Tips and Tools for Starting a
Successful Board Game Business
Photo Credit: Pexels.com
If you have a passion for board games, you might consider turning it into a career. It's not a crazy plan: The board game market is thriving and expected to reach a value of $30.93 billion by 2028. If you want to get a piece of the pie, now is the time to take action. However, if you've never started a business before, you may be uncertain about how to get started. Don't worry. This guide from Bum Wine Bob has you covered.
Decide on a business concept
Do your research into the different types of board games and decide what type you want to create. Gameology has a primer that can help, covering everything from area control games to abstract games. Once you have a basic idea, it's time to develop your game. If you don't have the creative skills to make your vision a reality, you can hire professional board game designers via work-for-hire platforms like Fiverr.
Write out a business plan and register your company
Next, it's time to take care of the administrative components of setting up your board game company. Start by writing a business plan that describes your products and services, financial projections, marketing plan, and more. This guide explains how it's done. Next, register your company as an official LLC, which helps protect you from liability and simplifies tax paperwork. You can work with a formation service, but read reviews first to help you make the right choice.
Figure out your overhead costs
Starting a board game company requires money. You'll need to pay for things like game design, marketing, and packaging. There are also administrative costs to consider like payroll, insurance, and business licenses and permits. For example, if you manufacture your board game yourself, you need to make sure your manufacturing facilities are up to code. Follow these steps to calculate exactly how much money you'll need to get started.
Get the funding you need
You can then get funding from sources like bank loans, angel investors, or crowdfunding platforms. Nationwide provides a guide to various types of funding. Note that you may need to present your business plan to acquire funding. For example, banks and angel investors will ask to see it before giving you any money. Finally, make sure to set up a separate business bank account to manage any income you get from your board game company.
Invest in tools and people
Once you have the startup money you need, create a budget to figure out how to best spend it. You'll probably need to hire people to support your company. Plus, there are software and tech tools you'll need, from project management software to customer relationship management, CRM, technologies. A CRM helps you deal with customer questions and complaints in an efficient manner, ensuring you keep your valuable customers happy.
Start marketing your games
You can't just expect your board games to sell themselves. Advertising and marketing will help you attract potential customers' attention. There are many ways you can market board games, from video ads to social media and more. It's important to run ads across multiple channels for maximum impact. You also want to make sure that ads are localized to particular target audiences. This primer has more details on successful game marketing.
Turning your passion for board games into a career isn't impossible. The above guide provides some insights into how you can make it happen, covering everything from writing a business plan to registering your company. With these tips, you can get started.