Some Profitable Business Opportunities For Investors In Tourism Industry
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Indian tourism industry has experienced a strong period of growth, driven mostly by the Indian middle-class population and high spending foreign tourists. Additionally, government campaigns are also contributing to the industry’s growth, promoting ‘Incredible India’.
The Indian tourism industry is on the verge of becoming a major global destination. India’s travel and tourism industry is becoming one profitable business, welcoming new and settled investors for creating their presence in the tourism industry.
The expanding tourism industry
Tourism is now the largest service industry, recording a contribution of 6.23% to the country’s Gross Domestic Product (GDP). India on an average witnesses about 5 million annual foreign tourist arrivals, and 562 million domestic tourism visits.
Indian tourism industry is assumed to generate US$276 billion by 2018.
The rise of free market hospitality services has led the foundation for non-traditional lodging, generating an additional source of revenue for the franchisors. They believe in offering a secure place to travelers to sleep and relax, especially upon arriving at a new or foreign location. In fact, short-term leasing of homes and apartments is a new concept which the industry is witnessing today.
Property rental is a new fad, creating tons of opportunities for investors, earning quick revenue.
When a tourist visits an unfamiliar region, being able to travel around quickly and comfortably is a necessity. The ride-sharing segment is benefiting that population, along generating additional income for the investors. Ola and Uber are two such examples which are transforming the ride-sharing business in India.
Ride-sharing is an interpersonal experience, where franchisors can use their knowledge to serve as a tour guide, generating an extra stream of income.
Luggage Delivery Services
Forgetting a luggage is most probably the worst nightmare as a traveller. Luggage delivery franchisors can make such problems an issue of the past. Establishing a luggage delivery business is the most inexpensive way of breaking into the tourism industry.
Despite lacking in capital, you can still go on with your business, launching a personal luggage delivery/recovery service.
This article was initially published in Franchise India by Shahram Warsi.