According to Bloomberg, the adventure tourism market will reach $1 trillion by 2020, growing at a CAGR of 15.2%. The outlook of the global adventure tourism business is encouraging because of the growing levels of disposable incomes, the declining costs of travel, and more tourism opportunities. Given this outlook, the potential for setting up an adventure tourism company is immense. Some handy tips:
Understand Market Potential and Trends
Before you take any step to establish an adventure tourism business, you must find out the market demand, customers’ preferences, options, the level of competition, and more. Going online, joining adventure tourism groups, attending tourism workshops and fairs, etc., will help you to understand the market better.
Choose Your Niche
It is better to choose a specific adventure to focus on. You will be able to develop more expertise and serve your customers better. You should consider the adventure sports about which you have knowledge and expertise because otherwise, you will have to hire people who do, which is an additional cost. Focusing on a particular adventure tourism niche will help you to build networks, find partners, and market your business better.
Choose a Name and Register Your Business
Choosing a compelling name for your adventure tourism business is vital. It will spark interest among your target audience and encourage them to visit your website and social media accounts or contact you to interact personally. If you are creative and imaginative, you will not find it hard to think of suitable names for adventure company, but you can use an online name generator to inspire you. Consult a lawyer to find out what you need to do to register your company and the ideal business structure. You should consider an LLC because it helps you protect your personal assets if someone sues your company. Your attorney will also advise you on the licenses and permits you need to operate. You must also have adequate insurance coverage in case you or your clients suffer an injury.
Create Business and Marketing Plans
Take the time to think the business operations through in detail, including the geographical locations you will cover, the extent of costs of setting up the business, the kind of equipment you will need to invest in, and an idea of the operational and marketing costs. Getting a fix on your costs will help you decide the fees you will charge and the number of customers required to make the business viable. You must know your costs well to enable you to design customized adventure tours for customers. You must also have a few packages catering to customers with different budgets.
Whether you are a one-man show or have a few partners or employees, you will need to set up an office where customers can interact with you. You can use the space to promote different adventure tours and packages with attractive posters and displays. Make sure that while you offer personalized services, you have a professional setup with telephones, email with your own domain name, a well-designed website, and engaging social media accounts. Go all out to promote your business online and through local advertising and publicity.