This blog is part of Plus Accounting 'Gaming Blog Series'
To ensure you have the best chance of succeeding with your new business venture, there are several key things you should deal with:
1. Do your research. You have a great idea for a game, but will it be a commercial success? Before you decide to proceed with developing the game, you should:
Research your market & customers:.
- Will there be sufficient demand for your game?.
- Is the market saturated or sustainable?.
- Where are your customers located?.
- How will you reach your customers?.
- What are the demographics of your customers?
Study the competition:.
- Where have they succeeded?.
- Where have they failed?.
- How can you compete with them?
2. Write a business plan. This is an essential part of any successful business venture. A good business plan will:
- Increase the likelihood of raising finance from investors, banks & other lenders..
- Help you consider all the costs you may incur and give a more realistic profit & loss forecast..
- Identify key points where finance may be required through cash-flow forecasting..
- Help you monitor progress, keep on track and stay focused.
3. Choose your legal structure. There are several alternative structures you can use for your business and the appropriate one for you should be considered carefully. The main choices include:
- Self-Employed aka Sole Trader.
- Partnership. Limited Liability Partnership.
- Limited Company.
- Community Interest Company
4. Consider the Marketing. One of the most important parts of any business is how well it is marketed. Effective marketing does not always have to come at great expense. Some key points to consider are:
- Choosing a Business Name & Logo.
- Set up a Website.
- Set up Social Media accounts.
- Prepare a Marketing Plan and Budget
5. Find an Accountant: It is important that you select an accountant that is the right fit for you and your business. Key requirements should include:
- They are a member of the ICAEW or ACCA..
- They offer free initial consultations..
- They can demonstrate sufficient knowledge of the Video Games Industry..
- They offer affordable pricing with a full complement of accounting & tax services..
- They have experience of dealing with Video Games Tax Relief.