A gaming studio is a company that develops and publishes video games. The gaming industry has recently seen a surge in popularity, making it an attractive sector for entrepreneurs. However, starting a gaming studio is not an easy task. There are many things you need to consider before taking the plunge. This blog post will outline some critical considerations for starting your own gaming studio business.
Why start a gaming business?
The gaming industry is bigger than ever and shows no signs of slowing down. In 2019, the global games market was valued at $120 billion! And by 2022, that number is expected to rise to an insane $196 billion. With such rapid growth, now is the perfect time to enter the gaming business. But why should you open a gaming studio? Here are three reasons:
The first reason is a growing demand for high-quality, professionally-developed games. As the industry grows, more and more gamers are looking for titles that compete with AAA releases from major studios. But they don’t want to wait years and spend $60 on a new game—they want something NOW. This creates a perfect opportunity for nimble development studios that can turn around high-quality games quickly and at a fraction of the price.
The second reason is that the barriers to entry for developing games have never been lower. Thanks to drag-and-drop game engines like Unity and Unreal, even someone with no coding experience can create an AAA-quality game. All you need is a great idea, some artistic talent, and a few thousand dollars to start.
Lastly, the gaming industry is incredibly lucrative. Even small indie games can rake in millions of dollars if they resonate with gamers. For example, Flappy Bird was developed in just two weeks and earned its creator over $50 million! If you want to make some serious cash, gaming is no better business.
Building your business
Now that you know WHY you should start a gaming studio, it’s time to start thinking about HOW. Building a successful gaming business is no easy feat, but it is possible with proper planning and execution. Here are some of the critical things you need to do:
Developing a Business Plan
When starting a gaming studio, developing a business plan is critical. This document will lay out your studio’s goals, strategies, and financial projections. It will also provide a roadmap for how you plan to achieve those goals. Without a solid business plan, it won’t be easy to secure funding or attract talent.
A few key elements should be included in your business plan. First, you’ll need to provide an overview of the gaming industry and the market opportunity for your studio. Next, you’ll need to detail your studio’s unique value proposition and how you plan to differentiate yourself in the market. Finally, you’ll need to outline your financial projections and investment strategy.
Constructing your office
Any business needs a place to call home, and your gaming studio is no exception. You’ll need to choose the right location and build your office to support your team. One of the most critical factors you need to pay attention to is your electrical wirings. This is because a bad electrical system can significantly disrupt your business as your team won’t be able to work correctly. Get commercial electrical contractors to help you with the wiring to avoid any problems down the line. They can help you with commercial electrical planning, designing, installation, and maintenance.
Hiring a Team
A gaming studio is nothing without a talented team of developers, artists, and marketers. Consider what skills and experience your team will need. For example, if you’re planning on developing mobile games, you’ll need someone with experience in programming and game design. If you’re planning on releasing PC games, you’ll need someone with experience in marketing and distribution. As you build your team, make sure you have a mix of skills and experiences to cover all aspects of game development.
Launching Your First Game
After you have assembled your team and put together the financing, you can finally start developing your first video game! This process can take months to years, depending on the game’s complexity. You might need to consult with other developers who have launched successful games to get some tips and tricks. You can also read our guide on how to develop a video game for more information.
The bottom line
Starting a gaming studio business can be a rewarding experience but it is not without its challenges. If you are thinking about starting your own gaming studio, make sure to do your research and develop a solid plan before taking the plunge. Thanks for reading!