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Harsh Bharwani  |55 Answers  |Ask -

Entrepreneurship Expert - Answered on Oct 19, 2023

Harsh Bharwani is a fourth generation entrepreneur.
As CEO and managing director, he leads the international business and employability initiatives at the computer networking institute, Jetking Infotrain Limited.
After graduating from Delhi University, Bharwani joined the family business in 2010 and set up operations in the US and Vietnam.
He has trained over three lakh students in employability, confidence and key life skills.... more
HARISH Question by HARISH on Jul 20, 2023Translate

sir This is Harish from bangalore, I am planning to take franchisee of 12 years old tourist and travels Agency. which is doing confirmed departure service. please suggest is it fine to take it. and please share your view on tourism business

Ans: Regulations and Licensing: Familiarize yourself with the legal and regulatory requirements for operating a travel agency in your area. Ensure you have the necessary licenses and permits.

Industry Trends: Stay updated on the latest trends in the travel and tourism industry. Factors such as changing consumer preferences, travel restrictions, and global events can have a significant impact on your business.

Marketing and Promotion: Consider how you will market and promote your franchise. Effective marketing strategies can help attract customers and build a loyal client base.

Financial Investment: Calculate the initial investment required to start the franchise and ensure you have adequate capital to cover startup costs and sustain the business until it becomes profitable.

Training and Support: Verify the training and ongoing support provided by the franchisor. Proper training can help you run the business more efficiently.

Regarding the tourism business in general, it can be a rewarding industry with several advantages:

Diverse Customer Base: Tourism caters to a wide range of travelers, including leisure tourists, business travelers, and adventure seekers, providing opportunities for various niche markets.

Seasonal Opportunities: Depending on your location, you may have seasonal peaks in tourism, allowing you to maximize revenue during peak seasons.

Travel Trends: As people increasingly prioritize experiences and travel, there is potential for growth in the industry.

International Exposure: The tourism industry can provide exposure to international markets, allowing you to work with travelers from around the world.

However, it's important to be aware of the challenges in the tourism industry, such as:

Seasonal Variability: Many tourism businesses experience fluctuations in demand based on seasons or external factors like weather conditions or economic downturns.

Competition: The tourism industry is highly competitive, and you'll need effective marketing strategies to stand out.

Regulatory Compliance: Navigating regulations and compliance requirements in the travel industry can be complex.

External Factors: The industry can be susceptible to external factors like natural disasters, political instability, or health crises, which can impact travel patterns.

In conclusion, taking a franchise of an established travel agency can be a viable business opportunity, but it requires careful planning, due diligence, and a strong understanding of the tourism industry. Assess your own skills, resources, and commitment before making a decision, and seek professional advice if needed to ensure you make an informed choice.

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Asked by Anonymous - Mar 03, 2024Translate
I'm contemplating a career change in my late 30s, earning Rs 14 lakhs annually. How can I navigate this transition while ensuring financial stability and working towards long-term goals such as retirement?
Ans: Transitioning to a new career in your late 30s while maintaining financial stability and planning for long-term goals like retirement requires careful consideration and planning. Here are some steps you can take to navigate this transition effectively:

1. Assess Your Skills and Interests: Reflect on your skills, interests, and values to identify potential new career paths that align with your strengths and passions. Consider seeking career counseling or taking career assessment tests to explore different options.

2. Research Potential Careers: Conduct thorough research on the industries and roles you're interested in pursuing. Look into job market demand, salary potential, and growth opportunities to ensure your chosen career path is financially viable.

3. Skill Development and Education: Determine if you need to acquire new skills or education to transition into your desired field. This could involve enrolling in courses, obtaining certifications, or pursuing higher education such as a degree or specialised training programme.

4. Financial Planning: Evaluate your current financial situation and create a budget to understand your income, expenses, and savings. Factor in any potential changes in income or expenses associated with your career transition. Consider setting aside an emergency fund to cover unexpected expenses.

5. Debt Management: If you have any outstanding debts, develop a plan to manage and pay them off efficiently. Prioritise high-interest debts like credit card debt while maintaining minimum payments on other loans.

6. Retirement Planning: Review your retirement savings accounts like the EPF, and assess whether you're on track to meet your long-term retirement goals. Consider consulting a financial advisor to develop a personalised retirement plan based on your age, income, risk tolerance, and retirement objectives.

7. Health Insurance and Benefits: Evaluate the health insurance and other benefits offered by your new employer, if applicable. Ensure you understand the coverage provided and any associated costs. If transitioning to self-employment or freelancing, research options for obtaining health insurance coverage independently.

8. Networking and Building Connections: Network with professionals in your desired industry to gain insights, advice, and potential job opportunities. Attend industry events, join professional associations, and leverage online networking platforms like LinkedIn to expand your network.

9. Side Hustle or Freelancing: Consider starting a side hustle or freelancing in your desired field while maintaining your current job. This can provide additional income, valuable experience, and a smoother transition into your new career.

10. Evaluate Risks and Rewards: Assess the risks and rewards associated with your career change, including potential income fluctuations, job stability, and work-life balance. Be prepared to adapt and make adjustments as needed throughout the transition process.

By following these steps and carefully planning your career transition, you can navigate the change while maintaining financial stability and working towards your long-term goals, including retirement.
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