subject: Things to Consider Before Buying a Travel Agency [print this page] Things to Consider Before Buying a Travel Agency
There are plenty of business opportunities in travel and tourism sector these days. If you are looking forward to donning the entrepreneur's cap, a travel business is a good place to start. You might also come across an online travel business opportunity that is very lucrative. However, it is crucial that you take into account quite a few things before you start your very own travel business.
Say Yes to Good Staff and Strong Annual Sales
Check out the annual sales of the travel business that you are interested in. If they are not very keen on disclosing their annual figures, you must look for other options. Online travel agencies that record low annual sales run the risk of going out of business. Secondly, determine the strength of the existing staff. See how many employees will be available to help you and tackle the queries of your clients. Some travel agencies are so small that they cannot maintain a sufficient number of employees.
Card Mill is a Total No-No
You need to find out whether the travel agency is a "card mill" or not. Agencies that sell perks associated with travel, but not actual travel, are known as card mills. If you see a particular company selling just "travel clubs" and "memberships," in all probability it is a card mill. Getting involved in a card mill is not a good idea, as the travel industry is targeting them and they will be out of business in a few years' time.
Check on Validity and Goodwill
Check whether the company that you are looking at is publicly traded or not. A publicly traded travel agency is properly regulated and audited, and information about its financial status can be obtained easily. This is one of the best ways of finding out the validity of the travel agency. You must also check whether the travel company that you are targeting is a leader or a follower. Does the company add new products and change the travel experiences often to keep their clients hooked, or does it only do what other travel agencies have done earlier?
Take a look at the Travel Weekly's Power List to see whether the business opportunity is recognized or not. Check whether the travel company receives feedback or not. If it does, see whether they are positive or negative. Though internet is a good place to find information about the travel agencies, you need to be careful of certain agencies that use negative advertisements in a bid to garner interest. Read all the information that you can and then make your decision.
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