Travelling and tourism can be considered as one of the best businesses in the contemporary world. The ever increasing need of tourism and Travelling has made this business low risk and successful because people from all over the world travel and arrange tours. Moreover, tourism is the most growing business, and high revenue generating source for some countries like Malaysia, Thailand, America and Australia. Every business is determined feasible or not based on the calculations or the risks in that particular business. When we talk about business of tourism and Travelling, very low risk factor is involved. Individual which want to initiate the tourism business with an appropriate level of information and interest can generate good revenue with minimum recourses. The profit margins in Travelling and tourism is generally high, and it is the most feasible business for investors. The history of Travelling and tourism is very old. There are hints of ancient travelers who travelled across the world. Though at that times the recourses were not sufficient. However, in the present day world, with the assistance of Travelling medium, tourism facilities and technology, the risk factors are minimized. Moreover, the individuals interested in the business can get good profit just by organizing and managing a trip plan.
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Qualities in the Travel and Tourism Entrepreneur
Travel and tourism entrepreneur ship are based on certain influencing factors. These factors can be called the qualities which should be present in a good entrepreneur. Among them are the knowledge, leadership and management skills, the awareness of new technology, information about the most appealing tourism and Travelling packages and a business sense to compete with the market. Travelling and tourism business is not only about investment and revenue. It is more related to interest and creativity. Interest gives us an opportunity to peep inside the industry and creativity give us an edge to prepare schedules and Travelling packages for the clients. A good entrepreneur will always look for the needs and demands of the customer. Moreover, he will ever try to adjust his offer accordingly (Kucherawy, 2002, http://www.gaebler.com/From-Travel-Industry-Job-to-TravelEntrepreneur.htm.). Besides, any successful entrepreneur will be good enough at marketing. With his business skills, he can win the hearts and minds of the client age. In the long run, these clients will come back to him, resulting in the growth of his business. More precisely, a good entrepreneur is a multi skilled individual with the best command on business tactics and the need of the customer. Subsequently, best tourism entrepreneur must have the required information about they are launched packages in the market. What the competitors are doing and how his/her company can compete with the deals already present in the market. It is right to say that a Travelling and tourism company has to be very vigilant, cooperative and linked under the supervision of a skilled entrepreneur.
Development of Entrepreneurial Enterprises and Significant Influential Factors
In order to develop an entrepreneurial enterprise certain initial steps are highly important. Among them are the global trend of tourism business, local market saturation levels, targeted business domain, appropriate modes of marketing, social contacts, awareness about the global changes in the business of Travelling and tourism, the creativity levels while organizing the business deals and the appealing promotional deals (Georgine, 2001, http://www.allbusiness.com/management/780808-1.html).
Global Trend of Tourism Business
The foremost step in developing an enterprise entrepreneur should have deeply observed global trends of tourism. Which country do people prefer to go, and at which rates or packages? Moreover, he should try to re-orientate him/herself accordingly. For instance, the events of Christmas or New Year are the best examples. These festivals are celebrated all over the world. Now a smart entrepreneur should notice the general orientation of traffic, or in other words, where people want to go on Christmas or New Year? Secondly, within the country what are the most probable sights which can be targeted for tourism and Travelling? Moreover, Travelling and tourism unlike many other businesses, is a whole year business. There is no particular time of decline in business. No matter the global economy is decreasing or increasing the individuals travel. The main reason can be the dependency of some countries. There are countries, which rely on the business of Travelling and tourism. Therefore, it is very important to update yourself if you are functioning as an entrepreneur of any Travelling enterprise (Smith, 2002 http://www.bplans.com/international_travel_agency_business_plan/executive_summary_fc.com).
Local Market Saturation Levels
The local market saturation is one of the prime important elements, which can minimize the business. If in your surrounding there are several companies, which are established than it may be hard to survive. Moreover, to compete with the pre-established company is a difficult task. It becomes harder if your funds are limited. Saturation of business can be categorized into levels. For instance, if you are functioning in a place with companies dealing in travel and tourism, you should go for a targeted domain for better outcomes. It is wrong to target the most famous companies in the initial levels. Moreover, the company should try to focus on the detailed study. What other companies (the real competitors not the highly established ones) lack. After a detailed study, we can have an idea that what other companies lack and what are their strong points. Based on this survey we can establish a work plan focusing on the flaws which we found in the market. We should focus on the areas of weakness in the market. Moreover, the quality standards and meeting deadlines and arrangement requirements also enhances the repute of any particular company in case of saturation. If you are initiating a business in a hub, it is important to consider, that if they do not capture the needs and confidence of the client next time he/she will be taking assistance of some other company. Therefore, best should be done to satisfy the customer for the propagation of the business.
Targeted Business Domain
The company should focus on the target domain. The targeted business domain should be easily coverable. Moreover, it should be flawless. If you cannot try to win the market dealing in Europe for instance, you should focus on some other areas which that company lacks and with flawless management and attractive packages one can win the trust of the client and make him/ her to be your regular customer. This is important to state that targeted business domain can act as a vital source of marketing.
Modes of Marketing
The selection of appropriate modes of marketing is very significant factor. In some cases when you are going to target your primary services the selection of appropriate marketing technique can boost the business. For instance, selecting the medium of marketing, based on resources is important. Either you select the printing medium, or electronic medium, the decision should be taken according to the resources.
Social contacts also play a vital role in development of a business. The contacts with the business community and clients can act like an effective marketing tool. Moreover, the social contacts can also assist in generating several resources regarding the promotion of business.
Awareness about the global changes in the business of Travelling and tourism
Some regional accidents or terrorist attacks sometimes, influence the Travelling business. The extent of business decrease within no time and the tourism industry may collapse. However, with the alteration in targeted sites can be helpful to sustain the business. For instance after the attacks of 9/11, any tourism company should re-orientate its services to some other sites like national tourism or to the sites which are safe for travelers and tourists.
Appealing Promotional Packages
The promotional packages either for tourism if remain successful to grab the attention of the client age, can boost the business. The attractive Travelling packages along with best facilities can be a vital tool for an entrepreneur to run the business even in hard conditions. Therefore, it is very important to organize the tourism packages based on the requirements of the tourists. Moreover, it is the duty of a successful entrepreneur to assure the best quality to the clients.
Business Start-Up Plan
There are several significant steps involved in starting a business. The foremost step prior to establish any business is the feasibility report for this project. One should determine initially that either this business is suitable or not in the coming times. The detail of major steps is given as under market reconnaissance and feasibility analysis.
Market reconnaissance and feasibility analysis
These steps are taken before the establishment of the business and are considered the most significant elements of an effective business plan. These steps deal with detailed investigation of the existing business and the selection of suitable initial components. In the instance, these steps may involve the name of the Travelling agency, selection of place, distance from the main hub, products and services other companies are giving, drawbacks in the enterprises we will be dealing with in the future and many more like that (Lohr, 2002, http://www.myownbusiness.org/s2/).
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Financial Analysis and Capital Calculation
Every business needs some initial capital to start up business. It should be determined earlier whatÂ the size of business should be and all that will be dealt with. For big business we need big financial support and vice versa. The approximated values and calculations about the size of the business and the fields we will be dealing in must be calculated earlier. The subsequent step deals with the financial arrangements. It is preferable to initiate the business with less or no financial support which is interest based. However, subsequent the calculations of site, members, and services, the financial arrangements should be taken into account. Investments should be welcomed and investors are guaranteed success. Moreover, they should be satisfied that investing in their company is the best investment opportunity (Bellis, 2010, http://inventors.about.com/od/businessplans/a/business_plan.htm).
Agenda of the Company
The agenda of the company is the main element which boosts the business. The agenda is an accumulation of aims and objectives along with the success targets. The agenda should be very clear and appealing for investors who want to invest in the company. Moreover, the agenda is the backbone of any business. In case of tourism and Travelling agency, the importance of agenda cannot be ignored. It may be used as a marketing tool if it is promising. The agenda should not be altered in the later stages of the business. Therefore, it is very important to compose all the aims and objectives which the company is looking forward to in the coming times.
Objectives of the business
The objectives are determined as per agenda of the company. On the very basic level, they can be either long term or short term. Both the objectives are equally important and assist business to sustain a good profile in the market.
Short Term Objectives
Short time objectives are generally much more target based compared to the long term objectives. They in general include the efficient and potential degrees of business at the coming time. Mostly the time-span is calculated, it can be a year or six months. The short term objectives are mainly used as a technique to attract investors. Moreover, these objectives can be oriented to cut down the loans and other financial liabilities required by the company on marketing and establishing the workplace in the early stages of the business.
Long Term Objectives
Long term objectives mainly deal with spreading the business and turning into a high profile company. These objectives are plans of five or ten years. Long term objectives may include additional features in the business. Moreover, they may be dealing with spreading business nationwide or even internationally.
Appropriate targeted marketing techniques
Appropriate marketing techniques can be applied on targeted client age. These techniques can be either physical or virtual. The virtual techniques can be cyber advertisements and use of Internet for floating the ads all over the internet. The physical marketing techniques are frequently in the form of print based advertisement. These techniques are highly, effective to grab the attention for the national tourism and travelling enterprise. Services and quality assurance Services and quality assurance techniques also have a major role in the comany’s rise. The company dealing in several fields differs from a company who is an expert in a couple of fields. Thus quality assurance to the client age and investors also contributes in spreading the business and targeting the client age.
Travelling and tourism, is a growing industry and feasible enough to be taken as a business. With the appropriate level of knowledge, planning and targeting the client age, it can be a good source of generating revenue. Moreover, it is less risk oriented compared to other business forms. If instructions followed in the developmental stage along with the influential elements listed in initiating the business plan, it can be a permanent source of income. With slight to no modification, the business can gain the long as well as short term objectives. Moreover, the appealing packages and decent marketing techniques can grasp the interest of customers and the business can spread with smart marketing tools.
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