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One of our local travel agents closed her office and joined Travel Counsellors several years ago. She's still in operation so that may be the way to go.
Do you have a business model in mind already? Would you be looking to set up your own deals, or start off as more of an affiliate in promoting already established holidays and journeys? If it is the former, I would think about the amount of time and resources that would be needed to establish the right kind of links to get the business going - sometimes having help can be really useful in speeding up the initial processes for creating products and services. If it was the latter, it might be worth getting in touch with people already working alone in this kind of field - Jacks Flight Club comes to mind.
Whilst there is nothing necessarily that should stop you working from home for setting up a travel agency, it would be a good idea to first know what leads you already have for creating trips, and if you feel you can honestly handle the workload alone. Also, having a physical presence still has a virtue in hospitality sectors including tourism.