services.

There should be clear benefits for both of you, and these need not be monetary. So, before you reach out and negotiate with these companies, think about what you can offer them and what you can get from them in return.