Added: Shaneka Shepardson - Date: 09.02.2022 18:13 - Views: 43144 - Clicks: 2669
The coronavirus pandemic led to many UK businesses in the entertainment industry closing their doors. Only in the last few weeks have some started to re-open under strict social distancing guidelines meaning ificantly reduced capacity and revenue. It is yet to be seen how many ultimately survive and indeed prosper. Having a USP will become even more important and a niche market will also help.
Before the doom and gloom of coronavirus, video game arcades were on the rise in the UK and unlike a lot of entertainment venues, it is entirely possible to safely social distance in these spaces. The first think to note is that nearly every new business requires ificant initial investment and setting up an arcade would be no different.
You will need to establish a clear idea as to your initial outlay, ongoing costs, projected income, and potential break-even point. Once you have a fully costed budget and cashflow forecastyou can decide the viability of the concept and use it to drive your overall business plan.
You need to make sure that when you launch your business you have all of the required s and insurance. As part of your business plan, you will need to decide with what kind of entity you wish to run the arcade.
You could look at running it as a Sole Trader, a Partnership of some kind, or even forming a limited company. Each of these options have their own pros and cons depending on the scale and turnover of your operation, so you should consider them closely and take professional advice.
Part of this step will also involve deciding on a name for your venture and making sure you settle on a strong brand image and get your marketing plan in place.
This is possibly the key decision. Where you base your arcade is going to play a major part in your success.
You will need to strike the tricky balance between somewhere with decent access and potentially some existing footfall and somewhere where the rent or purchase price is not too high. This trade-off between access to customers and cost is something you will have to consider closely before opting for the best location on-balance. Is your arcade going to be just that? This will obviously bring additional income streams but will have corresponding costs. Potentially, you could even look at offering space to a well-known brand such as Costa or Starbucks or even a McDonalds?
Whatever you decide, your premises will also need to have toilets for customers and staff and these will need to be cleaned and maintained.
Essentially, you have two target markets to choose from. If you want families including younger children to be your main audience, a more traditional arcade would be appropriate. Or perhaps there is a way of having a bit of both?
Once you have you have decided on this, you will need to put a great deal of effort into how to reach them. This includes advertising, promotions, market-research and so forth. So where are you going to get your arcade game machines? How many do you want? Are you going to rent them or buy them, and on what terms? This is a central aspect of the business as without the machines, you are not going to get very far. Clearly this is helpful in that it reduces initial capital outlay but at the same time will increase ongoing costs.
One of the other benefits is that the leasing option will usually include some sort of maintenance deal, which is less likely to be the case with outright purchases.
You will want the big names to attract the punters — but these will come with a premium. As of 31 Marchthere were 1, adult gaming centres operating in Great Britain . It is crucial to know your competition before you enter any market, so extensive initial research is key. Find out who your competitors are, where they are based, what they offer, what they charge and how they attract customers. Once you have this information, you can look at how to make yourself unique and even how to poach their customers. Clearly, to some extent this depends upon the types of machines you choose but you will need to decide whether you opt for a traditional pay-per-play plan or some sort of hourly rate.
Perhaps there is also scope for memberships at different price points with different benefits. It is well worth checking how your competitors deal with this aspect of the business. You will probably not be expecting to run this all yourself so staffing may well be a ificant cost and it will also take time and resources to find suitable team members. Once you have your business plan established and have made the decision to press on with the venture, you will need to establish a web presence and promote your business.
It would make sense to advertise on gaming websites and in publications that are read by your target audience. You might also want to consider the services of a reliable SEO company to help you start ranking on Google on some key search terms and bringing in relevant traffic. You could be covered in just 10 minutes. Find out more. Brilliant software. Creating and selling your own products and services, building a network of happy customers and managing your own time are just three of the perks that come with running your own business. But all too…. Stricter lending criteria and the boost of digital technology has led to a huge demand in the loans industry in the UK.
With more and more applications being taken out online and by mobile and…. Starting a business may be exciting, however there are a few things that you need to make sure that you get right from the beginning. Here are eight top tips for startup success that business…. Money Matters The first think to note is that nearly every new business requires ificant initial investment and setting up an arcade would be no different.
Company Setup As part of your business plan, you will need to decide with what kind of entity you wish to run the arcade. Location, Location, Location This is possibly the key decision. Facilities and Extras Is your arcade going to be just that? Who is your Target Market? Equipment So where are you going to get your arcade game machines? Competition As of 31 Marchthere were 1, adult gaming centres operating in Great Britain . Pricing Plan and Structure Clearly, to some extent this depends upon the types of machines you choose but you will need to decide whether you opt for a traditional pay-per-play plan or some sort of hourly rate.
Staff You will probably not be expecting to run this all yourself so staffing may well be a ificant cost and it will also take time and resources to find suitable team members. Web Presence, Promotion and Advertising Once you have your business plan established and have made the decision to press on with the venture, you will need to establish a web presence and promote your business. Good luck with your venture! No-ties business insurance for sole traders - pay monthly!
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How to Start an Arcade