10 Top Tips for Starting your Own Game StudioJanuary 19, 2018
Getting a job in the gaming industry is notoriously difficult. A better model for you might be to start your own company and create your own career. You can do it and here are the top 10 tips that can help you make it happen.
1. Why do you want to do it?
It’s important to establish why you’re getting into this from the beginning. Do this for the right reasons. This is going to be the start of your new life and it’s also important that you feel passionate about what you’re about to do because there will be good times ahead but there will be some challenges too. In the darkest of times it can feel like there’s only your passion left but it can still give you the drive and resolve to carry on.
2. Have the idea
The most important requirement to start your own business is the idea. You need to know what it is that you will be offering and why it’s needed. Once you have that killer idea, the one that makes you elated that you’re bringing this into the world and stunned that we’ve got this far without it, it’s time for the next step.
You can do this. It’s time to get out there and make it happen! But hold on there for a second, that enthusiasm is good but let’s take a moment to plan. Most businesses fail in the start-up phase so it’s important that we know what we’re doing. Time for some research…
4. Your Business
Your idea probably needs a little more thought at this stage, possibly a little refinement. Time to ask yourself some questions like: How do you make it? Can you do this on your own or will you need help? Where do you source this expertise? How long will the build take? Try to be as specific as possible in answering these questions but be leave room to be flexible too.
5. Your Customers
Once you know what you are going to achieve there are some important questions to be asked around who you are going to sell to? How much will they be willing to pay? What platform will this be launched on? Don’t be afraid to think out of the box and consider mixing things up. At this early stage there will be variables thrown in which can redefine your original strategies.
6. Your Competitors
While you’re thinking these things through, have a look at the real world. Is anybody else trying to achieve the same goal as you? Make a note of the competition. A little competition can be healthy so learn from what they have already achieved and more importantly from where they have failed. Then try to put yourself into their shoes. How will they react to you and how will that impact your plans?
Remember you have the killer idea, you are the top dog, but you’ll need to convince others of this so have a think about how to get your business noticed and your product sold. The key to this is identifying the Unique Selling Points which make your proposition so viable and telling this to the people who need to know, your customers, in the manner which is most relevant to them.
You will have amassed a wealth of information by now and it’s time to convert this into numbers. Use what you know to identify income, costs and their timings. Any business owner will tell you that “Cash is King”. A detailed set of financial projections can help to ensure that your business stays liquid and can be used to work out funding requirements and cashflows. This can be tricky so it might be time to talk your ideas through with an experienced professional from Henderson Loggie.
9. Business Plan
Henderson Loggie can help you pull all of your information into a formal business plan. This is an important document because it will consolidate all you know and all you intend to achieve in one place. It’ll give you a timetable to work to and it can be used to communicate your idea to banks, investors and other professionals if required.
10. Just do it!
All this planning is great but now it’s time to re-engage your entrepreneurial fire and put your plan into practice. You know what you want and you now know how to make it happen. It’s time to get out there and just do it!