As Indians, we are often wary of availing loans. It’s in our upbringing to manage with what we have. While this may work out for personal finances, business ventures are completely different, especially seasonal businesses like a travel agency.
If you want to expand your travel agency, retain existing customers and win new clients, while increasing your overall revenues, then you have to depend on business funding. Availing the right business loans at the right time helps you make the best use of the incredible business opportunities that come your way.
Here, in this post, take a look at the top reasons why your travel agency may need a business loan.
Top Reasons For Travel Agencies To Seek Business Funding
● For Marketing And Social Media
Just like all other businesses, marketing, and social media is crucial for travel agencies, especially in their struggle against online travel agencies (OTAs). A vast majority of today’s consumers start their vacation planning online. They look at websites, social media channels, customer reviews, blogs, and other channels to evaluate the reliability of a travel agency.
Website upgrades, SEO, social media marketing, blog content creation, and management all require the services of professional digital marketers. Travel agencies seek business loans to hire digital marketers, who can help them boost their online presence.
● Purchase Of New Equipment
Travel agencies are required to embrace new technology to provide clients with innovative offerings and to better their services. New equipment includes physical equipment like the purchase of the latest PoS systems, office furniture or digital equipment like upgrading travel databases, software, mobile app, virtual reality touring systems, incorporating AR and VR technology, amongst others.
Whatever be the type of equipment you are looking to purchase, specialized travel agency loans from Indifi can help you cover the expensive upfront fees.
● To Manage Payroll And Other Fees And Taxes During Slower Times Of The Year
One of the biggest banes of running a travel agency is that business fluctuates heavily throughout the year. There are peak seasons like spring break, summer break, yearend vacations when you see plenty of business, whereas there are other times of the year when business is incredibly slow.
Though your profits vary, your expenses remain consistent throughout the year. For instance, you have to pay rent, utility bills, and staff salary, regardless of business volumes. Managing all these expenses using the available working capital becomes difficult especially when business is slow. Availing small business loans can help you meet these expenses without any hassles.
Also Read: 5 Must-Dos For Travel Agents To Win The Race Against OTA Platforms
● For Expansion And Renovation
Expansion and renovation are exciting ventures for travel agencies. Expanding the presence of your travel agency in new locations, renovating your office are good opportunities to attract new clients and boost overall revenues.
Most travel agents hold off their expansion plans because of lack of funds. You can choose from different loan options like short-term business loans, line of credit, merchant cash advance to fund your expansion and renovation plans.
● To Hire Staff And Provide Them With The Right Training
A travel agency is a customer-facing business, and you need the right staff to provide customers with the best service. Hiring staff and providing them with the right training for the job is expensive and requires adequate funding. Most travel agencies find it difficult to allot funds from their working capital to meet these expenses. This is where specialized business loans for travel agencies can help.
Also Read: 5 Ways To Ensure That You Secure The Best Business Loan For Your Travel Agency
Don’t Let Lack Of Funds Hold You Back
Managing a travel agency is challenging, and there are plenty of day-to-day and one-time expenses involved. You need to ensure that you keep on updating your services to provide clients with the best services and specialized offerings. Don’t let lack of working capital make you miss out on lucrative business opportunities.
Avail the right funding and take your business to the next level, with Indifi, your trusted digital lending partner.