Introduction
Traveling is an exciting and fun way to benefit your small business. However, it is a costly venture, so what are the benefits of traveling? We talked to some industry leaders who have taken advantage of the benefits of traveling for small business purposes to see what they had to say about this idea.
Here's what they had to say:
Corporate Travel Benefits
Not long ago, businesses had to meet a threshold or minimum yearly travel amount to qualify for corporate travel benefits. However, a lot of these corporate travel benefit programs have changed to allow small businesses to take advantage of travel benefits too! Explore what corporate travel benefits are out there that could benefit your small business before you write off travel as a luxury that isn't affordable for a business like yours.
"There are a bunch of corporate travel benefits that have lower or no minimum yearly travel spending requirement," says Mina Elias, CEO and Founder of Trivium Group. "These programs can help you bundle your travel expenses like hotels, airfare, and car rentals to save money when traveling. Anything that saves money for your small business is worth checking out!"
Startup and Small Business Travel Programs
Like the small business travel programs, there are also specific programs for startups too. These programs are often intentionally designed to accommodate the needs of small businesses and startups. Since the needs are often very different than those of larger corporations, these programs are often easier for small businesses and startups to use.
"While it's great that the corporate travel benefits have been extended to small businesses and they're not required to meet a minimum travel expense anymore, it still can leave you feeling like you're trying to fit a square peg in a round hole," says Justin Olson, Chief Marketing Officer of Fast Pace Health. "There are some things that small business just won't be able to do like scheduling the flights and hotels super far in advance or traveling to a major city first to be able to utilize the travel program. So many small businesses are based out of smaller towns so they might need to rent more than one vehicle, fly out of a smaller airport, take a train, or require other accommodations."
Networking Opportunities
Networking is a major advantage of traveling for small businesses. One of the best part about being a small business owner is the ability to network and support other small businesses in a mutually beneficial relationship. Traveling opens up more opportunities to meet and collaborate with small business owners who may not operate near you.
"The internet has completely changed how small businesses can view networking," says Bill Glaser, CEO of Outstanding Foods. "We're able to connect with each other and find businesses that are like our own to support or collaborate with. However, as great as the internet is, it's also great to be able to travel and strengthen those networking opportunities by meeting in person and really getting to know other small business owners."
Impactful Marketing
If you're looking to market yourself well, sometimes traveling can put your small business on the map in other places. From festivals to small business events around the world, there are great opportunities out there for your small business to market yourself to a new group of people. Traveling for marketing opportunities could be as simple as working with your local news station or marketing yourself in a campaign in another city.
"Sometimes, the best marketing opportunities aren't in your immediate area," says Omid Semino, CEO and Founder of Diamond Mansion. "While the internet has made it possible for small businesses to be successful on a nationwide or global scale from their hometown, it doesn't hurt to push some extra marketing in other locations too. Marketing in different cities through events or working with marketing agencies can require travel that can benefit your small business."
Expand Consumer Base
If your small business or startup is maxing out your consumer base in your local area, it can be helpful to expand your consumer base by traveling and establishing relationships with people in other areas that can help promote your business through word of mouth or sharing information. It's a lot easier to make an impact on people if you're able to physically present your product.
"Meeting people and doing some good old-fashioned in-person marketing at an event or by partnering with other small businesses in another area of the country can help you make a better impact and put a face to your product," says Temoer Terry, Partner of The Mommy Care Kit. "People are exposed to so many brand names and they all start to run together and the personal touch that small businesses thrive off of is lost. Meeting people and doing some face-to-face marketing through travel can increase your brand recognition and help you come off as that intentional, personal small business that you are striving for."
Attend Professional Development Events
Professional development events are a great opportunity for you and your small business team to learn and grow in the world as a small business. These events could take place in the form of a conference, university program, or other training that can help take your small business to the next level.
"Professional development events help equip your small business with the tools and knowledge necessary to succeed," says Eric Elggren, Co-Founder of Andar. "While your local area may offer a handful of opportunities, travel often opens up doors that you wouldn't otherwise be able to access. Traveling for professional development may be an expense, but it's often worth the cost as a small business who has to stay up to date on the industry standards and developing technologies within your niche area."
Examine Products and Inventory
If you're a small business that has to order products, materials, or store inventory in another area, traveling may be a necessary evil that you've already become accustomed to. However, taking the time to travel and examine these items for your small business can help prevent mixups, disappointment in quality, and form better relationships with the people in your supply line.
"It's so important to meet face-to-face with the people creating the materials or products for your small business," says Annie Ricci, Senior Manager of Digital Marketing at Prima. "As a small business, it's really important to have good relationships with your suppliers. They're the ones you'll need to communicate well with in order to keep your products in stock, fix supply issues, or formulate strategies if plans need to change. While this can be done over the phone or through a video chat, it's often so much easier to do in person and you'll have the added benefit of being able to view their facilities and products prior to placing orders."
Build Credit for Small Business
The concept of travel benefits have been mentioned before, but here's an additional tip when it comes to traveling and covering expenses during your trips. Taking out a designated travel credit card that can help you build credit as a business can help you in the future when you need to take out loans or apply for additional lines of credit as your business expands.
"While it would be nice to pay for everything up front, there are benefits to building credit with your travel expenses as a small business," says Den Montero, Marketing Director of Moeflavor. "Having a designated credit card to send with whoever is traveling makes it easier to keep track of expenses, have better records for tax season, and build credit for your small business in the long run. Additionally, if the full cost of a trip isn't in the budget at the moment, credit cards are able to help you take advantage of the benefits of traveling for your small business without having to pay for the entire thing up front. There's definitely a balance to be established, but putting one or two trips on a credit card per year can be worth it for your small business."
Gain Rewards for Future Savings
Building on the concept of using credit cards and travel benefits, reward programs are another topic to examine when looking for savings and benefits for your small business travel plans. Certain credit cards and travel programs can build up reward points or allow you to qualify for discounts as you use them for travel over time.
"The more you travel, the more you can save with certain cards and programs," says Christy Pyrz, Chief Marketing Officer of Paradigm Peptides. "As a small business, any opportunity to save money is a great option. Do your research and look at the reward or point breakdown and use those pieces of information to decide which options are going to bring you the largest savings as your small business invests in travel."
Tax Deductions
As a small business, it's possible to claim travel expenses as a tax deduction during tax season. While it can be a bit of a headache to keep track of every expense on a trip, there are ways to simplify your life and make sure you qualify for the highest deductions possible.
"As a small business, you're already filing so many things during tax season that adding in travel deductions can seem like an unnecessary step," says Chris Gadek, Head of Growth at AdQuick. "However, depending on the amount of travel and your diligence in keeping up with receipts and expenses, it can actually provide you with a pretty significant tax break. Use a specific card and provide an envelope or have staff scan receipts for future reference any time they travel. The more organized you are, the more you'll see in tax deductions."
Conclusion
In conclusion, traveling for your small business is something that can be an expensive up-front cost but pay off in a big way. From allowing your small business to attend events for professional development and networking opportunities with customers, other small business owners, and suppliers to saving money on trips through benefit and reward programs, there are a bunch of benefits of traveling for your small business to take advantage of.
