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If you’re looking for a business idea that has real potential to yield a decent ROI and great, sustainable profit, video gaming is one you shouldn’t pass up in a hurry. What follows are the steps you can take to set up a gaming business that actually does well.
Come Up with a Business PlanA well-written business plan will define what your business is and does, and how it will go about achieving its growth and profitability goals. It should contain an analysis of the market you’re targeting, the opportunities and threats that the business faces, the nature of possible competition it’ll face, projections for expenses and profitability in the first few months or years of its operation, and other crucial details. Besides charting a course for your gaming centre, your business plan could come in handy if you’re seeking funding for the business from formal lenders (such as banks).
Raise CapitalNext, you’ll want to get the funds you’ll need to purchase equipment, rent a space, pay registration fees, and cover the costs of running the business early on. Unless you’ve saved up money for this, you may have to reach out to external sources for funding. They may include family, friends and acquaintances, other informal lenders, or formal lending institutions. Go for options that offer you the best repayment terms.
Acquire EquipmentItems you’ll want to acquire for your gaming business include a flat-screen TV set (or more, depending on the size of your business), game consoles, gamepads, and the actual games. You’ll have to keep up with new game releases if you’re going to retain a customer base that’s interested in playing at your centre. In addition to these, purchase sound systems, chairs, and a power-generating set (which functions as an alternative source of power when necessary).
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Secure a Decent LocationThe success of your gaming business will be determined to a great extent by its location. You will want to rent a space close to a key road or a major, easily accessible street. It should also be in an area with a significant youthful population, or one that they pass by a lot. Don’t set up in an obscure location that’s hard to get to, as it’s likely to become a meeting place for criminals.
Register Your BusinessThe principal body that’s charged with registering businesses in Nigeria is the Corporate Affairs Commission (CAC). You will have to register with them in order to gain legal recognition and protection. Also, be sure to pay whatever official dues apply to businesses in your state or Local Government area. Your aim here will be to stay on the right side of the law and save your enterprise from constant harassment by recognized and illegal actors alike.
Set RulesIf you don’t lay out rules for people playing at your game centre, it risks becoming a flash point for rowdy disputes and disturbances in your locality. So, write up clearly defined rules concerning when and how games will be played, and the conduct of visitors. Define penalties for violating these rules too. Place these in a prominent spot in your gaming center, so that players can read and abide by them.
Promote Your BusinessAfter installing your equipment and putting every other item in place, you should go on to promote your business to the public. Get the word out about your gaming centre by distributing handbills and placing posters about the centre in prominent spots in and around your district. Offer discounts (and perhaps even a few free trials) for selected games. These moves should attract young gamers in the area. If they like what’s available from you, they’ll frequent your location along with their friends.
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Final WordsThe gaming business could provide you with more than just a good income source. If you run yours well, it could bring in a great deal of revenue, and become a venture that you can even expand to other locations. Taking the steps we’ve discussed in this article will get you started on that path. Featured Image Source: Career Guide
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