With an estimated growth of up to 73.45 billion US dollars by 2024, the global online gaming market has a piece of cake for everyone who steps in. If you are looking for a way to make a decent amount of money, then starting an online gaming business can help you out. However, there are several things that one should know before stepping into the gaming industry. So, let’s go through this guide and learn some of the ways by which you can start your online gaming business.
Do the Research: Learn about the market
One of the very important things while starting any business is to do in-depth research about the market where you will do your business. Analyze the competitor’s status, know their strengths and weaknesses, their marketing strategies, how they are generating revenue. After everything you learn, it’s time to take your pen and prepare a plan.
A business without a plan is like sailing a boat in the sea without a compass. So, to survive the game, know your do’s and don’ts pre-hand before making such decisions.
Arrange the budget: A lot!
You are going to start an online gaming business, make sure you have plenty of dollars to roll in because you will be needing them a lot. Setting up a business will require infrastructures, and in this case computers with high-performance capacity, skilled manpower (game developers) to make the game for you. Also, the additional cost of getting the license, hiring a marketing salesman, accountant, will demand a high salary which you might have to pay from your pockets until the game starts generating revenue.
In case you plan to develop your own game, and do all the administrative and marketing work required, it will be extremely time-consuming and tiring. Even though there will be a cost for computers, software, licenses, that will cost you thousands of dollars.
Registering your online gaming business
Every business needs to be registered to be legal, even your online gaming business. Registering your gaming business is similar to registering any business. If you want to be the sole owner of the business and take full control and responsibility of the business, then register the business as a sole proprietorship.
Else, businesses that are registered in a partnership have two or more than two partnerships that take full control and responsibility of the business.
The other way you can register your business is by registering as a limited liability business. Unlike a sole proprietorship and partnerships, businesses registered as limited liability become a completely different entity, which can be sued and can sue people or businesses.
Creating a bank account to link with your online gaming business and provide a reliable payment partner
Despite your gaming business model, it’s always necessary for reliable payment partners to purchase or withdraw money in the gaming industry.
For yourself, you can create a bank account in the name of the business and do the transactions from there, while for gamers or your customer’s payment gateway likes PayPal, Payoneer will give them an upper hand in withdrawing their rewards.
So, it’s necessary to create a bank account in the name of your business and also give the vivid customers or gamers the option to purchase and withdraw.
Get the license and permits for the gaming business
The fifth step for starting an online gaming or online gambling business is to get a legit license or permit to run the game. Now, depending upon which state, it might take a few weeks to a month to get all your paperwork done before actually building the game.
Choose an Online Gaming Software to partner with
If you have ever played a game, then you must have noticed a name beside the actual game’s name that comes on the screen. They are mostly the gaming software that partners with the gaming business. Gaming software plays a vital role in the success of your gaming business.
Note few important tips, as they will give you an idea of what you can expect when you are planning to collaborate with gaming software.
- Easy User Interface
- Free from any bugs, lags, or data leakage
- Availability of software
- Content Management System
- Player Management System
- Tech Support
- Customer Support
- And many more.
Make a platform to promote the game
Even though if you make a perfect online game, there are so many competitors that at some time you will be needing a marketing team to promote your business. So better be prepared from the beginning.
You can create social media handles, websites to provide updates on your gaming business and your potential customers will get to you through the marketing platforms. So yeah, a solid marketing platform to promote the game.
After all these hardships, you are only a couple of steps from creating your game and launching it. If you are interested in what an actual online game looks like, let me give you a brief.
One of the popular Classic Online Games: Online Solitaire Card
If you are someone who was from the ’90s then you have probably heard or seen these types of card games on your school computers or even in your personal ones.
The game was wildly popular as Microsoft had one in its windows as well. In 2021, Microsoft recently announced that the program was celebrating its 30th Anniversary.
Now, the game has changed from offline mode to online and in some cases as well as the gambling model.
People from various places join the pool and place their bet and play, the winner takes the sum.
However, some sites like Solitarie.org offer the users to play the game for free. Along with that, you can also find the tutorials, and history of the game, and how it is played on the website. Games like these may not stay on the trending list but are played by thousands of users every day.