Travel and tourism is one of the world's largest economic sectors. Our thirst to explore fuels economies and created jobs. And many dreams are fulfilled because of our wanderlust.
If you love to travel, you can make it your business. There's always a room for another travel and tourism entrepreneur because there's always something new to see, something different to experience, something far-out to try. There's always a fresh new story to tell - yours!
The Iloilo Paraw Regatta is the oldest traditional craft and cultural festival of its kind in Asia. It is the largest sailing event in the Philippines. What niche business idea do you think is inspired by this history-laden annual tourism event? Photo by Bernadette V. Willes.
According to the World Trade & Tourism Council, (the global authority on the economic and social contribution of Travel & Tourism), despite the increasing and unpredictable shocks from terrorist attacks, political instability, health pandemics, and natural disasters, travel and tourism in 2016 "directly contributed US$2.3 trillion and 109 million jobs worldwide. Taking its wider indirect and induced impacts into account, the sector contributed US$7.6 trillion to the global economy and supported 292 million jobs in 2016. This was equal to 10.2% of the world’s GDP, and approximately 1 in 10 of all jobs."
For the sixth successive year, growth in Travel & Tourism outpaced that of the global economy (2.5%). Travel & Tourism not only outperformed the economy-wide, it was also stronger than the growth recorded in the financial and business services, manufacturing, public services, retail and distribution, and transport sectors, the WTTC reports.
The outlook for travel and tourism is robust, WTTC adds. Business and leisure travel in 2017 will keep on growing, and over the longer term, growth of the sector will continue to be strong at an average of 3.9% per year for the next ten years.
Does it seem like travel and tourism offer immense opportunities to cash in?
An article in the New York Times reflects a growing trend. It talks about a certain Mr. Josh Udashkin, the founder of the smart luggage company, Raden. We were particularly drawn to what he said referring to a trip to Seoul, South Korea. He said he liked to absorb the local culture in person. “I’m not looking for the outliers. I want to know how to fit into the local mainstream.”
Understanding local culture, authenticity, personalized experiences, fitting into the local mainstreams are the encompassing themes of changing needs and expectations of world travelers. If you are passionate about your town, your city, or neighborhood, you are the best source of information that will meet their needs.
Locals are able to meet such expectations because they have genuine and authentic knowledge of their neighborhood. Perhaps your story may not be about your own town or city, or neighborhood. May be it is your first-person account of a visit to a destination. Travelers are always in search for raw insightful experience to plan their own trips.
If you have a website set up around local culture, local knowledge, best-kept secret of a region (your region!), you have a travel and tourism online business. Or, if your site is about your own travels with a fresh perspectives, you have a travel business.
There are millions more out there like Josh Udashkin. You can build an online business on ideas inspired by their needs or by your own. Some of the most exciting travel sites grew out of personal narratives and fondest memories from visits to places and destinations. Some were started with a dream of unearthing the tourism potentials of a hometown.
A great number of businesses were established out of an idea. Today, putting flesh on that idea has been made easier by internet. Indeed, the net has changed everything. Including travel. And vacation.
No-stress leisure mountain climbing in Negros Occidental. What online business do you think can be developed around this touring sport? Photo courtesy of Maria Carmena Ingente.
You have already taken the first step in starting a travel and tourism business. You have reached this far. That means, you have the inclination, the interest. That's the crucial first step.The next step is just as critical. Acting on it right the first time will have a direct impact on your success. For many will make you believe that building a website or a blog is the business and its easy. That is partly true. But how do you make it work?
Camp Enterprise offers an immersive program to guide you in building a successful business using the internet. Signing up into the program is perhaps the most important step you will ever make in acting on your desire to develop an online business out of your love to travel. Or, if you think your town or neighborhood will make a great tourist destination, we invite you to come join, go camping with us!