Board games have been an integral part of entertainment in many cultures since the dawn of civilization. We see examples of board games such as ‘snakes and ladder’ and chess in both Indian and Egyptian settlements of old.
But as Covid-19 spread, people began to value the nostalgia that came with board games. Because it is an intergenerational phenomenon, everyone has played a game at some point. That’s why 2020 saw an exponential increase in board game sales.
Here’s a step-by-step guide on how to start your own board game business and start making a profit while they sell like hotcakes.
Schedule
A plan is essential for any business to get off the ground. It sets your goals and helps you define a vision for your future empire. You will need to calculate start-up costs at this point and do some market research on your target market.
You also need to see what your competitors are charging and whether you can price them competitively without impacting margins. You should also spend a lot of time looking at the price range in which your product will be sold.
Starting a board game business does not require much capital compared to other businesses and you should be fine with $20-25,000. These prices can be lower or higher depending on how you market and roll out the product.
Your biggest expenses in the beginning will be registering a trademark for the game and applying for copyright, creating the artwork, and then manufacturing the game. Production costs decrease as you place an order for large quantities.
Legal aspects
Some of the most common types of business types are sole proprietorships, corporations, limited liability companies (LLC), or corporations. If you register as an LLC or even a corporation, you won’t be held liable if someone sues your board game company. LLC fees are fees and we strongly recommend that you register as such. You can have the basic services or get some of the best LLC services for a modest additional cost.
Taxes
When opening a business, it is best to be aware of all the taxes you must pay in advance. Be sure to read all state and federal taxes you may be required to pay. It is best that you start filing taxes as soon as possible, even if you have no income from the business.
This way you stay informed and, when the time comes, you can easily file your tax return. Being on the legal side of the fence is very necessary, and taxes are a big part of the legal aspects of your business.
Apply for an EIN for free on the IRS website. This way you can obtain your number via fax or by post itself. Learn more about the small business taxes you need to pay.
Special bank account and credit card
To protect your personal assets, it is important that you have a dedicated credit and bank account. If the company has issued your personal assets, you are at risk of seizure. To avoid this, it is best to open a bank account and credit card.
Business accounting
Record all your expenses and the different sources of income so that you gain insight into the cash flow and financial health of your business. Having detailed records of these things can help you prevent future disasters and even save you a lot of money in the long run. It also simplifies the annual tax filings that will occur every year.
Permits and licenses
You need to know what permits you need to operate in the area and what license you need to keep the business operational. Make a note of these permits and licenses and make sure you apply for them well in advance. In most cases, obtaining a license can be a tedious task that can take weeks.
You don’t want to delay your business parade because permits are postponed or permits are denied. Make sure your artwork and logos are trademarked and copyrighted so that no problems arise in the future.
Business insurance
Business insurance is useful if you want to have certain losses covered. It is good for the well-being of your company if something goes wrong. There are many different types of insurance policies for different businesses because they all carry different types of risks. General liability insurance is a great place to start for your business coverage needs.
Industrial accident insurance is also very necessary for some companies. It takes care of your employee’s medical needs, which is a major expense and also protects you from potential lawsuits.
Branding
Going forward, you need a clear vision of what you want the brand to be and how it interacts. You will need to focus on social media presence and public identity that is in line with your goals. A well-defined brand helps you stand out from the competition and also makes your business easily recognizable.
After this, you need to work on how to keep people coming back to your board game. A game can be fascinating enough, but you have to sell it in a way that gets people excited about it. Bloggers and reviewers are the way to go when it comes to board games. Influencer marketing can produce great results and is the best way to get your product in front of a large audience in a short time.
Website
The e-commerce side of the board games industry is booming and you should get in on the action. This way you can expand your business globally and easily access other areas. It has never been easier to become an overnight success.
company’s phone
Since this is an intergenerational product, people who are uncomfortable with internet transactions will also contact you. This automated process makes it easier for you to make a sale and saves time by automating most of the process.
Something else?
Of course, there are other things you need to start a board game business. But they are unique to your needs and situation. Let’s say the above is the must-have to get your business off the ground.