Are you interested in starting your own esports Business?
If you're reading this, you're probably interested in starting your own esports business. Whether you want to be a professional player, a coach, a team manager, or anything else in the esports industry, there's a lot to consider before taking the plunge. In this blog post, we'll go over some of the basics of starting an esports business, from finding the right niche to raising capital. Before you start your esports business, you need to ask yourself what you want to get out of it. Are you looking to make money? Do you want to build a community? Do you want to be a professional player? Once you know what your goals are, you can start to figure out what kind of business will help you achieve them. There are a few different types of esports businesses you can start. The most common are tournament organizers, teams, and content creators. Each one requires different skills and comes with different risks. Tournament organizers need to be good at planning and marketing. They need to be able to find sponsors and convince them to invest in their tournament. They also need to be able to manage logistics and keep everything running smoothly on game day. Teams need to be good at building rosters and managing players. They need to be able to find and sign talented players. They also need to be able to work with sponsors and negotiate contracts. Content creators need to be good at creating content that people want to watch. They need to be entertaining and informative. They also need to be able to work with sponsors and get their content seen by as many people as possible. Once you know what kind of business you want to start, you need to start thinking about how you're going to finance it. If you're going to start a tournament organizing business, for example, you'll need to raise money to cover the costs of renting venues, paying staff, and marketing your event. There are a few different ways you
Global Market Size
The global esports market is estimated to be worth $1.1 billion in 2019, up 27.4% from $865.8 million in 2018, according to Newzoo's 2019 Global Esports Market Report. The report also found that the number of esports enthusiasts worldwide will reach 453.8 million in 2019, up from 2018's figure of 380 million. With such a large and growing market, there is significant opportunity for those looking to start an esports business. Below are some tips on how to get started: 1) Understand the esports ecosystem: Just as with any industry, it is important to understand the different stakeholders and players in the esports ecosystem before starting a business. This includes understanding the different types of esports games, the various platforms and tournaments that exist, and the key players involved such as teams, players, organizers, and sponsors. 2) Identify a gap in the market: Once you have a good understanding of the esports ecosystem, you can start to identify areas where there is an opportunity for a new business. This could be anything from a new tournament format to a new type of training or coaching service for players. 3) Create a business plan: Once you have identified an opportunity in the market, it is time to start putting together a business plan. This should include an analysis of the potential revenue and costs involved, as well as a marketing and growth strategy. 4) Raise capital: Starting an esports business can be capital intensive, so it is important to have a solid plan in place for raising the necessary funds. This could involve seeking investment from venture capitalists, applying for grants, or running crowdfunding campaigns. 5) Launch your business: Once you have all the necessary funding in place, you can start to launch your esports business. This will involve putting your marketing and growth strategy into action, as well as ensuring all operational aspects of your business are up and running smoothly.
When it comes to targeting a market for your esports business, there are a few key things to keep in mind. First, you'll want to consider who your target audience is and what they're interested in. For example, are you targeting gamers? If so, which ones? What sort of games do they play? What sort of things are they interested in outside of gaming? Once you have a good understanding of your target market, you'll need to figure out where to reach them. This will involve a bit of research on your part, but there are a few key places to start. Social media is always a good bet, as is any sort of online forum or community that your target market is likely to frequent. You can also look into offline options like conventions and meetups. Finally, once you've figured out where to reach your target market, you'll need to put together a plan for how to actually engage with them. This will vary depending on your goals and what sort of business you're running, but some basic ideas include things like running competitions and giveaways, providing exclusive content or access, and offering discounts or other incentives.
When it comes to starting an esports business, there are a few different business models you can choose from. Each model has its own unique set of benefits and drawbacks, so it's important to choose the one that's right for you and your business. The first model is the tournament model. This model is based around hosting and running tournaments for players to compete in. The benefits of this model are that it's relatively easy to set up and run, and it can be a great way to generate revenue for your business. However, the downside is that it can be difficult to attract enough players to make your tournament profitable, and you'll need to have a good understanding of the competitive scene to be successful. The second model is the team model. This model is based around owning and operating a professional esports team. The benefits of this model are that it gives you a lot of control over your team's operations, and you can generate a lot of revenue through sponsorship deals and prize money. However, the downside is that it can be very expensive to set up and maintain a professional team, and you'll need to have a good understanding of the competitive scene to be successful. The third model is the content creation model. This model is based around creating and producing esports content, such as videos, streams, or articles. The benefits of this model are that it's relatively easy to get started, and you can generate a good amount of revenue through sponsorships and advertising. However, the downside is that it can be difficult to stand out from the crowd, and you'll need to have a good understanding of the esports scene to be successful..
The esports industry is growing rapidly, with new tournaments and leagues popping up all the time. If you're thinking about starting an esports business, it's important to understand the competitive landscape. There are a few major players in the esports industry, including game publishers, tournament organizers, and streaming platforms. Game publishers are the companies that make the games that are played in tournaments. Some of the most popular esport games include League of Legends, Dota 2, and Counter-Strike: Global Offensive. Tournament organizers are the companies that run esports events. They are responsible for everything from finding sponsors to organizing the actual event. Some of the biggest tournament organizers include Major League Gaming and ESL. Streaming platforms are where most people watch esports events. The two most popular streaming platforms for esports are Twitch and YouTube Gaming.
If you're thinking about starting an esports business, there are a few things you need to keep in mind. First, you need to have a clear understanding of the esports industry and what it takes to be successful in it. Second, you need to have a strong business plan and a solid team to support you. Lastly, you need to be prepared to invest time and resources into your business. With these things in mind, you can be well on your way to starting a successful esports business.
Why write a business plan?
A business plan is a critical tool for businesses and startups for a number of reasons:
Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
Business plans allow you to position your brand by understanding your company’s role in the marketplace.
Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.
Business Plan Content
Many people struggle with drafting a business plan and it is necessary to ensure all important sections are present in a business plan:
Competitor Analysis & Advantages
Marketing Strategies & Plan
Plan of Action
The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.
The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at email@example.com . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.
Instructions for the Business Plan Template
To complete your perfect esports business plan, fill out the form below and download our esports business plan template. The template is a word document that can be edited to include information about your esports business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.
Ongoing Business Planning
With the growth of your business, your initial goals and plan is bound to change. To ensure the continued growth and success of your business, it is necessary to periodically update your business plan. Your business plan will convert to a business growth plan with versions that are updated every quarter/year. Avvale Consulting recommends that you update your business plan every few months and practice this as a process. Your business is also more likely to grow if you access your performance regularly against your business plans and reassess targets for business growth plans.
Want a Bespoke Business Plan for your esports Business?
Avvale Consulting has extensive experience working with companies in many sectors including the esports industry. You can avail a free 30-minute business consultation to ask any questions you have about starting your esports business. We would also be happy to create a bespoke esports business plan for your esports business including a 5-year financial forecast to ensure the success of your esports business and raise capital from investors to start your esports business. This will include high-value consulting hours with our consultants and multiple value-added products such as investor lists and Angel Investor introductions.
Avvale Consulting is a leading startup business consulting firm based in London, United Kingdom. Our consultants have years of experience working with startups and have worked with over 300 startups from all around the world. Our team has thousands of business plans, pitch decks and other investment documents for startups leading to over $100 Million raised from various sources. Our business plan templates are the combination of years of startup fundraising and operational experience and can be easily completed by a business owner regardless of their business stage or expertise. So, whether you are a budding entrepreneur or a veteran businessman, download our business plan template and get started on your business growth journey today.