How to Start a Travel Store

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Would you like to pursue a retailing business? Are you looking for a specialty retail business to start? You can sell travel accessories from business cases, to umbrellas, earphones, and blankets.

If you want more tips on how to start this business, read on and learn from our basic guide.

People are always on the go whether to another country for a vacation or business conference or simply from home to school or office. Traveling includes carrying various accessories from a simple lunchbox to a device to protect data theft from a laptop. That is why the business of selling and producing travel goods is an industry in itself. If you want to enter into this industry, here are some steps to take:

Lean about running this kind of business. You can take short courses, read books or better yet, get an experience in retail. Work for months or years in a retail store. It will help you learn about selecting merchandise, negotiating with vendors, managing stocks, and controlling inventory.
Determine your target market. Will it be the general public or will you focus on air travelers, and adventure seekers? Will it be for the high-end jetsetter or your average vacationer?
After knowing your market, you’d have to decide whether you want to sell an assortment of products or specialize in one type, say luggage. Products that you can offer includes business cases, computer bags, handbags, locks, personal leather goods, umbrellas, earphones, blankets. Then, there’s the price range. Will you offer branded accessories or department-store priced wares?
Knowing your target market is will also help you decide on the location of your store. Will it be a free standing store, a space in a mall, or online? Will you build a structure or lease a space?
Know where you will get your supplies. You can look up in the Internet for both local and international suppliers of travel goods. The Travel Goods Association has a database of member manufacturers. They also have a training program for retailers.
Draw up a business plan incorporating all of these as well as your marketing strategy, and financial projections. Having a business plan is advantageous especially if you will be looking for investors to help you finance the business. It will help you explain to them why they would want to invest their money in your business.

What happens after will depend on whether you will be operating a store front or an online business. If you will be operating the traditional way, you must work to get the necessary paperwork done for the business. You will need to register the business and get a tax identification number. If you will be having employees, you might have to comply with other requirements. Get the contract signed if you are leasing. If you will be operating an online business, getting a Web site will be your main concern.

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