How to Start a profitable Video Game Business in Nigeria.
By the end of this article you will have full knowledge on how to start a profitable video game business, what goes into starting up this lucrative business, what to avoid and how you can minimize cost in general.
How to Earn money has always been a major trend in every country’s Google search records, it has a breakout of more google search than any other trending search daily. One good aspect of this business is that, you don’t need to be a graduate to start this business. Maybe a little bit of paper work but that’s all. The major requirement of this lucrative business is that you understand how to manage people and a minimum amount of capital.
The Scope of Video Game Business.
First of all, let’s explain the concept of a video Game business.
A Video Game business can be said to be a business which major focus is to provide customers with the fun of video games, ranging from the sales of video game equipment to actually giving them the feel of playing video games outside their homes.
While you are thinking of how to start a profitable video game business, you should also bear in mind that there are two aspects of this business.
One aspect points at owning a Video Game Shop that sells video game equipment and the other which points at providing its customers with varieties of video games to consume at a spot.
We recommend having both in one shop if possible, making it a win win situation if a consumer wishes to purchase a gaming equipment or play video games at an instance.
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Video Gaming Shop
A video Gaming shop is a place likely to be a shop or a hall, where the activity of playing different types of video games are carried out. Examples of video games played in gaming shops includes Soccer, basketball, racing, wrestling, RPG (Role playing games), etc. When talking about games played in a video game shop, you can not exclude the soccer game because it has gained a worldwide recognition and popularity as well.
Video Game shop.
A video game shop is a shop where the sales of video game equipment is carried out. Video game equipment such as Headsets, gaming consoles, game pads, etc. are sold here.
How profitable is Video Game Business in Nigeria.
One advice we always give our readers is that, it doesn’t matter what the business is all about. There’s always a big side to every business, just add in some uniqueness and flavor and you have got yourself a big booming business capable of employing and paying workers. Video gaming business can guarantee you huge profits on a daily basis. You will understand what we are talking about, if you have ever been to a gaming shop. Depending on how large your shop is, you can be counting profits within minutes.
Let’s do a basic calculation using a soccer game for illustration. lets say you have just one video game console(PlayStation, Xbox, etc) with two pads and you charge just N50 for a single person. Majorly, a soccer game consist of two sides, home and away team. Its very likely for two persons to participate in the game of soccer, now there are two people paying N50 naira each making it a total of N100.
A fair soccer game has a 10 minutes timed interval for a standard match in regards to a gaming shop.
Let’s do the calculation, you will be making N100 in 10 minutes, in an hour which is 60 minutes you will be making N600. Let’s push our calculation further, if you run your gaming shop from 9:00 am to 6:00 pm that’s 9 hours a day.
9 hours consists of 540 minutes, multiplying 540 by N100 we get N5,400 in a day. This is actually mind blowing, you can subtract the money it takes to run the shop on a daily basis and still make huge profits daily. Now think about a month, how much do you think you will be realizing on a monthly basis. We only used N50 to site our example which many gaming shops actually collect N100 per person, just imagine the profits. Also we sited our example with just one gaming console generating N5,400 daily, think of what 5 gaming consoles will be generating. Not to talk of adding sales of video game equipment and other peripherals that will come to mind later on.
The opportunities are endless, no matter the downside of this business, there is always a guarantee of profit returns daily.
Basis Requirements for starting a Game shop.
Now having understood how lucrative this business promises to be, lets move over to the basic requirements of how to start a profitable video gaming shop in Nigeria.
- Location: First and foremost, your location matters a great deal to the actualization of profits in this business. 80% of your intending customers will be in the age bracket of 18- 25 years approximately. So you can not set up this business where there are mostly older people, your customers will mostly be students because at the age of 18 years to 25 years, people are mostly engaged in schooling activities. So setting up this business will necessitate you to locate an area of younger fellows.
- Power Supply: Steady power supply is the next thing on our list. The games are powered by electricity, so you will need a place of steady power or better still, get a powerful generator to cater for this need. Also keep in mind that this is one of the major factors that allows you run this business, so set up a plan that pertains to taking good care of your power supply.
- Gaming Consoles: Purchase varieties of gaming consoles for your shop. One significant fact about the human brain, is that it tries to be smart when offered varieties to choose from. It must pick one every time, so long as there are choices to be made. You can purchase the likes of PlayStation 3, PlayStation 4, Xbox one, Xbox 360 etc from the Jumia shop or the amazon shop.
- Television: Your gaming consoles will need a display system, this is where your television set comes in. The size usually depends on your capital, it should not be too small but make sure its a colorful display. It’s advisable you go for fairly used TV sets to reduce cost and as time goes on, if you choose to replace with new ones you can do so.
- Tables and Chairs: Your customers will definitely need to feel comfortable while playing games in your video gaming shop. Depending on your capital, try to get tables and chairs to suit this basic requirement.
You will need more chairs compared to tables because people will often sit and wait for their turn. The tables are where your television and gaming consoles will be placed.
- Cooling system: Due to the amount of heat that will be generated from both gaming consoles and people, you will need to provide them with a cooling system. You can purchase ceiling or standing fans as the case may be. Providing your customers with a comfortable place to play video games is an added advantage, even if they have a gaming console at home they will still choose to cool off in your gaming shop. As time goes on, you can install an air conditioner to better suit your gaming shop. This is totally optional.
Other optional amenities you can decide to add includes..
- Sound system: Many people enjoy a good audible sound system, this is really very optional but it will add more comfort and further give you an edge over your competitors around.
- Satellite TV: while other customers are waiting for their turn, you can keep them entertained by installing a satellite TV such as Gotv, Dstv etc.
How to start a profitable Video Game Business.
- Register your business with the Nigerian Corporate Affairs Commission(CAC). To avoid unnecessary harassment it’s advisable to register your business as soon as possible, video gaming shops are allowed in Nigeria. It is not an illegal business so it’s nothing to hide.
- Set up your shop and purchase the basic requirements we already listed above.
- Make an attractive advert banner or poster and place on your shop so that people will know exactly what your business is about. You can also decide to make fliers to distribute around to further enlighten people.
- Set up a challenge or a contest to attract customers, what ever contest you are currently thinking about as long as it is not against the law is superb.
- Restrict under age customers to avoid unnecessary harassment by their parents or guardian as the case maybe. Whoever is coming to your shop should be matured enough.
- Avoid Gambling, this is one thing that could lead to serious issues. Place a No Gambling notice in your shop. This will go a long way to avoid unnecessary issues.
So far we have tried to explain in details on how to start a video game business in Nigeria, it’s also possible we may have missed certain aspect unattended. Let us know in the comment box below and kindly click on any of the social media icons below to share and encourage us.