Launch Your Gaming Business
Should you Launch your Gaming Business With Cyber Gaming?
Yes, the online gaming industry is a relatively new industry, and worth billions, everyone interested in it wants a piece of this pie. True.
Yes, It IS pretty lucrative when you got the business right, meaning the product and marketing mix right. True.
Worth Billions. Yes. Few do reach that level, yet even removing a couple to three or even four zeros are fine with those that love the business, and want to create a niche in it. So, before launching your gaming business, you should mark which category below you fall under first and foremost.
Picture this - You are new to the industry or an old hat knowing how the stuff works. Or you are very likely looking to switch from another software provider. These are the three scenarios that usually come our way.
Let’s play out these three scenarios:
Scene One: The Old Hat
There are several which ways this can pan out, but here’s the most likely one: You have very likely worked at a gaming company and now want to begin something of your own, and with your great accumulated wisdom, you are looking for the right Software Provider. The more you’re looking the more you know that it’s not as easy a task as it sounds, and you know exactly why. The biggies will give you everything you want for a fat fee, yet there will be lack of customization and proper care that you are looking for, and the small fish will give you very less to nothing, because they will quote less and do not have a product worth using.
Scene Two: The Newbie
You are new to the industry, but are essentially and enthusiastically going all out, spending a lot of your hard earned time and money looking for the best out there. How do you choose? You can appoint a consultant who will end up charging you more than the software is going to cost you or you can do your own research and hunt for that elusive company which is going to be your ticket to a successful business. Everything begins with the product, right? To top that, you’re also probably looking for funding your new venture, and want to take all the pain points out of gaming software hunting. How are you going to go about this?
Scene Three: The Dissatisfied One
You’re a bit ahead of The Newbie in the sense you already took the plunge into your own online gaming business, but…you got stuck with the wrong product. Don’t take us in the wrong sense, but “The Dissatisfied One” constitutes @ 50% of our clientele. The reasons? Going for a substandard product is a killer no-no. This is not a piece of advice, its pure common sense. A lot of crazies and touts and gaming consultants go about posing as gaming encyclopedias and you usually end up at the butt-end of their whims. You are so way ahead of the curve in so many aspects of any business, though somehow you got dragged into an irresistible offer, maybe?
Here are some of the points generally assumed to be the to-do list for entrants to this industry:
- Do adequate research. Prepare a business, financial and marketing plan. Remember that depending upon the product range that you wish to offer to your clientele or players and extras like gambling licenses, marketing costs, the investment can be substantial indeed.
- Check for legalities in your area, locality of operations; see if you need a gambling license, and if yes prepare for it. Form your company accordingly in your local jurisdiction or in a licensed online gambling jurisdiction, where a lot of things like merchant accounts with payment processors or aggregators become easier.
- Once your plans are prepared, look for a reliable technology partner (software provider) Don’t settle for someone because they are the most economical, see their technology background and their ability for being a productive tech partner. A combination of economy, good technology and common working philosophy is an indicator of a good and successful association.
- Look for payment processor, aggregator, provider. A lot of these are currently providing merchant accounts only for gambling licensed entities, though there are several options to choose from. Take your software providers advise, they are the ones who have integrated most of these payment providers into their system. Again, do your research for your areas of operation.
- Focus and implement a good marketing strategy. The marketing required for assured success in this industry involves hundreds of thousands and even more. This is a necessary requisite as you can see there have been several gaming companies launched so far but a limited few which have achieved success.