Startup in Travel: Building a Startup and Rocking It
A startup may be a difficult prospect and may seem overwhelming, so here are five things to consider to help you begin or consider a startup in travel.
Times are changing. With the continuous advancement of technology and a major global disruption because of a pandemic, many people and organisations are re-thinking the way they do things. No wonder some people are considering the bold step of leaving their day job and setting out on a startup.
According to Investopedia, a startup is a young company founded by one or more entrepreneurs to develop a unique product or service and bring it to market. By its nature, a typical startup tends to be a shoestring operation, with initial funding from the founders or their friends and families.
A great startup begins with an idea, and everyone has at least one idea for the next big thing.
But having an idea isn’t enough; it has to be put into practice. What makes startup founders different is their willingness to take action to make one of those ideas a reality.
If you feel this one is for you, it is helpful to reflect and make a plan. Once you've made up your mind, you need to just go for it. A big part of execution is simply getting started.
Building a Successful Startup
A startup may be a challenging undertaking. You would want it to be the best place to work in the world, but that’s easier said than done. You have to build an online reputation and protect yourself from defamation. On top of that, you have to constantly increase the value of your sales to ensure that you can fund expansions and take your business to the next level. It all seems overwhelming, but here are five things to consider to help you build a successful startup.
1. A good sense of timing
You should look at this in two ways:
(A) Picking the best moment to launch your company
It is always a balancing act determined by many factors such as:
- the ebbs and flows of the industry
- the success or faltering of competitors
- the availability of startup funds
- your personal circumstances
(Having a baby in a month? Maybe don’t try to start a new company right this minute. Want a baby in a few years? Jump on the startup now!)
(B) Completing the business plan and getting your business off the ground
Every good company starts with a good plan. Writing a business plan for the first time can be daunting. However, it’s really about just writing down what is in your head to start with. It should include both your short-term and long-term ambitions.
The short-term part of your business plan should include details regarding what you are going to do and how you are going to do it. The long-term plan for growing your startup quickly can be more flexible, but you should aim for it to be as accurate as possible.
Take the necessary time to develop your plan carefully. Don’t commit the same mistake many startups do by wallowing in early development and never getting off the ground.
2. The right network and the right people
Professional networking is the way forward. Business is about the connections you have because your network will push your company to the next level. Nowadays, word-of-mouth marketing has never been stronger.
However, you need to be networking for the right reasons. One of which is because this can turn you onto a lot of great talent going forward. The big companies tend to have the best talent because that talent never reaches the open market. They are there to headhunt this talent and claim it before anyone else can.
Also, considering that running a business is hard, you need to make sure that you have the right people around you. Mentors and strategic partners will become crucial during this initial growth phase. The right team can help you to accomplish far more than you can do alone.
3. The cleanest budget on the block… and money talk
A common mistake new business owners make is thinking that as long as they can get their hands on a big enough chunk of money, they can plop it in a business checking account and surely it will suffice to cover their expenses. This is wrong.
It is important to have a detailed budget before you spend a single penny. If you aren’t an expert at budgeting, enlist the help of someone who is.
Considering that a lot of startup founders tend to be more “big picture” thinkers, crunching numbers is not a favourite task. As such, it is too often glazed over. But just don’t. Every area of the business should be carefully accounted for and the budget should be adhered to as closely as possible.
Also, talking about money, just how much money you need can vary and there are a lot of different ways to get it. You have to figure out which path to funding is best suited for your company and pursue it--- whether it’s seed money from your own pocket, angel investments, or small-business loans.
Seriously, you need money. It is definitely a thing startups need to succeed.
4. Staying ahead while maintaining a work-life balance
If you really want to be successful, you need to be able to pivot and keep up with the latest trends. There are many companies that go extinct just because they couldn’t, so make sure that you’re studying not just the major trends in your industry but your competitors as well. Another note, you don’t have to react to every change, but when you come across the right change, you have to embrace.
The balance between life and work should be roughly equal. It’s difficult as a startup owner to disengage from your business. After all, this is your baby and it is hard to leave it alone for a single second. However, you can and you should.
Maintaining your hobbies and downtime will help you feel refreshed and avoid burnout. Your business can run without you for a while, whether through auto-pilot or delegation of work.
5. Keeping in mind to be flexible
One thing that is consistent about a startup is that there is very little consistency present. When you put so much time, effort, and faith into one business plan or model, it’s logical that you would have trouble accepting that maybe it needs to be modified, or worse, scrapped entirely.
At any point in the startup process – from concept to actually being in business – new factors can arise that illuminate parts of your business that need to be tweaked and altered to work better. A good entrepreneur invests his/her energy and emotions into a business plan but is not married to one specific method. You should constantly be on the lookout for ways to adjust what you’re doing to greater success and be utterly unafraid to make those changes.
Founders that want to succeed need a good sense of timing, surround themselves with the right people, are wise about money, stay ahead but maintain a healthy balance, and change with the times. Even with these five strategies in place, there are never any guarantees of success. Startup failure is extremely common, with 90% of startups failing and 2 out of 10 new businesses fail in the first year of operations. Although you may be anxious, adopting these strategies increase your chances of success.
Startup in the Travel and Tourism Industry
Is it a good idea to do a startup in travel?
The travel and tourism industry is one of the fastest-growing sectors among others. It covers accommodation, transportation, entertainment, food and beverages, and other related sectors, making it an important source of revenue and jobs for many economies, families, and persons.
Since the early 1950s, the growth of tourism both domestically in the developed countries and internationally has been phenomenal in its scale, and remarkably resilient to periodic economic and political adversity.
Maybe not for everybody, but it could be fascinating and rewarding to consider a startup in travel. It is a huge industry where opportunities are endless, giving you a wide array of choices that is both interesting and challenging. Also, forecasts reveal a positive future for the industry. despite being highly impacted by COVID-19.
More Resources for Travel in Startup
Travel Massive has listed 50 Travel Startups to Watch in 2020. According to them, some have earned a place on the list because they are bold. Others are brave. While some have a spark they admire. Lastly, others may turn out to change the face of travel as we know it.
Finally, if you want to consider startup in travel, refer to this article for more information to help you plan better: https://turpal.com/en/blog/list/505/successful-career-in-travel-and-tourism-a-list-of-jobs-and-skills