How can I make this idea work?
Asked by
Tobotron (
1313
)
August 17th, 2010
I’m interested in setting up my own business based on what I’m good, at, my skill set etc.
What I want to do is set up a company that creates holidays/adventure holidays, experiences etc all over the world and at home.
Its going to be UK based so I won’t be planning for people outside the UK, too complicated…
My idea being that people don’t have the time these days or the ideas and world even local knowledge to plan something original and amazing and that they would pay for this service.
Some companies like this exist to some form STA travel being the biggest although only offering very generic products, and more of a travel agent tbh.
Now my problem is how do I charge for the service because a lot of planning can go into these things?! I planned a rally to Russia last yr, it took a fair while lol, I presume you have to tier things and/or quote?
Any help from you experts would greatly help me begin to get my head around more and more of this before I put too much time in.
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5 Answers
Most people in a consulting business start out by underestimating what to charge and gradually revise upwards. You can try to figure out approximately how many hours it will take you to plan a trip for someone and then give them a quote based on what you’ve determined you would like to make per hour. (You don’t need to tell them your hourly estimated rate.) As you plan more of them, you will have a better sense of how much time it actually will take and also it will take you less time since you have done it more. You also don’t want to charge too much in the beginning because you have to build up a customer base.
When I was a tour guide for a tour company, the customer paid an hourly rate, based on the local economy. Call some agencies near you and see what they would charge.
Don’t start from scratch every time. Develop a few templates that are repeatable. This will earn you predictability and discounts with vendors necessary to make it possible. You’ll also save a great deal of time working with templates rather than customizing every individual travel scenario.
I’m not an expert by any means, but it would be good for you to survey prospective clients as to:
1. What they are likely to look for in a holiday package.
2. What they would be prepared to pay up to for this package.
These questions should give you some starting point in pricing.
Would these be escorted tours/holidays, with either yourself or someone else going with the people? I know escorted tours are commonly done, but it may suit your clients to know they would have someone they “know” with them.
What age group/gender/experience level/etc do you anticipate working with.
A rule of thumb in any new venture is to ask those you wish to serve how you may serve them.
I wish you well.
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