1 . Write a Business Plan – It’s a must!
The temptation when starting any company not just starting a travel company, is to dive straight into the marketing – after all, that’s what bears the fruit. But any business proceeding without first writing a sound business plan is applying a false economy.
A business plan will force you to focus on what may not work as well as what might work as well as helping you to assess the cash you will need, and have to make to get off the ground. Most banks, merchant services suppliers, travel trade bodies and insurers will also ask for a business plan before agreeing to work with you.So, what should go into a travel start up business plan? Start by asking yourself these questions:-
- Why are you starting a travel company?
- Who will want to book your services?
- What makes you different to other travel companies selling services similar to yours?
- What is your business model?
- What will your services cost?
- How much will it cost you to supply the services?
- Will your business be a sole trader, partnership, limited liability partnership or limited company?
- Will you be the supplier of services to your customer or will you act as the agent of another entity?
If you are struggling to answer some of these questions, get in touch. We can help you with preparing a business plan, and financial forecasts and give you advice about what legal structure your business and sales should take.