3 Mistakes to Avoid When Choosing Your Niche Market

If you’ve ever searched for advice on running a successful travel business, there’s no doubt you know a thing or 2 about niching down. See, choosing a niche is a great way to establish yourself as an expert in one particular part of the travel industry. Building a name for yourself in a specific area shows travelers that you have special knowledge and insight that a generalist just can’t provide.

But choosing a niche does take some thought and you need to go about it the right way to make it work for your business. So today, we’re bringing you 3 common mistakes to avoid when choosing your niche.

Let’s jump right in!

Mistake #1: Following the Money (and Not Your Interests)

One of the biggest mistakes new agents make is picking a niche solely because it sounds like it’ll bring in the big bucks. Sure, the commission you earn from luxury getaways in the Caribbean might be appealing, but are you really interested in that type of travel? See, you’re going to be spending hours researching destinations, connecting with vendors and selling clients on these trips.

Let’s say your interest is skiing vacations in Europe. You’re passionate about the niche, so seeking out the best hotels, talking with people in the area and convincing your clients to book is going to be a breeze. But, if you’re chasing down the details on those tropical luxury vacations for the commission check, your work is going to feel like … well, work!

Try to pick a niche you’re genuinely interested in. You’ll enjoy what you do and your enthusiasm will shine through to clients and vendors!

Mistake #2: Not Niching Down Enough

Let’s be real, there are a lot of different travel agents and brands out there. Niching down gives you a chance to stand out from the crowd, but you need to get specific enough to really boost your chances of becoming the authority on a specific type of travel.

Now, once you get established and find some success, you may want to expand your offerings and grow in new ways. But when you’re first starting out, it’s best to stay focused on one thing.

Mistake #3: Not Doing Your Research

When it comes to your business, it’s a bad idea to jump into things without doing your homework first and choosing a niche is no exception. Deciding on a whim what you want to pursue is a bad idea and can ultimately slow you down. If you realize the niche you picked isn’t going to work out after you get started, you’ll have to backtrack and revamp, costing you precious time.

Before you commit to a niche, take some time to research it. Is there a demand for that type of travel? What is the earning potential for that market niche? How many trips will you need to book to hit your income goals? Is the market saturated with competitors or will you have a good chance at standing out in a smaller crowd? Getting answers to these questions will help you determine what niche might work best for you.

Niching down is one of the keys to success in the travel industry, but you need to go about it the right way for it to work in your favor. Avoid the common mistakes of choosing a niche based on money, not niching down enough and not doing your research before you commit to a niche. Need more great tips on how to run a travel biz? Head here now!