Do this to create a thriving travel and tourism business

When Virgin Atlantic commenced its flights to and from St. Vincent and the Grenadines, one of my Business Buzz articles highlighted the many business opportunities that should be considered in light of this development. Fast forward to 2024, and we now have Sandals, additional hotels on the horizon, along with additional flights from international carriers. This is where I say it’s time for a Marketing Check! There are many reasons to be optimistic about SVG’s tourism industry and if you’re an entrepreneur, a budding entrepreneur, or if you are looking at various developments and wondering how you can fit in, this week’s article is for you.

In the ever-changing landscape of travel and tourism, there is definitely a desire for authenticity and immersive experiences among other things. From culinary trips to eco- conscious experiences, travellers want to explore in new and exciting ways. Embracing their needs can create lasting memories for them. As an entrepreneur you should always be thinking of your next profitable business opportunity. Here are a few things to do before you leap into the travel and tourism industry:

Maintain an ideas file – Include “out there” ideas that seem silly even to your friends. I remember years ago before I went off to university, I had a travel business idea that I shared with a friend. That person literally laughed at me and said that doesn’t make sense. When I moved to the UK, do you know what I saw? The same idea I had! It was in full effect and rolled out throughout the UK; at that time, I had no clue that the concept already existed in that part of the world. No matter how futuristic you think your idea is, write it down. A business opportunity often lies somewhere in a seemingly crazy idea.

Self- assessment – Before you embark on a new venture in the travel and tourism field, assess your current skill set and credentials. What’s your expertise in customer service, event planning or marketing including digital marketing? This is a competitive industry… marketing is a must. What are you prepared to do to help your business grow?

Be clear about your goals- Once you have decided to go forward with your tourism/travel business idea, ensure your goals align with your aspirations and objectives i.e. is this a passion project? A side hustle? Do you want to build a scalable business with potential for growth? E.g. if you love cooking and have an overall passion for food, maybe being a food vlogger would be a fit for you.

Research .. Research – What concepts are most feasible in SVG? What’s trending amongst visitors? What would be your brand’s unique selling point? Here’s a practical example: SVG is beautiful with much to offer; along with our beaches and some of the world’s best sailing waters, it’s also a great place to relax. How can you capitalize on this? Booking.com 2024 travel trends report prompted them to label 2024 as a year that reinforced that “travel isn’t just an escape, but a catalyst for experiencing our best lives”. This is due to a buzz phrase that came about in 2023 called transformational retreat. More and more people book transformational trips, which is a travel experience designed around a specific activity, personal goal or mental or physical health need. It includes retreats that cater to people who want to get away and be refreshed or who want to undergo a significant personal or spiritual transformation. Wellness vacations or retreats include yoga, meditation and therapy among other things. This has become a growing tourism business trend for some time. Wellness tours or retreats that offer the opportunity to reset, pamper one’s self and recalibrate amid dreamy views and nature are likely to be popular in the future, according to Faster Capital, a leading global online incubator/accelerator. Think about this, can your idea fit into this trend?

Choose if you want to be online or in person – Each option has its advantages and limitations. Think about market demand, your overhead costs and your preference for flexibility or face to face interactions.

Overall, as you ponder on various market opportunities in this sector consider 1. Niche market opportunities e.g. wellness retreats/tours, culinary tours; 2. Initial investment and overhead; 3. Flexibility and lifestyle fit; 4. Profitability and revenue streams 5; Scalability and expansion potential 6; Your personal passion and expertise.

l Candice Sealey is the Founder & Principal Consultant at Ignite! a Full-service Marketing & PR Consultancy that helps businesses/brands to stand out and communicate the right message to the right people at the right time through Strategy, Marketing, Media services and Design solutions. She is also a freelance content writer, advertising copywriter, voiceover talent, media personality. Follow us on FB & IG @igniteresults Phone:784-432-2223. Email: igniteresults@gmail.com