How to Open Your Own Arcade If you love games, want to be your own boss, and are looking for a good business opportunity, consider starting your own arcade. An arcade business can be very rewarding if started properly and managed well. Proper groundwork and a first-rate strategy will go a long way in turning your arcade business into a money machine. Strategic Planning Thousands of businesses have gone bust due to lack of proper planning. Don't let yours be one of them. Formulate an elaborate written plan covering all the key factors involved in starting and operating an arcade business. Some of the aspects your business plan should touch on are: - Size of the arcade - Location - Target market - Initial capital required and ways to raise it - Financial analysis of costs, earnings and profits - Marketing strategy - Opportunities for future expansion Size of the Arcade Are you planning to start your arcade on a grand scale or do you plan to begin with a modest venture? Anything above 10,000 square feet is a large scale venture. Smaller arcades require less time to set up and would be ready to open in as little as a month. Larger ones would obviously require a lot more planning and implementation time. If you're planning a mammoth project, a practical estimation of start up time could be anything between 1 to 5 months.Â Location Where you set up your arcade is a vital factor in your business. It can make all the difference between success and failure. Your ideal location would depend on the market you intend to target. Whenever possible, arcades should be located in areas that people frequent on a daily basis like malls, shopping centers, schools etc. Prime locations generally charge more rent. So, figure out which would be the most feasible location with respect to potential customer traffic and affordability. Target Market Design your arcade according to your target market. Do you plan to target only children? Are you planning to cater to adults as well? Perhaps, you mean to open a center complete with games, food and drinks where both children and adults can find something to capture their interest. So, ascertain whether it would be practical to target only a specific market or whether a general one would work better. Financing Most businesses are constrained by finance. Determine the amount of investment needed and means to acquire it. Draw up a detailed financial statement incorporating your capital requirement, running costs, future earnings and profits. This will be required when you approach lending institutions like banks and financial organizations. Marketing Strategy Do whatever it takes to advertise your business as long as you can afford it. Print business cards, distribute fliers and place advertisements over the internet and in local newspapers. Future Expansion Purchase your games and all the equipment that you need to set up shop. Also decide how you'll co-ordinate payments for games. You can use a stamped coupon system or the latest high-tech swipe card system. Analyze how you can expand and diversify to match changing market trends. The key to staying in business is to go with the flow and keep upgrading your gaming software. Licenses Don't forget to get licensed. There are zoning laws which prohibit the opening of arcades in certain places and also place ceiling limits on the size of the arcade. Seek permission from your local zoning board before setting up your arcade. An arcade can bring you substantial revenues in the long run, but it can just as easily be a big failure due to sloppy planning and execution. Study all the risks involved especially in view of the fact that the popularity of home gaming systems is increasing with each passing day.Â Pamella Neely writes about how to start an arcade business for http://www.StartAnArcadeBusiness.com.