Pros:
1. Low overhead costs – Unlike other businesses, walking tours require little in the way of hard assets to start up. You don’t need an office or gigantic marketing budget – just skillful storytelling and an ability to engage with people.
2. You get to be your own boss – You’re the one who makes the decisions and you’re in charge of creating the walking tour experience that works for you, your customers and your market.
3. Exciting business opportunities – Starting a walking tour business has some pretty exciting possibilities with endless potential for growth. You can target different markets, offer specialised tours or expand into other cities.
4. Tax benefits – Depending on the size and scope of your business, you may be able to take advantage of tax deductions for certain business expenses like travel costs, supplies and promotions.
Cons:
1. Required research – You need to put in a lot of research and preparation to make sure your walking tour is both engaging and informative.
2. Weather issues – When running a business outdoors, you’ll have to pay special attention to the weather in order to plan your tours accordingly.
3. High competition – You’re likely to face strong competition from other established tour operators, so you need to make sure your offer is competitive and attractive.
4. Liability concerns – You’ll have to be aware of potential liabilities such as slips, falls or other injuries that may occur during the walking tour. It’s important to get the proper insurance coverage for these types of events.
5. Seasonal fluctuations – You may find that your business is busiest during certain months of the year, so you’ll have to plan for seasonal fluctuations in demand.