More than 58,000 people are living in the territory, and the land area of the territory is spread out between five islands and 29 coral atolls, with a total of 1,156 unique islands and islets. The island’s capital and largest city is Majuro, which has the largest portion of its territory composed of water. Wake Island is to the north, Kiribati and Nauru to the south, and the Federated States of Micronesia to the west. About 52.3 percent of Marshall Islanders reside in Majuro. Its industry sector consists of the production of copra and craft items, tuna processing, and tourism. Establishing a successful tourism enterprise in this location can be an exciting and lucrative endeavor. It is necessary to investigate various tourist sites and points of interest that might be advertised using the company. These may include cultural sites, beaches, and historical landmarks. Developing a loyal customer following requires providing excellent service to existing customers.
Starting a tourism business in the Marshall Islands can be challenging due to its remote location, limited infrastructure, and dependence on tourism from other countries.
Economy on the Island
Because the islands have a limited number of natural resources, they bring in more money than they send out. According to the CIA, the predicted value of imports was roughly $133.7 million, while the value of exports was approximately $53.7 million. Coconuts, tomatoes, melons, taro, breadfruit, fruits, pigs, and chickens are just a few of the agricultural products farmed on the island as part of the farming business. Its principal economic activity is tuna processing, copra production, and other handicraft items, as well as tourism. The Gross Domestic Product is expected to be $180 million in 2016, with a real growth rate of 1.7%.
Starting a tourism business in the country
Starting a tourism business in the Marshall Islands can be a thrilling and rewarding venture. The following are the steps to take when starting the business:
Market research
Research to know potential customers, existing competition, and market trends in the territory. This will help determine the demand for tourism services and the kinds of services people want.
Choose a niche
Select a definite niche or category which might not be generally available in the nation. Doing this will help the business stand out from competitors and attract target customers.
Business registration
Register the business with the legal authorities on the island. One may need to file for a business license and tax identification number too.
Identify attractions
Identify the attractions and tourist destinations on the island that can be promoted through the tourism business. These may include cultural sites, natural wonders, beaches, and historical landmarks.
Develop tourism packages
Develop tourism packages that cater to the interests of the target market. These may include adventure tours, cultural experiences, nature tours, and beach vacations.
Partner with local businesses
Partner with local businesses such as hotels, restaurants, and transportation providers to offer a complete tourism experience for potential customers.
Marketing
Create an advertising plan to grow the business and attract customers. One can choose to promote on social media platforms, collaborations with travel agencies, or attend fairs and exhibitions.
Customer service
Offering quality customer service helps to build a loyal customer base. Make sure the services the business provides are delivered on time and meet the expectations of the customers.
Starting a tourism business in the Marshall Islands can be challenging due to its remote location, limited infrastructure, and dependence on tourism from other countries. However, with proper planning and execution, this might turn out to be a profitable and rewarding venture. It is imperative to be updated on the latest tourism trends and innovations to remain competitive in the market.
