If you are considering investing in a travel and tour franchise, you probably have a lot of questions. For many people, the idea of starting their own business can be an incredibly daunting experience, but also one of the most liberating experiences of their lives. In this article, we’ll look at some of the key considerations to keep in mind when making this decision.
The travel and tourism industry is literally booming globally and now contributes over two trillion pounds to the economy. More and more people are thinking about how they can get involved in the travel and tourism industry, recognizing the explosive and exponential growth. Starting your own travel business from scratch is an option that people often consider, however, getting started without a network of contacts or even a basic starting point can be extremely difficult. A lot of new businesses will fail within 12 months, so always try to avoid this pitfall.
The most popular market for success within the travel industry is the travel or tour franchise market. What this essentially means is that instead of setting up a travel business from scratch, you can buy a travel franchise that actually gives you a firm starting point to start your business. There are quite a few travel franchise businesses online, however there are probably only a couple of established businesses. If you choose to purchase a travel franchise, be sure to do your research and choose the franchise company that best suits your needs.
So what can you expect in terms of support when you buy a travel franchise? When buying a franchise, there are always different levels of support. Think of this as a three-tier membership: Platinum, Silver, and Gold. The more upfront investment you’re willing to make, the higher level of support and guidance you’re likely to receive. However, there are some common levels of support that you should expect from all travel franchises.
The first thing to expect is a complete training or induction program. Many franchise operators will offer a residential training course, so it will likely be a crash course over several days or weeks. This can be a great opportunity to spend some meaningful time with franchise tour operators and really explore their brains, while trying to absorb an incredible amount of information.
They are also likely to induct other new franchisees at the same time. This is also a fantastic opportunity to meet like-minded people who are also at the beginning of the same journey that you are on. If you can take the opportunity to spend time with them and learn about their motivations for setting up a new franchise, you can increase your knowledge but also start building your travel network. In the travel industry in particular, your network and who you really know can be a determining factor in how well you do.
You can also expect some of the most practical tools for setting up a new franchise. This could include a laptop, hopefully pre-loaded with any specialized software and templates you may need. This may not always be included as a standard support tool, so you should always try to ensure that you fully understand everything that is provided. A functional website, branded with your company name and logo, is also something you expect.
Finally, you may also receive some brand materials such as brochures, brochures, and business cards. Remember that when you meet with potential clients, handing them a business card can be a great way to exchange your details with them and keep in touch.