Agent to Agent: Do Travel Agents Have to Make a Business Plan?

by Tammy Levent
Last updated: 12:00 PM ET, Wed November 21, 2018

Image: A successful business plan. (photo courtesy of cyano66/iStock/Getty Images Plus)

Dear Tammy: I'm just getting started as a new travel agent. Do I have to make a business plan? If yes, where do I start?

Tammy: Yes, you definitely need to create a business plan if you want to become a successful travel agent.

A plan for your travel agency business is necessary as it acts as a guideline for your business. And no need to feel overwhelmed as it can be short and informal. You just need to be sure that it includes at least the basics of a business plan.

A basic plan should include your vision as well as a mission statement, as these two bits of information are extremely important as they let other people know exactly what you are all about. A more detailed description of your business can be explained in a paragraph or two and should include all of the travel related services you're interested in offering your clients.

Also, there are many areas you can focus on when choosing a career as a travel agent, so be sure to choose one that you know you're sure to be successful in. A few examples of specialty travel services you can focus on include-business travelers, luxury travelers, extreme vacations, family vacations, etc.

Only when you determine the kind of travel services you want to offer your clients are you able to understand how to target this particular group of travelers. You'll need to come up with a marketing plan for addressing this group, or at least some ways you can promote yourself online so that your client base can find you!

And it's really important that you understand who your competition is, which is going to require a little bit of time researching on your part so you can get a good overview. And know that researching your competition can be extremely beneficial! Ask yourself, what is that they are not doing that you can possibly do in order to attract more clients your business? What is it that you can do to make yourself stand out from your competition?

You also need to outline your financial projections over the next couple of years, which lets you know how much money you're going to need to sustain you until you can start accumulating your client base. This makes keeping a financial spreadsheet a great idea for keeping track of your incoming and outgoing finances.

Good Luck!

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