If you want to start on your own and become an entrepreneur you are at the right place. As you have landed here we assume that you already have some sort of interest for entrepreneurship in travel domain. Hope this post will ignite your interest further.
Travel is one of the very few domains which are recession proof and evergreen. Since the start of civilization human beings are migrating and travelling here and there across the globe. With the advanced mode of communication, travelling to point B from A is getting quicker and becoming more comfortable. This has indeed lead to point where the sector is witnessing a magnificent growth in recent years and beyond any doubt the growth is consistently sharp.
Apart from the few generic reasons like government of India pushing for entrepreneurship in the country we would like to share a few specific reasons that may be helpful to anyone exploring this domain. So, without sounding gibberish any longer, let us explore a little about the fact and figures that may help you in your final decision making process.
Spot the Opportunity! Check some statistics below:
- India’s travel market had a growth rate of 18% in 2013 as compared to 11% in 2012. This includes the online travel market, which grew 27% in last year. This is an impressive growth and higher than most of the service sectors.
- Broadband Penetration – India has registered a staggering 500% growth during last 5 years [source]. The online travel market will soon see a steep rise across India with ever rising broadband penetration. Mobile broadband is also picking up. With smartphone on a mobile broadband combo the online travel market is definitely going to eat away a large chunk of the current travel domain.
- Indian middle class who are now only 5% of the population at approximately 50 million are expected to grow to 200 million in next 5 years! With growing number of middle class and their rising income level travel industry will indeed grow more quickly than expected. More flight, bus, cab, hotel bookings!
- Unlike other domains you don’t need to go out and look out for your customers. No matter where you are, they are there… they are everywhere and they are near you. A little bit of initial push and trust can get you to a point where you can sustain your business without any sort of active marketing or adverts.
- Unlike many other businesses, the innovation in technology has lead to a low-barrier-to-entry. With the entry of numerous customized travel solution providers it has become quite easier and cheaper for any one to start travel a portal of their own.
- Nowadays even the customized solutions are gradually getting replaced by innovative cloud SaaS applications that are extremely budget friendly. It simply means, starting from hosting the application (portal) to maintaining it and securing it – almost every responsibility lies with the service provider… So, that you can focus more on growing your core business rather than worrying and breaking your head over the non core business stuffs.
In the next post we’ll tell you the How part of the current title. If interested, signup for our news letter and stay tuned! We’ll be back soon.