Being a business owner can be a challenge in itself. However, the additional difficulties arise when you opt for a specific industry, like online gaming. You want to have a business that can compete with the best of them and have the customers opt for your business instead of, say, Rhode Island casinos. How do you go about doing that?
First and foremost, you must find out whether having an online gaming business is legal in your country or state. It is astounding how many people start their companies without taking this into consideration. After you have settled on a location that allows you to pursue your endeavors, you must contact the proper authorities to issue you a gaming license. Sometimes, this is a challenge, due to bureaucracy and the long approval periods. This is something you must also account for.
Furthermore, you must always be kept in the loop regarding future legislation. Is there a powerful politician looking to ban gaming? If so, you might need to change locations pretty soon.
Having a business is not worth much if technology is not on your side. First of all, you need quality gaming software. If you have your own developer with some impressive work in their CV, this may help you get where you need to go. Make the games mobile-friendly and consider an app as well.
Now, some people believe that when you buy software, you are done. That is not the case. Software, like, for example, a car, needs to be maintained and cared for. Updates and bug fixes are common and mandatory. Finally, you need to acquire a dedicated server – a physical place to do all of the computing for you. This is also a seasonal expense.
Now you have a license and the tools to provide a service. What is the next thing you need? Customers, of course. Gaming is no longer tied to a particular age group, so it is important to strike on all fronts. Have a strong social media presence and be active on updates and promos. You could hire a single person to manage your social media accounts or have a team, if you want to go big.
Promo codes and special deals are a great way to draw in new customers. However, you need to be careful. A marketing campaign that is too strong may instead turn people away. Ask yourself how many pamphlets and deals ended up in your spam folder simply because they were too frequent?
It is not just that you need money to start a business, as that goes without saying. You need a strong payment system. The more payment options you offer to your future clients, the more likely they will be to give you their business. Third-party software is fine, as long as it checks out.
Open a business account that will deal with nothing but the income and the expenses. Having an accountant to go through all of your forms, overhead, and other financial matters will take a load off your mind. Finally, always have a plan B. In case your income doesn’t turn out the way you expected, you need to come up with a plan to return the money to your investors and employees. Good luck!