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Doing business worldwide

Blog about doing business internationally.

Tourism is a major source of economic growth, job creation, and even environmental protection in South America. According to the World Travel and Tourism Council (WTTC), the continent is the world’s fourth most important tourism destination. South America stands out as a holiday destination. South America will welcome 78.2 million tourists by 2027, bringing around USD 82 billion to the region’s economy, according to the World Tourism Organization (UNWTO). So, starting a business in this industry is a sensible decision.

Creating a tourist business in South America

South America’s travel and tourism industry are separated into groups depending on the nation, mode, and kind of travel. If you wish to start a tourism firm in this area, you must first identify a specialty. To pick what type of business to start, you must first choose what you are passionate about. Then, you must analyze the surrounding region to choose which noteworthy spots to include on your tour map. Choose your target market and research your competitors. You must be aware of both your ideal clients and the competing firms for the same customers.

Choose a name for your travel agency

The initial step should be to come up with a name for your firm. Your tour name will appear on all of your documentation. Make sure the name you select is descriptive as well as memorable. It’s far more important nowadays to know if the domain is still accessible. If your name fits all of the requirements, you should submit it to your local Registrar of Companies for approval before purchasing your domain.

Register your business

There are several ways to register, including single proprietorships, partnerships, and corporations. Consider the benefits and drawbacks of each option before making a decision.

Obtain the necessary licenses and permits for your company

After registering your firm, you must get a municipal business license. Consult with your local government about this. Depending on where you operate and whether you possess any vehicles, you may need to get additional permits and licenses.

Sign up to be a tour guide

If you are leading, you may need to attend a course to become a licensed tourist guide. This allows you to direct visitors around a certain geographic area. Check with your local tourism board to see whether you need to register as a guide.

Create a business bank account

After you have obtained your company license, you need open a corporate bank account. This will simplify bookkeeping and allow you to keep track of all your expenditures and income. Perhaps you might consider hiring an accountant or purchasing accounting software.

Invest in liability insurance

Invest in liability insurance to protect both your business and yourself. This ensures that dangers cannot be attributed to your company. Your insurance company may be able to advise you on the appropriate level of coverage. Commercial General Liability (CGL), property insurance, and accounts receivable insurance are just a few of the policies that are frequently required in the tourism industry.

Create a business plan

A business plan includes an outline of your ideas. Your route map will assist you in making decisions on how to proceed. Include a description of your company, a market analysis, prospective partnerships, and small business goals. Create a list of your products and services, as well as an operating strategy and a marketing plan. Make financial projections while keeping seasonality in mind. Even if you don’t have all the answers right away, it’s still a good idea to know what to focus on as you go.

Create a distinct selling proposition

Now that you have your firm plan in hand, it’s important to clarify your unique selling proposition. This explains why your vacation is better than the competition. It’s the benefit that guests can only obtain by booking with you, such as the fact that you provide ethical travel and excursions. This should be simple to summarize in a single statement.

Set the cost of your excursion

The most important thing to evaluate is what consumers are prepared to pay, even though you must also consider your operating expenditures and market value. Take into account the seasons as well as the expenses for children and groups. Also, bear in mind that you may test till you find the best bargain.

Make a tour logo

The logo represents your company’s visual identity. It will be used in all of your marketing materials. Choose a simple layout that complements your specialty and tale.

Create a travel website

Many visitors may look you up online as they plan their vacation. You may find site builders online or hire a web designer. Whatever you select, make sure your website is geared for bookings.

Purchase an online reservation system

Travelers should book and pay for reservations directly on your website, not only find you online. This requires the use of an online booking system. The same booking mechanism is used for phone and in-person bookings.