Are you thinking about starting up a games studio but are unsure about the business side of making your own games?
In this video, Stephen Bain, Head of Games & Digital here at MHA Henderson Loggie, shares the top 5 questions to consider before starting up a games studio after University.
Covered in this video:
✅ Are you starting your business for the right reasons?
✅ Is your business idea feasible?
✅ Are you ready to start-up straight after University?
✅ Do you have enough capital?
✅ Will you be starting the business on your own?
📌 If you have any questions, please drop them into the comments section below 👇 or contact Stephen directly at firstname.lastname@example.org
*Edited Video Transcript*
Are you starting your business for the right reasons?
It’s a big step from designing your own games to running your own business. Think about why people would want to play your games? Would they be prepared to pay money to buy your games? Do some market research. This doesn’t need to be formal, but you can speak to friends, family, others with an interest in the game sector. Think about, what makes your business stand out? What’s good about your games and what’s it’s USP, their Unique Selling Point?
Is your business idea feasible?
Running your own business, working for yourself, can be a very challenging but also a very rewarding experience. The business is yours, so you reap all the rewards that the business may bring. It’s a good alternative for many people to having a traditional job where you go and work for somebody else. But of course, with this comes challenges. The hours will be very long and you’ll need to work very hard, it’s important to strike a balance, to make sure you take some downtime so that you’re not working 24/7.
Are you ready to start-up straight after University?
So, you’re just straight out of university and you’re thinking of starting your own business. This is a good time of life, where possibly you don’t have many commitments. Financially, you may not have a mortgage, you might not have family dependents to look after. You’ve got time, you have energy, you’re really ripe to start your own business. But think about, do you have the right experience? Have you worked in the game sector before? Have you been exposed to the day-to-day operations to understand how a business really operates?
Do you have enough capital?
Even the smallest of start-up businesses need cash to survive. You may be a very lean operation working from home with your own equipment, you don’t really have much in the way of overheads, but you still need to survive. You need to live while you run your own business and how will the business generate cash, especially in the early days? You may decide to have a part-time job to supplement your income while the business grows. This can be a good idea, but of course remember, this will reduce the amount of time and commitment you can spend working in your own business.
Will you be starting the business on your own?
Is it just you starting in business or are there two, maybe three of you going into business together? If it is just you, it allows you to be very agile in terms of making decisions yourself. Although, it’s always good to have somebody in the background, somebody to give you a second opinion and to turn to for advice. If there are more than one of you, there are certain things to consider, even before you go down the legal matters such as business structure and whether you need a partnership or shareholders’ agreement. Think about operational matters, on a day to day basis who will do what? What are each person’s strengths and weaknesses? What can they bring to the business? Who will have the final say in terms of decision-making?
Starting up in business and running your own business can be a very exciting time and we have a good team of people here to help you, every step of the way from a business start-up; from raising funds, accounting, tax, payroll advice, to even perhaps one day coming to sell your business.
If you have any questions, please contact Stephen (email@example.com) or complete the contact form below and a member of our team will be in touch.