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Travel Agency

Essay by   •  April 20, 2011  •  Research Paper  •  8,712 Words (35 Pages)  •  8,559 Views

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Table of Contents

EXECUTIVE SUMMARY 1

DESCRIPTION OF THE COMPANY 1

MISSION STATEMENT 1

PRODUCTS AND SERVICES 1

FINANCIAL FORECAST 2

FINANCING REQUIREMENTS 2

HISTORY AND POSITION TO DATE 4

THE COMPANY'S MISSION 4

MANAGEMENT TEAM AND KEY PERSONNEL 4

SERVICES 6

TRANSPORTATION 7

COMPANY HISTORY 7

GUARANTEES AND WARRANTIES 8

BUSINESS STRUCTURE 8

MARKET RESEARCH 8

ECONOMIC AND SOCIAL FACTORS 9

COMPETITIVE ENVIRONMENT 9

LONG-TERM OPPORTUNITIES 9

GEOGRAPHIC AREA 10

MARKET DESCRIPTION 10

TARGET CUSTOMERS 10

MARKET DEFINITION 10

MARKET OPPORTUNITIES 11

COMPETITIVE ANALYSIS 12

COMPETITIVE ADVANTAGES 13

COMPETITORS' POSITIONS 14

POTENTIAL FUTURE COMPETITION 14

BUSINESS STRATEGY 15

CUSTOMER INCENTIVES 15

ADVERTISING AND PROMOTION 15

SALES AND MARKETING 16

COMMISSION 17

OPERATIONS 17

PREMISES 17

CHOICE OF LOCATION AND PREMISES 17

HOURS OF OPERATION 17

EQUIPMENT 18

STAFFING 18

FORECASTING 18

SALES FORECAST 18

CASH FLOW PROJECTIONS 20

INCOME STATEMENT 20

BALANCE SHEET 21

PERFORMANCE RATIOS 21

BREAK-EVEN 21

FUNDS REQUIRED AND TIMING 21

FUNDING OPTIONS 22

BUSINESS CONTROLS 23

ACCOUNTING SYSTEM 23

QUALITY CONTROL 23

NEW TOUR OPERATORS 23

CAPACITY 23

LONG-TERM GOALS 24

STEPS FOR ACHIEVING GOALS 24

POSITION 25

RISKS ASSOCIATED WITH GROWTH 25

APPENDIX 1: MARKET RESEARCH 26

APPENDIX 2: FINANCIAL FORECASTS 35

EXECUTIVE SUMMARY

Description of the Company

Northwind Traders, Inc. provides travel-planning services for European adventure vacations to residents of the Greater Seattle area. The service industry, including travel agencies, is one of the fastest growing business sectors of the economy, and Northwind Traders intends to capitalize on the success of this industry by taking advantage of travel planning opportunities in the Pacific Northwest.

President Heather Mitchell and Vice President of Sales and Marketing Jim Kim currently hold the company's stock. Prior to starting the Northwind Traders travel agency, Ms. Mitchell cofounded, co-owned, and operated the Northwind Traders clothing store. She has selected a small team with extensive travel, sales, and computer skills, all of whom will be invaluable to the new venture. Her coworkers bring a combined total of 35 years of travel industry experience to the agency.

Mission Statement

The mission of Northwind Traders is to become the premier provider of adventure vacations for 25- to 35-year-old professionals. Northwind Traders is dedicated to building long-term relationships with customers through quality training and customer support, and wants to be recognized as the leading adventure vacation company in the Greater Seattle area. The company's goal is to grow steadily, becoming profitable by the second year of operations.

Products and Services

Northwind Traders recently became the appointed agents for Margie's Travel, one of the largest and most respected tour operators in the market. With virtually no marketing effort, Northwind Traders has sold some 200 adventure vacations in the past six months, netting $66,800 in commissions. Sales of insurance policies and other services have added to this total and could potentially add much more. Northwind Traders offers a comprehensive range of services to support the adventurous traveler, including pre- and postvacation briefings, travel insurance, and a directory of services specific to each destination and activity.

From desk and field market research carried out on 300 clients, it is clear that there is considerable potential in the adventure travel business. Research indicates that Northwind Traders' target market finds it difficult to obtain reliable and authoritative advice on destinations and activities. Research also suggests that the customers in this market are unlikely to purchase their vacations again from the firm who provided their last vacation due to a lack of informative sales personnel. Northwind Traders will cater to these needs and develop a strong return-customer base.

Because they are currently the only travel agency focused on European adventure vacations that is located in the Seattle area, Northwind Traders has a substantial opportunity to dominate the region. In order to maintain and improve their current position in the region, they will need to invest in a Web site, as well as database software and systems, and in refurbishing the shop premises. Northwind Traders maintains the following advantages over existing competition: ongoing support to clients; extensive knowledge of the European adventure vacation field;

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