As the travel industry slowly returns to normalcy, some changes in how travelers will be able to pay for those vacations are also now quickly changing. Recent developments in the cryptocurrency industry have enabled travelers and travel sites such as Travala.com and Zomato to accept large forms of crypto as payment. Currently, more than 700,000 Expedia Group hotels are open to accepting crypto as payment, with a survey conducted by Travala.com concluding 71% of respondents looking to spend more on traveling, and more than a quarter thereof paying with crypto.
CEO of Travala.com, Juan Otero has already mentioned that the travel platform is seeing more than $1 million a week in business transactions with the use of cryptocurrency. As international travel slowly starts to tick upwards, younger generations aren’t willing to return to traditional banking and travel plans than in a pre-Covid society. The introduction of decentralized banking systems and digital coins are helping the travel industry to revitalize itself after a few challenging months.
With more advanced platforms, tools and a post-pandemic business model, various startup entrepreneurs are finding these business models more and more attractive. Offering young entrepreneurs, with little experience in the travel industry to blend travel, leisure and an opportunity to work from anywhere in the world are some of the big selling points to start an online travel business. For the most part, the security in starting an online travel business comes from the tried and tested model the industry has been using, even long before the pandemic came to life.
Five reasons you should start an online travel business:
Being your own boss
We all want to be our own boss, regulate our working hours, and be in charge of our daily work schedule. Starting an online travel business means you will be in charge – of everything. From scheduling, canceling, and communicating with clients, you have some pretty big shoes to fill. You will become the sole operator of your business, which can seem a bit intimidating at first, but after a few months, you’ll be sure to get the hang of things.
No experience needed
Although having some form of formal training, education or experience would be beneficial, anyone with a sense of business and structure can get to work. The travel industry is a tried and tested platform that has been operating for decades, and new software tools are making it easier for entrepreneurs to step onto the scene and start their online travel business. You will need to connect the dots as you go along, but technology and initial training will help you set up for success.
Minimum legal business requirements
If you’re planning to start this business by yourself, you can register your business as a sole proprietorship. This means you will solely be responsible for all legal and tax-related associations. It may seem somewhat daunting, but being a sole operator means you can make the rules, and gives you a bit more leverage compared to an LLC or Corporation. Platforms such as Incorporation Rocket makes it easy to register any form of business in all 50 states.
Opportunity to Travel
Whether you’re looking to start a domestic or international online travel business, you will get the chance to travel quite frequently. Although this may require some additional resources, it’s better to offer customers a package or deal that you have experienced first hand. This is also a better way to sell a product, and allow your experiences to become theirs.
Selling a niche
We all want to see the Eiffel Tower or walk along the black-sandy beaches of Iceland, but you will be able to sell a niche. Whether it’s small local villages, or perhaps outdoor attractions overlooked by larger booking platforms and companies – you can sell a niche not easily found in the industry. Make sure you do proper research and find that niche that will resonate with your customers.
There are various reasons and ways you can go about starting an online travel business from home. Looking a bit deeper, you will notice that the travel industry offers more than what meets the eye, and although you’ll be a key player, more so behind the scenes, it’s a business model worth trying which can offer great financial freedom and job satisfaction.