business plan travel agency

Travel Agency Business Plan Template

Written by Dave Lavinsky

Travel Agency Business Plan

You’ve come to the right place to create your Travel Agency business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their travel agencies.

Below is a template to help you create each section of your Travel Agency business plan.

Executive Summary

Business overview.

My Itinerary Travel Agency is a new travel agency located in Boca Raton, Florida. The company is founded by Sandra Rodriguez, an experienced travel agent who has gained valuable knowledge on how to run a travel agency during the past ten years while working at Fun Destinations Travel Agency. Now that Sandra has experienced managing a travel agency, she is ready to start her own company, My Itinerary Travel Agency. Sandra is confident that her organizational and communication skills, combined with her understanding of business management, will enable her to run a profitable travel agency of her own. Sandra is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running a travel agency – sales and marketing, vendor relationships, customer relationship management, budgeting, and financial reporting.

My Itinerary Travel Agency will provide a full suite of travel planning services for individuals nationwide through its sophisticated online platform and accompanying customer app. My Itinerary Travel Agency will be the go-to travel agency for personalized service, convenience, and expertise of its travel agents. The company will be the ultimate choice for customer service while offering the best travel accommodations available.

Product Offering

The following are the services that My Itinerary Travel Agency will provide:

• Airline travel bookings
• Tour and travel package sales
• Accommodation reservations and bookings
• Cruise bookings
• Car rental reservations
• Travel ticket sales and reservations
• Tour ticket sales and reservations

Customer Focus

My Itinerary Travel Agency will target individuals nationwide who are looking for personalized and convenient travel planning services. The company will target vacationers, tourists, and business travelers who are seeking the best deals on premium accommodations. No matter the customer, My Itinerary Travel Agency will deliver the best communication, service, and the best prices.

Management Team

My Itinerary Travel Agency will be owned and operated by Sandra Rodriguez. Sandra is a graduate of Florida University with a degree in business. She has over ten years of experience working as a travel agent for another local agency. Sandra will be the company’s chief executive officer. She will oversee the travel agency staff, manage customer relationships, and build vendor relationships.

Sandra has recruited sales and marketing expert, Sara Anderson, to be the company’s chief marketing officer and help oversee travel agency’s sales and marketing activities. Sara will handle all branding, marketing, advertising, and outreach for the company. She will also create and maintain the company’s online and social media presence. Sara has a Master’s degree in Marketing and has nearly ten years of experience working as a marketing director for a leading travel industry corporation.

Success Factors

My Itinerary Travel Agency will be able to achieve success by offering the following competitive advantages:

• Skilled team of travel agents combined with the latest technology in the industry will allow the company to provide its clients with personalized service and modern convenience to make planning their trip easy and efficient.
• The members of the leadership team have long standing relationships with a large pool of vendors, allowing them to provide clients with the best deals possible on premium accommodations.
• The company offers a variety of modes of communication to better serve more clients’ preferences. Customers can speak with a travel agent in person, via telephone, video call, email, or chat through the website or app. Support is available 24/7 to ensure all clients’ questions and concerns are promptly attended to.

Financial Highlights

My Itinerary Travel Agency is seeking $290,000 in debt financing to launch its travel agency. The funding will be dedicated towards securing the office space, and purchasing office equipment and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff and marketing expenses. The breakout of the funding is below:

• Office build-out: $110,000
• Office equipment, supplies, and materials: $70,000
• Three months of overhead expenses (payroll, utilities): $90,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph below outlines the pro forma financial projections for My Itinerary Travel Agency.

Company Overview

Who is my itinerary travel agency.

My Itinerary Travel Agency is a newly established travel agency in Boca Raton, Florida. My Itinerary Travel Agency will be the first choice for anyone seeking a personalized approach, 24/7 support, and streamlined technology to make trip planning easy. The company will serve customers nationwide from their headquarters in Florida.

My Itinerary Travel Agency will be able to guarantee the best deals possible thanks to the leadership team members’ long standing relationships with a large network of vendors in the hospitality, transportation, and entertainment markets. The company’s team of highly qualified travel agents will provide personalized service to each client, removing the uncertainty and hassles associated with finding and booking the right accommodations.

My Itinerary Travel Agency History

My Itinerary Travel Agency is owned and operated by Sandra Rodriguez, an experienced travel agent who has gained valuable knowledge on how to run a travel agency during the past ten years while working at Fun Destinations Travel Agency. Now that Sandra has experienced managing a travel agency, she is ready to start her own company, My Itinerary Travel Agency. Sandra is confident that her organizational and communication skills, combined with her understanding of business management, will enable her to run a profitable travel agency of her own. Sandra is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running a travel agency – sales and marketing, vendor relationships, customer relationship management, budgeting, and financial reporting.

Since incorporation, My Itinerary Travel Agency has achieved the following milestones:

• Registered My Itinerary Travel Agency, LLC to transact business in the state of Florida
• Has identified the ideal location for the company’s office and is in the process of securing a lease
• Reached out to numerous contacts to include transportation, hospitality, and entertainment companies to begin securing vendor contracts
• Began recruiting a staff of accountants, travel agents, and other office personnel to work at My Itinerary Travel Agency

My Itinerary Travel Agency Services

• Airline travel comparisons and bookings

Industry Analysis

The U.S. travel agency industry is valued at $48.5B with more than 90,600 businesses in operation and over 318,600 employees nationwide. Factors currently driving industry growth include an increase in domestic tourism and travel for overnight trips, vacations, and business purposes. More domestic travel typically results in more consumers using travel agencies to book their trips. The travel agency industry can be segmented by brick-and-mortar establishments or online businesses. The global market size for the online travel agency segment reached $432B last year and is expected to rise as more people use the internet to book their trips. The travel agency industry relies heavily on the use of technology. Industry operators must stay up-to-date on the latest travel technology in order to remain competitive in the market.

One of the most significant hurdles for travel agency operators is attracting customers in the age of do-it-yourself booking. Now that customers are able to book many of their travel accommodations themselves, travel agents must be able to demonstrate why booking with them is a better option. Some ways industry operators can add value are by providing personalized services, promotional discounts, and helpful information about accommodation options.

Customer Analysis

Demographic profile of target market.

My Itinerary Travel Agency will target individuals nationwide who are looking for personalized and convenient travel planning services. The company will target vacationers, tourists, and business travelers who are seeking the best deals on premium accommodations. No matter the customer, My Itinerary Travel Agency will deliver professional communication, service, and the best prices.

The precise demographics for Boca Raton, Florida are:

Customer Segmentation

My Itinerary Travel Agency will primarily target the following customer profiles:

• Individuals and families planning a vacation
• Business travelers
• Individuals and families in need of accommodations for events such as weddings, reunions, or conventions

Competitive Analysis

Direct and indirect competitors.

My Itinerary Travel Agency will face competition from other companies with similar business profiles. A description of each competitor company is below.

Fun Destinations Travel Agency

Fun Destinations Travel Agency is one of the largest and oldest travel agencies in Florida. The company was founded in 1958 in Boca Raton with one small office location. Now, the company has over 50 locations throughout multiple states. Fun Destinations specializes in booking accommodations for family vacationers. The company books accommodations near key family destinations such as theme parks, resorts, and tourist attractions. Fun Destinations is family owned and operated so the founders are familiar with the hassles associated with planning a family vacation. For this reason, Fun Destinations focuses on booking the best family-friendly accommodations so its clients can relax and enjoy the family fun.

Best Fit Vacations Travel Agency

Best Fit Vacations Travel Agency is a small travel agency catering to Boca Raton locals from its central office and nationwide clients via its online booking platform. The company was established in 1995 with the mission of providing vacation accommodations that will be “the best fit” for every client. Best Fit Vacations is owned and operated by industry professionals that have extensive experience working with vendors to negotiate the best deals for clients. The company strives to get the lowest prices for every booking and regularly finds additional savings and discounts other agencies might not know about.

Trustworthy Travel Agency

Trustworthy Travel Agency is a Boca Raton, Florida-based travel agency that provides superior service to its consumers. The company is able to provide a wide variety of travel accommodation bookings for customers in the area. Trustworthy Travel Agency has three locations throughout the state and operates an online booking platform for nationwide travelers. Customers can book online or over the phone at their convenience. The company uses an algorithm that finds the lowest prices on travel, lodging, and other accommodations across the country.

Competitive Advantage

My Itinerary Travel Agency will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

My Itinerary Travel Agency will offer the unique value proposition to its clientele:

• My Itinerary Travel Agency offers the best deals through its extensive vendor network.
• The company offers personalized customer service, a variety of communication modes, and 24/7 support.

Promotions Strategy

The promotions strategy for My Itinerary Travel Agency is as follows:

Social Media Marketing

The company’s chief marketing officer will create accounts on social media platforms such as LinkedIn, Twitter, Instagram, Facebook, TikTok, and YouTube. She will ensure My Itinerary Travel Agency maintains an active social media presence with regular updates and fun content to get customers excited about traveling.

Professional Associations and Networking

My Itinerary Travel Agency will become a member of professional associations such as the Travel Agency Association, American Travel Agents Society, and the Florida Travel Industry Association. The leadership team will focus their networking efforts on expanding the company’s vendor network.

Print Advertising

My Itinerary Travel Agency will invest in professionally designed print ads to display in programs or flyers at industry networking events. The company will also invest in professional ads to place in travel magazines and local publications.

Website/SEO Marketing

My Itinerary Travel Agency’s chief marketing officer will design the company website. The website will be well organized, informative, and list all the services that My Itinerary Travel Agency is able to provide. The website will also list testimonials from happy customers.

The chief marketing officer will also manage My Itinerary Travel Agency’s website presence with SEO marketing tactics so that when someone types in a search engine “best travel agency” or “travel agency near me”, My Itinerary Travel Agency will be listed at the top of the search results.

The pricing of My Itinerary Travel Agency will be on par with (and often lower than) competitors so customers feel they receive value when purchasing the company’s services.

Operations Plan

The following will be the operations plan for My Itinerary Travel Agency.

Operation Functions:

• Sandra Rodriguez will be the chief executive officer for the company. She will oversee the travel agents, vendor relationships, and customer relations. Sandra has spent the past year recruiting the following staff:
• Sara Anderson – chief marketing officer who will oversee all marketing strategies for the company and manage the website, social media, and outreach
• Tom Brown – accountant who will provide all accounting, tax payments, and monthly financial reporting for the company
• Christopher Jones – lead customer support manager who will directly oversee all customer support activities

Milestones:

My Itinerary Travel Agency will have the following milestones complete in the next six months.

12/1/2022 – Finalize contract to lease the office

12/15/2022 – Finalize personnel and staff employment contracts for the My Itinerary Travel Agency management team

1/1/2023 – Begin build-out/renovation of the office, and purchase office equipment and supplies

1/15/2023 – Begin networking at industry events and implement the marketing plan

2/15/2023 – Finalize contracts for initial vendors

3/15/2023 – My Itinerary Travel Agency officially opens for business

Financial Plan Business Plan FAQs

Key revenue & costs.

The revenue drivers for My Itinerary Travel Agency are the commissions earned as a percentage of bookings from vendors and fees charged to customers for consultations and services.

The cost drivers will be the overhead costs required in order to staff a travel agency firm. The expenses will be the payroll cost, utilities, greenhouse equipment and supplies, and marketing materials.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Average accommodations booked per month: 9,000
• Average commissions per month: $15,000
• Overhead costs per year: $640,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

What Is a Travel Agency Business Plan?

A travel agency business plan is a plan to start and/or grow your travel agency business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your travel agency business plan using our travel agency Business Plan Template here .

What are the Main Types of Travel Agencies?

There are a number of different kinds of travel agencies , some examples include: independent agency, host agency or franchise.

How Do You Get Funding for Your Travel Agent Business Plan?

Travel agencies are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.  This is true for a travel agent business plan and a tour and travel business plan.

What are the Steps To Start a Travel Agency Business?

Starting a travel agency business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Travel Agent Business Plan - The first step in starting a business is to create a detailed business plan for your travel agency  that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your travel agency business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your travel agency business is in compliance with local laws.

3. Register Your Travel Agency Business - Once you have chosen a legal structure, the next step is to register your travel agency business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your travel agency business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Travel Agency Equipment & Supplies - In order to start your travel agency business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your travel agency business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful travel agency business:

• How to Start a Travel Agency Business

Travel Agency Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their travel agencies. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a travel agency business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Travel Agency Business Plan?

A business plan provides a snapshot of your travel agency as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Travel Agency

If you’re looking to start a travel agency or grow your existing travel agency you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your travel agency in order to improve your chances of success. Your travel agency business plan is a living document that should be updated annually as your company grows and changes.

Source of Funding for Travel Agencies

With regards to funding, the main sources of funding for a travel agency are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a travel agency is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.

Finish Your Business Plan Today!

Your travel agency business plan should include 10 sections as follows:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of travel agency business you are operating and the status; for example, are you a startup, do you have a travel agency that you would like to grow, or are you operating a chain of travel agencies.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the travel agency industry. Discuss the type of travel agency you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of travel agency you are operating.

For example, you might operate one of the following types:

• Commercial Travel Agencies : this type of travel agency caters to business travelers. These agencies specialize in tracking down deals for business travelers to help companies manage travel costs.
• Online Travel Agencies : this type of travel agency exists only in cyberspace. They provide clients with the convenience of online booking and discounts that are available only to professional travel agencies.
• Niche Travel Agencies : this type of travel agency provides clients with specialized knowledge of a region.
• Membership Associations : Memberships associations give travelers access to the organization’s travel planning services for the cost of an annual membership rather than charging per transaction. This type of agency offers the most benefit to frequent travelers.

In addition to explaining the type of travel agency you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new location openings, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the travel agency business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the travel agency industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards glamping, it would be helpful to ensure your plan calls for plenty of luxury camping packages.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your travel agency business plan:

• How big is the travel agency business (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your travel agency. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your travel agency business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: sports enthusiasts, soccer moms, baby boomers, businesses, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of travel agency you operate. Clearly baby boomers would want a different atmosphere, pricing and product options, and would respond to different marketing promotions than businesses.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most travel agencies primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other travel agencies.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes customers making travel arrangements themselves at home. You need to mention such competition to show you understand that not everyone who travels uses travel agency services.

With regards to direct competition, you want to detail the other travel agencies with which you compete. Most likely, your direct competitors will be travel agencies located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What products do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide better travel packages?
• Will you provide products or services that your competitors don’t offer?
• Will you make it easier or faster for customers to book your offerings?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a travel agency business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of travel agency that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to regular accommodation and transportation booking, will you offer items such as tour packages and excursions?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the packages you offer and their prices.

Place : Place refers to the location of your travel agency. Document your location and mention how the location will impact your success. For example, is your travel agency located next to a heavily populated office building, or highly trafficked retail area, etc. Discuss how your location might provide a steady stream of customers.

Promotions : the final part of your travel agency marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Making your travel agency’s storefront extra appealing to attract passing customers
• Distributing travel brochures outside the travel agency
• Advertising in local papers and magazines
• Reaching out to local bloggers and websites
• Social media advertising
• Local radio advertising
• Banner ads at local venues

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your travel agency such as serving customers, procuring supplies, keeping the office clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.

Management Team

To demonstrate your travel agency’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in the travel agency business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in travel agencies and/or successfully running retail and small businesses.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 50 customers per week or 100? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your travel agency, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a travel agency:

• Location build-out including design fees, construction, etc.
• Cost of equipment like computers, website/platform, and software
• Cost of marketing materials and maintaining an adequate amount of supplies
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint or location lease.

Travel Agency Business Plan Summary

Putting together a business plan for your travel agency is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the travel agency business, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful travel agency.

Travel Agency Business Plan FAQs

What is the easiest way to complete my travel agency business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Travel Agency Business Plan.

Where Can I Download a Travel Agent Business Plan PDF?

You can download our travel agent business plan PDF template here. This is a business plan template you can use in PDF format.

What is the Goal of a Business Plan's Executive Summary?

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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?!

What Is the Purpose of a Travel Agency Business Plan?

Here's a sneak preview of what you can expect from HAR's business plan below. (Need no convincing? Download it here .)

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 $1,000 . 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:

• Practical: it will help you feel prepared and confident as you make important business decisions.
• Inspirational: it will help remind you what it is that inspired you to start a travel agency and what kind of impact you hope to have on your clients. The kinds of things that will remind you why you started all these shenanigans when logistical tasks like taxes get boring or complicated.

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? We 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 7 Day Set Up Accelerator course to get your agency set up faster so you can start monetizing sooner! 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.

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?

• Name of Your Business: Not sure what your travel agency name is yet? We can help you with that .
• Location: Is it your house? A PO box? A storefront? Your sister’s basement?
• Your Travel Niche: Specializing as a travel agent is more important than ever. Selling travel is about much more than booking. It’s also about bringing knowledge, expertise, access, and resourcefulness to the table—all the qualities that help separate you from an OTA (online travel agency).
• Your Target Client: Luxury? Families? LGBTQ? Cruisers? Boomers or Millennials? Honeymooners? Foodies? Who do you imagine your client to be and how will this shape the way you develop your travel agency?
• Your Competition: Another way to look at this is, who are your industry peers? What might your customers consider if they don’t use you as a travel agent? (Try to think beyond OTAs like Expedia.)
• The expertise of Management Team: Okay, so your management team might be you and the office dog (we know who’s the alpha in the office!). But even if that’s the case, this section is an opportunity to reflect on your strengths as a travel agency owner.
• Financial Projections: Unless you’re coming into the industry with a book of business, this might seem intimidating. It’s hard to know what to expect right? But the good thing is we have an amazing resource for you: “ Travel Agency Startup Costs and Earnings: What to Expect ” Wow! Who knew?!
• Travel Agency Mission Statement: This will help you remember why you did this in the first place, and remind you what kind of impact you hope your business will have on others! Warm fuzzies, right?!

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:

• Legal Structure : What type of business is your agency? LLC? Sole Prop? S Corp? Has it changed over time?
• Agency Founders and Their Role in the Formation of Your Travel Agency : Who are the founders and what are their roles?

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.

• Products/ Services Provided: This may seem obvious—you sell travel! But if you’re considering providing other services (even if it’s a future goal), it will be important to consider that too. In addition to planning and booking travel, this may include: Coaching clients to book their own trips; trip consultations; wedding planning; providing education, training or mentorship to other agents; facilitating educational webinars (etc.); speaking at industry events.
• Sales Projections: This is hard if you haven’t booked any travel yet. But consider what kind of travel you want to sell. How many clients are you booking? How many trips do you aim to sell weekly/monthly/annually?

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 applicable, which host agency/franchise do you belong to?
• If you or your host belongs to a consortium, which one?
• What travel organizations are you a part of? (i.e. ASTA, IGLTA, PATH, CCRA etc.)
• Since you are an independent agent, these outside organizations won’t have a direct stake in your business, but they may influence your day-to-day operations in some way.

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:

• If applicable, create an organizational chart of your travel agency. You can think of this as a business version of a family tree. This will help you visualize who the players are and what roles they serve to your agency.
• What value do the different management positions add to your travel agency?
• What are the responsibilities of their positions?
• Describe other ICs or employees/ positions and their responsibilities. How will they complement what you do for your agency? (i.e. Sell a different type of travel under your brand? Work on sales? Bookings only? Administrative assistant?)
• If you have sub agents or employees, break down overall payroll expenses. What is their compensation? A commission split? A base salary? A combination of the two? Will you provide any bonuses or benefits if you have employees?
• Do you anticipate future additions to your staff?

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 their cold nose into your face, or 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.

• Who are your major clients? Include names, location, and what kind of travel they prefer. What was the sales volume for each customer? Have they provided referrals for your business?
• Who are prospective clients? Who might be other potential travel clients for you? Parenting class members? Your yoga class? Regulars at your favorite bookstore? Do you have a way to informally see how they might respond to your travel services?

Marketing Plan

What is your marketing plan? Consider things such as:

• Your pricing. For example, if you want to charge fees.
• How do you want to market to clients? Online, at wedding expos, in line at the grocery store?
• What region do you want to target and if you want to target clients outside your locale, how do you plan to do so?
• What is the flow of your services during planning, travel and post-trip? How do you plan on getting feedback from your customer once the travel is complete?
• What are your marketing priorities ? Networking? Referral? Online? Social media?
• Sales Strategy: Now that you have a list of potential clients and a marketing plan, how will you reach out to prospective clients? Host a cocktail hour? Send a mailing? Go to networking meetings? Do you need to outsource or delegate any tasks to help you with your sales efforts?

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:

• Travel Agency Website
• Read up on different website options for agencies
• Customer Relations Management (CRM):
• ClientBase Online
• Online Scheduling Tools:
• Itinerary Builders:
• Axus Travel App
• Payment Processing (for fees)
• Quickbooks Payments (use this link for 50% off first SIX months -- normally it's 3 months)
• TESS (built into CRM)
• Travel Joy (built into CRM)
• WixPayments
• Bookkeeping and Accounting
• Google Sheets ( part of Google Workspace )
• Mac Numbers
• Quickbooks Online / Quicken (use this link for 50% off first SIX months -- normally it's 3 months)
• Quickbooks Online (use this link for 50% off first SIX months -- normally it's 3 months)
• Booking tools
• Google Workspace : We have an exclusive 10% off promo code for Google Workspace! Just fill out the form and we'll send you the code.
• Office equipment
• Fax: FaxZero
• Scanner: Scanner Pro ($3.99 in Apple App Store)
• Scanner: Tiny Scanner (Google Play Store)
• Business Card Scanner: CamCard (Free on Apple App Store | .99 on Google Play Store )
• Forms / E-signatures*
• JotForm (free plan allows e-signatures)
• RightSignature
• Email Automation
• Sendinblue (that's what we currently use, and I highly recommend it!)
• Active Campaign
• Constant Contact
• Online Meetings / Video Conferencing
• Google Meet (part of Google Workspace )
• Secure Password Manager (also known as The Handiest Thing Ever )
• Mileage Tracking
• MileIQ (Free but if you ever decided to upgrade, use this link for 10% off paid plans)

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:

• What is your sales volume compared to your sales capacity? How much travel can you actually sell in the time you want to spend working to sell travel?
• Who are your preferred suppliers? Who are your host or consortium’s, preferred suppliers? How do these suppliers (and your host) disburse commissions and on what timeline? How does this impact your bookkeeping and workflow?
• If you are booking groups, plan ahead. Are there any special cruise sailings or new ships you want to block space for? Is a resort opening a new property that you’re excited about and might be in high demand? Is there a new exciting product coming up that you want to get ahead of?
• In order to find out about some of these opportunities, what travel publications do you want/ need to subscribe to? (*Ahem* Make sure HAR is one of them!!) How are you utilizing your host or consortium resources to stay ahead?

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:

• Your bank/ banker
• Accountant and/or Bookkeeper
• Host agency or consortium
• Legal counsel/ lawyer

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.

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Travel Agency

Back to All Business Ideas

How to Start a Travel Agency

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on December 13, 2021 Updated on June 5, 2024

Investment range

$2,150 - $10,600

Revenue potential

$78,000 - $300,000 p.a.

Time to build

0 – 3 months

Profit potential

$62,000 - $90,000 p.a.

Industry trend

Who doesn’t love to travel? But most of us do not love the endless research, planning, and booking required, which sometimes feels like it takes more time than the vacation itself. This is precisely why the $35 billion US travel agency industry has been booming of late, and why it offers a real opportunity for the travel-minded entrepreneur.

By starting your own online travel agency, you can shoulder travelers’ burden and ease their anxiety, allowing them to enjoy their holiday while you make a healthy profit. And thanks to the post-pandemic boost, now is a great time to get in on travel.

Of course, starting a travel agency will not be a vacation – it will take diligence, patience, and strong guidance. Thankfully, you’ve come to the right place, as this step-by-step provides all the information you need to develop and launch your new travel agency and give you a head-start on your entrepreneurial journey.

Step by Step Business values real-life experience above all. Through our  Entrepreneur Spotlight Series , we interview business leaders from diverse industries, providing readers with firsthand insights.

Uncover the secrets to building a thriving travel agency with our interview with Casey Halloran of Costa Rican Vacations .

Aspiring travel entrepreneurs will find valuable insights in our interview with Augustin Ndikuriyo on building a thriving African wildlife tour business .

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

Every business has its pros and cons, and a travel agency is no exception. You should weigh these carefully to decide if the business is right for you.

• Flexibility – Work from anywhere, even while traveling!
• Minimal Training – Get accredited for free online
• Travel Discounts – Travel agents get top deals and reduced prices
• Demanding Work – With clients around the world you’re on call 24/7
• Fierce competition – Top sites like Expedia, travel networks, advisors, and more

Travel agency industry trends

The US travel agency industry expanded an impressive 75% in the decade leading up to 2020, which saw a massive pandemic-driven downturn. 

In 2021, many travel agents saw a surge in business as travelers unsure of all the constantly changing Covid-19 rules and restrictions turn to them for help, rather than booking their own trips. Global travel advisor InteleTravel experienced a 35% increase in business, not from the disaster year of 2020, but from 2019, which had set records.(( https://www.nytimes.com/2021/04/14/travel/summer-vacation-travel-agents.html ))

Consumers are also turning more and more to online travel agencies, with a study by Expedia showing a 25% increase in the use of online agencies in 2020 alone. Brick-and-mortar agencies seem to be a dying breed, with British travel icon Thomas Cook closing in 2019.(( https://advertising.expedia.com ))

Industry size and growth

• Industry size and past growth – Market research firm IBISWorld values the industry at nearly $48 billion in 2022.(( https://www.ibisworld.com/industry-statistics/market-size/travel-agencies-united-states/ ))  
• Growth forecast – The industry is expected to grow further as the Bureau of Labor Statistics predicted a 5% annual growth through 2030 in the employment of travel agents.(( https://www.bls.gov/ooh/sales/travel-agents.htm )) 
• Number of businesses – More than 73,000 travel agencies are operating in the US.(( https://www.ibisworld.com/industry-statistics/number-of-businesses/travel-agencies-united-states/ ))
• Number of people employed – The industry employs more than 250,000 people.(( https://www.ibisworld.com/industry-statistics/employment/travel-agencies-united-states/ ))

Trends and challenges

Trends in travel agency industry include:

• Home-stay rentals like Airbnb(( https://stepbystepbusiness.com/business-ideas/start-an-airbnb-business/ )) outperformed hotels in 27 top markets during the pandemic
• Book-now-pay-later options, such as those offered by Expedia and Booking.com, are gaining popularity
• Travel agencies undergoing digital transformation in response to the growing demand for online services

Challenges in travel agency industry include:

• Rising gas prices are impacting travel behavior
• Compliance with global Covid-19 protocols
• Keeping up with digital marketing opportunities

What kind of people work in a travel agency?

• Gender – 76% of travel agency managers in the US are female, while 24% are male. (( https://www.zippia.com/travel-agency-manager-jobs/demographics/#gender-statistics ))
• Average level of education – 64% of travel agency managers hold a bachelor’s degree.(( https://www.zippia.com/travel-agency-manager-jobs/demographics/#degree-level-types ))
• Average age – The average age of a travel agency manager is 51 years old.(( https://www.zippia.com/travel-agency-manager-jobs/demographics/#age-statistics ))

How much does it cost to start a travel agency?

The startup costs for a travel agency range from about $2,000 to $10,000, with an average of around $6,000. The high-end includes the rental of office space and a larger marketing budget, but you could easily run your online travel agency from home to cut costs.

How much can you earn from a travel agency?

The commission paid to a travel agency by travel vendors such as airlines and hotels is generally about 10%. Some travel agents also charge a nominal consultation fee for each booking, typically between $30 and $50. Those will be your two revenue streams.

The average cost of a one-week domestic vacation is $1,500 per person. The profit margin for a home-based travel agency is usually about 80%. With an office and staff, your margin will likely drop to about 30%.

In your first year or two, you could work from home and sell five two-person vacations each week. At a 10% commission, this would mean $78,000 in annual revenue. You’d have about $62,000 in profit, assuming an 80% margin.

As your brand gains recognition, sales could climb to 1,000 two-person vacations a year. At this stage, you would rent an office and hire staff, reducing your profit margin to 30%. With expected annual revenue of $300,000, you would make about $90,000.

What barriers to entry are there?

There are a few barriers to entry for a travel agency. Your biggest challenges will be:

• Competition – Big and small online firms; self-booking travelers
• Client Acquisition – Time and marketing will be required to build a reputation

Related Business Ideas

How to Start an Airbnb Business

How to Start a Bed & Breakfast

How to Start a Glamping Business

Step 2: hone your idea.

Now that you know what’s involved in starting a travel agency, it’s a good idea to hone your concept in preparation to enter a competitive market.

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

As a travel agency, you need to find a way to differentiate yourself from the competition. Research online travel agents and booking platforms to see their offerings and prices, while keeping an eye out for something that might be missing.

Perhaps you could specialize in travel to an under-appreciated region, such as Southeast Asia, and build a network of relevant contacts and vendors. Or you could focus on finding travelers the most incredible home-stay rentals at the best prices.

You could specialize in family vacations, corporate retreats, or honeymoons. The potential niche options in the travel industry are nearly endless.

What? Determine your services and travel offerings

Travel can involve many facets, and you can handle some or all of them, in addition to flights, lodgings, and car rentals. These might include:

• Booking tours and excursions
• Dining recommendations/reservation
• Travel insurance
• Visa and emergency services

How much should you charge for travel agency services?

Travel vendors, such as hotels, airlines, and car rental firms, pay a commission to travel agents that’s generally about 10% of the booking. For instance, if you book a $1,200 flight on Turkish Airlines for your client, Turkish Airlines will give you, the travel agent, a $120 commission.

As a result, booking flights with a travel agent sometimes costs the traveler slightly more than booking directly with the airlines or through a travel site like Expedia or Orbitz. Thus, to attract customers and boost sales travel agents rely on discounted travel packages.

For instance, a return flight from Chicago to Cancun and a 6-day stay at a four-star all-inclusive resort, plus ground transport, might cost a traveler $1,000 or more to book directly. But travel agents get significant discounts from vendors because they place volume orders, so you’d be able to offer this trip as a $599 package deal.

Even after paying your commission, the traveler still saves a chunk of money by using your services, rather than booking themselves. And keep in mind, the discounts offered by vendors are likely to increase as you become a more established agent. You may be able to negotiate commissions from tour operators and excursion companies as well.

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

Your target market will depend on the concept you’ve chosen for your agency. If you’ve decided to specialize in family vacations, you’ll be targeting parents. You might find them on sites like Facebook or LinkedIn, rather than Instagram or TikTok.

Where? Choose your business premises

In the early stages, you may want to run your business from home to keep costs low. But as your travel agency grows, you’ll likely need to hire workers and may need to rent out an office. You can find commercial space to rent in your area on Craigslist , Crexi , and Commercial Cafe .

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Flexible lease that can be extended as your business grows
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Travel Agency Name

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better
• The name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “travel” or “bookings”, boosts SEO
• Choose a name that allows for expansion: “Wanderlust Adventures” over “Beach Bum Vacations” or “Honeymoon Haven Agency”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

Powered by GoDaddy.com

Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that set your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Travel Agency Business Plan

Here are the key components of a business plan:

• Executive Summary: Present an overview of your travel agency, highlighting its focus on providing personalized travel planning and booking services for various types of travelers.
• Business Overview: Describe the services of your travel agency, including custom travel itinerary planning, booking accommodations, flights, and special experiences.
• Product and Services: Detail the range of travel packages offered, such as luxury vacations, adventure tours, and corporate travel services.
• Market Analysis: Assess the current travel market, identifying target customer segments like families, honeymooners, or business travelers.
• Competitive Analysis: Compare your agency to others, focusing on your unique offerings like specialized destinations, personalized service, or exclusive deals.
• Sales and Marketing: Outline your strategy for attracting clients, using methods like online marketing, partnerships with travel providers, or attending travel expos.
• Management Team: Highlight the experience and expertise of your team in travel planning, customer service, and business management.
• Operations Plan: Describe the process of service delivery, from client consultation to trip execution and post-travel follow-up.
• Financial Plan: Provide an overview of financial aspects, including startup costs, pricing strategy, and anticipated income.
• Appendix: Include supplementary documents such as travel industry certifications, partnership agreements, or detailed client testimonials to support your business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business!

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to travel agencies.

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state.

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your travel agency will shape your taxes, personal liability, and business registration requirements, so choose wisely.

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just needs to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN.

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans : This is the most common method, but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Venture capital : Offer potential investors an ownership stake in exchange for funds, keeping in mind that you would be sacrificing some control over your business.
• Friends and Family : Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Crowdfunding : Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
• Personal : Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best options, other than friends and family, for funding a travel agency. You might also try crowdfunding if you have an innovative concept.

Step 8: Apply for Travel Agency Licenses and Permits

Starting a travel agency requires obtaining a number of licenses and permits from local, state, and federal governments.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your travel agency business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account.

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property: Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation: Provides compensation to employees injured on the job.
• Property: Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto: Protection for your company-owned vehicle.
• Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of any of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business.

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.

You may want to use industry-specific software to manage bookings and scheduling, such as TravelPerk , TravelCEO , and TravelOperations .

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero .
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

Your website should showcase your offerings, customer testimonials, and detailed information about destinations.

Your clients are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.

Here are some powerful marketing strategies for your future business:

• Leverage Social Media : Use platforms like Instagram, Facebook, and Pinterest to share stunning travel imagery, customer stories, and travel tips. Engage with your audience through regular posts, stories, and responses to comments.
• Content Marketing : Start a blog or a YouTube channel providing valuable content like travel guides, tips, destination reviews, and travel trends. This not only helps in SEO but also establishes you as an expert in the field.
• Build Partnerships : Collaborate with local businesses in your chosen travel destinations, such as hotels, tour operators, and local attractions. This can lead to exclusive deals or packages that you can offer to your clients.
• Email Marketing : Collect emails through your website and social media channels and send out regular newsletters with travel tips, special offers, and new package announcements.
• Customer Reviews and Referrals : Encourage your clients to leave reviews on platforms like TripAdvisor or Google. Word-of-mouth referrals are powerful, so consider offering incentives for referrals.
• Attend Travel Expos and Events : Participate in travel expos, seminars, and networking events to build contacts and stay updated on the latest industry trends.
• Offer Personalized Services : Tailor your services to meet individual client needs. Personal touches can make a big difference in the travel industry.
• Utilize Paid Advertising : Invest in targeted ads on social media and Google to reach potential clients. This can be particularly effective when you have special offers or new packages to promote.
• Stay Informed and Flexible : The travel industry is dynamic, so it’s important to stay informed about global travel trends, destination updates, and customer preferences.
• Sustainable and Responsible Travel : With growing awareness about environmental and cultural impacts, promoting sustainable and responsible travel practices can set your agency apart.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that set it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your travel agency meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire.

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your travel agency could be:

• Travel to Asia’s best secret destinations
• The best local insights and insider adventures
• Vacations for the whole family, from grandma to the baby!

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a travel agency, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in travel agencies for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in travel. You’ll probably generate new customers or find companies with which you could establish a partnership. Online businesses might also consider affiliate marketing as a way to build relationships with potential partners and boost business.

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a travel agency would include:

• Travel Agents – sales and bookings
• General Manager – scheduling, accounting, staff management
• Marketing Lead – SEO strategies, social media, other marketing

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need.

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.

Step 13: Run a Travel Agency – Start Making Money!

Owning a travel agency means sharing the joy of travel for a living. What could be more fun? It’s also a huge, high-growth industry that you could tap into and grow a profitable business. Startup costs are low, and all you need is a simple accreditation — there’s no real training required. You just need a good concept for your agency and a great marketing plan. Having a strong online presence in this digital age is also an absolute must.

You’ve started off on the right foot by reading this guide, and now you’re ready to begin your trip to entrepreneurial success!

• Travel Agency Business FAQs

If you run your online travel agency from home, you could have profit margins of up to 80%. Costs to run your travel agency are very low, and you’re paid around a 10% commission on everything that you book. As a home-based, one-person show, you could make $60,000 per year to start, and much more once you’re established.

Consumers are turning to online travel agencies more and more, which you could easily run from home. If your business grows fast and you need to add staff, you may want to have an office.

Some consumers prefer the personal service of a smaller online agency that can offer more local, personal insights about travel destinations. The key is to differentiate yourself in some way. You could specialize in certain locations, a specific type of lodgings, such as cabins, or in a type of vacation such as corporate retreats.

Travel agencies engage in activities such as providing travel advice, booking travel arrangements, managing logistics, and offering specialized services tailored to clients’ needs.

Running a travel agency can have challenges due to intense competition, evolving industry dynamics, regulatory considerations, seasonal fluctuations, and the need for customer satisfaction and crisis management. 

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• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm a Travel Agency Name
• Create a Travel Agency Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Travel Agency Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run a Travel Agency - Start Making Money!

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Travel Agency Business Plan Template & Guidebook

How to write a travel agency business plan in 7 steps:, 1. describe the purpose of your travel agency business..

It also helps to include a vision statement so that readers can understand what type of company you want to build.

2. Products & Services Offered by Your Travel Agency Business.

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your travel agency business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

Target market

Customer base , product or service description, competitive analysis, marketing channels, form an llc in your state, 4. write your operational plan., what equipment, supplies, or permits are needed to run a travel agency business, 5. management & organization of your travel agency business..

The second part of your travel agency business plan is to develop a management and organization section.

6. Travel Agency Business Startup Expenses & Captial Needed.

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a travel agency business varies based on many different variables, but below are a few different types of startup costs for a travel agency business.

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your travel agency business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

Here are some steps you can follow to devise a financial plan for your travel agency business plan:

Frequently Asked Questions About Travel Agency Business Plans:

Why do you need a business plan for a travel agency business, who should you ask for help with your travel agency business plan.

You should ask a professional business consultant or accountant for help with your travel agency business plan. They will be able to provide the knowledge and experience necessary to develop a successful plan that meets your goals and objectives.

Can you write a travel agency business plan yourself?

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

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Here is a free business plan sample for a travel agency.

Have you ever envisioned launching your own travel agency but feel overwhelmed about where to start? You've landed in the perfect spot.

In the following paragraphs, we will guide you through a comprehensive sample business plan tailored for a travel agency.

As an aspiring entrepreneur, you're likely aware that a meticulously developed business plan is crucial for achieving success. It serves as a roadmap, outlining your vision, objectives, and strategies for your venture.

To craft an effective plan swiftly and with ease, you can utilize our travel agency business plan template. Additionally, our specialists are on hand to provide a free review and refinement of your plan.

How to draft a great business plan for your travel agency?

A good business plan for a travel agency must reflect the unique aspects of the travel industry.

To start, it is crucial to provide a comprehensive overview of the travel market. This includes up-to-date statistics and identifying emerging trends in travel, as illustrated in our travel agency business plan template .

Your business plan should then articulate your vision clearly. Define your target market (such as adventure travelers, luxury vacationers, corporate clients, or budget backpackers), and establish your travel agency's unique value proposition (specialized tours, personalized itineraries, eco-friendly travel, etc.).

Market analysis is the next important section. This requires a thorough understanding of the competitive landscape, travel trends, and consumer behavior.

For a travel agency, it is essential to detail the services you plan to offer. Describe your range of travel products - package tours, custom itineraries, travel insurance, booking services - and explain how they cater to the preferences and requirements of your target customers.

The operational plan is also vital. It should outline the location of your agency, the structure of your customer service and booking system, partnerships with travel providers, and the logistics of trip planning.

For a travel agency, it is important to highlight your expertise in destination knowledge, customer service excellence, and the ability to handle travel disruptions.

Then, delve into your marketing and sales strategy. How will you attract and retain clients? Consider promotional tactics, customer loyalty programs, and cross-selling opportunities (such as travel insurance or add-on excursions).

Embracing digital strategies, like maintaining a robust website or an active social media presence, is also critical in the digital age.

The financial plan is another crucial component. This should include your startup costs, revenue projections, operating expenses, and the point at which you will break even.

In a travel agency, margins can vary widely depending on the type of service, so precise financial planning and a solid understanding of your profit centers are essential. For assistance, refer to our financial forecast for a travel agency .

Compared to other business plans, a travel agency's plan must pay special attention to global travel trends, currency fluctuations, and the impact of international events on travel.

A well-crafted business plan will not only help you clarify your strategy and vision but also attract investors or secure loans.

Lenders and investors are looking for comprehensive market research, realistic financial projections, and a clear operational strategy for managing a travel agency.

By presenting a thorough and substantiated plan, you showcase your professionalism and dedication to the success of your travel agency.

To achieve these goals while saving time, you can complete our travel agency business plan template .

A free example of business plan for a travel agency

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a travel agency .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market data and figures.

The travel industry is a dynamic and lucrative sector with significant growth potential.

Before the pandemic, the global travel and tourism market was valued at approximately 9.25 trillion U.S. dollars. While the industry faced a downturn due to COVID-19, it is expected to recover and grow in the coming years, driven by pent-up demand and increased consumer confidence.

In the United States alone, the travel and tourism industry contributes substantially to the economy, with millions of international and domestic travelers spending billions annually.

These figures underscore the travel industry's resilience and its critical role in global economic development.

The travel industry is experiencing a transformation, with current trends shaping the future of how people explore the world.

Sustainable travel is becoming increasingly important, with travelers seeking eco-friendly options and destinations that prioritize conservation and community impact.

Personalization and unique experiences are also in high demand, as travelers look for tailor-made itineraries and off-the-beaten-path adventures.

Technology plays a pivotal role, with virtual reality previews, mobile booking, and AI-powered personal assistants enhancing the travel experience.

Health and wellness tourism is on the rise, with destinations offering retreats and activities focused on physical and mental well-being.

Lastly, the demand for flexible booking options and comprehensive travel insurance has grown, as travelers seek security in uncertain times.

These trends highlight the evolving preferences of modern travelers and the need for travel agencies to adapt and innovate.

Success Factors

The success of a travel agency hinges on several critical factors.

Exceptional customer service is paramount, as personalized attention and expert advice can differentiate an agency in a crowded market.

Offering a diverse range of high-quality travel packages and services that cater to various preferences and budgets is also essential.

A strong online presence, with an intuitive booking platform and engaging content, can attract and retain customers in the digital age.

Strategic partnerships with reputable service providers, such as hotels and airlines, can enhance the value proposition and provide competitive pricing.

Lastly, the ability to adapt to industry changes and embrace new trends, such as sustainable travel and wellness tourism, is crucial for long-term success.

The Project

Project presentation.

Our travel agency project is designed to cater to the needs of modern travelers who seek unique and personalized travel experiences. Situated in a convenient location with a strong online presence, our agency will specialize in crafting tailor-made itineraries for individuals, families, and groups. We will focus on providing exceptional travel packages that include gluten-free dining options, ensuring that travelers with dietary restrictions can enjoy their journeys without compromise.

We aim to offer a seamless travel experience, from the planning stage to the return home, with an emphasis on customer satisfaction and attention to detail.

Our travel agency is set to become a go-to resource for those who value health-conscious travel options, as well as for adventurers looking to explore the world with the assurance of their dietary needs being met.

Value Proposition

The value proposition of our travel agency is centered around delivering personalized and health-conscious travel experiences. We understand the challenges faced by travelers with dietary restrictions and are dedicated to providing gluten-free solutions as part of our travel packages.

Our commitment to customization, combined with our expertise in identifying gluten-free friendly accommodations and restaurants, offers peace of mind and an enjoyable travel experience to our clients.

We are dedicated to creating travel itineraries that not only meet the dietary needs of our customers but also enrich their lives through cultural immersion and adventure.

Our agency strives to be a leader in the niche market of health-conscious travel, offering innovative solutions and educational resources that empower our clients to travel freely and safely.

Project Owner

The project owner is a seasoned travel professional with a passion for exploring the world and a deep understanding of the challenges faced by travelers with dietary restrictions.

With years of experience in the travel industry and a personal commitment to healthy living, the owner is well-equipped to guide the agency in providing top-notch, gluten-free travel experiences.

Driven by a vision to make travel accessible and enjoyable for all, regardless of dietary needs, the owner is dedicated to building a travel agency that stands out for its personalized service, health-conscious options, and commitment to customer satisfaction.

With a blend of industry knowledge and a personal touch, the project owner is the driving force behind this innovative travel agency, aiming to transform the way people with dietary restrictions experience the world.

The Market Study

Market segments.

The market segments for this travel agency are diverse and cater to various customer needs.

First, there are adventure seekers looking for unique and off-the-beaten-path travel experiences, who value personalized itineraries.

Next, there are luxury travelers who desire premium, all-inclusive vacation packages with high-end accommodations and exclusive services.

The market also includes budget-conscious travelers who seek affordable yet memorable trips, often in groups or as solo travelers.

Finally, corporate clients represent a significant segment, requiring professional travel arrangements for business trips, conferences, and team-building retreats.

SWOT Analysis

A SWOT analysis of this travel agency project highlights several key factors.

Strengths include a knowledgeable team with expertise in travel planning, strong partnerships with service providers, and a commitment to customer satisfaction.

Weaknesses might involve the volatility of the travel industry, dependency on economic factors, and the challenge of maintaining competitive pricing.

Opportunities can be found in the growing trend of experiential travel, the potential for digital marketing to reach a global audience, and the ability to offer niche travel packages.

Threats include unpredictable global events affecting travel, such as pandemics or political instability, and the intense competition from online travel agencies and direct booking platforms.

Competitor Analysis

Competitor analysis in the travel agency sector indicates a highly competitive landscape.

Direct competitors include other local and online travel agencies, as well as larger travel companies with extensive marketing budgets.

These competitors strive to capture the attention of various traveler demographics by offering deals, loyalty programs, and comprehensive travel services.

Potential competitive advantages for our agency include personalized customer service, unique travel packages, expertise in niche markets, and strong relationships with reputable service providers.

Understanding the strengths and weaknesses of competitors is crucial for crafting strategies that emphasize our unique selling propositions and foster customer loyalty.

Competitive Advantages

Our travel agency's competitive edge lies in our personalized approach to crafting travel experiences that resonate with individual client preferences.

We offer tailored travel solutions, from adventure tours to luxury getaways, ensuring that each trip is a perfect fit for our clients' desires and budgets.

Our dedication to customer service excellence allows us to build lasting relationships with our clients, securing repeat business and referrals.

We also pride ourselves on our insider knowledge of destinations, which enables us to provide exclusive experiences not readily available through other channels.

You can also read our articles about: - how to start a travel agency: a complete guide - the customer segments of a travel agency - the competition study for a travel agency

The Strategy

Development plan.

Our three-year development plan for the travel agency is designed to cater to the evolving needs of modern travelers.

In the first year, we will concentrate on building a robust online presence and developing personalized travel packages that cater to niche markets, including eco-tourism and adventure travel.

The second year will focus on establishing partnerships with airlines, hotels, and tour operators to offer exclusive deals and expanding our service offerings to include corporate and group travel.

In the third year, we aim to enhance our customer service with the introduction of a mobile app for itinerary management and real-time travel assistance, as well as exploring the possibility of opening branch offices in key cities.

Throughout this period, we will remain dedicated to providing exceptional travel experiences, maintaining strong customer relationships, and staying ahead of industry trends.

Business Model Canvas

The Business Model Canvas for our travel agency targets a diverse range of customers, from solo travelers and families to corporate clients and adventure seekers.

Our value proposition is centered on delivering tailor-made travel experiences, exceptional customer service, and competitive pricing.

We offer our services through a user-friendly online platform, complemented by personalized consultation from our travel experts.

Key activities include travel planning, booking management, and customer support.

Our revenue streams are generated from service fees, commission from partners, and premium travel package sales, while our costs are associated with marketing, technology infrastructure, and staff salaries.

Find a complete and editable real Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is built on creating memorable travel experiences and establishing a reputation for reliability and customer satisfaction.

We plan to engage with our target audience through storytelling and sharing travel success stories across various digital platforms.

Partnerships with travel influencers and the use of targeted advertising will help us reach a wider audience.

We will also offer loyalty programs and referral incentives to encourage repeat business and word-of-mouth recommendations.

Lastly, attending travel expos and networking events will allow us to build industry relationships and stay connected with market trends.

Risk Policy

Our risk policy focuses on mitigating risks associated with travel disruptions, customer satisfaction, and industry volatility.

We will offer flexible booking options and comprehensive travel insurance to protect our clients against unforeseen events.

Regular training for staff on the latest travel advisories and safety protocols will ensure informed and safe travel planning.

Prudent financial management and maintaining a diversified portfolio of travel products will help us navigate economic fluctuations.

We will also secure liability insurance to cover any potential travel-related disputes, prioritizing the safety and satisfaction of our clients.

Why Our Project is Viable

We are committed to launching a travel agency that adapts to the dynamic preferences of today's travelers.

With our focus on personalized experiences, customer care, and strategic partnerships, we are poised to capture a significant share of the travel market.

We are enthusiastic about making travel planning seamless and enjoyable, contributing to memorable journeys for our clients while growing a successful business.

We are flexible in our approach and ready to adapt to the ever-changing travel landscape, looking forward to a bright future in the travel industry.

You can also read our articles about: - the Business Model Canvas of a travel agency - the marketing strategy for a travel agency

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a travel agency and our financial plan for a travel agency .

Initial expenses for our travel agency include securing a prime location for our office, investing in robust travel booking software, creating an engaging website for online reservations, obtaining the necessary licenses and insurance, training staff on various travel destinations and customer service excellence, as well as costs related to brand creation and launching targeted marketing campaigns to reach our ideal clientele.

Our revenue assumptions are based on a thorough analysis of the travel market, considering trends in tourism, consumer vacation spending habits, and the unique value proposition of our personalized travel planning services.

We anticipate progressively increasing sales, starting modestly and growing as the reputation of our travel agency strengthens and our customer base expands.

The projected income statement indicates expected revenues from our travel booking commissions, service fees, and customized travel packages, minus the costs of operations (staff wages, office rent, marketing, utilities, etc.).

This results in a forecasted net profit essential for assessing the long-term viability of our travel agency.

The projected balance sheet reflects assets specific to our business, such as office equipment, software, and prepaid travel inventory, and liabilities including debts and anticipated operational expenses.

It shows the overall financial health of our travel agency at the end of each fiscal period.

Our projected cash flow budget details incoming and outgoing cash flows, allowing us to anticipate our financial needs at any given time. This will enable us to manage our finances effectively and maintain a healthy cash reserve.

The projected financing plan lists the specific financing sources we plan to use to cover our startup expenses, such as business loans, investor capital, or personal savings.

The working capital requirement for our travel agency will be closely monitored to ensure we have the necessary funds to finance our daily operations, including marketing efforts, office expenses, and staff salaries.

The break-even point specific to our project is the level of sales needed to cover all our costs, including startup expenses, and begin generating a profit.

It will indicate when our business is expected to become financially sustainable.

Performance indicators we will track include the profit margin on our travel packages, the customer satisfaction rate to gauge service quality, the liquidity ratio to assess our ability to cover short-term obligations, and the return on investment to measure the efficiency of our capital invested in the agency.

These indicators will help us evaluate the financial health and overall success of our travel agency.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a travel agency .

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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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Home » Sample Business Plans » Travel & Tourism

A Sample Travel Agency Business Plan Template

A travel agency is a company that provides travel and tourism-related services to individuals, families, groups, and corporate organizations.

A travel agency can also provide outdoor recreation activities, airline booking, car rentals, cruise trips, hotels, travel insurance, package tours, guide books, VIP airport lounge access, arranging logistics for luggage and medical items delivery, public transport timetables, car rentals, and bureau de change services.

Available statistics show that the market size of the travel agency sector in the United States fell to 20.69 billion U.S. dollars in 2020, down from the previous year’s total of 56.96 billion U.S. dollars. But the market size of the industry is expected to increase by 38.3 percent in 2023. in 2023, the market size of this sector was forecast to reach 34.64 billion, and $407.7 billion in 2023.

Steps on How to Write a Travel Agency Business Plan

Executive summary.

Mason Gray™ Travel Agency, Inc. is a registered travel agency that will be located in Ponte Vedra Beach, Florida. We have been able to secure all the necessary permits for our facility.

At Mason Gray™ Travel Agency, Inc., our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are experienced in the travel and tours industry. Mason Gray is the founder and CEO of Mason Gray™ Travel Agency, Inc.

Company Profile

A. our products and services.

Mason Gray™ Travel Agency, Inc. will handle all aspects of travel and tours such as booking flight tickets, securing transit visas, booking shuttle buses or taxi cabs, car rentals, hotel and cruise line bookings, insurance policy cover, sale of travel guide books, and sale of foreign currencies.

b. Nature of the Business

Our travel agency will operate both the business-to-business and business-to-consumer business models.

c. The Industry

Mason Gray™ Travel Agency, Inc. will operate in the travel and tourism services industry.

d. Mission Statement

Our mission is to establish a world-class travel agency that will provide professional travel and tourism services to a wide range of clientele both in the United States of America and other parts of the world.

e. Vision Statement

Our vision is to be among the top 3 travel agencies in the whole of the United States of America.

f. Our Tagline (Slogan)

Mason Gray™ Travel Agency, Inc. – Your Most Reliable Travel Agency!

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

Mason Gray™ Travel Agency, Inc. will be formed as a Limited Liability Company (LLC). The reason why we are forming an LLC is to protect our assets by limiting the liability to the resources of the business itself. The LLC will protect our CEOs’ assets from claims against the business, including lawsuits.

h. Our Organizational Structure

• Chief Executive Officer
• Admin and HR Manager
• Travels and Tours Consultant
• Marketing and Sales Executive
• Customer Care Executive/Front Desk Officer

i. Ownership/Shareholder Structure and Board Members

• Mason Gray (Owner and Chairman/Chief Executive Officer) 56 Percent Shares
• Matt Romel (Board Member) 14 Percent Shares
• Daniel Jota (Board Member) 10 Percent Shares
• Verone Lamp (Board Member) 10 Percent Shares
• Cloe Alpha (Board Member and Sectary) 10 Percent Shares.

SWOT Analysis

A. strength.

• Ideal Location for travel agency
• Highly Experienced and Qualified Employees and Management
• Availability of all kinds of travel and tours services
• Excellent membership package

b. Weakness

• Budget limitations
• Inability to properly manage off-peak seasons such as bad winter and pandemics influenced lockdown
• A new business that will be competing with well-established travel agencies
• Inability to retain our highly experienced and qualified employees longer than we want

c. Opportunities

• Excellent location – Ponte Vedra Beach, Florida is a thriving market for travel and tour service.
• Increase in the inflow of tourists to our location
• Online market, new services, new technology, and of course the starting of new markets

i. How Big is the Industry?

The travel agencies industry is worth over $407.7 billion in the United States.

ii. Is the Industry Growing or Declining?

The travel agencies industry is growing. Available data shows that the market size of the Travel Agencies industry is expected to increase by 38.3 percent in 2023.

iii. What are the Future Trends in the Industry

The travel and tour industry is changing, and players in the industry are improvising. No doubt, technology, and social media will change the landscape of the industry going forward.

iv. Are There Existing Niches in the Industry? If YES, List them

No, there are no niche ideas in the travel agency business.

v. Can You Sell a Franchise of your Business in the Future?

Mason Gray™ Travel Agency, Inc. has plans to sell franchises in the nearest future and we will target the United Kingdom, Canada, and Australia.

• The arrival of new travel agencies within our market space
• Low demand during the pandemic will reduce industry profitability.
• Economic uncertainty
• Liability problems
• The government could change its regulatory status and decide to enforce strict regulations that can strangulate new businesses like ours.

i. Who are the Major Competitors?

• The American Automobile Association (AAA)
• American Express
• Avenues of the World Travel
• Beachfronts Travel
• Frosch Travel
• En Route Travel
• MK All Around Travel, Inc.
• TravelStore
• CruiseOne, Hargarther, Thaler & Associates LLC
• Independent Agency of Avoya Travel
• Cary Travel Express
• CWT Vacations
• Connie Lemmon Travel, an Independent Agency of Avoya Travel
• LoBracco Travel, LLC, an Independent Agency of Avoya Travel
• World Travel
• First in Service
• Bluegreen Travel Services
• CruiseOne – Gary E. Smith & Associates
• My Paradise Planner.

ii. Is There a Franchise for Travel Agency Business? If YES, List them

• The American Express Company
• Cruise Planners
• Dream Vacations
• Travel Leaders
• Expedia Cruises
• Results! Travel
• Tix Travel & Ticket Agency
• Expedia CruiseShipCenters.

iii. Are There Policies, Regulations, or Zoning Laws Affecting Travel Agency Business?

There are no county or state regulations and zoning laws for travel agencies. Players in this industry are expected to work with the existing regulations governing such business in the county or state where their business is domiciled.

Marketing Plan

A. who is your target audience.

i. Age Range

Our target market age range covers people that are 18 years and above.

ii. Level of Educational

We don’t have any basic educational qualifications for those who we are targeting; everyone is welcome to do business with us.

iii. Income Level

Anyone who can afford our service fee will be welcome to make use of our travel agency.

iv. Ethnicity

There is no restriction when it comes to the ethnicity of the people that will patronize our travel agency.

v. Language

There is no restriction when it comes to the language spoken by the people that will patronize our travel agency.

vi. Geographical Location

Anybody from any geographical location is free to do business with us.

vii. Lifestyle

Mason Gray™ Travel Agency, Inc. will not restrict any customer based on their lifestyle, culture, or race from doing business with us.

b. Advertising and Promotion Strategies

• Host Themed Events That Catch Attention.
• Tap Into Text Marketing.
• Use FOMO to Run Photo Promotions.
• Share Your Events in Local Groups and Pages.
• Turn Your Social Media Channels into a Resource
• Develop Your Business Directory Profiles
• Build Relationships with Other Businesses in Your Area

i. Traditional Marketing Strategies

• Marketing through Direct Mail.
• Print Media Marketing – Newspapers & Magazines.
• Broadcast Marketing -Television & Radio Channels.
• OOH, Marketing – Public Transits like Buses and Trains, Billboards, Street Furniture, and Cabs.
• Including direct sales, direct mail (postcards, brochures, letters, fliers), print advertising (magazines, newspapers, coupon books, billboards), referral (also known as word-of-mouth marketing), radio, and television.

ii. Digital Marketing Strategies

• Social Media Marketing Platforms.
• Influencer Marketing.
• Email Marketing.
• Content Marketing.
• Search Engine Optimization (SEO) Marketing.
• Pay-per-click (PPC).
• Affiliate Marketing
• Mobile Marketing.

iii. Social Media Marketing Plan

• Start using chatbots.
• Create a personalized experience for our customers.
• Create an efficient content marketing strategy.
• Create a community for our target demography.
• Gear up our profiles with a diverse content strategy.
• Use brand advocates.
• Create profiles on the relevant social media channels.
• Run cross-channel campaigns.

c. Pricing Strategy

When working out our pricing strategy, Mason Gray™ Travel Agency, Inc. will make sure it covers premium, skimming, economy or value, and penetration. All our pricing strategies will reflect;

• Cost-Based Pricing
• Value-Based Pricing
• Competition-Based Pricing.

Sales and Distribution Plan

A. sales channels.

Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, managed service providers, marketplaces, or value-added resellers—to market our travel agency.

Mason Gray™ Travel Agency, Inc. will also leverage the 4 Ps of marketing which are place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, we can have a visible, in-demand product or service that is competitively priced.

b. Inventory Strategy

Mason Gray™ Travel Agency, Inc. will operate an inventory strategy that is based on a day-to-day methodology for ordering, maintaining, and processing items in our warehouse. We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business.

c. Payment Options for Customers

Here are the payment options that Mason Gray™ Travel Agency, Inc.  will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer

d. Return Policy, Incentives, and Guarantees

Mason Gray™ Travel Agency, Inc. will operate a refund policy but it will be dependent on the service providers we are working with. Please note that service providers such as hotels, airline companies and taxi companies et al will determine the kind of return policy we will operate. Aside from the above, we will be committed to giving out incentives to our loyal customers.

e. Customer Support Strategy

Our customer support strategy will involve seeking customer feedback. This will help us to provide excellent customer service, and understand the needs, experiences, and pain points of our customers. We will make use of effective CRM software to be able to achieve this.

Operational Plan

We plan to expand our revenue by 50 percent in the second year and the plan will include a marketing, sales, and operations component. The operations component of the plan would include organizing regular giveaways and other incentives. These strategies will enable the firm to boost our service offerings and support revenue growth.

a. What Happens During a Typical Day at a Travel Agency Business?

• The office is open for the day’s work
• The walk-in areas, chairs, and tables are properly arranged
• Walk-in customers are attended to
• Deliveries of visas, flight tickets, and hotel bookings are made
• Reports are written and submitted to superior officers
• The facility is administratively closed for the day.

b. Production Process (If Any)

There is no production process when it comes to the travel agency business.

c. Service Procedure (If Any)

When a travel agency is opened and everything is in place, customers either come in to request the services they want or they call or email the travel agency. Once the request is gotten and the service fee is agreed upon, the travel consultant goes to work to deliver on all agreements.

Please note that the travel agency will handle all aspects of travel and tour-related businesses such as booking flight tickets, securing transit visas, booking shuttle buses/taxi cabs, car rentals, hotel bookings, and cruise line bookings amongst many other services.

d. The Supply Chain

Mason Gray™ Travel Agency, Inc. will rely on trusted agents to supply some of the needed supplies (foreign currencies) and we have been able to establish business relationships with key stakeholders in the industry.

e. Sources of Income

• Travels and Tours consulting and advisory services
• Selling traveling-related insurance policy cover, guide books, and foreign currencies
• Booking for flight tickets
• Securing transit visas
• Booking for shuttle buses/taxi cabs
• Car rental services
• Hotel bookings
• Cruise line bookings

Financial Plan

A. amount needed to start your travel agency business.

Mason Gray™ Travel Agency, Inc. would need an estimate of $150,000 to successfully set up our travel agency in the United States of America.

b. What are the Cost Involved?

• Business Registration Fees – $750.
• Legal expenses for obtaining licenses and permits – $7,300.
• Marketing, Branding and Promotions – $5,000.
• Business Consultant Fee – $2,500.
• Insurance – $5,400.
• Rent/Lease – $70,000.
• Other start-up expenses like commercial satellite TV subscriptions, stationery, phone, and utility deposits ($2,800).
• Operational Cost (salaries of employees, payments of bills et al) – $30,000
• Store Equipment (cash register, security, ventilation, signage) – $4,750
• Website: $600
• Opening party: $3,000
• Miscellaneous: $2,000

c. Do You Need to Build a Facility? If YES, How Much Will it Cost?

Mason Gray™ Travel Agency, Inc. will not build a new facility for our administrative office; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own facility.

d. What are the Ongoing Expenses for Running a Travel agency Business?

• Utility bills (gas, internet, phone bills, signage and sewage et al)
• Maintenance of facility
• Salaries of employees

e. What is the Average Salary of your Staff? 

• Chief Executive Officer – $62,000 Per Year
• Admin and HR Manager – $42,000 Per Year
• Travels and Tours Consultant – $40,000 Per Year
• Marketing and Sales Executive $40,000 Per Year
• Accountant – $38,000 Per Year
• Customer Care Executive / Front Desk Officer – $32,000 Per Year.

f. How Do You Get Funding to Start a Travel Agency Business

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell shares to interested investors
• Applying for a loan from your bank/banks
• Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
• Source for soft loans from your family members and friends.

Financial Projection

A. how much should you charge for your service.

The amount traveling agencies charge their clients depends on the type of services rendered and the commission that the third-party provider is willing to give.

b. Sales Forecast?

• First Fiscal Year (FY1): $250,000
• Second Fiscal Year (FY2): $750,000
• Third Fiscal Year (FY3): $1.2 million

c. Estimated Profit You Will Make a Year?

Mason Gray™ Travel Agency, Inc. is projecting to make;

• First Fiscal Year (FY1): (50% of revenue generated)
• Second Fiscal Year (FY2): (45% of revenue generated)
• Third Fiscal Year (FY3): (45% of revenue generated)

d. Profit Margin of a Travel Agency Business 

Travel agents’ commissions used to be the bulk of their income but that has shifted. Most travel agents who earn commission by booking tickets on airlines earn 5 percent on domestic flights and 10 to 20 percent on international flights. The commission rates are similar for booking hotels.

Growth Plan

A. how do you intend to grow and expand by opening more retail outlets/offices or selling a franchise.

Mason Gray™ Travel Agency, Inc. will grow by first opening other offices in key tourist cities in the United States of America, the United Kingdom, and Australia within the first five years of establishing the business and then will start selling franchises from the sixth year.

b. Where do you intend to expand to and why? (Geographical Locations)

Mason Gray™ Travel Agency, Inc. plans to expand to:

• Los Angeles, California
• Long Beach, Washington
• Newport, Rhode Island
• Chicago, Illinois
• Clearwater, Florida
• Portland, Maine
• Orange Beach, Alabama
• Ocracoke, North Carolina
• Block Island, Rhode Island
• New York City, New York.

Internationally, we plan to expand to Canada, the United Kingdom, and Australia.

Mason Gray™ Travel Agency, Inc. intends to build a family business hence our exit plan will be family succession. For that reason, the founder Mason Gray is already grooming his son Merrick Gray to take over from him. Merrick Gray is at the moment being groomed to go through the company’s employment process without any bias.

More on Travel & Tourism

Travel Agency Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Hospitality, Travel & Tourism » Travel & Tour Agency

Are you about starting a travel agency online? If YES, here is a complete sample travel agency business plan template & feasibility report you can use for FREE.

The line of business (travel agency) is open to both big time investors who have the financial capacity to invest in the travel and tourism industry and also aspiring entrepreneurs who just want to make a living but don’t have start – capital.

As a matter of fact aspiring entrepreneurs who don’t have start – up capital can start out as freelance travel agents if they are diligent enough, they can build a big and well organized traveling agency. Simply put, travel agencies render services that cover all aspect of traveling.

They help their clients in securing visas (especially transit visas), purchase flight tickets, book hotels, book taxi cabs and bus shuttle services and of course make arrangement for site seeing amongst other services.

They work in conjunction with service providers such as airline companies, car rentals companies, cruise lines companies, hotels, railways, tourist sites managers and perhaps interpreters and security agencies ( supply of bodyguards et al for celebrities and other VIP clients).

How Do Travel Agencies Make Money?

The norm in this industry is that, travel agencies make their money via commission they get by offering traveling related services such as booking for flight tickets, securing transit visas, booking for shuttle buses / taxi cabs, car rentals, hotel bookings and cruise line bookings amongst many other services.

Travel agencies also generate incomes from selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies.

A Sample Travel Agency Business Plan Template

1. industry overview.

Statistics has it that as far back as 2009, the total market size for travel agencies in the united states experienced a sharp decline, dropping from an estimate of $17 billion in 2008 to $14.5 billion.

Cruise line booking remains one of the most profitable aspects of travel agencies, as a matter of fact, they handle an estimate of about 77% of bookings in that line of business and also an estimate of about 73% of packaged travel tour as it relate to cruise line services.

It is on record that Brownell Travel which was founded on July 4, 1887 by Walter T. Brownell is the oldest travel agency in the United States of America and it took several years, in the 1920s to be specific for travel agencies to become a popular business that looks promising and profitable.

Available data shows that employment of travel agents is projected to decline 12 percent from 2014 to 2024. This is so because the ability of travelers to use the Internet to research vacations and book their own trips is expected to continue to subdue demand for travel agents.

Since 1995 till date, many airline companies around the globe and most airline companies in the United States of America no longer pay commissions to travel agencies whenever they help clients book airline tickets. What traveling agencies now do is to ensure that they add their commission to the price of the tickets whenever they are selling to their clients.

In recent time, with the advent of the internet and the general public accessing the Internet, many airline companies have started selling their tickets directly to their target market via their online portal. So also it is now easier for other business in the value chain of travels and tours industry to now directly sell their services via their online portal to their target market.

Service providers such as airline companies, car rentals companies, cruise lines companies, hotels, railways, tourist sites managers and perhaps interpreters and security agencies et al. which is why you can’t find any airline company paying commissions to travel agents on each ticket they sold.

No doubt the travel agency line of business cannot be said to be oversaturated despite the challenges most traveling agencies are facing.

The source of the challenges cannot be far – fetched, as a matter of fact, with many people swapping to self-service internet websites, the number of available services and even jobs as travel agents is decreasing despite the fact that there are more travelers than ever before.

Some of the factors that encourage entrepreneurs to start their own travel agencies could be that the business is easy to set up and the start – capital is indeed affordable; you can actually start your own travel agency business from the comfort of your home. All you need to do is to create an office somewhere in your house.

2. Executive Summary

Chris Williams Travels & Tours, LLC is a registered and standard travels and tours agency that will be based in Las Vegas – Nevada.

The company will handle all aspect of travels and tours related business such as booking for flight tickets, securing transit visas, booking for shuttle buses / taxi cabs, car rentals, hotel bookings and cruise line bookings amongst many other travels and tours related services such as selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies.

We are aware that to run an all – round travel and tour agency can be demanding which is why we are well trained and equipped to perform excellently well. Chris Williams Travels & Tours, LLC is a client-focused and result driven travels and tours agency that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer a standard and professional travels and tours services to all to our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.

At Chris Williams Travels & Tours, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the travels and tours industry.

Chris Williams Travels & Tours, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become the leading brand in the travels and tours line of business in the whole of Nevada, and also to be amongst the top 20 travels and tours agencies in the United States of America within the first 10 years of operations.

This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Las Vegas is the right place to launch our travels and tours agency before spreading to other parts of The United States.

Chris Williams Travels & Tours, LLC is founded by Chris Williams and family. The organization will be managed by Chris Williams and other members of his family and partners. He has well over 15 years of experience working at various capacities within the travels and tours industry in the United States of America.

Mr. Chris Williams graduated from both University of California – Berkley (First Degree), and University of Harvard (MSc.) and he is a Certified Travel Agent (CTA), a Travel and Tourism Professional (TTP) and he has a Total Travel Certification (TTC).

3. Our Products and Services

Chris Williams Travels & Tours, LLC is going to offer varieties of services within the scope of the travels and tours industry in the United States of America. Our intention of starting our travels and tours agency is to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition.

Our business offering are listed below;

• Travels and Tours consulting and advisory services for individuals and corporate clients
• Selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies.
• Booking for flight tickets
• Securing transit visas
• Booking for shuttle buses / taxi cabs
• Car rental services
• Hotel bookings
• Cruise line bookings

4. Our Mission and Vision Statement

• Our vision is to build a travels and tours agency brand that will become the number one choice for both individual clients and corporate clients in the whole of Las Vegas – Nevada.
• Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to provide professional and trusted travels and tours services that assist individuals, corporate organization and non-profit organizations in organizing all of their travels and tours.
• We are to position the business to become the leading brand in the travels and tours line of business in the whole of Nevada, and also to be amongst the top 20 travels and tours agency in the United States of America within the first 10 years of operations.

Our Business Structure

Chris Williams Travels & Tours, LLC will build a solid business structure that can support the growth of our business. We will ensure that we hire competent hands to help us build the business of our dream.

The fact that we want to become one of the leading travels and tours agencies in the United States makes it highly necessary to deliberately build a well – structured business from the onset. Below is the business structure that we will build Chris Williams Travels & Tours, LLC;

• Chief Executive Officer

Travels and Tours Consultant

Admin and HR Manager

Marketing and Sales Executive

• Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

• Responsible for providing direction for the firm
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for handling high profile clients and deals
• Responsible for fixing prices and signing business deals
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board
• Responsible for booking for flight tickets, securing transit visas, booking for shuttle buses / taxi cabs, car rentals, hotel bookings and cruise line bookings amongst many other travels and tours related services for clients
• Plan, design and produce events while managing all project delivery elements within time limits
• Liaise with clients to identify their needs and to ensure customer satisfaction
• Conduct market research, gather information and negotiate contracts prior to closing any deals
• Provide feedback and periodic reports to stakeholders
• Propose ideas to improve provided services and tourism quality
• Ensure compliance with insurance, legal, health and safety obligations
• Cooperate with marketing and PR to promote and publicize travels and tours events
• Conduct pre- and post – travels and tours events evaluations and report on outcomes
• Research market, identify travels and tours opportunities and generate interest
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Design job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carrying out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversee the smooth running of the daily office activities.
• Responsible for selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies.
• Identify, prioritize, and reach out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Writing winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develop, execute and evaluate new plans for expanding increase sales
• Document all customer contact and information
• Represent the company in strategic meetings
• Help increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Client Service Executive / Front Desk Officer

• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• Receives parcels / documents for the company
• Distribute mails in the organization
• Handles any other duties as assigned my the line manager

6. SWOT Analysis

Chris Williams Travels & Tours, LLC engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured travels and tours agency that can favorably compete in the highly competitive travels and tours industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Chris Williams Travels & Tours, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Chris Williams Travels & Tours, LLC;

Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

As a new travels and tours agency, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated travels and tours industry; that is perhaps our major weakness.

• Opportunities:

The opportunities in the travels and tours industry is massive considering the number of individuals, families and corporate organizations who travels on a daily basis within the United States and to other parts of the world. As an all – round travels and tours agency, we are ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a travels and tours agency operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

A common trend in the travels and tours industry is that in recent time, with the advent of the internet and the general public accessing the Internet, many airline companies have started selling their tickets directly to their target market via their online portal.

So also, it is now easier for other business in the value chain of travels and tours industry to now directly sell their services via their online portal to their target market.

The travels and tours industry is in a continuous state of evolution and as such, ground breaking strategies and ideas that are once highly successful are no longer as productive as they were in time past. Close observation of the trend in the industry reveals that the past few years have seen the rise and proliferation of social media and new tech tools.

The trend also extends to increased attention paid to engagement and new market segments, adopting eco-friendly measures and sustainability when planning travels and tours events.

As a matter of fact, social media has now become one of the most important tools travels and tours agencies leverage on to disseminate information about their travels and tours events, interact with clients, solicit feedback, and create year-round engagement with their target audience.

Furthermore, new software apps and emerging technology have made it easier for travel and tours agencies to gather all the needed data and information that will help them plan and project for the future. People that start travel agency can as a matter of fact start the business from a small office space / shared office space and still make headway in the business.

One thing is certain when it comes to travel agency business, you are sure of making profits in form of commissions when you are able to successfully book flight tickets, hotel reservation, taxi cab reservation and any other travel related services for a client. You are going to get your cut as soon as they make payment.

The truth is that, the cost of running a travel agency can be kept to the barest minimum because there are always ways you can cut operational and overhead cost. As a matter of fact, most people that run travel agencies have abandoned the “brick and mortar” agency for a home-based business just for the sole aim of reducing overhead, and maximizing profits.

8. Our Target Market

The demographic and psychographics composition of travel agencies cuts across people from all works of life; there is no clear distinction on those that would naturally need the services of travel agencies. Although a travel agency might decide to concentrate on high – income earning clients, and another travel agency might only concentrate on corporate clients.

The bottom line is that anyone that can afford to travel from one country to another is a potential client for travel agencies.

Although Chris Williams Travels & Tours, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading travels and tours agencies in the United States.

As an all – round travels and tours agency, Chris Williams Travels & Tours, LLC offers a wide range of services hence we are well trained and equipped to services a wide range of clientele base. Our target market cuts across people of different class and people from all walks of life, local and international organizations as well.

We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses. Below is a list of the people and organizations that we have specifically design our products and services for;

• Potential Couples / Young Adults
• Blue Chips Companies
• Corporate Organizations
• Religious Organizations (Pilgrimage journeys et al)
• Political Parties / Politicians
• Households / Families
• The Government (Public Sector)
• Schools (High Schools, Colleges and Universities)
• Sport Organizations
• Entrepreneurs and Start – Ups

Our Competitive Advantage

The level of competitions in the travel agency line of business depends largely on the location of the business and of course the niche of your travel agency. If you can successfully create a unique brand identity for your travel agency or carve out a unique market, you are likely going to experience less competition.

For instance if you are one of the few travel agency in your country or state that handles pilgrimage travels, you are show going to be making constant mega box year after year. This is so because religious faithful are always traveling for pilgrimage journey annually.

Although the competition in the travel agency line of business is not just within travel agencies but also other travel related service providers.

For example, it is now easier for you a traveler to book his or her hotel accommodation, book flight ticket, reserve taxi cab or rent car ahead of his journey from the comfort of his or her home with the aid of the internet simply because most of the service provider are by – passing travel agencies and taking their services directly to their target market.

We are quite aware that to be highly competitive in the travels and tours industry means that we should be able to deliver consistent quality service, our clients should be able to experience remarkable difference cum improvement and we should be able to meet the expectations of both travelers / tourists and our partners (services providers).

Chris Williams Travels & Tours, LLC might be a new entrant into the travels and tours industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified travels and tours experts in the United States. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups travels and tours agencies) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Chris Williams Travels & Tours, LLC is established with the aim of maximizing profits in the travels and tours industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.

Chris Williams Travels & Tours, LLC will generate income by offering the following travels and tours services for individuals and for corporate organizations;

10. Sales Forecast

One thing is certain; there would always be individuals, families and corporate organizations that would travel on a daily basis within the United States and to other parts of the world.

We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Las Vegas to other cities in Nevada and other states in the U.S.

We have been able to critically examine the travels and tours market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas – Nevada.

Below is the sales projection for Chris Williams Travels & Tours, LLC, it is based on the location of our business and the wide range of travels and tours services that we will be offering;

• First Year-: $150,000
• Second Year-: $350,000
• Third Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We are mindful of the fact that there are stiffer competition amongst travels and tours agencies and other related service providers in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.

We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard travels and tours business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our travels and tours agency to become one of the top 20 travels and tours agencies in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Las Vegas but also in other cities in the United States of America.

Chris Williams Travels & Tours, LLC is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in Las Vegas and other cities in Nevada.
• Promptness in bidding for travels and tours contracts from the government, religious organizations and other cooperate organizations
• Advertise our business in relevant travels and tours magazines, newspapers, TV stations, and radio station.
• List our business on yellow pages ads (local directories)
• Attend relevant international and local travel and tours expos, seminars, and business fairs et al
• Create different packages for different category of clients in order to work with their budgets and still deliver quality services to them
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the travels and tours industry by storm which is why we have made provisions for effective publicity and advertisement of our travels and tours agencies.

Below are the platforms we intend to leverage on to promote and advertise Chris Williams Travels & Tours, LLC;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around Las Vegas – Nevada.
• Engage in road show from time to time
• Distribute our fliers and handbills in target areas
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Travel agencies also generate incomes from selling of traveling related insurance policy cover, sale of travel guide books and through the sale of foreign currencies. At Chris Williams Travels & Tours, LLC we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.

In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises. We are aware that there are some clients that would need regular access to travels and tours consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.

• Payment Options

At Chris Williams Travels & Tours, LLC, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

13. Startup Expenditure (Budget)

Starting a travel and tours agency can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.

Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

This is the financial projection and costing for starting Chris Williams Travels & Tours, LLC;

• The Total Fee for incorporating the Business – $750.
• The budget for basic insurance policy covers, permits and business license – $2,500
• The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
• The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $ 5,000
• The cost for purchase of the required software applications – $2,500
• The Cost of Launching your official Website – $600
• Budget for paying at least one employees for 3 months plus utility bills – $10,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand (150,000) U.S. dollars to successfully set – up a medium scale but standard travels and tours agency in the United States of America.

Generating Funding / Startup Capital for Chris Williams Travels & Tours, LLC

Chris Williams Travels & Tours, LLC is a family business that will be owned by Chris Williams and family. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to offer a wide range of event planning and other related services to both individual and corporate clients.

We know that if we continue to deliver excellent travels and tours services, there will be steady flow of income for the organization. Our key sustainability and expansion strategy is to ensure that we only hire competent employees, create a conducive working environment and employee benefits for our staff members.

In the nearest future, we will explore the options of either selling out franchise or expanding our scope beyond Las Vegas – Nevada to other major cities in the United States of America. We know that if we implement our business strategies, we will achieve our business goals and objectives in record time.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry: In Progress

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The Top 24 Most Powerful Travel Agencies of 2024

Travel Weekly’s annual Power List is out and this year the collection of the world’s biggest travel sellers includes an all-time high of 72 agencies. The Power List’s class of 2024 increased by 11 companies over last year despite the fact that a new $110 million threshold was established to qualify. (Last year’s qualifying threshold was $100 million.) The top six companies on the list for 2024 remain the same as 2023, though Travel Weekly says that’s likely to change next year if American Express Global Business Travel's (no. 3) acquisition of CWT (No. 5) moves forward. Also notable, survey responses provided by agencies as part of this year’s Power List compilation process reveal a “strong sense of buoyancy” throughout the industry, says TravelWeekly. Here’s a closer look at this year’s top 24 for 2024.

Rankings are based on each company's 2023 sales.

1.Booking Holdings

Booking Holdings maintains its reign at the top of the Power List again this year. The publicly held company, which provides online travel and related services to consumers and local partners in more than 220 countries and territories, recorded $150.63 billion in sales for 2023. That figure is an increase from its 2022 sales of $121 billion.

2.Expedia Group

Expedia Group held onto its second place ranking for another year. Its 2023 sales were $104.08 billion. The online travel agency includes a variety of well-known brands including Expedia, Hotels.com, Orbitz, Travelocity, Vrbo, Trivago, and Hotwire.

3.American Express Global Business Travel

American Express Global Business Travel remains in the number three spot on the Power List for another year. The company’s sales for 2023 were $28.2 billion.

4.BCD Travel

Yet another company holding its ranking between last year’s list and this year, BCD travel recorded sales of $20.3 billion for 2023.

CWT held onto its number five position between the 2022 and 2023 Power List. It’s sales for 2023 were $15.8 billion.

6.Flight Centre

Flight Center sales for 2023 were $15.2 billion. That’s increase from $11.7 billion in 2022 for the publicly traded travel company whose brands include Flight Centre leisure travel and corporate divisions Corporate Traveler and FCM.

7.Chase Travel Group

Chase Travel Group, a global full-service travel provider of JPMorgan Chase & Co, climbed one slot in the rankings. It’s sales were $10 billion for 2023.

8.American Express Travel

American Express Travel fell one place to number eight this year. The full-service and lifestyle services provider for American Express cardholders reported sales of $9.8 billion for 2023.

9.Corporate Travel Management

Moving up one slot in the rankings over last year, Corporate Travel Management reported sales of $9 billion for 2023. The publicly held company spans corporate, events, leisure, loyalty and wholesale travel.

10.Navan Group

A newcomer to the Power List, Navan Group is a privately held company that owns the corporate agency Reed & Mackay. Its 2023 sales were $6.5 billion.

11.Internova Travel Group

Internova Travel Group held firm at number eleven from last year’s list. The privately held company reported 2023 sales of $5.7 billion.

The fin-tech travel company Hopper fell from number nine last year to 12 this year. For 2023 the company recorded sales of $5 billion.

13.Direct Travel

Direct Travel, which sells directly to consumers for corporate travel, meetings and incentives, group travel and leisure vacations, reported sales of $4.1 billion for 2023. That’s up from 2022 sales of $3.6 billion.

14.AAA Travel

AAA Travel remains at number 14 for another year. The company’s 2023 total sales figure was $3.8 billion.

15.Fareportal

Fareportal dropped two slots in the ranking this year from its previous position of number 13. The company reported 2023 sales of $3.2 billion.

16.World Travel Holdings

The privately held World Travel Holdings fell one position to land at 16 this year. It closed out 2023 with $2.15 billion in sales.

Another newcomer to the Power List, ATPI is a privately held company that provides travel management services to the energy and maritime industry. In 2023 the company recorded $1.7 billion in sales.

A privately held company providing 100 percent leisure travel, Arrivia held onto the number 18 slot for another year. The company’s 2023 sales figure was $1.3 billion.

18.World Travel Inc

Inching up the list one notch from number 19 last year, World Travel Inc sold $1.3 billion in travel in 2023. The employee-owned company provides B2B services and solutions for global travel and meetings management.

Privately held ATG fell from 17 to 20 between 2023 and 2024’s Power List. The company recorded $1.2 billion in sales last year.

20.Trevolution Group

Newcomer Trevolution Group rounds out the top 24 for 2024. The privately held company sells flight tickets and in-flight extras directly to private and corporate customers. The company recorded $1.2 billion in sales for 2023.

22.Cruise Planners

Down two spots from last year, Cruise Planners reported $1.1 billion in sales for 2023. That's a jump from 2022's reported sales of $845 million for The Signature Travel Network member.

23.InteleTravel

Moving up three slots in the ranking this year, InteleTravel's 2023 sales reached $1.06 billion. In addition to hosted independent advisors, the privately held company includes corporate travel members, a tour operator and a MICE company.

24.Vacations To Go

A wholly owned subsidiary of Vacation Publications, Vacations to Go had estimated sales of $1 billion for 2023.

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• Best overall
• Best for cruises
• Best for reputation
• Best for preexisting conditions
• Best for digital nomads
• Best low-cost
• Best for road trips
• Best for adventure traveling
• How we reviewed travel insurance companies

Ultimate Guide to Choosing the Best Travel Insurance in July 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Traveling is an adventure, a leap into the unknown, a story waiting to unfold. But every story needs a safety net, and that's where travel insurance comes in. In this guide to the best travel insurance, we'll embark on a journey to help you better understand travel insurance and uncover the benefits that make it an indispensable companion for any traveler.

Best Travel Insurance Companies of 2024 Summary

• Best Overall: Nationwide Travel Insurance
• Runner-Up: AXA Assistance USA
• Best for Cruises: Travel Guard
• Best Reputation:  C&F Travel Insured
• Best for Pre-existing Conditions:   Tin Leg Travel Insurance
• Best for Digital Nomads:   WorldTrips Travel Insurance
• Best Low-Cost Option:   Trawick International Travel Insurance
• Best for Road Trips: Travelex Travel Insurance
• Best for Adventure Sports :  World Nomads Travel Insurance

Top Travel Insurance Companies Comparison

The best travel insurance companies offer comprehensive coverage options for a wide range of people and needs. For this guide, we looked at coverage options, customizability, and the best companies for specific situations, such as pre-existing conditions.

Here are Business Insider's picks for the best travel insurance companies in 2024. 

Best Overall Travel Insurance

Nationwide travel insurance.

Nationwide is of the largest players in the travel insurance space, offering nearly endless options for any customer on the travel spectrum, including annual travel insurance plans which can offer frequent travelers the flexibility to "set it and forget it" on their travel insurance coverage.

Nationwide Essential also offers some of the most affordable policies in the market compared to similar plans from competitors, which makes it a great pick for just about anyone. Buyers can discuss bundling options as Nationwide also sells homeowners, auto, pet, and other insurance products. Its travel insurance quoting is just as easy as it has been with other Nationwide insurance products.

Read our Nationwide Travel Insurance review .

Best Travel Insurance Runner-Up

Axa assistance usa.

AXA offers consumers a great option for no-stress travel insurance: low-priced plans, generous coverage limits on key categories including primary insurance on lost luggage, and up to 150% reimbursement for qualifying trip cancellations.

While add-ons are limited and rental car coverage is not included by default on cheaper plans, AXA is a perfect fit for travelers who don't plan to drive (or who already hold a travel credit card with rental car coverage), and don't need any additional bells and whistles.

Read our AXA Assistance USA Travel Insurance review .

Best Travel Insurance for Cruises

Travel guard.

AIG is well-known insurance provider, and a great fit for travelers who want to ensure that they can get their money back in the event of canceled or interrupted travel plans.

While the company's policies can be pricey compared to its competitors, the high medical and evacuation limits make AIG a solid choice for older travelers who value peace of mind and simplicity over highly customizable plans that may be bolstered with medical upgrades.

Read our AIG Travel Guard review .

Best Travel Insurance for Reputation

C&f travel insured.

While every travel insurance company has negative reviews about its claims process, C&F Travel Insured 's claims process has a consistent stream of positive reviews. One customer wrote that C&F processed a claim within 48 hours. Additionally, C&F regularly responds to customer reviews within one business week, making reviews a consistent way to reach the company.

Additionally, in C&F's fine print, it mentions that any claims that take more than 30 days to pay out will begin to accrue interest at 9% APY.

C&F's reputation isn't the only thing to speak highly of. It offers an array of add-ons uncommon in the travel insurance industry, such as Interruption for Any Reason insurance and CFAR coverage for annual plans. C&F also offers discounts for children on its Protector Edge plan and free coverage on its Protector plan.  

Read our C&F Travel Insured review . 

Best Travel Insurance for Pre-Existing Conditions

Tin leg travel insurance.

Tin Leg is a great fit for travelers with medical issues in particular. Seven of Tin Leg's eight travel plans include coverage for pre-existing conditions as long as you purchase your policy within 15 days of your initial trip payment.

Thanks to coverage for pre-existing medical conditions as well as for potential COVID-19 infection while traveling, this company offers some of the best financial investment options for travelers who are or will be exposed to higher health risks and issues.

Read our Tin Leg Travel Insurance review .

Best Travel Insurance for Digital Nomads

Worldtrips travel insurance.

WorldTrips has affordable premiums, highly customizable add-ons, and generous coverage for core categories of travel insurance. All this makes it a great option for digital nomads, students studying abroad and backpackers.

However, travelers should keep in mind that plans are not particularly flexible, and coverage amounts are limited unless you plan ahead to pay for the areas and amounts that you need.

Read our WorldTrips Travel Insurance review .

Best Travel Insurance for Affordability

Trawick international travel insurance.

Trawick is another insurance provider with robust medical travel insurance that can help higher-risk and anxious travelers find peace of mind while on the road. This company offers one of the most generous medical evacuation policies in the market, although travelers will need to remember to add on rental car coverage if they need it.

Read our Trawick Travel Insurance review .

Best Travel Insurance for Road Trips

Travelex travel insurance.

Travelex offers three plans:

• Travel Basic
• Travel Select
• Travel America

The Travelex America plan is meant for trips limited to the U.S., but it has the highest coverage limits in many areas compared to its other programs. If you're flying somewhere, the lost baggage limits are higher. Its natural strengths shine for road trippers, though. Travelex America adds coverage for roadside service and rental car coverage for unexpected accidents. It also covers pets should you be involved in an accident while on the road.

While your standard auto insurance does extend to car rentals within the U.S. for a limited time, any accident would affect future rates. Travelex would eliminate the risk of reporting to your auto insurance provider for minor incidents within its purview.

Read our Travelex Travel Insurance review .

Best for Adventure Traveling

World nomads travel insurance.

World Nomads distinguishes itself from others by covering over 300 sports and activities, from skydiving to golf. Additionally, its one of the few travel insurance companies that allow you to purchase after departing for your destination. However, you'll have a 72-hour waiting period before coverage kicks in.

That said, World Nomads doesn't have the highest coverage limits compared to its competitors on this list. It also doesn't have the most customization, only providing two plans to choose from with no options for pre-existing condition coverage. Yet, World Nomads still stands out for its sports coverage and post-departure coverage.

Read our World Nomads review .

Introduction to Travel Insurance

Why travel insurance is a must-have.

The unpredictable nature of traveling – from flight cancellations to medical emergencies – can turn your dream vacation into a nightmare. Travel insurance acts as a personal safeguard, ensuring that unexpected events don't drain your wallet or ruin your trip.

Understanding Different Types of Travel Insurance

Not all travel insurance policies are created equal. From single-trip travel insurance policies to annual travel insurance plans , from minimal coverage to comprehensive protection, understanding the spectrum of options is your first step in finding the right fit for your journey.

Key Features to Look for in Travel Insurance Coverage

Travel insurance for medical emergencies.

Imagine falling ill in a foreign country; daunting, right? A robust travel insurance plan ensures you don't have to worry about how much emergency medical care while traveling will cost, even in the most remote corners of the globe. This coverage will often come in tandem with emergency medical evacuation coverage.

Trip Cancellation and Interruption Benefits

Life is full of surprises, some less pleasant than others. Trip cancellation and interruption coverage ensures that you're not left out of pocket if unforeseen circumstances force you to cancel or cut your trip short. You may also look for cancel for any reason and interruption for any reason options, which will reimburse you for a percentage of your nonrefundable fees, but expands the covered reasons you can cancel a trip. You can find our guide on the best CFAR travel insurance companies here.

Coverage for Personal Belongings and Baggage Loss

Losing your belongings is more than an inconvenience; it's losing a piece of your world. Insurance that covers personal belongings and baggage loss ensures that you're compensated for your loss, helping you to rebound and continue your adventure.

Support and Assistance Services

In times of trouble, having a lifeline can make all the difference. Look for insurance that offers 24/7 support and assistance services, giving you peace of mind that help is just a phone call away. Also, check websites that field customer reviews like Trustpilot, the Better Business Bureau, and InsureMyTrip , to see how well a company responds to customer requests.

Choosing the Best Travel Insurance

Reputation and reliability of the travel insurance provider.

A provider's reputation is not just about being well-known; it's about reliability, customer satisfaction, and the ability to deliver on promises. Researching and choosing a reputable provider is a cornerstone in ensuring your safety and satisfaction.

Understanding the Policy's Fine Print

The devil is in the details, and understanding the fine print of what your travel insurance policy covers is crucial. Be aware of coverage limits, exclusions, and the process for filing a claim to avoid any unpleasant surprises.

Customer Reviews and Feedback

In the age of information, customer reviews and feedback are goldmines of insight. Learn from the experiences of others to gauge the reliability and customer service of the insurance provider you're considering. While the ratings are important, you should also look at whether or not a company responds to customer complaints.

How to Get the Most Out of Your Travel Insurance

Knowing your policy inside out.

Familiarize yourself with every aspect of your policy – what it covers, what it doesn't, how to file a claim, and who to contact in an emergency. Being informed means being prepared. 

Steps to Take When a Problem Arises

If you face an issue during your travels, knowing the immediate steps to take can make all the difference. Keep important contacts and your policy details handy, and remember, your insurance provider is there to assist you.

How to Pick the Best Travel Insurance Company for You

There isn't a one-size-fits-all policy that works perfectly for every traveler. Young, healthy solo travelers can opt for much cheaper plans that offer bare-bones coverage, while families juggling complex itineraries will do best by investing in a robust policy that can help defray any costs associated with lost baggage, delayed transportation or other trip-impeding obstacles.

That being said, you can't go wrong with a travel insurance provider that boasts a reputable history and offers a wide range of customizable plans. In some cases, you may be comparing plans that are only a few dollars' apart from each other. In such situations, you should generally opt for the insurance company that offers the strongest customer service. It's also worth considering whether or not the travel insurance provider has been reviewed by other travelers with similar itineraries to your own. 

An insurance aggregator like InsureMyTrip or Squaremouth is one of the best tools for searching travel insurance policies. Once you input the specifics of your travel itinerary, you'll be able to see hundreds of search results to compare the ones that catch your eye. If the options are too overwhelming, use the filters to the left of your search page to eliminate as many irrelevant plans as possible.

How We Reviewed the Best Travel Insurance Companies

To come up with our list of the best travel insurance companies, we evaluated each insurer based on the following factors:

Guide Methodology: What We Considered

Policy Types

Travel insurance is essential, but often underused partly because people aren't getting what they want. Business Insider's 2023 travel study showed 10.65% of travelers surveyed bought cancel for any reason insurance. Cost may be a factor, but in many cases, the coverage is more affordable than you might think. Regardless, companies must offer a diverse range of coverage options. We award five stars to companies offering all standard coverages and additional options like pet and sports equipment protection.

Our 2023 travel study indicated the majority of purchases were made through the travel provider (ex: flight protection insurance when you're purchasing your airline tickets). While these may be sufficient for some customers, we look for companies offering a more comprehensive range of services.

According to the U.S. Travel Insurance Association, the average cost of travel insurance will be between 4% and 8% of total travel expenses. Anything beyond that price point should include additional benefits beyond the standard inclusions, such as CFAR protection or upgraded medical coverage. Anything below that 4% threshold may leave you lacking important or sufficient coverage in an emergency.

Convenience and Flexibility

Whether you're an infrequent traveler or a suitcase warrior, a good travel insurance company should have you covered. In many cases, you might not even have to talk to a person in order to purchase your policy.

Many people think of travel insurance in context with specific trips, but most of these top contenders sell both single-trip and multi-trip policies, also known as annual travel insurance. Some companies also offer plans specifically designed for cruisers, students abroad, and business travelers. (Read our guide to the best cruise travel insurance companies for more details.) Finally, all of these providers offer multiple options for getting the specific areas and amounts of coverage that you want.

Claims Handling

Most travelers never have a large claim. Premiums are low, and it provides peace of mind for the just in case situations. So they leave reviews based on their reduced stress levels. But what happens if you lose your luggage or have to stay a few extra days due to an unexpected accident? Will your insurance carrier cover your claim without all the hassle? We check real customer reviews to sort this out for you.

Ease of Use and Support

When purchasing, during your trip, and throughout the claims process, you may need extra support. Does the company have a 24/7 help line? Does it have an online or mobile system allowing you to self-manage? Essentially, what are the options when you need help? We look at the big picture to evaluate the average customer experience with each company.

You can read our full insurance rating methodology for even more details.

Best Travel Insurance FAQs

There isn't a one-size-fits-all solution for every traveler. Determine the benefits that are most important to you, like baggage delay coverage, medical coverage, and trip delay coverage, then look for a company with solid customer ratings, especially when it comes to processing claims.

Travel insurance will pay out if you experience a covered event, such as a travel delay or delayed or lost baggage. If you're looking to get travel insurance for a specific reason, such as needing to potentially cancel your trip due to work reasons, make sure your policy will cover you in that situation before purchasing it. You should also check customer reviews to see other travelers' claims experiences, as it varies wildly from company to company.

The average cost of travel insurance is 4% to 8% of your total trip cost, so it could vary widely depending on where you're traveling and the length of your trip. Your age, the number of people in your group, and other factors can also influence how much you'll pay.

Yes, travel insurance typically offers some coverage of canceled flights, but if this benefit is important to you, make sure you read the fine print of your policy to make sure it offers adequate reimbursement. If you think you may need to cancel your travel plans, you should consider purchasing cancel for any reason (CFAR) travel insurance .

For adventure sports coverage, you'll want to look at World Nomads , which covers over 300 sports.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

• Main content

Ukraine war latest: Russia ponders nuclear shift and change in relations with West - as US leads drills after North Korea warhead test

A Russian navy missile cruiser has carried out drills in the Mediterranean Sea. Meanwhile, footage of David Cameron being tricked into thinking he was speaking to a former Ukrainian president has been released. Listen to a Sky News podcast on Putin and North Korea while you scroll.

Thursday 27 June 2024 12:08, UK

• US warned of 'dangerous illusions' as Russia mulls change in nuclear stance
• N Korea tests multiple warhead missile - as US leads drills after Putin-Kim pact
• Russian missile cruiser carries out drills in Mediterranean
• Recording released by Russian pranksters after call which tricked Lord Cameron
• Your questions answered : Has the West been honest about Ukraine's failures?
• Big picture : What you need to know this week
• Listen to the Daily above and tap here to follow wherever you get your podcasts
• Live reporting by Mark Wyatt

Ask a question or make a comment

Ukrainian president Volodymyr Zelenskyy has arrived in Brussels today, where he plans to sign three security agreements.

Among those is an agreement with the European Union, which will pledge to keep delivering weapons, military training and other aid to Kyiv for years to come.

In the event of "future aggression", the document, a draft of which has been seen by Reuters, says the EU and Ukraine intend to consult within 24 hours on Kyiv's needs and "swiftly determine" next steps in line with the commitments.

"For the first time, this agreement will enshrine the commitment of all 27 member states to provide Ukraine with extensive support, regardless of any internal institutional changes," Mr Zelenskyy said in a statement.

The draft EU document says its commitments will remain in effect "as Ukraine pursues its European path" and will be reviewed in 10 years at the latest.

Swedish furniture giant IKEA is set to reopen its Kyiv store.

The company, like other multinational brands, closed its stores in Ukraine when Russia launched its invasion of the country in February 2022.

Now it's set to follow in the footsteps of popular retailers H&M, which reopened in November 2023, and Inditex, which owns Zara, by returning to Kyiv.

IKEA's "main priority for the resumption of store operations in Kyiv is the safety of our employees and customers," the Ingka Group, which is part of the Ikea group, told Forbes Ukraine.

"The return and success of H&M was an important signal for the head office of IKEA, and they also closely followed the recovery of Inditex," a source told Forbes Ukraine.

A chemical plant in Russia was targeted in an overnight drone attack, according to state-run RIA news agency.

The Redkinsky Experimental Plant, located in the Tver region to the northwest of Moscow, produces a number of chemicals used in the aviation industry.

The plant was previously struck by Ukrainian drones in September 2023. At the time, Ukraine's intelligence agency claimed the plant produces decalin, an aviation fuel additive.

This morning's attack saw four drones damage the plant's pipeline, roof, and a workshop building, according to independent Russian news outlet SOTA.

The Tver regional government said on Russian social media platform VKontakte that air defence systems thwarted a drone attack, but didn't comment on whether the plant was targeted.

"At around 4 a.m. on June 27, in the Konakovo municipal district of the Tver region, the air defence systems on duty of the Russian ministry of defence repelled another UAV attack," it said. 

"Emergency services specialists continue to work at the site where the UAV debris fell. There were no casualties."

Russia has started the new trial of imprisoned US citizen Robert Gilman on four new charges, the state-run RIA news agency reported.

A former US Marine, Mr Gilman was sentenced to four and a half years in prison in October 2022 for attacking a police officer while drunk.

RIA said that sentence was reduced on appeal to three and a half years in May 2023.

Mr Gilman — from Massachusetts — said he did not remember the incident, but had "apologised to Russia" and to the officer he had kicked.

His lawyers told TASS, the Russian state news agency, that Mr Gilman was in Russia to study and obtain citizenship. 

For context: Mr Gilman is one of at least a dozen US citizens being held in Russian prisons.

Among those, the best known is Evan Gershkovich. The Wall Street Journal reporter was arrested in March 2023 on charges of espionage that carry up to 20 years in prison.

Mr Gershkovich and his newspaper strongly reject the charges.

The US government has designated him as wrongfully detained, meaning it must seek ways to get Mr Gershkovich released, which could include a prisoner swap. 

The Kremlin says Russia is considering a possible downgrading of diplomatic relations with the West due to the hostile approach of the US and its allies towards Moscow.

Speaking to reporters today, Kremlin spokesperson Dmitry Peskov said the move is "standard practice" for states that face "unfriendly or hostile manifestations".

He added: "Due to the growing involvement of the West in the conflict over Ukraine, the Russian Federation cannot but consider various options for responding to such hostile Western intervention in the Ukrainian crisis."

Peskov said that no decision had yet been made on the matter and that Russia was considering different ways to respond to the West. 

North Korea has successfully conducted a test aimed at developing missiles carrying multiple warheads, state media agency KCNA reports.

The country said the test was carried out yesterday using the first-stage, solid-fuel engine of an intermediate-range ballistic missile.

KCNA said the missile succeeded in separating warheads in a test that was aimed at developing multiple independently targetable re-entry vehicle (MIRV) technology.

"The purpose was to secure the capability to destroy individual targets using multiple warheads," it said.

What else happened this week?

The dispatch comes a day after South Korea's military said North Korea had launched what appeared to be a hypersonic missile off its east coast that exploded in mid-air.

South Korea, the US and Japan condemned that launch as a violation of UN Security Council resolutions and a serious threat, and warned against additional provocations in the wake of last week's summit between North Korean leader Kim Jong Un and Vladimir Putin.

Today, the US, Japan and S Korea began large-scale joint military drills involving navy destroyers, fighter jets and the nuclear-powered US aircraft carrier Theodore Roosevelt, aimed at boosting defence against missiles, submarines and air attacks.

During Mr Putin's first visit to North Korea in 24 years, the two leaders signed a mutual defence pact, which Mr Kim lauded as an alliance, but which South Korean President Yoon Suk Yeol called "anachronistic".

A passenger train derailment in northern Russia has killed at least two people and left one other missing, a state-run railway company has said.

The 14-carriage train derailed in Russia's northern republic of Komi last night, Russian Railways said, with nine carriages coming off the tracks.

Up to 50 people were injured, Russia's news agency Interfax reported, citing emergency officials.

The train, carrying 232 passengers, was headed to the southern city of Novorossiysk from Vorkuta, a coal mining town in the north of Komi, Russian Railways said.

It said that heavy rainfall, which washed out parts of the track, was the likely cause of the derailment.

The Ukrainian air force has said it shot down all 23 drones and five out of six missiles launched by Russia this morning.

Serhii Tiurin, the regional governor of Khmelnytskyi, western Ukraine, said the air defences shot down nine aerial targets over his region. 

Local authorities have not received any reports of casualties or property damage, he added.

Meanwhile, governor Vitaliy Kim said the military destroyed six drones and three cruise missiles over the southern region of Mykolaiv.

Ukraine and Russia often send drones across the border but both sides have said they only target military infrastructure.

A senior Russian diplomat has urged the US to pay attention to discussions under way on possibly altering Moscow's nuclear doctrine to suit changed conditions in international relations.

Deputy foreign minister Sergei Ryabkov, interviewed by the Izvestia media outlet, also said Moscow did not rule out downgrading diplomatic relations with certain Western countries if they failed to alter their "Russophobic" approach to ties.

Mr Ryabkov restated Vladimir Putin's assertions of recent weeks that Russia's nuclear doctrine, setting down when such weapons could be used, was being reassessed.

He said that the doctrine was drafted "in a different era and in different circumstances" and that he hoped the discussions now "are being taken seriously by our opponents".

"I am not anticipating the outcome, but I urge our adversaries to think about what the president is saying," he said. 

"They are literally playing with fire... and must learn not to indulge in dangerous illusions, but to try to look at the world soberly and understand that we have immutable national interests which we are prepared to defend to the end," he said.

The doctrine states Russia may use nuclear weapons in response to a nuclear attack or in the event of a conventional attack that poses an existential threat to Russia.

Mr Putin said this month that Russia had no need to use nuclear arms to secure victory in Ukraine.

The Russian navy missile cruiser Varyag has carried out drills in the Mediterranean Sea, the state-owned TASS news agency reports.

The drills focused on repelling a mass sea drone attack, the navy command said, and also involved simulated engagements with an enemy vessel and a submarine.

The drill come weeks after a Russian naval frigate and a nuclear-powered submarine conducted missile drills in the Atlantic Ocean while on their way to Cuba.

Such moves will be closely watched by the US.

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