Business plan for Travel Agency

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Travel agency is an organization that organizes and bargains flights, getaways, etc., for backpackers. The significance of an all-inclusive and considerate business plan for Travel Agency cannot be exaggerated. The format of the business plan generally centers on external sponsorship, finance from the dealers, supervision of your functions and investments, advertising and promotion of your company, and attainment of your targets and purposes.

The travel agency business plan should entail both market study along with competitor details, summarizing what section of the industry you are aiming and what distinguishes you from them. Consider your sales and promotional approach, incorporate data on what prices will the goods or services is settled on, market networks, publicity and selling plans.

Your travel agency business plan should reflect the changing economic trends of the industry. The travel agencies those can adjust, develop and display new alternatives to their consumers through their business plans, persist to do remarkably well.

Business plan for Travel Agency - Things to consider

While preparing business plan for travel agency you need to incorporate three strong elements in it. They are:
  • All-inclusive Workbook: Your workbook should be of 90 pages and above and should incorporate every detail that can be useful for the user. While preparing a comprehensive workbook take a single point at a time, elaborate accordingly and in this way move forward to explaining the other details.
  • Business plan model: Your travel agency business plan template should be well designed and should comprise some personal information about you. It should be preferably in a MS Word format, facilitated by some newly acquired skills of the agency that is exclusively yours.
  • Statistical details and graphics: To make sure that your business plan is visually stimulating, use Excel spreadsheets along with pie charts which can give a ready access on the industry related information. Using your creativity is the mantra for any powerful business plan.

Business plan for Travel Agency - Format

Mentioned below is the format that one should consider while formulating a business plan for Travel Agency:
  • Executive Summary - describing company's area of expertise, its goals, future goals, start-up fund requirements, locating potential prospects, key competitors from which the firm seek to attain market share, sales objectives, etc.
  • Major Objectives - targeted sales through various medium, strategic tie-ups, net margins, etc
  • Mission - aim to connect traveler with service providers and lodging that suits the backpacker's needs and budget.
  • Path to success - market positioning, quality of services offered, etc
  • Company Review - details about expenses, assets, endowments, loans, funding details, etc
  • Company rights details
  • Various Company Locations and Services - details about agency's presence in the nation and various facilities offered by them
  • Service - competitive prices, equipments, offerings, travel packages, etc.
  • Market rivalry and assessment
  • Sales details - through booklets for travel spots, hire car firms, leisure, direct mail, advertisements, etc
  • Relationship with travel service providers and customer satisfaction
  • Deployed Technology Details
  • Upcoming services
  • Market Assessment Summary - Industry details in various countries of the world, customer growth(through table or charts), CAGR, target market segment approach, economic trends, requirements, etc
  • Rivalry and purchasing patterns
  • Distributors
  • Promotional programs
  • Costing approach
  • Sales predictions of a financial year
  • Highlights
  • Institutional structure
  • Staff Plan
  • Fiscal plan - Vital assumptions, major fiscal indicators, etc
  • Estimated profit and loss
  • Expected Cash flow
  • Commercial percentages
  • Appendix