I would like to open my own business. I want to start a video arcade for all age kids up to adults. Unfortunately, I have really bad credit. I have little to no ideas how to get started. I do have a prime location where there is no such business but am clueless how to proceed. Please help with suggestions!!
2007-06-09 17:19:55 · 2 answers · asked by ? 2 in Business & Finance ➔ Small Business
I have to agree you have many obstacles against you. Credit is not your biggest obstacle (lenders are out there you just have to trey everyone).
The biggest obstacle is the ARCADE. The arcade as it has been know for years have came to about an end. The market group you are going for Tweens and up, the lover end of the age group have game systems at home that make the classic arcade games look like Egyptian ruins. Older users playing games on line against others around the world. And then the elders that grew up with the classics, yes will love to play the classics again but are not going to be spending countless hours and money playing games.
Game Works, Dave and Busters, and others like them around the United States are gaining in popularity because : They offer a lot more to do then just play games. You are able to eat, drink at bars, watch sports on large screen TVs, Lounge around at tables and chat, Have parties, and Play state of the art Games. The ability to have a place for the whole family is what will keep these places alive.
State of the art Games: Okay DDR is very popular because it is fun, fast paced, interactive, competitive, multilingual (music), and for all ages, sexes, and ethnicity. Games using motion simulation are the rage at the Game Centers because it's not something you can have in your home, and cant play against others the way you do at the game centers. The cost of most game are start out at almost 5K and go up to nearly 100K and quarters are a thing gone by, the use of a ATM like card is in demand. Leasing/Renting this equipment is the way to go but finding a supplier in your area willing to let you have NEW games is like finding a money lender, They will look at how much of a risk are you going to be to them.
All the negativity said, America was built on peoples dreams. Thru determination and wit you may be able to do what you want and love. The first thing any lender and others that will be dealing with your business want you to have a Business plan. This plan needs to be complete: It starts off about you and your background, and forms into what you are looking to do, your vision of what you are going to do, and the future of how you will keep the business going. You need to know the population , the demographic of the area, and the traffic passing your location. Know your cost of running the Business, Taxes, business license, utilities, wages, leases, payment of leased equipment and loans. Oh yea also how much profit you will pocket and how much you will put back into the company.
Preparation is needed and you seem to be doing the first step by asking questions.
I wish you the best in luck....
2007-06-10 07:52:33 · answer #1 · answered by tc_an_american 7 · 3⤊ 0⤋
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RE:
I would like to start my own Video Arcade business for tweens and up. I'm not sure where to start..?
I would like to open my own business. I want to start a video arcade for all age kids up to adults. Unfortunately, I have really bad credit. I have little to no ideas how to get started. I do have a prime location where there is no such business but am clueless how to proceed. Please help with...
2015-08-18 04:15:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There's a lot you're going to need, but funding is going to be key. Do you mean that you already have ownership/control of the property that is at the prime location? You are also going to need plenty of video game machines and most likely you will probably rent them from one of the video game vending companies that are in your area (if there is even more than 1, I don't know where you are trying to start this). I know that MusicVend (I believe that's the name, if I remember correctly) in the Seattle area is one of companies here that offers such things. You'll need to have the games either leased/rented from the company or purchased, but it would be too expensive for you to purchase most games because they will get old and you'll probably want to replace them unless you happen to get lucky and get one that stands the test of time. There's not a whole lot in the arcade game industry that do, compared to those that play, earn a few bucks, and then get converted into another game. You'll also need to license the games for use (I'm guessing you're in the US?). Whatever location you are in is going to be needing serious wiring to facilitate running all of these cabinets at one time all day and with good lighting on top of that, electrical bills will be high. You'll probably be good using the game vending company to empty coins and refill change machines, but you'll have to do it on any games you own. This means they'll have to have access to the games (preferably prior to opening) and you'll have to have manpower for this and running all of the show and overseeing what happens. Hopefully, you'll have a bit of wit in the repairing the games market. It's not too difficult and some things like replacing joysticks and button repair are pretty simple (and common enough to become simple). More serious ones will need someone else's work.
For all of this, you can see the numerous expenses needed to go over the basics of the arcade. There's more expenses, but that covers the basics of it. The downside of arcades is that they are fading away as the popularity of home consoles and computer gaming become more and more popular and affordable. People are frequenting arcades less which is sad. I wanted to start one in the Seattle area, but they all faded away as Gameworks came in and one other one, Wizards of the Coast. Wizards of the Coast failed, Gameworks is chugging along and they jointly basically shut down all the smaller ones in town. Now, real estate seems too pricy to allow for a new one. There's a few places with a few games, but not really dedicated arcades and I don't think there will be here in Seattle any new ones.
2007-06-09 17:33:25 · answer #3 · answered by Anonymous · 0⤊ 1⤋
look at how much your going to need to open up. look at renting games that have option to buy like rent to own. then look at your prizes and how much that is going to be then look at what rent for your spot and power bill and see if all that has to come out for a month if you can do it in your in town and make more then what has to come out it would be best if you have an income to save a lot before you open so you don't go under and you can manage your home bills as well its a lot of money but if its a small town you will go under and close with more debt then when you started
2014-07-08 12:52:31 · answer #4 · answered by msengland 1 · 0⤊ 0⤋
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2017-03-03 10:04:03 · answer #5 · answered by ? 3 · 0⤊ 0⤋
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2016-02-14 23:16:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
As the man above me said, arcades are becoming extinct and are closing down all over. I would like to start my own also, yet this trend is not encouraging.
2007-06-09 23:31:49 · answer #7 · answered by gotagetaweigh 4 · 0⤊ 1⤋
You have no ideas and awful credit. What lending institution do you think would take a chance on you?
http://www.sba.gov
2007-06-09 17:22:53 · answer #8 · answered by Anonymous · 0⤊ 2⤋