eSports Businesses - Start Your own
Today we are going to follow up with our “eSports Professionals” article and focus down on and drill into the concept of becoming an eSports business owner. We’ll touch on the requirements, the challenges and the obstacles. I’ll be sharing some of my own story and referring to others. The purpose of the article is to help empower you to create a new destiny for yourself and if business is something you are interested in, then maybe this article will help to point you in the right direction.
An effective eSports business is an organisation of like-minded, passionate and dedicated individuals, all working for a common cause. For successful eSports businesses, that cause is to create and implement a business model that takes in substantially more revenue than it uses in expenditure. Enough to sustain, grow the business and allow it to scale. Once an eSports business is big enough, then you can exit the business, sell it and make your millions.
Before you start your eSports business, you’re going to have to come up with an idea. A profitable business plan, a business model that you can see, using careful market research, serves a purpose and for fills a need in the industry. Helping people to achieve their goals is a great place to start looking, or you can get back to basics and greater a simple gaming organisation, where your success can be measured in the players you attract and the sponsors you sign.
There are many types of eSports businesses. Here are just a few for you to think about:
eSports Team Organisation Business
eSports consultancy Business
Streaming Service Channel
eSports Betting and Wagering
eSports Gear and Apparel
eSports Management Services
eSports Stadium Services
eSports Tournament Provider
The list literally goes on for ever. As eSports is a highly contextualised yet dynamic platform. You will be able to use your imagination and think up a business model that will be effective and unique, that will place your eSports business ahead of the pack before you have even started bringing it into the real world. The next step is to register your business or company and work towards getting a website. Do a lot of research and get an Indian developer that will charge peanuts but still do a good job. This just takes a bit of networking and research.
Now the next step is tricky and takes time. You need to register to LinkedIn website and start networking, using key words. Start by adding people that you look up to, then add the kind of people you might like, then start adding professionals who you could need, and finally add decision makers and influencers to experience your vision and get feedback from. Once you have added enough people, you can start offering your services (whatever you are good at in esports) for free to your network, whilst at the same time asking for help from the people who you have added. Ask lots of people for help because the more you ask the more likely someone will say yes. The first person who qualifies and says yes, make them co-Founder of your company or business and now you have got the starting of a team. Work together with your partner to build up your HR and create a large team of people to support you while continuing to network.
Take advantage of platforms like Basecamp, which can help you to manage your team of your workload, operations and management. Promote people who do more work for you and continuously provide services to the community for free.
Focus down on one project at a time. Create all the documentation you need. Then it will be time for you to look for an investor. Mention to your network only, that you are looking for an angel investor. Have pitch deck, business plan ect ready to show anyone who turns up, but make sure they sign a NDA (non-disclosure) agreement first before you show them your idea. If you trust them then also show them, but don’t trust everyone.
It’s hard to find the money you need to start your own business. You still need to keep your day job and use that money to invest into your own business. Investors will generally expect that you have put considerable finance into your own project or why would they? Ask family and friends to pitch in, but don’t give too much away and stay hungry for a big investment. It will come one day, when you have the correct documents and satisfactory business model. Remember to treat investors like business partners, stay professional but also personal, make small talk and try and get to know them, this is an effective strategy if you want to make good business relationships work over time.
Stay hungry and work hard. Keep modest and know your place. Always speak up if you are in the dark about something and encourage people to speak up and ask questions. Challenge existing systems by thinking outside the box and inventing new needs for the average esports enthusiast. Promote independent engagement with the eSports scene with your customers by making products that cater to the individual, empowering them to become part of the scene.
Good luck with your eSports business.
By Joshua Forbes