How do you Start an eSports Business?
eSports is already a multi-billion dollar industry that is flourishing each year and it is expected that by the end of 2020 its worth will exceed to USD 1.5 billion. Since the industry holds immense potential, there are many investors who are aiming to start their own eSports business and penetrate into this niche.
From betting24.dk to others, everyone is keeping keen eyes on the industry. Well, there are several obstacles in starting the business in this niche but the opportunity is always open to everyone.
Step # 1 – Creation of the Brand
Time, efforts and of course money plays a pivotal role in standing up an eSports organization. Initially, you are required to think of a unique name that defines your brand, then you ought to make a logo suiting up with the image of the brand and last but not the least, a professional website is necessary to mark the presence of the organization online. Don't forget to trademark your business name and logo.
Step # 2 – Management of the Business
To run an eSports business, you require a team to work with and a management to hold the business together. At least a new start-up requires co-founder or owner, marketing director, social media manager and coaches for games. All the people sitting on these positions are going to represent your brand so pick them wisely.
Step # 3 – Capital & Investment
Funding is the core part of eSports business and for this, you must have initial capital and investment plan. Make sure that when you start an eSports business, you must have enough capital to generate salaries per month, can manage traveling and can afford event tickets.
If you are short on the capital than you need to think out-of-the-box to manage the expenses such as creating a YouTube page related to online gaming video or live streaming of gaming events with broadcast rights. This way you can attract funding and sponsorship easily.
Step # 4 – Members & Players
Any organization can never grow without its members and players. Players will help in generating revenue if you send them to compete in the events or play tournaments online, therefore hire them on contract. The members will help in the expansion of your business on social media platforms to create general public awareness.
In a Nut Shell
Starting an organization is no more an easy task, especially, when it is an eSports business where profits are expected to be gained in the future. It is becoming challenging and competitive to set a startup eSports business where the eSports industry is booming, flourishing and taking leaps and bounds.
It is recommended that if you are short on finance than instead of setting up a business yourself, join hands with any already established eSports business and help that is growing. Be a partner to strive for excellence together as in this industry the competition is getting tense and survival needs patience and perseverance.