What could be better than turning your hobby into your business? A lot of people take the plunge and go from gamer to gaming business owner. Whether this is going to be your main source of income or you are simply opening up a gaming business as another project, you need to approach the whole process with caution. Learn from other people’s’ mistakes by avoiding the common errors mentioned below.
- Cutting corners with equipment – You should never cut corners when it comes to gaming equipment. As a gamer yourself, you should know what is worth investing in and what isn’t. Whether it is a high reliability Micro SD you are purchasing or something as small as a magnetic screwdriver, you need to make sure it does the job, and that it does it well. You will live and die by the equipment you invest in, so do your research and purchase with care.
- Overlooking gadget insurance – There are various insurance policies that you need to consider when starting a business. For gaming companies specifically, one option you may want to consider is gadget insurance. This is especially the case if you have an abundance of high-value gaming equipment in store. Such insurance could protect you from any unforeseen incidents, be it a theft or an accident in store.
- Undervaluing the importance of business culture – Business culture is critical for all businesses today, but arguably even more so for technology businesses. Take Apple and Google as prime examples. Their employee culture is praised worldwide. You need to build and pitch the business that you have always wanted to work on if you are to earn money from gaming. Your firm and your behaviour need to be defined by esteemed cultural traits. This is all about creating an environment that is readied for success.
- Choosing the wrong investors – If you have required investment to get your business gaming up and running, make sure you choose with care. While borrowing money from your family and friends may seem like a wise idea, what if they decide to ask for it back in a few months’ time? Be clear about when your parents or best friend will get their money back, and be realistic about it.
- Not creating competitive advantages – There are many gaming businesses out there today, so you need to make sure yours stands out from the crowd. Hiring a stellar team is always the first step when gaining a competitive edge. Of course, you will want specific technology skills, but you should also hire for teamwork, hunger, passion, problem solving, and intelligence. You then need to work out your principles and core strengths, i.e. what sets your business apart, and make sure that your team is aware of this.
- Failing to do your research – One of the best things that any new gaming business owner can do is get smart fast. You need to hit the deck running by talking with industry sources, purchasing target research, collecting daily headlines, reading news stories, analyst reports, and articles. This will give you a competitive edge and ensure that you are always ahead of the game.