Is the Tourism Industry Worth Getting Into?

by Justin on April 22, 2017

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Tourism is worth $1.26 trillion USD worldwide, and is an exciting industry to be a part of. Today there are options for everyone, from budget backpackers, to those who are looking for extreme adventures, parents looking for memorable family trips, while others still search for a luxurious retreat far from their everyday reality. That means that those who have tourism-based businesses have a range of audiences to target and cater their operations to satisfy specific needs.

There are many tacks to take if you are looking to invest into tourism.

  1. Luxury Hospitality

Luxury travel has existed for ages and will continue to exist in the future. The wealthy like to travel and vacation, and even those who aren’t quite in the “1%” can justify spending a little extra for that “oomph” during their annual vacations. There are pros and cons in investing and looking to cater to this demographic. While you have the potential for greater revenue, travelers of this caliber expect all the bells and whistles if they are going to be paying a premium. That means upscale finishes, incredible customer service, and an overall “experience” that they will remember for a while. If you can’t afford to do that in your local area and don’t think that you will be able to draw this type of customer, consider investing abroad. It might be more affordable to purchase and service, while people can’t keep from dreaming of a week in Turks and Caicos villa rentals with private pools, staff and privacy.

  1. “Guerilla” Hospitality

If you have property in an area which is popular for out of town visitors, you might want to forget renting to a long-term tenant, and instead consider short-term rentals. Market it as an apartment that allows for independence, inclusive of a kitchen, washroom, parking, etc. Some feel much better in an apartment like this than in a hotel room, especially if they are staying for more than a couple of nights. Though there is less stability than if you had a full-time tenant, the earning potential is much greater. This way you can scale your operations to fit your lifestyle, from an attic apartment in your house to several mid-sized units and homes. Keep in mind booking, preparing the apartment between guests, and dealing with customer service takes time, but it could be an easy way to get a start in hospitality while earning some extra income.

  1. Supplementary Services

Other than pure hospitality services like hotels, bed & breakfasts, and more, there are other tourism-based investment opportunities for you to get involved in. From guided tours of interesting neighborhoods or historical landmarks, through walking tours, to dining locations serving up local fare, such businesses can really capitalize on the local and tourist crowds that come through your city or town. Cater to what gives your location a memorable and unique flavor and could interest out-of-towners. There are also services that don’t directly deal with tourists. An example would be a property management group that takes care of vacation properties for owners who can’t physically service their villas, apartments, or houses. Propose a package including marketing, booking, maintenance, cleaning and general customer service of these properties. In an area with lots of investment buyers who live far from the property at least some of the time, like in Florida, this could be a successful and profitable business.

Tourism and hospitality is a great industry to be a part of, with flexible lifestyle choices and great earning potential. No matter how you decide to invest your savings, you have the opportunity to great a flourishing business if you cater to your target audience and their needs when traveling.

Wild New Zealand

If you think your office job is permanently numbing your mind and you need the shock of extreme adventure to wake you out of this coma, a trip to New Zealand might be the buzz you’ve been craving. Whether you decide to white water raft, rappel off of incredible green cliffs, or climb the lush mountains that seem too beautiful to be real, your adrenaline will be pumping the entire time. Learn to paraglide, try bungee jumping, or do your scuba certifications and dive along the coast. Green, lush, and beautiful, those who have traveled to New Zealand often have a hard time believing that the trip actually happened.

American Road Trip

Maybe you’ve spent the bulk of your life in the same small town or city, and now you are looking to get a better understanding of your country with all of its intricacies. Pack the family into the car or rent an RV and start driving! There are many interesting itineraries and recommended routes, or just grab a map and plan your own! It’s a great way to bond with the family while taking advantage of what your own country has to offer. You’ll return home with a new appreciation for the culture you are a part of.

Even if you are relatively far from achieving your financial goals, dreaming of a trip can actually be a very effective way of motivating yourself and your family to sticking to your savings plan. The options we presented might seem a little far-fetched, but you only get one life and that’s when a “trip of a lifetime” is supposed to occur!

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