The future is very bright for the travel industry. For the last 5 years now, I have been known to say, “there has never been a better time to make money selling travel.” It’s STILL true. The baby boomer population continues to enter retirement and will do so for the next 13 or 14 years. They control over 70% of the savings in the US. With free time, disposable income and a desire to have unforgettable experiences, they have and will continue to drive an increase in consumption of luxury travel. But it’s not just the baby boomers that are driving the growth in luxury travel. It’s the millennials too. And these guys value service based businesses. They WANT your help.
How do you cultivate your share? With a plan. In the Make Money Selling Travel Blueprint, I teach the 5 steps to monetizing your passion for travel. Your plan should follow these 5 steps. In this article I take you briefly through each step.
Step 1. Establish your business model.
What does this mean? It means get clear on your numbers so they work for you. You can’t capture a dream with no vision. You can’t plan an itinerary with no destination. I see a lot of people skipping this step. Establish goals and then map out how you will get there. My best tip is to start with the end. In other words, begin your goal setting by estimating how much money you will spend in the calendar year. If you have been in business for at least 1 year, you have a great guide for this – what did you spend last year? Start with what you spent before and then dig down into the details. Add a salary or increase it. Add an expense line for paying for an assistant or new person on your team. Add expense lines for the travel you intend to take. And by all means, add an expense line for your coaching, mentoring and personal development. It’s like nutrition – you can’t survive without it nor can you get it all at once…it must be slow dripped. Once you have exhausted all possible expenses for the year, total it up and now you have your revenue goal. Take your gross number, adjust for a split with your host agency (if you have one) and back out a sales goal. Break down your sales goal into monthly goals and start brainstorming with yourself or your team about how you will achieve it.
Step 2. Create a clear and compelling message.
Your message begins with picking a specialty. The number 1 reason for picking a specialty is because experts make more money. Plain and simple. So pick a specialty and stick to it. Your message is HOW you will market and articulate your specialty. If it’s family travel, don’t tell prospects your specialty is family travel. Instead tell them you help families take meticulously planned vacations packed with great value and fun memories.
Step 3. Create your core marketing foundation.
Your marketing foundation consists of the items you create once and then refer back to again and again. The most important part of your marketing foundation is that a consistent theme is thread throughout. The theme should be your core, compelling message. Your marketing foundation will do the work for you if you are successful at this. Included in the list of foundation items is the name of your business (be clear, not cute), a logo, a website (that is NOT a cookie cutter site with 3rd party fed content, which completely confuses prospects), an electronic newsletter template and a business card.
Step 4. Create marketing systems to consistently bring in inquiries.
The most important piece to understand when creating your marketing systems is that you should have 2 types of marketing systems: systems for “list building” of new prospects and systems for relationship building/nurturing of existing prospects and clients in your list. I believe a lack of list building systems is the greatest blind spot for most travel business owners. Be very methodical about establishing marketing systems to address each one of these efforts: list building and relationship nurturing.
Step 5. Adopt a Mindset for success.
Without a doubt, the most critical step in your success journey will be re-wiring your mindset for abundance and entrepreneurship. This is because most of us come pre-wired with a scarcity and employee mindset. Two very different things. As an entrepreneur who expects success and abundance to show up, you will be required to step outside your comfort zone regularly. As human beings, we crave comfort, so stepping outside of that feels foreign, unnatural and undesirable. But its required because all your hopes and dreams lie outside your comfort zone.
And there you have it – the 5 Steps to Monetizing Your Passion for Travel. Putting a plan in place can be the difference between cultivating your possibilities and coming up empty handed. If you want direction…a clear path…. to putting your very own, custom designed plan into place, then check out the Make Money Selling Travel Blueprint today.