As the world finally opens up for business, the beleaguered travel industry is getting its groove back. Not surprisingly, this is attracting a number of small business owners to explore hospitality business ideas.
What Are Travel Businesses?
Travel businesses offer services related to travel. This includes services such as lodging, rentals and recreational activities to experience local culture. The travel businesses are closely connected to the tourism industry and in many cases are complementary to one another.
READ MORE: Build A Travel Business You Can Sell With These 5 Tips
The Travel and Hospitality Industry in 2022
The global pandemic had a massive impact on the travel and tourism industry. For two years, businesses across the world suffered as travel came to a grinding halt. 2022 is seen as the year when things finally turn around for this sector.
With many businesses still continuing with flexible work arrangements, the travel industry expects a large number of leisure travelers to bring business this year. To cater to these travelers, the industry needs to provide makeshift office spaces.
Another trend expected to gain traction this year is sustainability. More and more travelers are looking for sustainable solutions when planning their travel. This includes vegan meal options and locally sourced produce, to name a few.
From a commercial standpoint, this is perhaps the best time to start your own business in travel.
Let’s take a look at the factors that make this a lucrative business opportunity.
- Potential to earn more: As traveling regains popularity, there are abundant opportunities to increase your income.
- Choose your domain: Another great thing about starting a travel-related business is you have plenty of options to explore. For example, you may choose to specialize in a domain such as travel photography or travel consulting based on your interest.
- Do without an office: Thanks to digitalization, a number of small travel businesses have gone completely online. This saves these online business owners both time and money.
- Partner with other service providers: As a business owner in this sector, you don’t have to venture out alone. You can easily tie up with other service providers and offer a better deal to your customers.
- Low startup cost: Many small businesses prefer the travel industry because of the low startup 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 business goes beyond setting up an agency. Thanks to customers who continue to look for better options, there are a number of profitable travel business ideas. Let’s explore some of these in detail.
This is the ideal business idea if you don’t have the capital to invest in your business – at least not in the initial phase. To succeed, you should have knowledge about the location where you operate. You should also be based in a place that draws enough travelers.
2. Bed and Breakfast Business
If you want to turn your home into a business location, a bed and breakfast is the right option for you. To make it popular with many travelers, you need to offer a truly great experience. This includes having a real passion for hosting different people and making them feel comfortable during their stay.
3. Car Rental Business
Many travelers rely on cars to move around when they travel. A car rental is the most obvious choice for many of these travelers. If you have experience with automobiles and their maintenance, this business can work for you.
4. Scooter Rental Business
Many leisure travelers prefer using scooters, especially when the weather is great outdoors. To be able to start this business, you should have at least 3-4 scooters. You should also have in-depth knowledge about scooters.
5. Travel Photography Business
If solopreneurship is your calling, starting a travel photography company is one of the obvious choices. As a travel photographer, you have the flexibility and freedom to travel, take pictures and make money. If you’re truly talented, you can make a lot of money through the various stock photography websites.
Another popular option for those who want to run their business independently is translation services, which come in handy when you are dealing with customers coming from outside. Your ability to converse fluently in more than one language is especially useful when you are in a busy town that sees a lot of travelers.
7. Medical Tourism
In recent years, medical tourism has become widely popular in various parts of the world. In addition to the modern medical sciences, many people are interested in holistic, traditional treatment options. It goes without saying, you need to have the right credentials to be able to start this lucrative business.
8. Adventure Trips
Adventure tourism is a niche within the travel industry. Extremely popular with young people, it is a great service-based business. Generally, you will have to gain experience and credentials to start this type of business.
9. Event Planning
Another business model that pays pretty well is corporate event planning. As an event planner, you will be responsible for designing unique corporate events. This is not a one-person business, so you will need a personal assistant and some extra manpower to succeed.
Making money through their travel blog is a full-time job for a number of travelers. If you have the passion to write and document your adventures, you can turn yourself into a social media influencer. Of course, competition on social media platforms is quite fierce, but with good content, you can easily stand out.
More Great Ideas for Traveling Businesses
With several options to choose from, zeroing in on the best travel business idea may seem challenging. The trick is to focus on where your passion truly lies. Let’s explore some more ideas for your business.
11. Coffee Shop
Travelers all over the world need coffee to keep themselves energized. A coffee shop, therefore, is a great idea to attract a client base. Your choice of location will matter greatly when you set up your shop.
12. Glamping Business
Glamping brings glamor to the fun outdoor activity of camping. The idea is to create a sophisticated ambiance for campers. Of course, you need a great location and the right services in place to succeed with this.
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 through 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
Setting up an agency is a great idea if you have the adequate knowledge and manpower to cater to your customer demands. If you lack the manpower, you can work as an independent operator or partner with a major travel company.
READ MORE: How to Start a Travel Agency
How Do You Start Your Own Travel Business?
You need to have a clear business plan before you set up your own travel company. You must keep in mind that some of the niche segments call for substantial capital investment. So, if you don’t have the funds, you should explore options that do not require you to spend a lot. Most importantly, you must figure out what drives you to start the business.
Image: Envato Elements
More in: Develop an Idea, Small Business Travel
Your email address will not be published. Required fields are marked *
Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. Our mission is to bring you “Small business success … delivered daily.”
© Copyright 2003 – 2022, Small Business Trends LLC. All rights reserved.
“Small Business Trends” is a registered trademark.