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Key Factors to Consider When Buying a Travel and Tour Franchise
If you’re considering investing in a travel and tour franchise, chances are you have many questions. For many people, the thought 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 you need to take into account when making this decision.
The travel and tourism industry is literally booming globally – now contributing over £2 trillion 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, but starting without a network of contacts or even a starting point can be extremely tricky. A lot of start-ups will fail within 12 months, so always try to avoid this pitfall.
The most popular market for success in the travel industry is the travel or tour franchise market. This basically means that instead of building a travel business from scratch, you can buy a travel franchise which actually gives you a solid starting point to start your business. There are many travel franchise businesses online, but there are probably only a few established businesses. If you choose to purchase a travel franchise, be sure to do your research and choose the franchise company that is right for you.
So what can you expect in terms of support when buying 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 larger the initial investment you are willing to make, the greater the level of support and advice you are likely to receive. Nonetheless, there are common levels of support you should expect from all travel franchises.
The first thing you should expect is a comprehensive training or induction program. Many franchisees actually offer an in-residence training course, so it’s likely to be an intensive course over several days or weeks. This can be a great opportunity to spend a lot of time with franchise tour operators and really flex their brains, while trying to soak up an incredible amount of information.
It is also likely that they will induct a number of other new franchisees at the same time. It’s also a fantastic opportunity to meet like-minded people who are also at the start of the same journey as you. If you can take the opportunity to spend time with them and learn about their motivations behind creating a new franchise, you can deepen your knowledge but also start building your travel network. In the travel industry in particular, your network and the people you know can really be a determining factor in your success.
You can also expect some of the most handy tools for building a new franchise. This can include a laptop, hopefully pre-loaded with any specialized software and templates you might need. This may not always be included as a standard support tool, so you should always try to ensure that you fully understand everything provided. A functioning website, which bears your company name and logo, is also something you expect.
Finally, you may also receive branded materials, such as flyers, flyers, and business cards. Remember that when meeting potential clients, handing them a business card can be a great way to exchange contact information with them and stay in touch.
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