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Business Plan: Imvelo Travel Agency

A PDF File submitted to complete Travel and Tourism Management level 2 by Nduduzo Miya, Sanele Mhlongo,Buhle Mchunu, Sylvia Khumalo and Wandile Ninela at the Durban University of Technology, South Africa

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Page 1 of 23 BUSINESS PLAN Company Name : IMVELO TOURS Slogan : “A memorable journey” Company Type : CLOSE CORPORATION Physical Address : 303 DR PIXLEY KA SEME [WEST STREET] DURBAN 4001 Telephone : +27 31 408 3243 Fax : +27 31 408 4000 E-mail : [email protected] Web Address : www.imvelotours.co.za Business Plan Date : 13 May 2015
Page 2 of 23 1. EXECUTIVE SUMMARY Imvelo Tours [IT] will provide integrated eco and cultural travel packages to people in the KwaZulu- Natal [KZN] province – the Zulu kingdom to explore their province. The founders and the employees of the IT are experienced travel industry professionals and are passionate about the packages and activities that Imvelo Tours will promote and offer. The opportunity for Imvelo Tours’ success exists because currently the South African Tourism is encouraging the domestic tourism and also the tourism industry is growing rapidly, eco travel in particular, is growing by 10 per cent annually. Moreover, the KwaZulu-Natal Province eco travel market is growing by at least 12 per cent annually and there are no providers that specialise solely in eco and cultural integrated travel in the Zulu kingdom. Imvelo Tours is poised to take this advantage of this growth and lack of competition with experienced staff, excellent location, and effective management and marketing. The KwaZulu-Natal province has a large concentration of outdoor recreation enthusiasts who love nature. These nature- orientated individuals, couples and groups interested in nature are Imvelo’s primary customers. Imvelo Tours’ target market is an exploitable niche and Imvelo Tours will provide a specialised and thus differentiated service. Prices will be competitive with the reminder of the market. The company’s estimated sales for the first years of operation is R1 500 000, increasing by 12 per cent annually over the next two three years. 1.1 The main objectives of Imvelo Tours  Achieve sales of 3 000 000 by year three.  Maintain margins of 10 per cent on all coach travel  Develop strategic alliances with service providers nationally, internationally and in the province.  Achieve 25 percent of sales from the internet  Continuously provide enjoyable quality excursions/trips on time and on budget.  Develop enthusiastically satisfied customers all of the time.  Establish a market presence that assures short-term and long-term profitability, growth and success.  Supporting growth and development in the tourism and overall economy of KwaZulu-Natal.  Contribute positively to our communities and our environment. 1.2 Vision  To become the foremost provider of the integrated eco and cultural travel to the people of the KwaZulu-Natal province through responsible and sustainable tourism. 1.3 Mission  Internally we intend to create and nurture a healthy, exuberant, respectful, and enjoyable environment, in which our employees are fairly compensated and encouraged to respect the customer and the quality of the service we intend to provide.  In addition follow-up will be mandatory so as ensure customer satisfaction and make any improvements as recommended by the customers in future.  We seek fair and responsible profit, enough to keep the company financially healthy for the short and long term, and to fairly remunerate employees for the work and effort. The Imvelo Tours is a Close Corporation headquartered in Durban, KwaZulu-Natal, South Africa. Mr Nduduzo Miya will serve as the Chief Executive Officer, Sanele Mhlongo as the Managing Director, Buhle Mchunu as the Chief Financial Officer, Sylvia Khumalo as the Sales and Marketing Manager and Wandile Ninela as the Human Resource and Communications Department Manager.
Page 3 of 23 2. PRODUCTS AND/OR SERVICE DESCRIPTION Imvelo Tours will be a domestic tour operating company that specialises in eco and cultural integrated travel and tourism. It will provide consulting and custom travel arrangements and packages. Imvelo Tours’ vision is to become the foremost provider of the integrated eco and cultural travel to the people of the KwaZulu-Natal province. Imvelo Tours’ employees and owners will be outdoor, nature-oriented and travel enthusiasts, as well as travel professionals. Imvelo Tours seeks to connect eco and cultural markets as these niches are concerned about conservation, responsibility and development. It also seek to build a relationship between the market and the service providers, activities and accommodation that fit the clients’ desires, budget and skill level. Imvelo Tours offer people the ability to get away and remember how much they love nature, learning and finding out about various ethnics, and excitement of engaging with nature. Imvelo Tours will promote the benefits of the integrated eco and cultural travel. These benefits include better health, excitement, person growth, experiencing new things, ear-to-ear grins, and a whole lot of fun. Imvelo Tours will be a travel company that intends to deliver integrated eco and cultural vacations to customers. Imvelo Tours will intends to guide customers in selecting a trip(s) based on pre-defined vacation criteria. This analysis will be based on user profiles, set by the consumers, which includes preferences such as:  Budget  Activities sought  Destination, and  Time of Travel A traveller will hence be able to select areas of interest based on their preferences and subsequently identify destinations to visit. The intention is to provide customers with access to exclusive travel destinations, service to fully appreciate destinations through information packages, not just sight- seeing, and access to special interest travel according to the group’s/individual’s preferences 2.1 The following are the attractions that our tours will be showcasing: Our eco tours will consists of various activities that ranges from Adventure to cultural activities as we are all about showcasing the distinctions of the Zulu Kingdom and marketing its natural sphere. Our tours will be zoning around all the directions of the province, from the North-East where lies a great nature game reserve Elephant Coast incorporating the best of both land and sea safari experiences with its world-class conversation areas that include the Ismangaliso Wetland Park, South Africa’s first proclaimed World Heritage Site. The Hluhluwe Imfolozi Park is the Africa’s oldest game reserve and it’s a home to the South African Big Five and many species of antelope. 2.1.1 Game and Nature Reserves On all directions of the Zulu Kingdom lies numerous game reserves which the Imvelo Tours will be offering tours to:  Tembe Elephant Reserve  Kosi Bay Nature Reserve  Maputaland Marine Reserve  Coastal Forest Reserve  Sodwana National Bay  Mkuze Game Reserve  Ndumo Game Reserve  Phinda Resource Reserve  Richard’s Bay Game Reserve  Emakhosini Heritage Park  Zululand Rhino Park
Page 4 of 23 2.1.2 Natural Wonders Tourists will be fascinated by the natural wonders consisting of the lakes and lagoons to the botanic gardens of the Zulu Kingdom which are the tourist’s favourite attractions.  UKhahlamba – Drakensberg Mountain This magnificent World Heritage Site comprises a spectacular mountain range that stretches for over 200 kilometres, offering a nature-lover's smogasbord of majestic mountains, valleys, waterfalls and streams to explore. It's also home to ancient San rock art.  The Sardine Run – Great Shoal on Earth  Lake Saint Lucia  Lake Sibaya  Cape Vidal lagoon  Tugela River  Valley of a Thousand Hills  Natal Midlands 2.1.3 Cultural Experience KwaZulu-Natal has a long, proud history. It is renowned as the home of the Zulu kingdom and has a diverse racial, cultural and natural heritage, making it attractive to both domestic and foreign visitors. Hence, Imvelo Tours will design tours that will educate tourist about the roots of the Zulu kingdom and having to experience the traditional deeds of the Zulu’s. Our cultural tours will be exploring the following attractions.  In Zululand proper, eMakhosini — The Valley of Kings — is considered to be one of the richest cultural and historic sites in Africa. Once the stage for battles that shaped the course of Southern African history and an area that gave birth to King Shaka and the Zulu nation, eMakhosini is fast being recognized as a jewel in South Africa’s tourism crown.  The Battlefields such as Spioenkop, Blood River, Amajuba, Rorke’s Drift and Isandlwana is where the present meets the past. Here tourists can watch re-enactments of battles gone by. They represent tales of epic struggles, bravery, betrayal and triumph.  King Cetshwayo’s Grave – Kranskorp  Blood River Heritage site - Dundee  KwaDukuza Museum - Stanger  In Eshowe, the Vukani Museum of Zulu Arts and Culture  The Zululand Historical Museum housed in the Beau Geste-style Fort Nongqayi at The Museum Village  Dumazulu Traditional Village 2.1.4 Activities While on tour, the Imvelo Tours will design specific activities for different tourists to engage in to accelerate the amusement.  Bungee Jumping  Sky diving  Hiking  Bird watching  Walking trails  Biking and diving
Page 5 of 23  Big Five Game drives  Jungle Trekking  Snorkeling  Bicycle Tour  Horse Riding  Guided Walks  Scuba Diving  Mountain Biking  Golf We will offer the tourists a chance to explore the Zulu kingdom and having to know the root of the region would help them understand the Zulu Culture and deeds. Imvelo Tours will be a full-service tour operator and will position itself as a specialist in the field of integrated eco and cultural travel and will generate the majority of its revenue from this segments. It will sells standard tour operator goods and services, including couches, accommodation and travel packages. Additional services include assistance with providing access to top-of-the-line equipment and suppliers, and a superior offering that includes access to better-than-average-terrain and activities, accommodation and entertainment. The value added of Imvelo Tours’ offering is its knowledge and expertise, competitive rates and specialty focus on the integrated eco and cultural travel, which translates into increased satisfaction for the customers. The tour operators market is competitive, and technology – the Internet and Computerized Reservation System (CRS) – has changed the way tour operators operate. Imvelo Tours will position itself as an integrated eco and cultural travel specialist. Imvelo Tours will not identify a direct competitor in the KwaZulu-Natal province since there is no tour operating company that offers integrated tours. However, a tour operator does not have to be an integrated eco and cultural specialists to book for such travel. Therefore, Imvelo Tours will compete with other tour operators in the KwaZulu-Natal province as they offer alternatives to either cultural or eco travel, have the ability to have advantage of establishing relationship with clients. Imvelo Tours may in future open agencies at additional locations. In addition, as an integrated eco and cultural travel market reaches maturity, Imvelo Tours may participate in additional segments of the travel market.
Page 6 of 23 3. MARKETING PLAN Imvelo Tours plans to focus its initial efforts on the integrated eco and cultural travel market in the Zulu Kingdom. Imvelo Tours will be located in the capital of events in Africa, Durban. Deviating from the most offered travel in KwaZulu-Natal [leisure] to the integrated eco and cultural travel will gain us a market share. The natural beauty of the Zulu Kingdom and its abundance of outdoor activities attract many eco oriented people and its cultural diversity makes the market love KZN. The province has more people loving nature and seek to participate in responsible activities and cultural tours that embraces the root of that specify ethnic group. Imvelo Tours focus on the sale and promotion of both eco and cultural travel primarily to individuals, couple and groups, but also to corporate clients in the province. Much of Imvelo Tours’ pricing is determined by market standards. During Imvelo Tours’ first years of operation it will hold a grand opening, and will organise and sponsor several rural organisational events and sponsor events aimed at empowering and educating people about loving nature such as 50/50 campaigned aimed at building relationship between the community and nature. Secondarily, Imvelo Tours’ seeks to establish distribution capability on the cyber space and build both provincial and national reputation. 3.1 Customers Imvelo Tours’ target market are nature and cultural – oriented individuals, couple and groups. They are interested in promoting conservation, responsibility and embracing indigenous deeds by participating on tours, and both soft and hard adventurous activities. Imvelo Tours’ target markets are located in urban areas and sub-urban areas in KwaZulu-Natal and other provinces. Demographically, eco tours are slightly more likely to be men between the age of 20 and 40. Men on average spend more than women on their travels. It is important to recognize that Imvelo Tours do not intend to just take individuals on sightseeing excursions, but also to ensure that they appreciate nature through informative briefings on objects’ origins. This element will assist in differentiating us from our competitors and contribute towards the development of a sustainable competitive advantage. Hence we need to engage the right people in the right place at the right time if we are to ensure optimum growth. We intend to develop our team so that our people can grow as the company grows – a mutually beneficial relationship. 3.2 Competition The travel industry has high competition, hence, Imvelo Tours seek to stand out of the competition by positioning itself as the provincial tour operating company specialising in the integrated market. There are large national chains, small home-based businesses, consolidators on the internet etc. Imvelo has approximately 20 immediate competitors in the KwaZulu-Natal province, including local agencies. As the industry is short of integrated offerings, Imvelo Tours will use this to its advantage. Having researched that local people are eager to explore their province, Imvelo seek to offer affordable tours and benefits. There are plenty of tour operating companies offering either eco or cultural tours but are rare that offers integrated travel. However considering the pace of change and current growth rate of the tourism industry luring many companies into the sector, this may be short-lived. Hence there will be a need to not only firmly establish ourselves on the market, but also strongly differentiate ourselves from these other tour companies. However, on a broader scale our competition comes in several forms:
Page 7 of 23 The most significant competition are hotels and travel agencies offering travel excursions to their clients. They undertake this service in order to establish a competitive advantage over their competitors. However, instead of directly competing with them we intend to establish good working relationships in the form of strategic alliances such that we are able to offer the service for their clients and thus enabling them to concentrate on their core activities whilst ensuring customers are fully satisfied. Our key advantage in this regard will be our specialty of the service and hence wide knowledge ensuring customer satisfaction at all times as well as flexibility in providing the service. Existing hotels, lodges and travel agencies may identify the opportunity to diversify into our intended services utilizing their current client database. Naturally, existing clients will be inclined towards utilizing these familiar companies due to the fact that a good relationship may have already been nurtured over the years during their business dealings. This presents a potential challenge to us, as we need to aggressively market our services and expertise in the field. Hence we intend to focus on this market. An analysis of competition is provided in the Market Analysis section of this plan. There are many activities and types of travel available to people contemplating either eco or cultural oriented vacation. These substitute product and services are one type of competition. Theme parks, motor-home trips and cruise are just a few. Other substitutes include less expensive, self-planned or traditional vacations. Furthermore, potential customers do not have to take a vacation. Instead they may elect to spend their money elsewhere, or invest the money they would otherwise have spent 3.3 Pricing offering Plan Imvelo Tours sells the freedom that is part of conservation and educational oriented. Imvelo seek to remind people frequently that there is more to life than just work. Imvelo Tours will provide clients with all the arrangements they can think of and many possibly would not have thought of.Our marketing strategy will be based mainly on ensuring customers know about our existence and the service(s) we fulfill. Hence. This will be done through implementing a market penetration strategy that will ensure that we are well known for affordability and respected in the tourism industry. We will ensure that our prices take into consideration peoples’ budgets, that these people appreciate the service(s), know that it exists, and how to contact us. We are on the brink of penetrating a lucrative market in a rapidly growing industry. The current trend towards an increase in the number of tourists entering the country presents an opportunity for Imvelo Tours to penetrate the market. 3.4 Communication or Promotions plans Imvelo Tours intends to implement advertising, personal selling and direct marketing strategies to the target markets. Our personal selling marketing strategies will rotate around keeping in touch with accommodations that we work in partnership with and travel agencies for major customers, and advertising for more individual customers. Our advertising and promotions will pivot around six key strategies: public relations, our shop front, an Internet Web site, customer relations, press advertising, and our association alliances. i. Public relations. We will put considerable effort into preparing and disseminating a regular flow of press releases. These will be based on stories about our destinations, activities, corporate clients, and our staff. We will employ a public relations adviser to help us write copy and locate publications editors. ii. Shop front. We plan to have an exciting, informative, and actively managed display window. There will be a video display showing both eco and cultural vacations in progress. Different
Page 8 of 23 destinations can be selected from outside the window via a control panel; otherwise, the scenes will rotate on a random basis. iii. Internet Web site. This is fast becoming a major promotional channel, and we believe it will increase in importance over time. Also, it is the most convenient way for us to have a global presence at the outset. iv. Customer relations. We will keep records of every sales contact. Data such as source of inquiry, client needs, previous vacation, job, and income will be included. By having superior information on our clients and prospects, we intend to offer a truly personalized service. Our database will contain full details on all our clients, including the vacations they have taken and their post vacation appraisal data. We will use this data to encourage our satisfied customers to recommend our services to friends, relatives, colleagues, and employers. v. Press advertising. We will undertake a small amount of press advertising in order to enhance our public relations activity. There is considerable research to support the argument that the more often a potential client hears about you, the more likely they are to approach you when they have a need for your type of services. vi. Association. We will write to all past shop clients announcing the establishment of the travel business and offer them a special introductory eco and cultural vacation package. 3.4.1 Technology Imvelo Tours will strive to ensure that it contains the latest, or extremely recent personal computer including relevant software so as to ensure that the company is continuously at the forefront in our market arena. The one certainty in our industry is that technology will continue to evolve and develop, changing what we market as well as how we market it. Our aim will be to be aware of the implications of this new technology and utilizing it in our existing framework where possible. However it should be noted that as we are new on the market it will take some time before we have in place our own website and other multimedia presentations. With time we also intend to have the latest and most efficient software in place to enable smooth operations. 3.5 Distribution Plan Imvelo Tours have, on their research, discovered that the use of intermediaries is lucrative. Since Imvelo Tours is an intermediary itself with an integrated offering, it has 3 channels of distribution that will be using and plans to create strong relationship with its intermediaries in order to escalate sales.
Page 9 of 23 The business will begin with a general corporate brochure establishing its position on the market. This brochure will be developed as part of the start-up organizations expenses including the business cards and Company Profile, mainly for the large that often recommend services to potential customers. Compliment slips are also intended so as to raise awareness of the company and its services. We also intend to have information pamphlets that will provide information on our various tour packages. Literature and mailings for the initial market forums will be very important 3.6 Physical evidence plan The marketing will convey the sense of quality in every picture, every promotion, and every publication. We also intend to have well-designed brochures and other promotional material that will enable clients to have an understanding of the types of services we offer and advantages of utilizing them. In addition, well-done, informative brochures, fact sheets and business cards often have a triggering effect on clients contemplating utilizing our services. Hence this will undoubtedly generate increased sales of our service. Our website and social media pages will be designed with an aim of tangibilizing our offerings, well-colored pictures, videos showcasing our tours and destinations. 3.7 Internal Marketing Plan Internally we intend to create and nurture a healthy, exuberant, respectful, and enjoyable environment, in which our employees are fairly compensated and encouraged to respect the customer and the quality of the service we intend to provide. In addition follow-up will be mandatory so as ensure customer satisfaction and make any improvements as recommended by the customers in future. We seek fair and responsible profit, enough to keep the company financially healthy for the short and long term, and to fairly remunerate employees for the work and effort. Excellent selling skills are vital in our type of business. Therefore, everyone will be fully trained in sales. Additionally, every month we will “audit” each other by observing half-a-day’s selling activity and giving feedback on strengths and weaknesses in skills. We will also be using a “contact management” system that will allow us to monitor the effectiveness of different promotional strategies and of different marketing messages. The key to our strategic advantage lies in having superior data on prospects and clients. 3.8 Relationship Marketing The most significant competition are hotels and travel agencies offering travel excursions to their clients. They undertake this service in order to establish a competitive advantage over their competitors. However, instead of directly competing with them we intend to establish good working relationships in the form of strategic alliances such that we are able to offer the service for their clients and thus enabling them to concentrate on their core activities whilst ensuring customers are fully satisfied. In so doing, we will be creating a marketing relationship with these principals to ensure that we gain a market share and meet our objectives.
Page 10 of 23 4. OPERATION PLAN 4.1 PREMISES Imvelo Tours has identified three potential location for office spaces. Headquarters will be at the Durban Central Business District, having another office at Bergville, where all eco tours will be administered and lastly, we will have another office located in Zululand, where all the cultural tours will be administered. Once successfully established, Imvelo Tours will be one of approximately 50 tour operating companies in the KwaZulu-Natal province. Imvelo Tours will be the only integrated eco and cultural travel specialist in the province. 4.2 CHOICE OF LOCATION AND PREMISES  Headquarters in Durban, this is due to easily accessibility to Durban, and as a capital city of events in Africa, it has great number of tourists flocking in that consists of eco and cultural oriented people.  In Bergville, as eco tours will be administered in this office, the location with its nature and scenic beauty and natural wonders will make our tours enjoyable.  In Zululand, with a fascinating cultural diversity, our cultural tours administration will be done in this office. 4.3 HOURS OF OPERATION The telephone lines will be staffed 24 hours a day by live operators. During the period from 08h00 am to 18h00, this will be done mostly by our staff. However, overload calls during the day and after-hours calls will go to our live telemarketing bureau. Imvelo Tours understands that people consider vacation decisions at home in the evenings after discussion with friends and partners. We want to be available as their first point of contact with an informed, friendly service. We believe that since our clients will mostly be busy professional people, off-peak-hours access to our services is also a key way in which we can differentiate ourselves from other travel agencies. 4.4 QUALITY CONTROL (See appendix A). We will be developing outline scripts to help the sales staff manage inquiries. This will ensure that all incoming phone calls are dealt with in the same way and meet a high standard. We will encourage people inquiring about vacations to give us feedback on our service:  Our ability to handle their inquiry  The amount of time from the client’s first inquiry to the date of actual travel  The client’s reactions to the vacation in terms of whether it meets their expectations 4.4 EQUIPMENT We will have telephone/database system from the outset. This will allow up to ten sales staff to answer calls and have full on-screen data on clients and products. As service is one of our key components, it is essential that we have full access to all relevant data speedily and efficiently.
Page 11of 23 4.5 STAFFING Imvelo Tours will have 10 permanent employees in the outset and 5 part-time employees. Voluntarism will be considered as the operations continues. From the outset all staff will have job descriptions, a career and training history file, and a record of employee reviews. New staff will take the travel agency Psychometric Aptitude Test and then spend time with each member of the Imvelo Tours. All staff will undergo full product training and will spend at least four weeks a year on-site at key travel destinations. Prerequisites for all Imvelo Tours employees include at least five years’ travel industry experience, knowledge of, ability in, the types of tours Imvelo Tours will promote and offer, Certified Travel Counsellor (CTC) certification and National Diploma or Degree in Travel and Tourism or Tourism Management for application positions. The CTC designation can be obtained through the Institute of Certified Travel Agents (ICTA).
Page 12 of 23 5. MANAGEMENT PLAN a) Mr Nduduzo Vincent Miya, Chief Executive Officer Mr Miya will serve as the Chief Executive Officer of the Imvelo Tours. Previously, before Imvelo Tours, he headed a sub-brand of the largest travel agent in the world, the Thompson Africa, an international agency offering tours to Africa. Prior to that, He managed the Pentravel branch of one of the larger regional chains of general travel agencies operating throughout the world, where he was responsible for managing the operation systems of all the retailers of the product. Mr Miya worked as a Managing Director at the European tour operating company, Eurotravel for 10 years. Prior to that, he was working in South Africa for the Serabi Tours, a domestic tour operating company. Educationally, he has a Master’s Degree in Tourism Management obtained from the Oxford University, a Postgraduate Degree in Marketing from Havard University, a Bachelor’s Degree in Business Management from Cambridge University and a National Diploma in Eco-Travel and Tourism Practice. Summary of duties:  Will be responsible for determining the strategic direction of the company and ensuring that strategies are implemented through functional steps.  He will take the helm in creating the organization's culture.  Overseeing the complete operation of an organization in accordance with the direction established in the strategic plans.  Maintaining awareness of both the external and internal competitive landscape, opportunities for expansion, customers, markets, new industry developments and standards, and so forth.  Provides general oversight of all Imvelo Tours activities, manages the day-to-day operations, and assures a smoothly functioning, efficient organization.  Assures program quality and organizational stability through development and implementation of standards and controls, systems and procedures, and regular evaluation b) Mr Sanele Mhlongo, Managing Director Mr Mhlongo will be the Managing Director. Before Imvelo Tours, he was working for the Greyhound Transportation Company as a Director of Operation for 5 years. Prior to that, he worked as a Product Manager at the Ushaka Marine World. He has been a Travel Agent for 4 years, working for the Flight Center Travel Agency. Educationally, he has a Bacher’s Degree in Travel and Tourism obtained from the University of Cape Town, a National Diploma in Office Management from Witwatersrand University and a Postgraduate Certificate in Business Administration from the University of South Africa. Summary of duties:  Direct the activities and productivity of a department or entire company.  Provide training and guidance.  Delegate duties such as typing, copying, and scanning.  Create schedules.  Work with the Assistant Director to sustain and grow programs and service.  Participate in strategic planning.  Represent the organization to the public, key stakeholders and business partner.  Plan and implement the annual calendar of activities including fundraising initiatives, special events and the official administrative acts.  Help create budgets and track expenditures.  Create presentations for meetings
Page 13 of 23 c) Ms Sylvia Khumalo, Sales and Marketing Manager Ms Khumalo will serve as the Sales and Marketing Manager. Before Imvelo Tours, she served as the Head of the marketing department at the Elephant Coast Tours. Prior to that, she was working as the Junior Sales manager at the Drakensberg Safaris. Educationally, she hold a Bachelor’s Degree in Marketing obtained from the University of KwaZulu-Natal and an Advanced Diploma in Travel and Tourism. Summary of duties:  Develops and implements strategic marketing plans and sales plans and forecasts to achieve corporate objectives for products and services.  Develops and manages sales/marketing operating budgets.  Plans and oversees advertising and promotion activities including print, online, electronic media, and direct mail.  Develops and recommends product positioning, packaging, and pricing strategy to produce the highest possible long-term market share.  Achieves satisfactory profit/loss ratio and market share in relation to preset standards and industry and economic trends.  Ensures effective control of marketing results, and takes corrective action to guarantee that achievement of marketing objectives falls within designated budgets.  Oversees and evaluates market research and adjusts marketing strategy to meet changing market and competitive conditions.  Monitors competitor products, sales and marketing activities.  Establishes and maintains relationships with industry influencers and key strategic partners. d) Ms Buhle Mchunu, Chief Financial Officer Before Imvelo Tours, she served as the Financial Manager for the Intercape Tours. Prior to that, she worked as an Accountant and Bookkeeper at the Bayside Hotel. Educationally, she has a Bacher’s Degree in Cost and Auditing Management obtained from the Durban University of Technology and a National Diploma in Bookkeeping from the University of Johannesburg. Summary of duties:  Manage the accounting, investor relations, legal, tax, and treasury departments  Oversee the financial operations of subsidiary companies and foreign operations  Manage any third parties to which functions have been outsourced  Oversee the company's transaction processing systems  Implement operational best practices  Oversee employee benefit plans, with particular emphasis on maximizing a cost-effective benefits package  Supervise acquisition due diligence and negotiate acquisitions
Page 14 of 23 e) Mr Wandile Ninela, Human Resource and Communication Manager Before Imvelo Tours, he was working for the Durban Pentravel as the Human Resource Manager. Prior to that, he was working a Senior Communication Manager Assistant at the Tsogo Travel and Tours. He has also work independently as Website Developer for 3 years. Educationally, he has a Bacher’s Degree in Computer Programming obtained from the University of Cape Peninsula, a National Diploma in Human Resource and Public Relations Management from the University of Witwatersrand. Summary of duties:  Plan and manage recruitment and selection of staff  Plan and conduct new employee orientation  Identify and manage training and development needs for employees  Develop and implement human resources policies and procedures  Administer policies and procedures  Administer compensation and benefits  Ensure compensation and benefits are in line with company policies and legislation  Benchmark compensation and benefits  Support annual salary review  Implement and monitor performance management system  Supervises and coordinates work of the communications team.  Oversees and writes or edits Development documents including: fundraising proposals to individuals, foundations and corporations fund-raising publications; communications materials, such as press releases, cultivation, solicitation and acknowledgment letters documents present official Institutional  Responsible for all communication materials
Page 15 of 23 6. SUSTAINABILTY AND CORPORATE SOCIETY RESPONSIBILITY Being an integrated eco and cultural travel business, Imvelo Tours seek to effect on rural development, sustainability and conservation, and giving back to the society. To ensure that Imvelo gives back to the environment, all of its operations will be orientated towards carbon reduction and recycling. As this business will be established in a high unemployment rated region, the job that it will create will be numerous. Not only will jobs be created by Imvelo Tours itself, but also by those travel packages that Imvelo Tours will market to tourists. For Imvelo Tours, Corporate Society Responsibility means adopting sustainable business practices that positively impact both the country where we are based, as well as the destinations visited, in terms of economic effects, the environmental and cultural resources, and policies towards the host communities Implementing sustainability practices may require a fundamental shift in our corporate thinking and organizational culture, as well as the adoption of a more holistic approach towards success, as Imvelo Tours, we aim for the ‘triple bottom line’: running a profitable business while also preserving the environment, looking after the workforce and giving something back to the communities. To us sustainable practices will allow us to generate some immediate business advantages in the form of cost savings and improve relations with staff and local communities, many of the benefits, both on us and to society, are more long-term. In addition, not all the benefits are tangible, and some cannot be easily measured, which may make up-front investments in sustainability more difficult to justify. The key business benefits for Imvelo Tours of acting sustainably include:  Revenue growth. Being seen to be sustainable can help us increase income by securing the loyalty of current customers and attracting new ones, resulting in increased market share.  Cost savings. Sustainable actions can help lower operating costs and improve overall productivity and efficiency by reducing resource use, decreasing waste output and avoiding non-compliance fines.  Access to capital. As environmental and social criteria are becoming a standard part of lending risk assessments, as a sustainable tour operator, we are more likely to be able to attract capital from banks and investors.  Human capital. Our staff will feel proud of working for us as employers that take their responsibilities to society seriously. Our sustainable policies will have an increase in capacity to attract and retain skilled and talented employees and contract labour, thus increasing their ability to innovate and compete.  Brand value and reputation. A reputation for being sustainable will add value to our brand and strengthens our market position, making us less vulnerable to short-term market and economic changes.  Preservation of destinations. Acting sustainably will helps make tourist destinations more pleasant places to visit and live in. Ensuring the long-term quality of the destination also helps guarantee business viability. Our challenge here is to design holiday packages that have lower environmental and social burdens while still yielding acceptable economic returns.
Page 16 of 23 7. FINANCIAL PLAN Preliminary estimates suggest that Imvelo will experience slow growth in the first quarters of operation. This is partly due to Imvelo Tours’ status as a start-up business, as well as seasonal factors. Imvelo Tours has anticipates an increase in gross margin and sales volume. Imvelo Tours’ start-up capital requirements is approximately R 500 000. Start-up will be financed through the long- term loan secured from the Durban Standard Bank. Start-up details are:  Expenses: These will be for rent, offices supplies, consultants’ fees, insurance, utilities etc. The largest start-up expense will be for computers.  Assets: Primarily cash, furniture and computers.  Investment: The bulk of investments will come from loan from Durban Standard Bank. The reminder will come from the companies savings  Loan: A loan of 500 000 has been secured from Durban Standard Bank. PROJECTED STATEMENT OF COMPREHENSIVE INCOME FOR THE FIRST YEAR OF OPERATION Total Sales[after VAT, in Rands] 3 000 000 Minus cost of sales ( Including manufacturing, labour, packaging and transports) 1 698 200 GROSS PROFIT 1 301 800 Minus operation cost RANDS Advertising 160 000 Sales Promotions 110 000 Insurance 40 000 Telephone 70 000 Factory rental 50 000 Water and Electricity 90 000 Interest on Loan 58 700 Repairs and Maintenance 40 000 Indirect Labour 18 940 Repayments on vehicles 12 450 Office Supplier 7 500 Petrol and Transport ( general rate) 13 500 Computer costs 11 550 Manager’s salary 150 000 Accounting fees 9 000 Registration fees 4 600 Research and development 30 000 Bank Charges 15 000 Sundries 7 500 Legal fees 6 000
Page 17 of 23 TOTAL OPERATION COST 897 240 Income before tax 404 560 Minus interest on loan 58 700 Net profit after interest and before tax 345 860 Minus income tax 155 637 Net profit after income tax 190 223 PROJECTED STATEMENT OF FINANCIAL POSITION AS AT END OF YEAR 1 ASSETS RANDS CURRENT ASSETS 695 000 Cash 90 000 Inventory 30 000 Accounts receivable 290 000 Provision for income tax 285 000 FIXED ASSETS 735 000 Machines 550 000 Equipment and modifications 70 000 Vehicles 50 000 Trademark 15 000 Goodwill 50 000 TOTAL ASSETS 1 430 000 LIABILITIES AND EQUITY CURRENT LIABILITIES 309 255 Accounts payable (income tax) 309 255 LONG-TERM LIABILITIES 355 243 Bank loan 355 243 EQUITY 700 000 Own Capital 500 000 Retained earnings 200 000 TOTAL LIABILITIES AND EQUITY 1 364 498
Page 18 of 23 7.1 FUNDS REQUIRED AND TIMING We plan to make two major investments: one in Web site and database development and one in shop premises development. Web site and database development - this will cost $41,325. The database system is one of our key differentiators. It will allow us to offer superior service and ensure a high level of repeat business and referrals. a) The Web site and database development It is vital if we are to reach this wide and disparate global market. The group of potential clients we have chosen as our target market—affluent, professional 25- to 35-year olds—are prime users of the Internet. Even those people in our locality will expect to be able to research our offers on the Internet before coming to the shop. (See Appendix 1, Internet Growth and the Sale of Travel Services) b) Shop premises development This will cost us R250 000. We will have to look professional and have an efficient work environment. If our staff do not have the right tools, we can hardly expect them to deliver superior performance. If clients see “amateur” premises, they will not be inspired to spend thousands of dollars and entrust their adventure vacation plans to us. Both these investments need to be made at the outset to ensure that the business creates the right impression from the start. We get only one chance to make a first impression
Page 19 of 23 APPENDIX 1: MARKET RESEARCH ProvincialArrivals in KZN Eco and Cultural tourists visiting KZN (Past 12 years) Provinces 2003 2006 2009 2012 2014 Average annual Growth rate (%) 2003 – 2006 Gauteng 153.8 338.2 347.4 397 525 3.1 Northern Cape 8.7 84.5 90.1 122 229 7.6 Eastern Cape 50.0 110.1 115.5 138 195 3.7 Free State 4.7 18.7 19.4 25 37 4.6 Limpopo 3.6 11.3 15.1 14 21 4.9 Western Cape 1.6 4.5 4.5 6 11 6.7 Province total 222.3 567.4 592.1 702 1,018 4.1 Source: Provincial Stats. Corp. 2014
Page 20 of 23 APPENDIX 2: INTERNET GROWTH AND THE SALE OF TRAVEL SERVICES Sales of travel services on the Internet have risen steadily over the past several years and look to continue increasing through the year 2000. These sales far outweigh other Internet sales, including PC sales of software and hardware, clothing sales, and book sales. The South African users of the Internet are growing rapidly. The KwaZulu-Natal province is the second largest Internet user market after Johannesburg. When it comes to actually using the Internet for online bookings and purchases, Gauteng leads the way, with Cape Town and the KZN sitting squarely in the middle, close to the Gauteng average. The percentage of Internet users, by region, who have purchases holiday online are as follows [2014] • Gauteng - 69% • KwaZulu-Natal - 43% • Cape Town - 41% • North West - 38% • Eastern Cape - 33% • Mpumalanga - 31% • Free States - 29%
Page 21 of 23 APPENDIX 3: QUALITY CONTROL IMVELO TOURS QUESTIONNAIRE (Your replies are anonymous so confidentiality is assured) 1. Gender:  Male Female Married:  Yes No Children  Yes  No Age: Income:  Under R50 000  21 - 24  R50 001- R60 050  25 - 35  $60 051- 70 000  36 - 45  $70 001- R80 050  45+  over 80,051 Occupation: Self:................................................................... Partner:............................................................. 2.How many eco or cultural vacations have you taken in the past three years?  None - never considered taking one  Considered, but not yet taken a vacation  Taken one either eco or cultural vacation  Taken two either eco or cultural vacations  Take at least one either eco or cultural vacation every year 3. If you take either eco or cultural vacations, how much do you spend per head per vacation?  Under R5 000  R5 001 – R6 000  R6 001 – R7 000  Over 7 001
Page 22 of 23 4. Who did you buy your last either eco or cultural vacation from? Would you use that source again?  Traveled independently  Yes  No  Directly from the tour operator  Yes  No  Via the Internet  Yes  No  From a specialist travel agent  Yes  No  From a general travel agent  Yes  No 5. How did you hear about the last either eco or cultural vacation that you took?  From a friend/colleague/relative  Via an advertisement in general press  Via the Internet  Saw it in the travel agent’s window  Via an advertisement in specialist adventure travel press  Editorial in press/TV/radio 6. What impressed you most about the people you bought your last either eco or cultural vacation from? Ranking for level of impression (1 = excellent, 4 = useless) Ranking for importance of factor (1 = very high, 4 = quite unimportant)  Knowledge of activity   Knowledge of destination   Range of helpful advice   Additional services, such as insurance 
Page 23 of 23 7. What did you dislike most about the last either eco or cultural travel vacation that you took?  The other people on the vacation were not compatible (e.g. much older, /younger, or had very different competence levels)  Too expensive  The travel agent/tour operator did not properly explain the true nature of the vacation  The administrative arrangements were poor - I had to do all the chasing! 8. If you have never taken either eco or cultural vacation would you consider taking one from a reputable travel agent with proven expertise in this market?  Yes  No 9. Have you ever been on an either eco or cultural vacation organized by your employer?  Yes  No Thank you for your help with our research. We hope thisit will help Imvelo Tours bring you more exciting adventure vacations.

How To Write a Travel Agent Business Plan + Template

Creating a business plan is essential for any business, but it can be especially helpful for travel agency businesses who want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every travel agency business owner should include in their business plan.

Download the Ultimate Business Plan Template

What is a Travel Agency Business Plan?

A travel agency business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Travel Agency Business Plan?

A travel agency business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Travel Agency Business Plan

The following are the key components of a successful travel agency business plan.

Executive Summary

The executive summary of a travel agency business plan is a one to two-page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

Start with a one-line description of your travel agency
Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your travel agency, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your travel agency firm, mention this.

You will also include information about your chosen travel agency business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a travel agency business plan. Conduct thorough market research to determine industry trends and document the size of your market.

Questions to answer include:

What part of the travel agency industry are you targeting?
How big is the market?
What trends are happening in the industry right now and, if applicable, how do these trends support the success of your company?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, and interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, a travel agency’s customers may include individuals, families, or corporate clients.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or travel agency services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors?

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. Your plan should be clearly laid out, including the following 4 Ps.

Product/Service : Detail your product/service offerings here. Document their features and benefits.
Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or you may promote your travel agency via word of mouth or PR.

Operations Plan

This part of your travel agency business plan should include the following information:

How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a travel agency include reaching $X in sales. Other examples include adding new products/services, hiring new employees, and so on.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific travel agency industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix).

This includes the following three financial statements:

Income Statement

Your income statement should include:

Revenue : how much revenue you generate.
Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss

Sample Income Statement for a Startup Travel Agency

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

Assets : All of the things you own (including cash).
Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Travel Agency

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

Cash Flow From Operations
Cash Flow From Investments
Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup travel agency.

Sample Cash Flow Statement for a Startup Travel Agency

You will also want to include an appendix section which will include:

Your complete financial projections.
A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.).
Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your travel agency. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it. This will give you a much better chance at success than going into business blindly.

While it may seem like a daunting task, if you take it step-by-step and include all of the necessary information, you will be well on your way to having a successful travel agency.

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Wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Free Travel Agency Business Plan PowerPoint Template

A wonderful travel background design for ppt presentation.

Traveling in public transport is a general experience that everybody takes in life. This template design with the image of a van moving with bag and baggage is an awesome representation for traveling. Free Travel Agency Business Plan PowerPoint Template is a presentation design that can be used to prepare awesome business plans on a Travel Agency business including descriptions on trips and global coverage. The travel agency PowerPoint template has light colors, and it is an awesome representation for bus or van travel related presentations. It can be used to show the top destinations and plans and pricing.

The template design has a view of the seaside road and use of blue color at front and the background of the image has a wonderful view. There are specific margins provided to showcase the text for discussion. The presentations crafted for traveling, public transport, tourism, excursions, and beauty of seaside road can have this template design as the title slide design or background theme of the presentation. The template can also be used to present travel insurance plans and programs.

You can download the design free of cost and use it accordingly. The main slide supports the title of the presentation and other slides are crafted for further development in the presentation. It is made compatible with all the latest versions of Microsoft PowerPoint 2010, 2013, 2016 and Office 365. Alternatively, you can download other free travel agency PowerPoint template with artistic travel background designs good for travel agencies and presentations on top destinations.

For those who are planning a vacation trip with friends and families, this vacation planner excel template could help you prepare the perfect vacation that is memorable for you and your loved ones.

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Travel Agency Business Plan Template

Trusted by 700+ Downloaders

What You Get

A compelling & detailed pre-written Travel Agency business plan template in WORD
A full and automatic Travel Agency financial plan model in EXCEL you can easily customize
Customized text tailored to the travel agency business
The ability to paste advanced charts and tables within a click
No accounting or specialized financial knowledge needed
A truly cost-effective solution saving you time and money

Travel Agency Business Plan Template Description

Travel agency business plan template with financials

Our ready-made Travel Agency business plan package includes all you need to help you plan, execute, fund and launch a successful travel agency. It includes a pre-written business plan template in Word and automatic financial plan in Excel tailored to the travel agency business and which you can customize in just a few hours to make it perfectly suit your own project. Save tons of time and money and take advantage of our ready-made Travel Agency business plan template. Check below the full content description.

Travel Agency Business Plan Document in Word

Our ready-made Travel Agency business plan template is in Word format and includes 24 pages. The document is divided into multiple sections. Each section contains the essential points that are necessary to effectively present your Travel Agency project. Each section and sub-section offers you a sample text that you can easily customize to make your business plan unique. Below is a small extract of your Travel Agency business plan template in Word.

Travel agency business plan template in Word

Automatic Travel Agency Financial Plan in Excel

Our pre-populated financial model is in Excel format and includes multiples worksheets. You can easily edit the model’s inputs including changing costs and revenue assumptions to generate pro-forma financial forecasts including P&L, Cash flows and Balance Sheets. Below is a small excerpt of your Travel Agency financial plan in Excel.

This Ready-Made Travel Agency Business Plan is For

Entrepreneurs wishing to start a Travel Agency business
Aspiring Travel Agency owners who want to create a business plan fast and easy
Travel industry entrepreneurs who wish to pitch their project to investors
Travel professionals who wish to better understand the potential of the opportunity

Immediate Delivery by Email

Your Travel Agency Business Plan Content

Executive Summary: Our Travel Agency business plan template starts with a compelling Executive Summary. This key section is very important as it summarizes in 1 page your Travel Agency concept. It will introduce your business model, the key people behind the project as well as the unique selling proposition offered by your Travel Agency concept. This section will also mention how market conditions and consumer trends are favorable for launching your project.

The Problem Opportunity: Next, your ready-made Travel Agency business plan will list a number of problems experienced by your prospects in your target market and will show how this presents a unique opportunity for your Travel Agency business. These can include issues such as lack of a particular type of travel agencies in a certain location, low or average quality of service offered by existing players, undifferentiated offering by current actors in the market…etc.

The Solution: This section explains how your Travel Agency will take advantage of the current problems in the market and will detail your innovative solutions.

Mission & Vision: Your mission will explain in a couple of sentences your Travel Agency’s business ethos. In other words, it will summarize your unique value proposition and will explain how you are different than the competition. Your vision will explain the long-term plans for your Travel Agency concept. Are you planning to start with one branch today and expand to a multi-branch business model? Are you looking to transform your Travel Agency business into a franchise model?…etc.

Business Model: This section details your Travel Agency concept using the business model canvas method. In a visually appealing table, we will detail your Travel Agency’s key partners, activities, resources, value proposition, customer segments, customer relationship plan, marketing channels, cost structure and revenue streams.

Products & Services: Next, we will talk in details about your various travel products and services. We will describe your various tours and package offers, your travel consulting services…etc. We will also provide information about your pricing, commissions and fees by type of products and services.

Market Analysis: This important section describes the various market statistics and consumer trends in the Travel industry and explains how they support your own Travel Agency concept. The purpose of this section is to show that the market conditions are favorable for launching your new Travel Agency.

General Market Trends: In this sub-section of the market analysis, we will discuss the latest general market trends in the Travel industry. We will look at the global industry size, growth rate, growth diving factors and consumer trends.

Local Market Trends: This sub-section explains the local market trends that are relevant to your specific Travel Agency in its specific area of operation.

Target Customers: In this section, we will describe your various customer profiles by providing information about their demographics, behavior and purchasing habits.

Competitive Analysis: We will analyze key competitors active in your target market and provide insights about their strengths and weaknesses.

Competitive Advantages: After looking at the competitive landscape, we will then show how your Travel Agency is differentiating itself from the competition through a number of key advantages.

SWOT Analysis: This section features a 4-quadrant table with explanations about how your Travel Agency intends to leverage its key strengths, mitigate weaknesses, capture opportunities and thwart any future threats.

Marketing Plan : This chapter provides detailed information about your go-to-market strategy. It includes a detailed action plan to help you build brand awareness and generate sales.

Branding & Awareness: We will describe in this sub-section your choice of key marketing channels to build branding and awareness.

Customer Acquisition: We will describe in this sub-section your choice of key marketing channels to acquire customers and increase sales.

Operating Plan: This chapter provides information about your Travel Agency’s opening hours, internal processes and describes the interactions between various key departments and teams.

Management Team: It is very important to present the key people behind your Travel Agency project and thus we have dedicated a section for this very purpose. It is also important to talk here about the founder’s vision, his past education and professional experience.

Hiring Plan: No business can succeed without having on board the right team. This section lists all the key positions you plan to hire with information about their salaries and expected start dates.

Key Milestones: To be able to launch and execute your Travel Agency project, you need to follow a set of actionable tasks with target deadlines. This section serves this purpose.

Financial Plan: Without a robust financial plan, your Travel Agency business plan would be an incomplete document. This important section provides crucial information about your pro-forma financial projections and shows that you have really done your homework. The data mentioned in this and the following sections will be provided by the dynamic Excel financial model accompanying your Travel Agency business plan.

Projected Revenue: This module shows your Travel Agency’s revenue projections over the next three years.

Projected Profit and Loss: This module shows your Travel Agency’s income statement (also called profit and loss statement) over the next three years. Your income statement includes detailed projections about your sales and expenses and shows how your Travel Agency’s revenue is converted into a net profit.

Projected Cash Flows: This module shows your Travel Agency’s cash flow projections over the next three years. The first year of operation is even detailed on a monthly basis. Your cash flow statement will detail the various cash inflows your Travel Agency will generate from its day to day operations and from funding sources, as well as the various cash outflows required to pay for operating expenses and business investments.

Projected Balance Sheet : This module shows your Travel Agency’s balance sheet projections over the next three years. The balance sheet will provide a summary of your Travel Agency’s short term and long term assets in addition to your short term and long term liabilities and capital.

Profitability Analysis: In this section, we will provide information about your gross margin, net margin and discuss the profitability of your Travel Agency business.

Funding Requirement: This module states the amount of funding your need to be able to comfortably launch your Travel Agency business. It also describes the planned allocation of the funds between Opex and Capex.

Conclusion : Finally, we will conclude your business plan by recapitulating the key points that make your Travel Agency project compelling and reiterate the rationale behind your business opportunity.

SMB Cart is the eCommerce portal of Fhyzics Business Consultants Private Limited. SMB Cart provides an easy-to-purchase interface for all the products and services offered by Fhyzics. It is a one-stop solution for corporate needs right from business inception to business development services such as business consulting, business development, certifications, conferences, executive development programs etc.

Travel Agency Business Plan

Regular price Rs. 75,000.00

Our Travel Agency Business Plan helps you to develop a comprehensive understanding of your proposed business to make a well-informed decision. We prepare investor-ready business plans, meaning it can be immediately presented to banks or financial institutions for your business finance needs. The business plans are developed by a team of Certified Business Consultants with over 25+ years experience in business consulting and establishing new businesses under the leadership and guidance of Mr. Venkadesh Narayanan, Principal Consultant, Fhyzics Business Consultants Private Limited, and President, PDMA-India [An Indian affiliate of PDMA, USA]. LinkedIn

Our business plans are prepared in alignment with the Business Analysis Schema 1.0 developed by Fhyzics Institute of Business Analysis and Research [FIBAAR]. Please click here to download your copy of Business Analysis Schema. Fhyzics is an Indian Affiliate of Product Development and Management Association (PDMA), USA; REP of International Requirements Engineering Board, Germany, and International Channel Partner of APICS, USA.

Once you place the order, one of our business consultants will reach out to you to gather the business requirements. Based on your requirements, the team of consultants will develop the business plan specifically for your proposed business. The completed business plan will be delivered to you within 5 business days in electronic format. This product is eligible for 30-Days Money Back Guarantee. For Terms and Conditions, please refer to FAQs .

A detailed business plan with intense work on competition and risk. Click here for more details.

The most elaborate form of the business plan with process identifications, process mapping, business model canvas etc. To learn more about business plan pro, please click here .

A well-structured template with a comprehensive list of sections that a business plan must contain along with explanations. For more details, please click here .

Business plan guide contains 500+ questions that you must answer to develop a sound business plan. It also contains a list of time-tested best practices for creating a successful business plan. For more details, please click here .

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Free Travel Agency Business Plan Template

Okay, okay. I know you’re crazy thrilled that you’ve found a free travel agency business plan template for your agency! I promise we’ve got a super razzly-dazzly one that will help you craft THE BEST travel agency business plan out there. So we’ll have you download your free travel agency business plan template in just a second, and then we’ll walk you through the different pieces of the business plan in the article.

Sound like a (business) plan?! (Ahem, sorry, couldn’t help it.)

What Is the Purpose of a Travel Agency Business Plan?

Business plans got their start as a way for banks to vet new businesses before deciding to give them a loan. After all, people that have thought long and hard about their business and taken the time to painstakingly write down all the steps and intricacies have a higher likelihood of success.

Now when it comes to travel agencies, you may think having a business plan is overkill or outdated. Sure, if you’re opening a storefront agency or a franchise you may need some capital from the bank/investor so a business plan may be a necessity. But now that most agencies are home-based, the median start-up cost for a non-franchise travel agency is $1,500 . If you’re not getting a loan, do you really need a business plan?

If you’re starting a travel agency, here’s a few reasons why creating a travel agency business plan might be helpful to you:

The other thing a travel agency business plan can do? It will help you describe your agency—the service you provide (do you have a niche?), the market in which you’re operating, the money you need to get started and keep going, and the people you need to help you get there (accountants? Sub agents? Bookkeeper? Web Developer?) In short, it can help you feel prepared and confident, and our free travel agency business plan is going to help you with that!

Download HAR’s Free Travel Agency Business Plan Template

We have a handy dandy (and free) travel agency business plan template for YOU, dear reader! Yay, it is the companion to this article.

We’re offering our travel agency business plan template free (no catch) because we want your new business to be off to the best start possible!

Alright, now you’ve downloaded our free travel agency business plan template, great! We’ve already filled it out for our fictional travel agency, Corona Travels , and now we need to work on personalizing this business plan to your travel agency.

To update your personal business plan template with your brilliant ideas, all you'll need to do is delete the sample description provided in the template and add in your own material! In the next section, we walk you through each part of the business plan. I recommend that as you read through the article, you compare the sections of the travel agency business plan template. That way, you'll have an explanation for each part with an example.

Let’s jump in and start tailoring the business plan template to your travel agency!

Hold up. Still need to get your agency set up? sWe have just the thing.

Now, a business plan template may feel like you're getting ahead of yourself if you haven't named and/or registered your business yet! If you still need to take strides to get your agency off the ground (your agency, name, niche, registration, host affiliation etc.) we have a course that will fast-forward that process.

Check out HAR's course, The Complete Guide to Starting a Travel Agency . The course is written and taught by HAR Founder, Steph Lee, and professional Educator, Bridget Lee. It includes nine chapters with 70+ instructional videos, course quizzes, peer accountability, and monthly meet-ups with HAR members and industry experts. Check it out !

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Now, let's go over the business plan!

Travel Agency Business Plan, Part 1: Overview

The overview is like an executive summary that briefly summarizes all aspects of your travel agency business plan. You can think of this as the “elevator pitch” of your travel agency business plan. Oddly enough, I like to do these summaries last, since then you’ll have all the info at your fingertips that you'll need to summarize.

So what details are you filling out in this first part of the travel agency business plan?

And hey, we’re done with Part 1!! Just like that. ;)

I know you can barely contain your excitement to start reading about our next section, business foundations !

Travel Agency Business Plan, Part 2: Business Foundations

This section of your travel agency business plan provides background information on your agency. If you’re brand-spanking new, much of this information will be provided in the overview. If your business has roots, it may be a little more complex.

This section can include:

Ah, that was a nice and easy section, wasn’t it? Now we need to start getting real. Yes, folks, the well-loved travel agency business plan template goes OCD in the next section!

Travel Agency Business Plan, Part 3: Product or Service

This section is where the rubber hits the road with your niche and will help you begin to think about developing preferred supplier relationships with your travel agency.

This is a good opportunity to make financial goals for your travel agency. What kind of annual income are you aiming for? How much would you have to sell in one year to reach that?

If you are providing multiple services as a part of your travel agency business, what is the breakdown among those different services?

Industry Projections for Your Travel Services: We’ve done a lot of legwork for you on this one in our travel agency business plan template. But, if you want to add more, imagine this as describing the industry viability to someone who is not within the industry. What influences demand for your travel services? How is the health of the travel industry overall? Check out HAR's latest income survey results !

Now that you’ve dug into the details in this section, let’s move into the next section of your travel agency business plan that doesn’t tax your brain. It’s about management structures and it’s equal parts easy and boring (#honest).

Travel Agency Business Plan, Part 3: Management Structures

This will be a very fast exercise if you are opening your agency alone :). If you’re working for yourself, you may also want to consider outside organizations that influence your business:

If you're flying solo, you can probably stop here! But if you have or want to take on sub agents or employees you’ll want to do the above, and you’ll also need to go into more depth with your travel agency management structure below:

Phew! That was a long one. Well, you certainly nailed it. Kudos!

Travel Agency Business Plan, Part 3.2: Who Is Your Office Mascot?

This is probably the most important factor in building a business plan. How the heck are you going to get up and work every morning without a dog pushing its cold nose into your face, or without a cat trying to use your neck as their personal radiator?

Still with me? Okay, no more goofing off. Just wanted to throw in a fun interlude . . . I’ll get back to business now.

Travel Agency Business Plan, Part 4: Marketing Strategy

This section of your travel agency’s business plan will help you clarify some of your marketing goals in the long term.

Marketing Plan

What is your marketing plan? Consider things such as:

Are you ready to head on over to that travel agency business plan template you have a love-hate relationship with? Good, because you’re gonna read all about Corona Travels marketing strategy and how they plan on closing the leads they get . . . and maybe you can steal some of Sol’s ideas for your agency. :)

Travel Agency Business Plan, Part 5: Technology

What kind of tech do you need to help your agency get up and running, and what technology will you need to keep your travel agency machine humming? You don’t need everything at once, but you’ll want to have an idea of what you need to reach some travel agency milestones you’re going for.

You might want to consider things like:

Just because it’s technology, it doesn’t mean it has to be state of the art or über fancy. You can pick and choose where you want to allocate your financial resources on tech: I’ve spoken with several travel agents who swear by a combination of sticky notes, physical calendars, and Excel spreadsheets.

Think about which of these technologies you really need. If you go with a host agency or consortium, which of these technologies do they provide? Looking forward as your business grows, which technologies do you anticipate you’ll want to phase in?

Choosing those technologies was fun, wasn’t it? But now we need to iron out how you’re going to run the agency. So let’s move into the next section of your travel agency’s business plan template and make sure you’re running a tight ship!

Travel Agency Business Plan, Part 6: Operations

Developing a plan for travel agency operations will help you understand how to ensure your business runs smoothly, in addition to understanding the capacity of your travel agency. For this section of your travel agency business plan you’ll want to consider:

OMG. OMG!!! That’s right, keep that grin plastered on your face because we’re entering the final leg. You did it!

Travel Agency Business Plan, Part 7: Administrative Support

As a business owner, there will be a lot of external organizational support as you go. First, we’ll focus on financial logistics. What are the business names (or contacts) and addresses of some of your administrative support? This may include:

Congratulations. You Have a Travel Agency Business Plan!

Seriously, that was INTENSE. Give yourself a huge pat on the back. Creating a business plan for your travel agency ain’t for the faint of heart, but you did it.

Go ahead and tell us about your process. Was our free travel agency business plan template helpful? Did it help to think things through and write a business plan for your agency? Was it a waste of time? Most importantly, what kind of office pet do you have and what sort of moral support do they provide?

Comment below!

*Editor's Note: This article was originally published on April 16th, 2019. We updated it on the publish date listed on the article!

About the Author

Mary Stein has been working as a writer and editor for Host Agency Reviews since 2016. She loves supporting travel advisors on their entrepreneurial journey and is inspired by their passion, tenacity, and creativity. Mary is also a mom, dog lover, fiction writer, hiker, and a Great British Bake Off superfan.

Travel Agency Business Plan | Travel Agency Budget Template | Travel Agency Pro Forma | Travel Agency Financial Model

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Financial Dashboard in Excel To Track Your Business Performance

TRAVEL AGENCY STARTUP BUDGET INFO

Five-year Travel Agency 3 way financial model for startups and entrepreneurs to impress investors and get funded . Key financial charts, summaries, metrics, and funding forecasts built-in. Created with the mind of the Travel Agency business. Travel Agency business revenue model template helps to estimate required startup costs . Unlocked - edit all.

The Travel Agency projected cash flow statement template excel includes all required forecasting reports, including assumptions, pro forma profit and loss statement (projected income statement template excel), cash flow projection template excel, balance sheet, performance KPIs, and financial summaries for months and years (incl. numerous graphs and KPIs).

Our Travel Agency financial projection template excel is designed to help you make informed principal business and financial decisions bases on accurate reporting. This 3 year financial projection template Excel Travel Agency contains all relevant statements.

The Travel Agency industry is quite vulnerable. However, considering all the possible risks in advance, you can reduce or manage your business risk. The main thing is to design and use a good business plan that may build an investor’s trust in your Travel Agency. We believe your business may need an accurate financial projection for a successful run. Therefore, our team presents you with the Travel Agency excel financial model template excel Travel Agency which helps you to analyze your financial viability.

This versatile Travel Agency financial model in excel Excel Travel Agency, designed and developed by the professionals, will assist you in computing the startup summary, 60 months detailed monthly and yearly profit loss statement template excel , major expenses, and KPI to measure business performance. A Travel Agency business plan projections template will also enable you to estimate the cost of the procedure, employee’s salaries, needs for certain services, etc. The non-complex design and structure of this model will help your staff or manager to determine ROI and practice inefficiencies. Moreover, the Travel Agency business financial model template automatically recalculates all the values when you make changes in the input sheet.

TRAVEL AGENCY FINANCIAL PLAN REPORTS

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This powerful Travel Agency cash flow template allows entrepreneurs to enter assumptions, including costs and income, that can be brought together to show investors their startups' complete financial picture.

Travel Agency Financial Projection Excel Template All In One

In order to conduct a financial analysis of a company and make effective forecasts, you need to have a wide range of data. The business plan can help you with all the elements you need, including balance sheet forecast forecast data, pro forma profit and loss, and financial projections. Clients can get all the necessary data in the form of a graph or chart, which is very convenient and efficient in terms of further manipulation.

Travel Agency Budget Excel Template Dashboard

Business Financial Report

Each of the three financial statements serves a distinct purpose, and each is important for holistically understanding and analyzing a company’s financial performance from several perspectives. The pro forma profit and loss statement shows the expenses and income flow, essentially illuminating to what extent the company's core operating activities create profit. The pro forma balance is a photograph of the company's financial position and capital structure at a given point in time, and the business plan cash flow forecast shows the financial flows and ebbs generated by the firm's key operating, investing, and financial activities. Together, all three show how the company's financial well-being is organized.

Travel Agency Financial Projection Excel Template Summary Financial Statements

Sources And Uses Of Cash Statement

In order to professionalize and organize the tracking of funding sources and intended expenditures, the model has a sources and uses template excel tab that shows the sources ('Sources') of company funding with corresponding/intended destination and uses ('Uses') of said income.

Travel Agency Financial Plan Excel Template Sources and Uses Breakdown Report

Break Even Point In Sales Dollars

A break even in dollars usually involves revenue and sales analysis. At the same time, it is essential to differentiate sales, revenue, and profit in the financial planning process. Revenue shows the total amount of money from sales of a product, and the profit is the revenue less all fixed and variable expenses.

Travel Agency Financial Model Excel Template Break Even Chart

Top Revenue

Two important lines in a company’s profit and loss statement format excel are the top line and bottom line. The company’s revenue and profit are vital metrics and are very important for analysts and investors. Therefore, they keep an eye on these metrics on a quarterly and yearly basis. The top line in the profit and loss forecast template excel reports refers to revenue or sales growth. When a company has top-line growth, it means a growth in the company’s sales and revenue. It also impacts the other Financial metrics and overall performance of any company.

Small Business Top Expenses List

The company's expenses are located in the proforma business plan template, where you can also find the most significant expenses. They are divided into four categories, and the category 'other' has been added, which exists to enter additional data. Also, 5 year projection template can help you with defining data in a historical perspective for up to 5 years.

Travel Agency Budget Excel Template Top Expenses

TRAVEL AGENCY FINANCIAL PROJECTION EXPENSES

Strat-up costs, being a critical element of each and every budget spreadsheet, occur even before the first task of the business. Thus, these costs are choired to be monitored judiciously to avoid any major financial loss or any under-funding. The dedicated Pro-forma in our financial projection highlights the funding and spending levels of the business. Regular use of our 3 way financial model ensures effective and efficient planning and forecasting of expenses.

Travel Agency Budget Excel Template Admin Wages Inputs

CAPEX Schedule

The CAPEX investment shows all the financial resources that the Travel Agency spends to protect, develop, and increase the Travel Agency's business and competitiveness. These costs do not include staff salaries and operating costs. The report makes it possible to understand how aspect it is more expedient to invest and in which it is not. Capital expenditures vary significantly in different business models; therefore, it is essential to include this report in the business model description.

Travel Agency Business Plan Excel Template Capital Expenditure Inputs

Debt Financing

Our pro forma template has a loan amortization plan built-in, which calculates both the principal (the amount borrowed) and the interest. A loan amortization schedule template will determine the monthly amount for your business, taking into account the principal, interest rate, loan term, and payment frequency.

Travel Agency Cash Flow Forecast Excel Template Debts Inputs

TRAVEL AGENCY INCOME STATEMENT METRICS

Profitability KPIs

The operating profit before interest and tax means earnings before interest and tax in the 3 year financial projection template. earnings before interest and taxes (ebit) is a profitability measure calculated by deducting operating expenses from the company's revenues. Operating expenses include the cost of sales without consideration to any interest on loans and taxes yet. This calculation represents the company's ability to generate profits from its operations, so it is also called operating income, operating earnings, or operating profit.

Travel Agency Budget Excel Template EBIT EBITDA

Cash Flow Projection Template For Business Plan

The excel spreadsheet cash flow is one of the three statements that are vital for any three-statements 5 year financial projection template excel. At the same time, the Financial statement is the output of the operating expenses in the projected balance sheet for 5 years in excel format on a yearly basis. Since the financial model in excel template is integrated with all templates, the changes in cashflow forecast are reflected in other templates. And hence the pro forma balance sheet template excel cannot provide you accurate figures without flawless cash flow pro forma.

Travel Agency Cash Flow Forecast Excel Template Summary Cash Flow Statement

Business Benchmarks

A financial projection templates benchmark tab evaluates the effectiveness of the company by calculating key indicators. The average value of these indicators is highlighted and compared. Then a comparative analysis is done, during which the relative value is determined. These criteria and indicators are very important for financial planning, in particular for startups. Such analysis can help a company choose the best methods that can guarantee positive results. Strategic management also becomes possible through these procedures. That is why it is so important to control and record all indicators, because very important things are then calculated on their basis.

Travel Agency Financial Forecast Excel Template Industry KPI Benchmark Report

Profit And Loss Statement Template Excel

Since financial forecasting is an integral part of any Travel Agency business, the projected forecast income statement can inform you about all financial activities. This financial projection shows both the net profit margin ratio and the gross profit margin ratio. This is a great way to assess your business' prospects and calculate expected future profit. Financial models give you confidence in your business and strengthen your company's overall position.

Travel Agency Financial Model Excel Template Summary Profit and Loss Statement

Pro Forma Balance Sheet Template Excel

We included the projected balance sheet for startup business since it is an important report for every firm because it shows all of the company's current and long-term assets, as well as liabilities and equity. The balance sheet forecast contains crucial information for calculating various ratios.

Travel Agency Cash Flow Forecast Excel Template Summary Balance Sheet

TRAVEL AGENCY INCOME STATEMENT VALUATION

Startup Valuation Model

With the financial projections template pre-built valuation template, you'll have all the information your investors want. The weighted average cost of capital (WACC) will show your stakeholders the minimal return on capital invested in the enterprise's activities. The cash flow available to all investors, including shareholders and creditors, will be shown in a free cash flow valuation. The value of future cash flows will be reflected in discounted cash flow in proportion to the current period.

Travel Agency Financial Plan Excel Template DCF Valuation

Cap Table For Startups

In our financial model xls, a pro forma cap table, or Cap table is a spreadsheet critical for start-ups that shows the company's ownership structure. It lists your company's shares and options, if any. It also shows the prices your investors have paid for these shares and each investor's percentage of ownership in the company.

Travel Agency Business Plan Excel Template Capitalization Table

TRAVEL AGENCY PRO FORMA BUDGET KEY FEATURES

Update anytime

You can easily adjust inputs at the launch stage and throughout the further activities of your business to refine your Travel Agency pro forma financial statements template excel.

Identify potential shortfalls in cash balances in advance

The Travel Agency cash flow proforma template works like an 'early warning system.' It is, by far, the most significant reason for a cash flow forecast template excel.

Predict the Influence of Upcoming Changes

Does your company plan to purchase new equipment or to launch a new product? cash flow format in excel enable you to obtain a complete picture of the effect that specific changes will have on your excel template cash flow statement. When planning your finances in the monthly cash flow statement format in excel, you will forecast cash inflows and outflows based on future invoices, bills due, and payroll. You can then create multiple 'what if' scenarios, such as buying new equipment to choose the best way for you. Forecasting shows you how the upcoming changes will affect your cash balance.

Confidence in the future

Using our financial model, you can effectively plan, prevent risks, manage stocks and cash flow projection business plan and foresee your prospects for the next 5 years.

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Better Decision Making With Travel Agency pro forma budget

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Run 2 Valuation Methods With Travel Agency Pro Forma

Document Your Travel Agency Revenue Model

Plan The Costs For Opening Travel Agency And Operating Activities

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COMMENTS

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Travel Agency business revenue model template helps to estimate required startup costs. Our Travel Agency financial projection template excel is designed to help you make informed principal business and financial decisions bases on accurate reporting