Q&A: How can my tour business earn recurring revenue?

Notes from Chris

Episode 1863

I hope your new month is starting off well!

I’m a big fan of walking tours. Whenever I visit a new place and I’m looking for a way to experience more of the city through the eyes of someone who lives there, a walking tour is often a great option. I’ve had really good experiences in places as different as Jakarta or Johanessburg.

Today’s caller is a tour operator who hosts visiting Americans and other tourists in Barcelona. Of course, travel has been off and on over the past couple of years, and it’s got him thinking: how can they diversify their income? Even better, not just diversify, but how might they earn recurring revenue?

"I live in Barcelona and have been slowly starting a tour business for visiting Americans and some Canadians. Of course, travel is not nearly what it was a few years ago, but I'm in it for the long-term. My hope is that in a year or two, I'll be positioned to grow into a larger service.

However, as part of that, I'd really like to be working on some kind of recurring revenue. Operating a travel business during COVID has made it even more clear how important it would be to know I had a certain amount of money coming every month. Still, it seems a tour business would be difficult to turn into a subscription, right? Can you think of anything I could do to be less dependent on the cycle of incoming travelers? The revenue also varies because of the seasons, in addition to whatever else is happening."

Listen to today's episode to learn more...

 

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SEE ALSO:

• Bartender Brews Up Brewpub Tour Biz: After being asked for brewery recommendations over and over, this bartender turns an old school bus into a Maine attraction for beer drinkers.
• Photographer Visits 30 Countries, Leading Tours & Getting Paid: After struggling to build an online following, a photographer changes course and finds the right lens.
• Bucket List Becomes Swashbuckling Adventure Tour Company: A small-town Oregonian grows a travel blog into a multiple six-figure business.

Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,