A video game company is like any other business that can be lucrative if properly handled. Generally, a video game business designs and develops games for various platforms like dedicated consoles, PCs, mobiles, tablets, etc.
You don’t have to be a programmer or a designer to start one as long as you have a clear vision and ability to organize and drive things.
Video game industry is seeing a steady growth from the late 2000 and now has become one prime factor for connecting people, creating a sense of joy, and even cognitive performance.
If you are the one looking to entertain people through creativity and provide people with a chance to enjoy and share experiences, the chances of success are high, provided you drive the business with more enthusiasm and dedication.
Here is your guide to start a proper video game business in the UK:
- Plan your business well in advance: A clear plan should be the starting point of any business. Plan your initial costs according to the technology demand, research about your target audience and the market, and make an analysis of how long it will take to enjoy a steady profit.
- Estimate the Costs: You need numerous powerful computers, high-end monitors, specialized software, special digital drawing equipment, video game consoles, and a proper workplace. You can even use your home or apartment without much spending much on infrastructure and human resource, provided you are highly proficient in handling multiple requirements.
- Establish your Video game business legally: For any private business started in the UK, the business owners should have registered their business name and address with the Companies House. Further, state and federal tax registrations along with appropriate permits and licenses are necessary.
- Setting Up Business Bank Account: To keep your cash flow organized, you need to open a company bank account that should not interfere with your personal accounts. This also makes your business look more professional among the players/users.
- Get a Business Insurance: A business insurance for your video game company has become highly necessary as it covers unforeseen damages/loss, and workers’ compensation coverage if you have employed any.
- Promote Your Brand: A registered company always have a brand name and logo to get noticed and trusted by the public and other legal parties. A strong brand value will help your business stand out of your competitors.
- Have a Strong Online Presence: A business website with plenty of information and practical offers will bring in more loyal customers. People can easily learn about your company and the products and services on offer. Social Media presence, in turn, boosts the engagement with your existing customers and attract potential new customers.
Here are some bonus tips to make more profit:
Generally, a good game sells for £15 – £45 when it’s brand new and gained more public interest. To make things more lucrative,
- Give options for in-game purchases by providing periodic upgrades that are stimulating
- Send them reminders about new updates, features, and gameplay options
- Keep them motivated through sending teasers of your upcoming releases through community forums
- Track customer behaviour and keep the custom list to send customized advertisements and updates
You can register your Video Gaming company in the UK using our Online Company Formation portal at just £9.99 (cheaper than with Companies House) and get attractive free offers and business bank referral from Barclays or Lloyds.