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Tips for Operating a Successful Esports Business

Tips for Operating a Successful Esports Business

By: SMITH THOMPSON

When playing video games, gamers manipulate electronic media. Their goal’s to achieve a favorable outcome. Some games are multiplayer strategy games. Other types of games include first-person shooter (FPS) games and trivia games. For example, Riot Games’ popular League of Legends (LOL) game is a multiplayer online battle arena (MOBA) game.

The popularity of video games has produced the esports industry. While Statistica reports the video game market is on track to generate over $65 billion in the United States in 2021, esports is expected to produce $1 billion in revenue by the end of 2021. Dedicated gamers may pursue esports business opportunities to generate income from playing or promoting video games. Read on to explore some esports business opportunities, how to prepare for an esports career, and the resources you’ll need for your esports business.

What Career Options Can You Pursue in Esports?

Those passionate about video games and esports may launch a tournament. This involves developing a business plan, securing investment capital, and attracting players to compete. These esports business professionals may serve as the event manager or fill another administrative role.

Advertisers may enter the esports field and use their experience to promote events or locate event sponsors. Tech experts, such as network and computer systems administrators, may work for esports companies. Their duties involve setting up and maintaining gaming networks.

Competitive gamers enter esports tournaments and generate profits from their winnings.

How Can You Prepare for an Esports Career?

There are several options for preparing for an esports career. You might opt to earn a law degree if you want to work as a competitive operations expert. You could study computer science to prepare for a career as an esports manager or network and computer systems administrator. Individuals planning to launch a tournament may pursue a business administration degree to prepare them to launch their esports event.

Professional gamers generate revenue by winning esports competitions. Entering this career field involves mastering gameplay for specific video games and entering tournaments featuring those games. Streaming your gameplay on platforms such as Twitch is an excellent way to discover other gamers looking for players to enter into a partnership with if you’re interested in playing team esports games.

Suppose your objective is to rank among the best LOL champions. Refer to reputable resources to learn about gaming strategies. Expert insights can help you determine which champion to play by breaking down the benefits of playing as popular characters such as Ashe, Garen, or Soraka. Whether you play as an assassin or a marksman could have a significant impact on your gaming performance. Exploring the benefits of playing as other character types could help you discover other gaming skills you can take advantage of when playing League of Legends.

Individuals launching esports tournaments benefit from a business administration or marketing background. They’ll need strong interpersonal and event planning skills to entice investors and players to support their tournament.

What Resources Will You Need for Your Esports Business?

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Individuals who work as managers or network specialists may be paid salaries, making it easier to manage their finances. However, those who enter esports tournaments are essentially small business owners. Whether they opt to incorporate or run as a sole proprietor, their taxes are more complex than standard employee taxes. Individuals launching esports tournaments will need accounting experts to manage their payroll and help them establish a budget.

Esports competitors and tournament creators benefit from hiring eCommerce accounting experts. E-commerce accountants help small businesses track income and expenses. They can prepare income statements, develop cash flow statements, and claim deductions for the cost of goods required for business purposes. A good accountant produces the financial reports esports competitors need to manage their cash flow and determines how much money they need to set aside for upcoming expenses and income tax payments.

Launching a successful esports business begins with choosing a video game. Competitive esports players must master the skills needed to rank among the best. Esports tournament planners need business skills, too, to launch successful esports tournaments and attract the best competitors in the world.

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