Consider who to partner with? Let’s Delve into your Business Structure
There are many ITC models in the market place. When comparing apples with apples, they are not all equal. Consequently, your decision of whom to partner with, has become increasingly complex. Your decision on whom you decide to partner with will be crucial to your success and longevity of your travel business.
For an aspiring ITC, choosing the right company can be a daunting process and more often than not the only factor considered is the commission split. The homeworking slice makes up a significant and ever growing part of the industry pie so many of the host companies are attracting potential ITC candidates on the basis of high commission splits.
On face value, this seems like a no brainer. The higher the commission, the better the partner surely? Not necessarily.
There are crucial questions that every potential ITC needs to consider when selecting a partner, and commission, whilst no doubt important, is just the tip of the iceberg when starting up a successful business:
Let’s consider your Business Structure
Although it’s not the sexiest of topics, it’s vital to consider questions like:
Do I have to register a company or can I trade as a sole proprietor?
Will I have to manage and pay both company tax and income tax?
Will I have to register for VAT?
It can be a mine-field and that’s precisely why it’s so important to choose a host company that can fully support ITCs in answering such questions, and provide the most tax efficient solutions. Making an uninformed choice may result in costs that quickly eat into the high commissions promised.
When comparing the models you will also discover that there are many hidden requirements and costs that you may need to incur in order to be competitive in the market place. It is important that you consider if you have the time, skill and finance to invest in many of the tools that Travel Counsellors already provide in their business model as part of their offering.
With Travel Counsellors the commission split is 60% | 40%. The 60% goes to you and the 40% goes to Travel Counsellors who in turn use this money to reinvest money back into your business. The truth of the matter is that we don’t make a cent until you do. Everything we do is geared to helping you to remain leaders in the industry, staying ahead when it comes to tech developments and helping you to use tech to work smarter not harder.
Every day we speak to travel professionals who like yourself are considering starting their own travel business. You like them, might have loads to questions and not sure how it all works. Why not give me a call and I can explain how it all works. You can also sign up to attend an online demo. We love being able to help professionals like yourself reach their potential, both with their businesses and in their own personal lives!