There are several business ideas you could explore, online or offline. If you are planning to invest in a business, ensure that it is something that you are passionate about. Also, it should have profitable trends for the present as well as for the future.
One of the booming industries in the online segment is the casino industry. Its biggest market lies in Europe where the UK shows a large turnover. The gambling yield in this country grossed over £14.5 billion in 2018, and out of that, about one-third comes from remote gambling. Players are open to experimenting with new websites and apps as well as a new variety of free slot machine games without downloading or registration as they all come with secure licensing norms and standards, even when it comes to gambling with money.
Advantage of Technology
There are several advantages that technology provides, especially when it comes to starting an online venture. For instance, in online casinos, the live-action at the different table games is no longer an advantage of the select websites. The technology of running live games online is offered by several software brands at an affordable price.
Again, if you are looking to start a gaming portal, you have technology on your side to be able to provide state-of-the-art, immersive and high definition audiovisual experience to the players.
The 5G technology has also made it possible to access live games and other software at high speeds with smooth streaming. The same works for retailers as well. There is profitability in running a website for clothing and accessories. You can find your clientele accessing your website even on their smartphones and tablets.
With technology advances, even an offline venture is easily planned and set into motion. For instance, a manufacturing idea could be made less labour intensive with the right choice of machinery and automated processes. Retail outlets and their decor or layout can be designed and planned virtually before you opt to invest in such an idea.
Know the Сosts
The answer to setting up costs would differ as per certain details. Below are a few instances:
- If you were to have an online casino designed from scratch, the estimate would be higher as compared to using a template design;
- When it comes to eCommerce ventures, there are several templates and suite software solutions that can help you set up your website from scratch;
- For an offline business idea such as running a cafe or a co-working space, you would need to tie up with a real estate developer or a co-working company;
- There are expenses in pre-launch as well as post-launch stages; the former encompasses setup expenses which are about 30% to 40% of overall cost, marketing accounts for a similar percentage of the costs while licensing procedures involve about 10% to 20%;
- Setting up part of any project usually requires more money than the maintenance part;
- Once a business is running, there are ongoing expenses such as promotions and marketing, distribution, shipment as well as warehousing costs. The latter aspects would be ongoing for eCommerce businesses.
Where to Source Your Finance?
If you are considering delving into a business, you would be wondering how to fund the same. It is best to look at options of a loan as well as investors. For any of these measures, it is best to start by having a business plan that is well thought out.
Forming a Business Plan
You need to explain how you would put the money to use.
Purchase of Domain or Retail Space
This is the first purchase choice to consider. There are several hosting software brands that offer several options to have a website up and running. When it comes to finding business space in brick and mortar outlets, the region’s real estate prices would come into consideration.
If you are planning to start an online business, as per the country or countries that your domain will cover, you need to opt for licenses. In case it is an offline business, there are trade licenses to obtain as per the line of business. It would be wise to contact the right authorities and get an estimate of the cost of the same.
Marketing and Staff Expenses
This is the next category of expense you need to think about. It is usually an ongoing expense that has several subcategories, depending on support staff and other personnel you need to hire or the marketing activities you plan to pursue.
Besides knowing the expense categories, you need to showcase originality in your plan. Most marketplaces are competitive, and investors have several projects to choose from. Lenders and bankers need to see an idea that is original and be confident that it would be successful before they sign over their funds. That is the first hurdle you need to overcome.
Coming up with Original Ideas
If you are planning to start an online venture, the industry makes it easy to showcase originality. Most casino website owners get to choose a particular theme and add design features that can create a new look and feel to existing gaming software. If you are looking to start a cafe in your neighbourhood, you need to showcase the kind of decor, menu ideas you have that would make it special and get people to walk in.
Trends of the Market
Many new businesses often invite new companies or individuals to invest in them in stages. They contribute small chunks in capital across the different growth stages of such a domain. Investors also find it easier to invest in a product that has proven itself in a certain market, and online casinos are becoming profitable and lucrative ventures of the virtual world.
Industry projections of the business that you intend to delve in need to forecast a healthy trend. A new company with a good proposal is sure to get financial backers who would be eager to start from the ground up and be able to have a share in the profits in the future.
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