As the world finally opens up for business, the beleaguered travel industry is finding its stride. Not surprisingly, this is attracting a number of small business owners to explore hospitality business ideas.
What are travel companies?
Travel companies provide travel-related services. This includes services such as accommodation, rentals and recreational activities to experience local culture. Travel companies are closely linked to the tourism industry and in many cases are complementary to each other.
READ MORE: Build a travel business you can sell with these 5 tips
The travel and hospitality industry in 2022
The global pandemic has had a massive impact on the travel and tourism industry. For two years, businesses around the world have suffered from the sudden shutdown of travel. 2022 is seen as the year when things finally change for this sector.
While many companies continue to implement flexible working hours, the travel industry expects a large number of leisure travelers to do business this year. To cater to these travellers, the industry must provide makeshift office space.
Another trend set to gain traction this year is sustainability. More and more travelers are looking for sustainable solutions when planning their trip. This includes vegan meal options and local produce, to name a few.
Why You Should Consider Starting Your Own Travel Business
From a business perspective, now might be the best time to start your own travel business.
Let’s take a look at the factors that make this a lucrative business opportunity.
- Potential to Earn More: As travel regains popularity, there are many opportunities to increase your income.
- Choose your field: Another advantage of starting a travel-related business is that you have many options to explore. For example, you can choose to specialize in an area such as travel photography or travel consulting depending on your interests.
- Going without a desk: Thanks to digitization, a number of small travel businesses have gone entirely online. This saves these online business owners time and money.
- Partner with other service providers: As a business owner in this industry, you don’t have to venture alone. You can easily link up with other service providers and offer a better deal to your customers.
- Low start-up cost: Many small businesses prefer the travel industry because of the low start-up cost. Depending on the scale you have in mind, you can keep your business profitable.
READ MORE: Small Business Ideas for Beginners
Popular Travel Business Ideas
Today, the travel industry goes beyond the creation of an agency. Thanks to customers continuing to search for better options, there are a number of profitable travel business ideas. Let’s explore some of them in detail.
1. Tour guide business
It’s the perfect business idea if you don’t have the capital to invest in your business – at least not in the initial phase. To be successful, you must have knowledge about where you are operating. You must also be based in a location that attracts enough travellers.
2. Bed and breakfast business
If you want to turn your home into a place of business, a bed and breakfast is the right option for you. To make it popular with many travelers, you have to deliver a truly great experience. This includes having a genuine passion for welcoming different people and making them feel comfortable during their stay.
3. Car rental business
Many travelers rely on cars to get around when traveling. A car rental is the most obvious choice for many of these travelers. If you have experience with automobiles and their maintenance, this business may work for you.
4. Scooter Rental Business
Many vacationers prefer to use scooters, especially when the weather is nice outside. To be able to start this business, you need to have at least 3-4 scooters. You should also have a thorough knowledge of scooters.
5. Travel photography business
If solo entrepreneurship is your calling, starting a travel photography business is one of the obvious choices. As a travel photographer, you have the flexibility and freedom to travel, take photos, and earn money. If you are really talented, you can earn a lot of money from the various stock photography websites.
6. Translation Services
Another popular option for those who want to run their business independently is translation services, which are useful when dealing with out-of-town clients. Your ability to converse fluently in more than one language is especially useful when you’re in a busy city that sees a lot of travellers.
7. Medical tourism
In recent years, medical tourism has become very popular in various parts of the world. In addition to modern medical science, many people are interested in holistic and traditional treatment options. It goes without saying that you need to have the right credentials to be able to start this lucrative business.
8. Adventure Travel
Adventure tourism is a niche within the travel industry. Extremely popular with young people, it is a large service company. Generally, you will need to gain experience and references to start this type of business.
9. Event planning
Another business model that pays quite well is corporate event planning. As an Event Planner, you will be responsible for designing unique corporate events. It’s not a sole proprietorship, so you’ll need a personal assistant and extra manpower to be successful.
10. Travel Blogging
Making money from their travel blog is a full-time job for a number of travelers. If you have a passion for writing and documenting your adventures, you can turn yourself into a social media influencer. Of course, the competition on social media platforms is quite fierce, but with good content, you can easily stand out.
More Great Ideas for Traveling Businesses
With so many options to choose from, narrowing down the best travel business idea can seem overwhelming. The trick is to focus where your passion really lies. Let’s explore a few more ideas for your business.
Travelers around the world need coffee to keep their energy up. A café is therefore an excellent idea to attract customers. Your choice of location will be of great importance when setting up your store.
12. Glamping business
Glamping brings glamor to the fun outdoor activity that is camping. The idea is to create a sophisticated ambiance for the campers. Of course, you need a great location and the right services in place to be successful.
13. Kayaking trips
Many adventurous travelers enjoy kayaking. But since bringing a kayak is often not an option for them, they have to rely on local businesses. This is where you can make a difference and make money from adventure sports.
14. Water taxi service
Depending on the location, you can offer water taxi services to your customers. This business requires you to make a small capital investment.
15. Travel agency
Starting an agency is a great idea if you have the right knowledge and manpower to meet your clients’ demands. If you are short of manpower, you can work as an independent operator or in partnership with a large travel agency.
READ MORE: How to start a travel agency
How do you start your own travel business?
You must have a clear business plan before starting your own travel agency. You should keep in mind that some of the niche segments require substantial capital investments. So, if you don’t have the necessary funds, you should explore options that don’t require you to spend a lot. More importantly, you need to understand what drives you to start the business.
Image: Envato Elements
More in: Developing an Idea, Small Business Travel