2017-03-29 00:00:00Business PlanningEnglishDevelop a tourism business that's successful and delivers a first-class experience every time with these strategies.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Man-on-fishing-boat-for-tourism-business-stands-near-fish.jpghttps://quickbooks.intuit.com/ca/resources/business-planning/strategies-for-developing-tourism-firm/Strategies for Developing a Tourism Business

Strategies for Developing a Tourism Business

2 min read

If you love showing people around your area and treating them to exciting experiences, then a tourism business might be a great fit. The tourism industry generates billions of dollars every year, so there’s the potential to make large profits, especially considering that people don’t mind spending money when they’re on vacation. It’s a crowded marketplace, so it’s essential to use the right strategies for your business.

Capitalize on the Local Market

Obviously, you want to find an activity that works well with your local area. If there are plenty of trails nearby, you can offer hiking tours. For an area with a lake or river, a kayaking or speedboat tour are both fun for travellers. You should also use your familiarity with the area to improve the tour experience for your customers. Include tips on other places they can go, such as restaurants or places to check out. You can even recommend other tours to try. It may seem counter-intuitive to suggest that people visit your competition, but when you recommend other businesses, they often reciprocate.

Offer Packages and Extras

Instead of just offering one tour option, consider offering different packages and deals. A package deal could be as simple as offering a discount for buying multiple tour tickets. Since many people travel with their families, this kind of deal can make customers more likely to choose your tourism business and improve customer satisfaction. Extras, such as souvenirs and snacks, are another easy way to boost your profits and provide a better experience. People love unique souvenirs, so try to find items that stand out, instead of just T-shirts and coffee mugs.

Plan for the Off Season

During the season, you make plenty of money and meet new people every day. In the off season, business slows to a crawl and profits drop like a rock. Depending on your area, the change might not be that dramatic, but you still need to plan for the off season. After you’ve been in business for about a year, you’ll get an idea of how your cash flow fluctuates during each season. When you’re starting out, it’s smart to save what you can during the season so you have a buffer in case you don’t make enough to cover your expenses in the off season.

Cover Yourself Legally

It’s not the most exciting part of your tourism business, but you need to have all your paperwork in order to protect your business. Get any permits necessary for the type of tour that you offer, and make sure that you have liability insurance. It’s also a good idea to have your customers sign release waivers. It’s not all fun and games when you’re in the tourism industry. You need to plan ahead for the off season, get insurance, and possibly obtain permits from your city. However, once you’ve done the prep work, you get to the best part – making sure travellers have the time of their lives when they visit your neck of the woods.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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