The first idea I want to share is a service business, not too cool these days, but still with potential.
All of us have booked our vacation online, right? This process starts quite easily with all these booking sites. After you set your eyes on a dream vacation spot, the real work begins. Figuring everything out takes time and sucks out a lot of energy. But mostly, it is a big waste of time because there are people who are experienced enough to do all the work in a fraction of the time.
But you would hardly pay a lot of money for that. After all, saving money is the point doing everything by yourself. You, as a person might not spend money on assistance, but a company, big and small, have many advantages by assistance. I am not talking about booking your vacation, but about sending you to a conference.Companies send their employees to conferences, trade shows or seminars to bring back value. So they got something to lose when you spend hours on researching a fitting flight, accommodation, and transportation.
Companies send their employees to conferences, trade shows or seminars to bring you back with added value in your pocket. So they got something to lose when you spend hours on researching flights, accommodation and transportation.
What is the product?
Enter TravelGuidr, an on-demand concierge service for company trips.
By adding 50-100€ per trip companies keep their employees sane and focused on work. For many firms, it does not make sense to employ dedicated staff for travel arrangements. And the bosses secretary also got more important things to do.
This service, ideal for digital nomads, can employ freelancers worldwide, equipped with the right experience and skills to cater small/Medium/Large organisations with their travelling needs.
TravelGuidr does all the work:
- Booking conference tickets
- Booking flight & arrange pickup or put together a travel guide on how to get to the hotel
- Booking accommodation and arrange transportation to and from the venue
It is basically a more specialist TaskRabbit. Or a modern travel agency (no overhead, not offices, operated by people who actually live what they sell). You can adopt the Uber model, basically create a two-sided marketplace, or build a single company around it, with remote employees/freelancers. The Later option is to be preferred, as A. it is easier to grow at the beginning, and B. can be shifted to A later on when scaling becomes an issue.
I am aware that many conferences do have resources about hotels, transportation on their website. But it is usually not much more than that, just information. You still need to do the work. I think they leave a lot of potential on the street. A full-service provider can be quite successful here.
How do you make money?
By launching this business idea, there are a few revenue streams you can tap into:
- Of course, the one-time fee per booking assist is the core business model:
This could be a simple offer or more pricing options (from mostly booking service to fully fledged conference experience)
- Adding service line for the employees ON the trip:
This is basically an insurance for the company that they will not end up lost and hungry in a foreign city. Also, this can add nicely to the revenue per booking.
- Make it a subscription business:
Offer a monthly flat-rate for different assisting tiers (1-5 assists, 5-20 assists, etc.)
- Bonus Miles:
Booking happens mostly through your credit cards, this also means you can gather many bonuses (eg. miles, Amazon gift cards, etc.). I admit, this is mostly a cost saving method, but your employees will love the free frequent-flyer-miles you collect.
- Sell consulting around this service:
you and your employees are experts in efficient travel services, so offer process optimization in medium/large corporations.
- A more advanced method:
expand into the value chain: offering insurance for lost luggage, cancellation insurance, conference experience service, etc.
How to get started?
Well, as usual, getting traction is quite difficult. Starting with a simple growth strategy:
- Talk to smaller/medium or upstarting conferences:
your service might add to their value. You might get a growth push, good PR and credibility
- Cold call companies:
my theory: many conferences have public guest lists.
- Content marketing:
write content corporate employees are looking for. Solve their itch and get traffic to your site.
This was my first idea. So what do you think?
Too long? Too short? Not detailed enough? Different content pieces (maybe a business model canvas)? I am happy for every feedback I can get to improve the experience. just leave me some lines in the comment section below.