Wondering how to start an incentive travel business? We take you step-by-step from start to success.
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How to Create a Winning Incentive Travel Company Business Plan
If you've done your homework, you already know that writing a business plan is the most critical thing you can do for your company.
We'll add one more voice to the chorus – writing a solid business plan is the most important thing you can do for your startup. If you take your business plan seriously, the end product will be a document that will guide your company through the critical first year and beyond.
Furthermore, a good business plan will help you avoid key startup mistakes. If your business plan includes accurate industry metrics and conservative forecasts, your business will be less vulnerable to market fluctuations and catastrophic surprises.
Investigate the Competition
Before you open an incentive travel business in your area, it's essential to see how strong the competition is. We've provided the link below to help you find competitors in your city. After clicking on the link, type in your city, state and zip code to get a list of incentive travel businesses near you.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
After you've evaluated your local competitors, it's a smart move to learn from folks who are already in business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
But, a person who owns an incentive travel business in a different city may be more than happy to give you a few tips, once they realize that you are not going to directly compete with them in their community. In fact, they are often very willing to share startup advice with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Where do you find an incentive travel business entrepreneur outside of your area who is willing to talk?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Acquisitions vs. Startups
Unfortunately, many inexperienced incentive travel business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.
Unless you have compelling reasons to launch a new business, buying an existing incentive travel business may be the better choice.
An acquired incentive travel business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. If you're diligent about finding the right acquisition prospect, you may be able to leverage a business buying strategy to rapidly propel yourself into a position of industry leadership.
Don't Rule Out Franchising
Franchises reduce the amount of time it takes to launch a business because they leverage the expertise of successful incentive travel businesses and enhance the visibility of your startup in the local market. When it comes to supply chains, marketing, hiring processes, operational procedures and other areas, it's hard to beat a small business franchise.
While it's true that franchising has both benefits and drawbacks, our travel and leisure franchise directory will give you the tools you need to evaluate whether a franchised startup is a good fit for you and your goals.
These additional resources regarding starting a business may be of interest to you.
If you currently own an incentive travel business, these resources will come in handy:
If you sell to incentive travel businesses, we've got better information for you elsewhere on our site. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.