Phoenix is the largest city in the United States (US) based on its population and is a great place to start an electronic game arcade. It is one of the fastest developing cities of America. This business offers great returns on investment if the games inventory is selected carefully and management is good.
Tips for an Electronic Game Arcade Start Up:
o It is recommended that you give your business a legal structure. The right legal structure can be determined using the services of an experienced attorney.
o Select a catchy and attractive name making sure it is formed in compliance with applicable State laws and register it. It must not be a replica of any existing registered business name.
o Get all licenses and permits from the relevant authority. The attorney can help you get them.
o Select a good insurance cover for your service from a reputed agency.
o Market research and competitive analysis are necessary to understand your business better. It will help you gain a competitive edge by offering better services than your competitors.
o Have a sound business plan, which can act as a guide to carry on the day-to-day operations of your business. It will come in handy in case you need start up capital, which usually runs between $ 10,000 and $ 50,000. The plan will help convince loan officers to grant your loan. The plan will clearly identify the target market, and help device strategies to attract them. It will establish your target goals clearly and the timeframe within which you have to achieve them.
o Determine the source or dealers who will provide you with inventory and maintain good relationship with them.
o Select a good location in a good area such as a retail space in a shopping mall and make sure the attorney studies the lease agreement.
o Determine the games, equipments, furniture, and food and drink vending machines etc. that you will need and buy them after comparing prices of different vendors.
o Determine the staff necessary and it will help if you or the staff can repair the machines too if need be. Make sure you treat your customers' right and keep their interest by periodically updating your inventory of games.
o Advertising and marketing strategies are extremely important for any business to succeed. Make sure you advertise in the news, radio, and TV consistently and regularly. Regularly circulate fliers with the newspapers and leave them in beauty parlours, bakeries, supermarkets, video rental stores etc. Frequently advertise the latest addition to your inventory.
If your service is good and you manage your business well it can be a very profitable venture. You could use the services as well as the products of the firms that help new entrepreneurs succeed.