For those who are not aware, gaming is a profitable sector. Many game developers have made millions through simple mobile games. There is a great distinction between having the skill and having enough to fund your startup.
For example, creating a game for bettors to play casino tables might be easy if you have the necessary skills. However, huge funds are needed to push this product to the right audience if you want to avoid wasted effort and ultimately create a successful product. But what do you do when you don’t have the funds?
The pressure to get funds will always be present, as it is crucial to ensure your business does not die before it even starts. However, always have it at the back of your mind that getting the needed funds is not impossible, and with the right idea and strategy, it is pretty simple.
Here are some tips to help you get those needed funds.
An angel investor is an individual with enough money to put into your business but does not require much in return. Some investors will give a lot of money and require greater equity in return, but angel investors do not need that, which explains the “angel” term. As a startup, these types of private investors should be your focus, as they are not out to milk you dry from the beginning of your gaming journey.
An angel investor can be a wealthy family member who does not mind putting a lot of money into your business, a mentor who wants to support your growth financially, or just a rich person with whom you are acquainted. Their reasons for making these investments most times are not based on profits. Many angel investors are not experts, so they do not demand outstanding equity in return for their investments.
Get Collaborators on Board
A business is not something you can do alone forever. Finding people willing to work with you on projects as collaborators in the gaming sector is always advised. These people have the skills, connections, and ideas needed to make your business a success. Better yet, a co-founder who shares your vision can be very helpful in running the business.
For instance, you can be the tech person while the other co-founder is the business person or vice-versa. Finding someone or some people to share the burdens with you equally can be helpful as you do not have to be the only one sourcing for funds anymore.
Another advantage of having other people on the road is that you can even become your investors and bring money into the business together until outsiders assist you. For a while, funds from the co-founder or collaborators can keep the business running and growing.
Venture capitalists are similar to angel investors but even better. They do not mind investing vast amounts of money and have the assets to do so. More importantly, their influences reflect on your business as they are usually quite connected. Getting venture capital funds in the same industry can give your business more visibility to the gaming world than you ever expected.
Some well-known sources of venture capital funds are Makers Funds and London Venture Partners. Venture capital groups can be great to work with as a new business. However, it comes at a cost, and they get to have significant equity in your business at the end of the day.
Crowdfunding is difficult as it requires you to convince people that your product is the best and make them believe in you, even without testing your project first.
It requires you to advertise your new business’s most vital selling point to people to get them very interested from the start. If you can achieve this, funding will not be a problem for you as these people will continue to invest.
Several countries are helping game developers today to push their products because they realize the sector’s importance and how expensive it can get. For your new gaming business, you can apply for tax relief and even grant funds to support your new business.
If you’re up to date with trends in the gaming community, there is always a chance to apply for a fund that can help take things off your shoulders.
If you follow all the advice this piece shares, you will surely get the funds. Aside from the advice, one more important thing you need is Confidence. Be confident in what you’ve built. You had this startup vision, and it’s bound to be a success only if you are resilient. When you are confident, nothing will hold you back from selling yourself to investors who can help improve your product.