Why is this the very best time to benefit from the Experience Economy?
This year is sure to be the worst the global travel industry has ever seen. COVID 19 will see to that and its challenges to our overblown global economy. So why start in the Experience Economy now?
Because it’s a massive opportunity and it may be your opportunity.
At the moment there are something like half a million micro-experience organisers around the world and their total sales nudge some £160 billion ($200 billion) annually. That means the average micro-experience organiser is already turning over £320,000 ($400,000) per year. And the field is growing rapidly.
What do they do? Simply said they share their passion with others. So, if you want a break from dull routine and you have a passion, now is the time to share it for profit!
Whether you’re passionate about food, cookery, about wine or beer, if you’re passionate about a a sport, riding or gliding or go-carting, about shopping or needlework or making mosaics, knitting or walking or you’re passionately knowledgeable about a place... or absolutely anything. Now is the time for action.
Why now? Because, for certain this year will see a rock bottom for the travel industry and from there the only way is up. You will start at the bottom of the curve and the graph and your opportunity goes up from there.
You don’t need big assets. You simply need to coordinate and manage your own plan. Remember the success of Airbnb, Tripadvisor, they had nothing but an idea at their beginning and soon they will be part of the past.
The future belongs to the growing sustainable band of micro-businesses and you could be a part of that future if you follow your dream.
And in this situation, unusually, governments and banks will be on your side.
Once upon a time, travel was about going there, doing stuff and coming back. The key was… Where was ‘there’? The pulling power of the destination dragged the passengers in.
Now, 60 years later, the old-style business has become top-heavy, stale, ordered and homogenised; margins are as thin as ever. This makes for low wages, brutal prices, unhappy destinations and disappointed tourists. There are so many people going to so few iconic places, it has become totally sad and unsustainable.
This is the opportunity for you to use the power of your experiences, your knowledge and your passion, rather than just the boring old destinations, to pull in your business.
So start now. Choose your passion and combine it with your business plan. You are half way there already.
Remember you don’t need great big physical or financial assets, in fact, in the beginning they will be a hindrance. You’ll need to be a coordinator, choosing the settings for your experiences and creating local partnerships. In operating this way your activity will be sustainable too.
And together, we’ll explore more of what that means in my next post…
Valere is the author of 'You Lucky People' the story of travel - the world's most delightful and devastating industry. Find out more about it HERE
Valere Tjolle is the travel and tourism insider. An entrepreneur, consultant, developer and journalist, he has been in at the beginning of almost every tourism development for the last sixty years. There is no one better placed to expose the seedy side of tourism nor its enormous opportunities to unite people across the globe.