In recent years, electronic sports (eSports) has grown to become a huge industry with many lucrative opportunities. Media giants are broadcasting eSports events, and more countries are getting interested in the competitions. Some years ago, it was pushed by a private community of people who would organize video game conventions.
Entrepreneurs are trying to see the various ways they can benefit from the industry just as how media giants are investing in the events. You can start an eSports business with the right plan in motion. Hiring Chicago business plan writers may be just what you need to get the very best strategies to ensure success.
You need to understand how the business works, and everything that electronic sports entails. Discover the many ways professional gaming can generate income for you.
What Professional Gaming Is All About
It involves multi-player gaming competitions where professional gamers go against each other for prizes or bragging rights. A top professional gamer can earn over a million US dollars in a year. Some competitions attract millions of online spectators.
Tournaments are organized, sponsors are involved, and media coverage is also featured. The industry racks up over a hundred billion US dollars every year. It is a fast growing industry that holds many opportunities which entrepreneurs can tap into. The future is definitely promising for eSports.
Building the Business Plan
The following points discussed below will be a helpful guide in the process of writing a suitable business plan:
- Business Model and Market Positioning
What an aspiring eSports entrepreneur needs to do is to understand the business model so as to create a custom business plan that will suit it. You also need to think of various strategies that will be effective to get a good share of the market.
- Operations Plan
The operations section of your business plan should not be taken for granted. You will need to describe the logistics and operations that will be necessary to achieve the goals of the business. What will your workforce will be made up of? What are the technologies that will be adopted? What are the processes that will be involved?
- Marketing Plan and Segmentation
Your marketing plan should cover the eSports niche you will be specializing in, as well as your unique value proposition. You need to ensure that your marketing campaigns are targeted at the right audience.
Various promotional strategies are available to reach a target audience that is interested in professional gaming. They include social media campaigns, blogging, YouTube advertising, and so on. The right advertising tactics can be employed to reach them after analyzing data from your research.
- Financial Projections
Potential investors want to see this. Business plans need to contain a forecast for the financials of the business. What year will you be able to achieve profitability? What is the estimated revenue? How much are you likely to spend on expenses? Income streams should also be stated.
Entrepreneurs make the smart move of hiring professional business plan writers to help them with their draft. Apart from writing the plan, these experts also provide resources and on-going support to their clients.