• Tourism Business Plan

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Tourism Business Plan

Tourism business plan helps the entrepreneur to understand, to visualize, to plan and to identify risks even before making any investments in the business. Preparing a business plan involves detailed research so that all the aspects of the given business is evaluated and appropriate decisions are made. Tourism is a complex business which involves a wide range of services from hotels, motels, tour and travel agents to service agents. The tourism industry in India is growing at the rate of 15-19% in domestic and foreign visitors. The industry contributes around 6.3% to the country’s GDP and 8.78% of the total employment.

India earned almost $2.278 billion in foreign exchange earnings in last financial year. Investing in tourism is a long term business and it is hard to achieve the full capacity in the beginning. The major cost involved in the business are like land, building, interest, property taxes, vehicles, salary, marketing, wages, equipment, renovations, furniture and fixture, utilities, taxes, licence and permits, insurance, working capital and other office expenses.

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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a tourism business plan are given below:

People

The people involved in the business are CEO, event manager, assistant manager, partners, accountant, insurance agent, lawyer, consultant, customer service staff, general labours, and guides.

Process

The major services of the tourism business can offer are like food and accommodation, travel guidance, providing information on tourist locations, demonstration, providing entertainment, acting as host, supplying goods and services, and other business activities like marketing, accounting, procurement, staff training, managing resources, analysing and improving the service, creating and developing relationship with various market players in the industry and more.

Systems

For an accommodation and transportation based tourism business, the requirements are like bed and breakfast, hotel, rental cars, risk management system, resource management system, cash and credit handling system, procurement system and more.

Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:

Association of Tourism Trade Organisations, India
Tower House Convent Road, Thiruvananthapuram, Kerala, India 695 00

Indian Association of Tour Operators
310 Padma Tower II, 22 Rajendra Place, New Delhi - 110 008

ETOA | European Tourism Association
Barnards Inn, 86 Fetter Ln, London EC4A 1EN

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