- SME Brief
- Posts
- Opportunities In The Business Tourism Sector
Opportunities In The Business Tourism Sector
South Africa’s tourism and hospitality industries were brought to their knees by the COVID-19 pandemic and subsequent travel restrictions. Business tourism, which South Africa has long been considered a global leader, was one of the sectors hardest hit.
While there is little doubt that business tourism will look different post the pandemic, experts believe we can expect a return to some old ways of doing business. Business Partners’ Anton Roelofse commented that he expects competition for business contracts, especially among SMEs, to drive business travel up again in the new normal.
As the tourism sector continues to recover, we look at this trend and others creating opportunities in the business tourism sector that tourism entrepreneurs can take advantage of.
How Technology Is Changing The Travel And Tourism Industry
Since the global pandemic, the travel and tourism industry has been a sector that has seen some of the biggest changes. Most significantly, this is evident in the many technological factors affecting businesses.
Technology is constantly evolving. With rising digitization and tech developments come many major changes in the travel and tourism sector. From the way trips are planned and booked, to the way travellers experience them, technology plays many different roles. Technology has played a major role in changing the way the tourism industry operates. This is especially true since the digitization of many areas in tourism since the Covid-19 pandemic.
Funding For Tourism Businesses In SA Tourism Transformation Fund
The Tourism Transformation Fund helps black-owned enterprises to benefit from South Africa’s growing tourism sector. Securing funding has been identified as a major obstacle to establishing new businesses and growing existing tourism enterprises.
To address this challenge, the Department of Tourism has collaborated with the National Empowerment Fund to introduce the Tourism Transformation Fund, a dedicated capital investment mechanism that will support black investors and communities to develop and expand tourism-related projects.
The Fund aims to drive transformation in the tourism sector directly. It is eventually expected to give rise to a new generation of black-owned youth, women and community-based tourism enterprises to take the tourism sector to new heights.
👇👇 Don't Miss: Small Business Ideas for Rural Areas in South Africa 👇👇
New This Week (25 July 2022)
Small Business Ideas For Rural Areas In South Africa
When starting a business in rural areas, it’s important to focus on selling essential goods and solving the major challenges faced by rural communities. Businesses should also take advantage of the natural beauty of their surroundings, as well as any online opportunities. Here is an overview of potentially lucrative small business ideas for rural areas in South Africa:
Recycling business - involves collecting everyday waste and recyclable materials from households and selling them to recycling plants to be used as raw materials. How to start...
Bakery business - There is no shortage of occasions that call for cake, including weddings, graduations, funerals and birthdays. How to start...
Transportation business - Long distances are a challenge for many people living in rural areas. Many people have to travel long distances to access basic services. How to start...
For more business ideas you can implement in rural areas in the country, read more.
[DOWNLOAD] Financial Statements Templates for Entrepreneurs
- A Business Plan for Startups- Income Statement Template- Cash Flow Forecast- Finding Your Breakeven Point- How Much to Charge for Your Services
Need a Bridging Finance? For a Free Quote for Business Funding, visit SME South Africa.
[FREE] SME Landscape: Challenges, Opportunities, Risks & Next Steps
The SME Landscape Report 2018/2019 is packed with powerful insights, trends and recommendations that will help you understand the state of SMEs in South Africa.
Download this report to learn:
How much micro-SMEs are making
The biggest bottlenecks in getting funding
The role of government in shaping and driving the sector
The most popular sectors for SMEs
The state of technology use among entrepreneurs
