Where Are You and Where Do You Want To Be? 

This is the first in a three-part series about launching a travel business.

Yogi Berra once said, “If you don’t know where you’re going, you’ll end up someplace else.” To prevent your business from ending up “someplace else,” you must set goals to send it off in the right direction. Thus, it is important to create a business plan.

The Travel Institute’s Business Planning and Financial Planning online courses are designed to help you create a path to success. There’s good news if you already have access to The Travel Institute’s Premium Access Lounge: those courses are automatically included as one of your benefits! You also can find them in our Bookstore.

A solid foundation is critical to starting a travel business and protecting its assets. Be sure to attend the power session, Cover Your Assets…Before You’re Sued, presented on April 7 at 12:00 pm (EST) by Michele Cartwright, CTA, to help protect your company from litigation.

So, where do you begin? At the end, naturally! To create a successful plan, start with the end result in mind. Ask yourself: “Where do I want my company to be in 2022 and beyond?” “What are my expectations for my company?”

First, Set Some Goals

Reaching your desired end result requires you to work backward and create a personal development plan. Write down a handful of goals for your company. Then list specific actions that will help you attain them.

Let’s say your goal is to encourage repeat business. Your action, then, could be finding ways to be memorable by creatively touching base with each client every four to six weeks. For example, your clients have an early-morning flight for an upcoming vacation. A few days before the trip, you could email them a $15 Starbucks gift card with a note that says, “Coffee’s on me! Have a great flight!”  They’ll think of you when they are sipping their coffee in the airport. And they’ll think of you the next time they’re planning a trip!

What else can you do? Here are two additional typical goals and the specific actions for reaching them:

Goal: 

• To establish brand awareness.

Actions:

• Create a logo that represents your services and your brand messaging.
• Design a website that mirrors your brand and explains your value.
• Enroll in The Travel Institute’s business, marketing, and social media classes.

Goal:

• To become knowledgeable in a specific niche.

Actions:

• Enroll in that specific Niche Program offered by The Travel Institute.
• Go on a FAM trip.
• Take advantage of supplier training in that niche.
• Design your client avatar.
• Implement a marketing strategy targeted to this particular niche and client.

Finally, to create goals that get results, be sure they are SMART: Specific, Measurable, Actionable, Realistic, and Time-sensitive.

Then, Roll Up Your Sleeves and Make a Plan

Now it’s time to build a business plan that incorporates your short- and long-term goals. Having a plan will help you avoid common pitfalls, like spending too much money and time pursuing revenues not consistent with your goals and overall mission. Once you have a plan, maintaining it will be easy.

Consider some key ideas as you begin to draft your plan.

• Define your expectations. Think about what your motivation is for being in the travel industry and what sort of income you expect to make. By understanding your business expectations, you can establish your company’s vision and mission.
• Project your income and expenses. Once you have identified your business direction, you can calculate the income you need to accomplish your goals and reach your expectations. You also can budget for overhead, advertising, equipment, and other reasonable expenditures.
• Fund your business. In a separate bank account, set aside the necessary funds for your business venture. Don’t commingle business and personal funds.
• Regularly review your plan. Examine your plan monthly to make sure you are on course and to adjust accordingly.

When you are ready to create a business plan—including a company overview, a product or service strategy, a thorough market analysis and marketing plan, and a financial plan—enroll in the Business Planning and Financial Planning online courses designed to ensure your company will not “end up someplace else”—as Yogi Berra warned us about.