The Business Plan for a Travel Agency

Location Suggestion: Toronto Ontario Canada

The Business Plan includes:

1. A mission statement
◦ Why are you in business?

2. Objectives of your business should be S.M.A.R.T.
◦ Specific
◦ Measurable
◦ Attainable
◦ Relevant
◦ Time Measured

3. Organizational Structure
◦ Legal name, structure, owner(s), employees

4. Overview of Industry, Products and Services
◦ Size of industry, trends, future of industry
◦ Special features/what makes you different

5. Marketing Plan
◦ Competitors: who are they/strengths/weaknesses?
◦ How are you going to target them?
◦ Is there room for you?
6. Staffing
◦ Job description
◦ Banker, lawyer, accountant

7. Regulations & Appointments
◦ Licensing and permits
◦ TICO, IATA, CLIA, ACTA, etc.
8. Financial plan
◦ Identify key expenses: rent, renovations, equipment, furniture, insurance, supplies

9. Executive Summary
◦ Step done at the end, but the first thing people will see
◦ Enthusiastic, realistic and informative
◦ Introduces reader to you and your business
◦ Outlines the highlights of your biz plan and entices them to read more
◦ Details: business name, address, phone number, your name and contact, when open, etc..

 

 

Things to include in your business plan:

1. An Executive Summary introducing your business to the potential investors or lending agencies.  This should include a description of the type of agency that you are opening if you are focusing on a certain niche market.
2. A description of your business location, with an accompanying paragraph explaining the rationale behind your choice
3. Your decision regarding legal structure, with an accompanying paragraph explaining the rationale behind your choice.
4. Detail how you plan to implement Principles 1, 2 and 3 of PIPEDA.
5. A print advertisement of your business that complies with the Travel Industry Act. (TICO)
6. A listing of the conferences that will be needed in order to operate a successful and profitable travel agency and how you plan to obtain accreditation.
7. Any other information that you think may convince your investors/lenders that your business is going to be successful!