In today’s fast-paced world, board games have made a remarkable comeback in the world of entertainment. From ancient civilizations to modern-day families, board games have always been a popular choice for people of all ages. The Covid-19 pandemic further fueled the resurgence of board games as people sought out nostalgic forms of entertainment that could be enjoyed at home. As a result, the sales of board games skyrocketed in 2020, making it a lucrative business opportunity for entrepreneurs.
If you’re considering starting your own board game business, here is a comprehensive guide to help you get started and succeed in this booming industry.
## Planning
The first step in starting a board game business is to create a solid plan. Determine your startup costs, conduct market research, and analyze your target audience. Look into pricing strategies and assess your competition to set competitive prices for your products. Starting a board game business doesn’t require a significant amount of capital, with an estimated cost of $20-25k. Consider trademarking your game, securing copyrights, creating artwork, and manufacturing your game.
## Legal Aspects
Decide on the legal structure of your business, such as sole proprietorship, partnership, LLC, or corporation. Registering as an LLC or corporation can protect your personal assets in case of lawsuits. It’s advisable to register as an LLC to minimize liability. Make sure to obtain all necessary permits and licenses to operate legally.
## Taxes
Understand the tax obligations for your business and start filing taxes as soon as possible, even if you have no income initially. Apply for an Employer Identification Number (EIN) from the IRS and familiarize yourself with small business taxes.
## Dedicated Bank Account And Credit Card
Open a dedicated bank account and credit card for your business to separate personal and business finances and protect your personal assets.
## Business Accounting
Keep detailed records of expenses and income to track cash flow and financial health. This will also simplify annual tax filings and help prevent financial disasters.
## Permits and Licenses
Obtain all necessary permits and licenses to operate legally. Trademark and copyright your artwork and logos to avoid future complications.
## Business Insurance
Consider getting business insurance to protect against potential losses. General Liability Insurance and Worker’s Compensation Insurance are essential for most businesses.
## Branding
Develop a clear brand identity and establish a strong social media presence. Collaborate with bloggers and influencers to promote your board games and attract a wider audience.
## Website
Create an e-commerce website to expand your business globally and reach a wider customer base. An online presence is crucial for success in the digital age.
## Business Phone
Set up a business phone line to facilitate customer inquiries and orders. Providing a convenient way for customers to contact you can lead to increased sales and customer satisfaction.
Starting a board game business can be a rewarding venture, especially in today’s gaming industry. By following these steps and staying informed about legal requirements and market trends, you can build a successful board game empire. Remember, each business is unique, so adapt these guidelines to suit your specific needs and situation. Embrace the resurgence of board games and turn your passion into a profitable business venture.