Gaming is currently a $175.8 billion industry with more than 2.9 billion players across the globe. You’d likely agree that tapping into that market with a unique and engaging game sounds like a great idea. Even if video games are just your passion, and you’re not chasing incredible profits, it’s good to know that there’s a consistent user base ready to play your titles.
When people look for how to start a gaming company, they’re often met with the same old recommendations. These are to focus on development, visuals, sound design, and to cross their fingers. While these actions on their own might result in a fantastic game, they won’t guarantee consistent players or any semblance of profits.
So, what’s the best way to put together a video game company and turn video game ideas into a reality? There are a few steps you have to take, and they’re more complex than you’d think. Interested in diving in? Read ahead for some guidance!
How to Start a Gaming Company: First Steps
Contrary to popular belief, starting a business around video games involves more than gathering a few friends and spending hours upon hours developing, coordinating, and coding.
Setting a Foundation
Before you get to the fun stuff, usually involving turning your idea into a tangible game, you have to set a foundation. That is, a series of steps to properly configure your company and receive recognition from official entities. Some of these are simple and easy to execute, while others require ample amounts of effort.
First, find your target market, brand name, and potential costs. Regarding expenditures, try to anticipate additional future expenses. So, aim a bit over your estimate. Keep in mind, also, that you won’t see real profits until you start selling a finalized game.
Prepping for Success
It’s often smart, especially when first building a business, to anticipate future efforts. That is, for example, to create connections with marketing teams and other professionals in the field so that, when you’re ready to launch your game, everything is in place. Head to https://www.thehoth.com/solutions/gaming-marketing/ for some perfect examples of how some strategies can help grow and solidify your company’s presence in the gaming industry.
Government regulation is strict and you’ll have to follow it accordingly. This implies two things. First, you’ll need to register and form a legal entity. This prevents lawsuits against your person, replacing your seat with the company itself. Of course, once this is formed, you’ll have to sign up for the appropriate state and federal taxes.
In many cases, your company will also require a state and local business license. While you’re at it, consider slapping on copyright for all your intellectual property. Finally, make sure to get business insurance. This isn’t a suggestion, but a necessity, as many states require it along with some documentation regarding worker’s rights!
Turn Your Passion into Action
Once you’ve set up a foundation and covered the legal parts on how to start a gaming company, you’re ready for the more enjoyable parts of partaking in the gaming industry. Basically, you’re ready to start coding, developing, and designing your first games! Of course, there are some other things to consider, but they’re details that matter once your business is set up. For example, creating channels for customers to communicate and training a fantastic customer support team.
Do you feel ready to jump in and test your video game ideas? Hopefully, that’s the case. Also, if this article gave you some guidance, consider taking a peek at the others on the site!