How Fora Cofounders Henley Vazquez and Evan Frank are Reimagining the Composition of the Travel Agency

Despite especially tumultuous economic conditions for consumers, including a looming recession, inflation and historic rises in interest rates, consumer spending is proving remarkably resilient. Even amidst the uncertainty of 2022 with the S&P 500 dropping -19.64%, people kept spending and credit and debit card activity rose +5.9% in 2022. This year, the Consumer Price Index is holding strong and even seeing conservative growth, up 3.2% in July 2023.

So what are consumers spending on? Housing, transportation and healthcare remain constants, but one category that’s been particularly strong is travel.

The Resilience and Sheer Market Size of the Travel Industry:

Last year, the Travel & Tourism sector contributed 7.6% to global GDP, creating 22 million new jobs. This year, global tourism will hit 95% of pre-pandemic levels, up from 63% in 2022. Airbnb’s last-twelve-months revenue is up 23% as of summer 2023, while the price of hotel rooms is up about 20% since 2019 as demand outstrips supply. From a consumer perspective, these market dynamics are abundantly clear: people increasingly crave offline, enriching cultural experiences as antidotes to the isolation of remote work, the ubiquity of online-first interactions, and rising sentiments of loneliness and lack of purpose. In parallel, a growing demographic of younger generations see travel as an extension of their core identity, one defined by curiosity, adventure, and humanity.

But for all of the travel industry’s resilience and consumer mindshare, it’s still largely dominated by dated incumbents operating on antiquated consumer experiences. Travel agencies might sound like an ancient pre-internet phenomena, but in the U.S. alone they comprise a $100B market that is actually growing. This is despite online travel agencies being over-merchandised with poor inventory and a lack of quality customer service, let alone the lack of built-in trust around recommendations. Their durability is illustrative of the profound desire from consumers to travel and the dearth of resources available for planning to do so, signaling a promising opportunity for modernization. There is a deep need for a fresh perspective that caters to younger travelers looking for unique experiences, recreating the travel-planning experience that millennials and Gen Z love most: sourcing tips from close trusted friends and experts who are in-the-know.

Fora: Dramatically Restructuring the Travel Agency Model

Fora is reinventing the composition of a travel agency, designed around the hobbyist-entrepreneur looking for flexible, engaging work and consumers who crave unique, thoughtful travel experiences that feel like they were curated by an expert friend. At the core of Fora’s success is a new class of travel advisors — a spirited and knowledgeable group of travel passionists and content creators turning their interests into their career or a side hustle — paired with a scalable technology platform and playbook that enables them to immediately function like pros. Today, anyone can apply to be a Fora advisor — and the demand is so strong that Fora is adding over 1,000 new advisors a month. The company has effectively opened a powerful new source of supply within the travel advisor market, and thus ignited a set of consumers who haven’t had services or experiences designed specifically for them. The model is a win-win-win for all parties: it’s free for consumers (and even gets them bonus perks and upgrades), hotels and experience providers get more leads without having to pay for ones that don’t convert, and advisors take a cut of what they book. Incentives are aligned all around and structured to drive more value for all.

Fora also marks the first Digitally-Native Franchise backed by Forerunner, following our thesis that there is a profound, category-defining opportunity to build a new model for digital entrepreneurship within the services industries. Digital franchises sit in-between two recent tech-driven advancement that enabled people to work for themselves: 1) full solopreneurship, where there’s high autonomy and meaningful opportunity for upside, but higher risk and responsibility, and 2) gig economy work, where there’s limited risk but also limited flexibility and opportunities for value accrual. On either end of those, there are meaningful sacrifices — but digital franchises offer a middle ground. They provide the stability and structure of a proven business model as well as operational and marketing support, but the flexibility and upside potential of true entrepreneurship. The model is especially relevant today as consumers increasingly want to work for themselves in some shape or form, but are often intimidated about where to start, especially amid current economic conditions.

Founded in partnership with Forerunner by Henley Vazquez, who most recently ran her own boutique travel agency, Passported,  Evan Frank, formerly Co-founder of onefinestay, and Jake Peters, who has built two consumer services business through successful acquisitions — the team is uniquely positioned to enable anyone with a passion for travel to launch their own business. And in just a few years since launching, Fora has booked over $100 million in travel.

A Travel-Planning Experience that Matches the Magic of Travel:

Today, Fora is comprised of a thriving, dynamic group of thousands of modern travel advisors who love their work. About 85% of Fora advisors are women, and 46% are parents — with some advising full-time and even earning over $100k a year through Fora, and some part-time as a fun and valuable side hustle. The strong bond they share over their passion has inspired Fora advisors to proactively plan meet-ups in their respective locations, and even travel cross-country for larger community events and industry conferences. As a result, travelers nationwide get more inspiring, personalized travel experiences that spark curiosity and connect them with new people and cultures.

Amid a time of increased loneliness, isolation and feelings of stagnation, live, enriching experiences like Fora’s have never felt more valuable.