How to Set Up Your Own Online Gaming Business
Are you ready to make your passion for gaming into a full-time career? You’re in luck because there’s never been a better time to build an online gaming business!
For instance, Discord currently boasts a userbase of around 6.7 million unique accounts. When you factor in sites like Twitch, YouTube Gaming, and Facebook Gaming, the number of people playing, streaming, or watching games is astonishing.
People have a hunger for great gaming content, and it’s up to you to provide it. Ready to find out how?
Keep reading to find out what it takes to start your own company!
Choose an Audience
While the popularity of online gaming makes for a potentially rich opportunity, there is one major downside: Overcrowding. Gamers have a finite amount of time and resources, yet more choice than ever, putting companies in a bind.
Before you start your own business, make sure you’ve considered what’s going to set you apart from your competitors.
It’s highly recommended that you complete a market analysis before making any major decisions. Through market analysis, you can learn about the state of the industry, what businesses are thriving, which platforms gamers prefer, and how to reach them. That means that you’ll also learn a ton about your potential audience this way.
Once you have a complete picture of the industry, think about what you can do differently and how you can address the pain points major players are still missing.
Ready for level two? Then your next mission is to secure the licensing needed to make your business dreams a reality.
Research your state’s requirements for starting a business. You’ll also want to take a look at industry-specific licensing to make sure your launch goes off without a hitch.
It might not sound like much, but there’s a ton to consider.
For instance, do you want to become a Limited Liability Company (LLC), operate through a sole proprietorship, or establish your company as a coop? Each has its pros and cons, so you’ll need to think critically before coming to a conclusion.
The smartest move is to consult a business lawyer for advice. While it’ll cost some money upfront, it’s worth it to know that you’re doing everything by the books.
Invest in Infrastructure
It’s going to take a ton of hardware to turn your dreams into a reality, especially if you’re primarily an online company.
Unless you have a major investor, the most cost-effective option is to invest a good portion of your budget into space at a data centre, as the amount of bandwidth you’d need to stream or host games is more than most small businesses can handle.
Don’t forget to think about how you’ll work with customer data, too. Over the years, the online gaming sphere has been host to a number of security breaches. Even major companies like Twitch have been susceptible!
If an Amazon-backed company can fall victim to security issues, your company can, as well.
Press Start on a New Career and Build Your Own Online Gaming Business Today
We know that we threw a lot at you in this article. While there’s a lot of bureaucracy and research involved in starting an online gaming business, know that you’re entering one of the most popular and lucrative industries.
By following this guide and listening to your business lawyer, you may become the next big thing in gaming!
For more tips, make sure to check out the rest of our business section!