30 Profitable Business Opportunities in Tourism Industry
As technology continues to progress, travel is becoming more and more accessible to people from all over the world. The tourism industry has expanded, allowing individuals to capitalize on resources available creating streams of revenue where there were once none before. Here are ten profitable business opportunities in the tourism industry.
When it comes to the tourism industry, it is always a hotel or bed and breakfast idea, or it could be a cab service. Come on, the tourism industry hosts massive opportunities to earn revenue and establish your presence in the business world. So, why stick to the stereotypical business opportunities and not explore some of the unique ones?
If you live in a tourism-inclined industry, you can observe tons of opportunities in your area. However, there is tough competition. For example, if you plan to start a motel., you can find at least hundreds of them in your town. Yes, that could be a total turn-off to your mind, and you need to brainstorm some more out-of-the-box ones. Hence, we have browsed, sorted, and presented a few of the innovative and profitable business ideas in the tourism industry. Let us go through them.
With the rise of free market hospitality services like AirBnB, the demand for non-traditional lodging has created a streamlined method for landowners to generate additional streams of revenue
For most travelers, having a secure place to sleep is the top and utmost priority when arriving in a new or foreign location. Sometimes a hotel room just won’t due; especially in regards to traveling with families or large parties. Landowners thus have the unique opportunity to offer up short-term leasing on homes, condos, apartments, even tree houses! Property rental can create a reliable stream of income, especially if you live in a city that sees a lot of tourism or have a unique property type to offer to the general public.
Companies like Uber and Lyft function as an excellent alternative to traditional shuttle and taxi systems. Even further, they offer up the opportunity for individuals to make money at their own pace.
When touring a new or unfamiliar region, being able to get around swiftly and comfortably is essential. The rise of ride-sharing benefits not only the general public but also individuals looking to earn additional income. Even further, because ride-sharing is such an interpersonal experience, you can use your knowledge and understanding of your environment to function as a buffer or tour guide, creating an additional stream of income!
3. Guided Tours
Who better to help someone get acquainted with and explore and new town or region then someone who has lived there for a substantial amount of time.
Even further, creating a business around the idea of guided tours takes very little capital to do. Those willing to start small can create a website and blog around a central theme like food or art and offer a guided tour around their city visiting central locations based on their chosen niche.
4. Open For Business
As travel becomes more accessible, the demand for local business has grown exponentially. This has opened the window wide for potential bar gurus, restaurateurs and business owners.
The time has never been better to open a bar, nightclub, restaurant or specialty doughnut shop. The different mixing pot of travelers has created opportunities for individuals from all walks of life with a plethora of different ideas to cash in on the ever-expanding market. Even further, the current push to integrate locality by larger brands and organizations has given an edge to local businesses as foreign and domestic consumers alike seek a more authentic experience in all forms of entertainment, service, and hospitality.
5. Luggage Delivery Service
Waiting around for luggage or even worse, forgetting a bag is every traveler’s worst nightmare. Luggage delivery services seek to make such problems a thing of the past.
Creating a luggage delivery service can be an inexpensive way to break into the tourism industry and offers several entry points. If you don’t have the capital or investors to start a full-fledged service, you can get in on the ground floor by launching a personal luggage delivery/recovery service. Managing a luggage delivery service usually entails picking up luggage at baggage claim and delivering it to the client, saving them the time and hassle of having to wait around for it or even worse, having to return for a bag the airport delayed.
6. Smile For The Camera
Social media continues to evolve making it easier for content creators to connect with their target audience. In the case of tourism, this creates a lucrative avenue for income.
The tourism industry is expansive and covers both sides of the spectrum — tourist visiting new areas and locals. Tourism’s duality creates multiple avenues to approach content creation. For instance, if you enjoy traveling, you could produce content centered around your travels. On the other side of the equation, locals can use their familiarity with the regions local hot spots as a means to attract tourist to the area and the content creator themselves.
7. Eco and Urban Tourism
Guided tours through both lush nature preserve and urban developments have become more and more popular creating another accessible form of income for those looking to making a profit in the tourism industry.
Those looking to profitable business opportunities in the tourism industry can add Eco and urban tourism to this list. This form of travel requires a reasonably low amount of capital to start. Even further, those with a penchant for photography can create an additional stream of income by generating content during tour outings.
8. Souvenir Shop
The rise of eCommerce has allowed the essence of brick and mortar specialty stores to thrive online.
Those looking to make a profit from home can set an online hub where they resell local specialty items allowing consumers to gain access to things that were once inaccessible. Even further, the diversity of the market (different regions) provides for a range of potential business owners to thrive.
9. Lost In Translation
Linguist looking to thrive in the tourism industry can leverage their abilities for consistent income in a variety of ways.
There are many opportunities available to those looking to profit in the tourism industry including translation work. A linguist can either place their services on the open market and work as private translators for tourist visiting foreign nations or seek employment with businesses trying to interface with international markets.
We have listed a couple of prominent companies in the language and translation industry for your reference. They have been providing invaluable information and innovative services in the global translation market, as follows:
- Tomedes – Since 2007, they have been the leading translation company with a 98% customer satisfaction rate, promoting innovation through merging advanced technology with human expertise. They also regularly publish new articles on the latest trends and developments in the language industry on their translator’s hub.
- Wordbank – They provide translation, localization, and marketing services to businesses worldwide. Their blog offers recent insights into the global marketing industry.
- Wolfestone – They’re a UK-based agency that provides translation and language services. Like the other language service providers mentioned, they post blogs on the different trends and latest technologies in the market.
- Future Group – Founded in 1994, their company has been offering content localization services for several years. Their blog consists of way localization can be used to improve user experience and customer interaction.
10. Event Organizer
Throwing welcoming parties, private events and mixers geared towards integrating locals with travelers can prove both beneficial socially and financially.
Social media has evolved to allow connections across the globe. It is this very network that a potential entrepreneur can create groups, forums, and content geared to connecting travelers with locals and the promotion of events geared towards familiarizing tourist with the area they’ve traveled too.
11. Start a Travel Booking App
Yes, you don’t need intensive capital to start a hotel or a resort in your town. If you are passionate about digital technology and love to create apps, you can invest your knowledge and some money in creating a travel booking app. It needs to be highly interactive, no doubts. You will need tremendous knowledge of coding, app design and development, and software to create an app. Yes, you might feel that you are going nowhere at some times, but if you set a vision, you can certainly do it.
You might think that travel booking apps are an oversaturated market. But each country has hidden gems: excellent hotels and tourist destinations that many foreign travel booking apps miss. We have listed examples of local travel booking apps that you can examine and take note of when planning the development of your own app:
12. Start an Airbnb
Yes, this sounds like a typical tourism business, but we have Airbnb, and not the standard hotels found every corner. Airbnbs sound modern, are chic and reasonable and provide a different perspective of the city. If you love hosting and prefer to add a personal touch to your business, you should not start a hotel but invest in an Airbnb.
This business will require a nice place where you can have rooms to stay. Add some pleasant activities for the guests and be the wonderful host you are as always.
13. Become a Travel Blogger or Vlogger
Whenever you want to visit a place, what do you do? Yes, you might check the plane tickets or the route to reach that place. But in this digital age, you watch travel videos of those places. If you wish to become a travel blogger or vlogger, give your idea a good chance. You can do it, provided you have the enthusiasm and dedication to establish your digital presence and travel the whole world.
You will need some good-quality equipment (the more hi-tech, the better-quality videos you can create). If you want to be a blogger, you will simply need the passion to write your travel stories and some technical knowledge to run your blog.
14. Start a Customized Food Service
If you don’t have the capital to start a restaurant or a food truck, you can start a meal delivery service for the tourists coming to your city. For instance, some Airbnbs and homestays do not provide meals. You can tie up with such facilities and provide customized meals to them. If you have a specialization in culinary skills and your food menu is famous throughout the city, you can easily spread your business.
However, you need to prepare meals as per client preferences. For instance, if they want gluten-free food or vegan food options, you can do it the way they want. The more variety and taste you can add to the meals, the more leads you can seek.
15. Start an Eco-Friendly Homestay
If you have space in your hometown and want to start a sustainable business that saves planet earth and not just focuses on revenue generation, this business opportunity is for you. You can start a full-fledged homestay that has eco-friendly principles in place. You will need less capital, and if you promote it right, you can attract a lot of environment-conscious customers to your homestay. Since eco-tourism and a green lifestyle are becoming trends these days (and is also the need of the hour), you can focus your business venture on a noble initiative.
16. Become a Travel Planner
Yes, we have party planners and event organizers, and people also need travel planners. If you love to plan events and travel as well, you can grab golden opportunities in this business industry. You can help people plan their tours with loads of customization options. You can ask the clients about their travel requirements and budget and chalk out a tour plan accordingly. You will arrange for their stays, book tickets for them, and help them have a memorable journey.
Yes, it needs a lot of promotion on digital channels, but if you help customers enjoy their tours, they will surely spread the word about the travel stories and your planning service as well.
17. Start a Water Sport Business
This business is suitable for those staying at a beach town or riverside area. If you like adventure and want to start a relevant business in your area, this could be lucrative. Travelers love to participate in water sports, and no matter what the competition level in your place is, you will always have people flocking to your business.
You can start a snorkelling business, speed boat rental business, or a jet charter business, depending upon the kind of water sports available. You need to focus on customer service and safety, and you will surely thrive.
18. Start a Travel Show
This is another line of opportunity for those into travel and digital technology. You can collaborate with a reputed channel or platform and start your own travel show. It will be much better if you already have a fan following. You can explore cities and hidden places in your country and around the world and present them to the people watching online.
Yes, it requires severe dedication and interest, and if you are into it, it should become your full-time profession. People love to watch such shows, so try to make it more intriguing.
19. Start a Nightclub
It is obvious that entertaining businesses have good potential at tourist attractions. And if it is a fancy, little nightclub, you can find plenty of people coming to your place. It doesn’t matter how many nightclubs your town or city hosts. If you have something special and consistent to offer, tourists will never miss out on visiting.
You can tie with travel bloggers and vloggers and get active on social media to spread the word about your nightclub. It works, we promise!
20. Start Guided Tours
It could be a cycling tour, or a horseback tour, or an auto ride tour. These city and town tours need to be guided, and the travellers should seek their dose of information. They subscribe to your tours because they want to know more about the city and have fun. If you provide them with the desired package of enjoyment and knowledge, they will love you.
Guided tours have always been popular, but they need to be planned systematically. If you love to do it, you are good to go. You can conduct tours of the famous food joints in your area, museum, historical places, and other attractions.
21. Start a Souvenir or Gift Shop
Whichever place you visit, you can find souvenir shops everywhere. However, you can add a twist to your little place. If you are a budding artist, you can create gift items and souvenirs with your creativity and sell them in your shops. In this way, you will have something unique and different to offer to travellers and not the usual typical stuff.
Placement of your gift shop is important. It should be in a place that is easily accessible and noticeable for travellers. You can even place it near a popular hotel.
22. Start a Rental Apartment Service
Hotels and lodging services are common, but have you heard of apartments for travellers? Even if travellers visit a place for a short time, some insist on extending their stay or prefer a more comfortable stay option. That’s why rented apartments are becoming popular. You can build condos and fully-furnished apartments and make them available.
Ensure that you provide all the amenities and facilities to the travellers. Because these are the ones who do not think about cutting travel costs but are willing to pay more charges for a lavish stay.
23. Start a Rental Car Service
Some travellers prefer guided tours and professional cab drivers. But some prefer to drive on their own and explore the places as much as they want. Hence, you can provide cars with or without drivers and let them enjoy their travel.
Ensure that you have excellent car options and they are well-serviced on time.
24. Start a Bakery
This business idea might sound food-related to you, but a bakery business always does well. Several travellers have a sweet tooth, or they celebrate birthdays and other special events at tourist places. Hence, they need a cake or baked items such as doughnuts, and finding a good bakery could be challenging. If you love baking and your sweets are loved by everyone, you can let the travellers enjoy the baked items.
25. Start a Tourism Convenience Store
People might try to pack a lot, but they miss out on something. It could be mints or a pack of beers. You can start a convenience store and earn revenue as travellers will surely get something from you. Ensure that it is fully stocked and has all the travel essentials.
If you can add backpacks, or gift items, or souvenirs to your place, you can do it. People love to shop when they travel, and they will never get bored out of it.
26. Become an Interpreter
People proficient in foreign languages should never let their skills go to waste. Instead, they should start a translation and interpretation bureau. You can even enlist other interpreters in your business. You can connect with travellers visiting from foreign countries and help them explore the city without any language barriers.
For instance, a traveller from Germany will face difficulties in Japan as he doesn’t know the language. You will come to the rescue!
27. Start a Laundry Service
Travellers need to do their laundry, and all hotels and homestays do not have the said facilities. They will approach you for laundry services, and you can earn a stable income out of it.
28. Start a Tourist Visa Information Business
Tourist visa regulations are complex but cannot be avoided by the travellers. They need to be updated about the rules all the time. Moreover, they can face any kind of trouble due to visa regulations, and they need immediate help. If you love resolving problems, you can start a tourist visa information business and become the torchbearer for travellers. Yes, it is critical and complex, but you can do it.
29. Arrange Field Trips for the Education Industry
Students from colleges and schools need to go on different field trips, industrial visits, and others. So, if you can organize these field trips and help students and teachers coordinate, you will succeed in this business. You need to have an interest in the education industry, and if you are good at communicating with kids and teachers, you will love doing this business.
Ensure that there are sufficient places in your city worth visiting by students and plan out the trips carefully.
30. Start a Backpacker’s Hostel
Homestays and hotels are popular, but what about new solo travellers or those on a budget tour? For them, a backpackers’ hostel is an excellent option. Also, if you want to get out of the usual hotel business and your city does not have a hostel for budget travellers, you can be the pioneer in it.
You will need ample space, a zeal to interact with travellers, and loads of creative ideas to entertain them.
The above list can be endless, but we have tried to add the best 30 business ideas that are profitable indeed.
Profitable business opportunities can range from starting a retail store to offering professional services, franchising, web-based businesses, home-based businesses, and more.
To determine if a business opportunity is profitable, it’s important to analyze its revenue potential, overhead costs, and short-term and long-term goals.
Depending on the type of business you’re starting, there may be a variety of legal requirements including obtaining any necessary permits and licenses, registering the business name, and filing for a tax identification number.
Potential business opportunities can be found by researching current industry trends, evaluating customer needs and the competition, leveraging your personal and professional networks, attending industry events, and researching online resources.
Funding can be obtained through personal savings, angel investors, crowdfunding, as well as through Small Business Loans and other grants.
The amount of capital needed to start a business varies depending on the type of business and its size. Generally, the start-up costs can range from a few hundred dollars to several hundred thousand dollars.
Taxes such as federal income taxes, self-employment taxes, state and local taxes, payroll taxes, and sales tax may need to be taken into consideration when starting a business.
Yes, there are various resources available to small business owners. Resources such as SBDC (Small Business Development Center), SCORE (Service Corps of Retired Executives), and the US Small Business Administration (SBA) can provide guidance and assistance.
There are a variety of tools that can help you manage your business, including accounting software, customer relationship management (CRM) software, project management software, and more.
There are a variety of strategies you can use to market your business, including search engine optimization, content marketing, influencer marketing, search engine marketing, and email marketing.