If you’ve ever considered starting a gaming company, then you’ll know that the barrier to entry is incredibly low. You don’t need any specialised knowledge to get a basic website up and running – Heck, you can even get a free domain name through GoDaddy’s Web Starter kit.
The main challenge is figuring out how much money you’ll need to get the business up and running. It varies from person to person, but here are some general guidelines to get you started:
If you’re setting up a company to cater for your personal consumption, you’ll need to assess how much you’re spending on a day-to-day basis. This will vary depending on how extravagant a gamer you are – Are you buying tons of video games? Traveling to fancy locations for gaming events? Flitting around the world on holiday?
Your personal finances will dictate how much you need to spend on gaming equipment, travel arrangements, office supplies and so on – so it’s important to establish a personal budget first.
Marketing And Sales
Having some money to invest in advertising and marketing can be really useful when you’re starting out. Social media marketing is widely available and affordable, and there are plenty of companies willing to provide customised campaigns for small businesses.
Paid marketing is also a great option – you’ll need to decide whether you want to go with a paid or a free platform though, as the latter comes with its own set of restrictions. For example, you won’t be able to target the right audience if you’re using a generic email address.
On the subject of sales, it’s probably a good idea to look into joining a trade association – this will give you access to exclusive member deals, as well as providing you with a support network and opening up new markets and opportunities for your business.
Operations can be one of the bigger expenses for a gaming company, especially if you’re doing things on a grand scale. This could include renting and maintaining offices, hiring customer service agents, procurement, and transportation – both big-name titles and indie games can cost a fortune to transport to audiences that aren’t necessarily close to you.
You’ll also need to decide how much you want to spend on game servers, software, and accessories – without them, your games won’t be able to be played online.
This includes things like rent, utilities, and maintenance – putting a value on what you might spend on a home office, lighting, and heating/cooling is pretty straightforward. When it comes to deciding how much to include for “overhead”, it can be a pain to figure out exactly what all of these costs are. This is why it’s a good idea to include a bit more than you think you’ll need – you never know what might come up.
If you found this article, you’re probably wondering how much money you need to start a betting company. If you’ve ever thought about doing so, it might be a good idea to follow these guidelines. Of course, the main thing is that you feel comfortable with how much you include – after all, you’ll be spending most of your time working on your company and not making a lot of money, so you don’t want to stress about finances later on.