Strategies for Successfully Franchising Your Travel Business

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University of the People *

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Marketing

Date

Nov 24, 2024

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Uploaded by byanfatani1

The lessons I've learned this week have been demanding and educational, and they've changed the way I think about the world and inspired me to do business more effectively. As I explore turning my travel management company, Thai City View (TCV), into a franchise, I take into account how crucial it is for a business to succeed in this day and age to have credibility and a positive reputation. I worked on a marketing strategy as well as a company plan. Our goal was to collaborate with local travel agencies in Saudi Arabia, like Elite Travel Agency, who would independently use our services, send us clients who are interested in visiting Thailand, and provide us with a large volume of travel packages and deals. Saudi Arabia and Thailand have demonstrated a desire to mend their relationship in recent years. One of our primary goals was to give our clients first-rate service and travel so they would be inspired to return to Thailand through our agency. In order to meet the demands of our clients and representatives, we offer reasonably priced lodging, guided city excursions, transportation, internet cards, and additional services to help the customer plan the entire vacation. Setting attainable goals for my franchise firm was one of the things I considered. In order for my firm to succeed as a franchise, I had to set realistic expectations. I will be sharing my ideas on the subject of franchising, as well as what I think is feasible and how the company could develop. From the beginning, it was crucial to provide the franchisee with support while maintaining a healthy profit margin. One of the main differentiators of TCV from other service providers was the negotiations to secure wholesale discounted rates from airlines, hotels, cruise ships, car rentals, tour operators, and other service providers. After making sure the product was configured, I focused on the franchisee's training to guarantee brand consistency and on streamlining management and system controls to align with the brand's goal. The attractiveness of my franchise would include the reduced costs for the franchisee, and organizational cost reduction and advertising were taken into consideration. When examining these expenses, finding large-scale, low-cost services was crucial to the outcome. Achieving cash flow in terms of the business's ability to obtain loans was also my main priority. Here's where the company's established track record of operational performance and credibility come in handy. Due to its association and track record of success, the brand will be able to obtain loans from banks and other financial institutions and establish agreements that will benefit the franchisee. After weighing the aforementioned factors, I concluded that franchising this company would be a wise and successful move. I looked at sole proprietorships as an alternative to other business structures, and in contrast, potential franchisees already have the name, business plan, branding, marketing, and other aspects of the new corporation taken care of for them.

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