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    1. Marygood is offline

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      #1

      Setting Up a Video Game Rental Business

      Iím a homemaker and planning to start a video game rental business for earning extra income. Can anybody offer some ideas on how to set up a video game rental business? Thanks.
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      #2
      I must say that you have come up with a great business idea. There are many games lovers like me who want to have their hands on all the new games available but it’s not always possible to buy them. So, we prefer to depend on video game rental shops.

      1. You can start a video game rental business by renting a small shop or using a room in your home as a dvd library.

      2. First of all, you should decide a name for your business.

      3. You may need a license for operating this business depending upon the laws of your state. So, check with the local authorities to know about the legal formalities to start this business.

      4. The next step is buying inventory. You’ll need to get dvds of some of the most sought for games. You should buy classics as well as new releases. Depending upon the demand, you may be required to buy multiple copies of some dvds.

      5. Decide the price for renting the games. You could think of different pricing options – price for renting a game dvd for a week, price for renting a game for a month and rates for a yearly and a half-yearly membership.

      6. Once you are ready to start renting the games, you should start advertising your business. You may place advertisements in local newspapers and superstores.
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      #3
      Though starting a video game rental business is a good idea but the only problem is that there’s tough competition in this segment.

      With some of the established names all over the market, it would be difficult for you to carve a niche for yourself. But it’s not impossible.

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      #4
      As the cost of renting the shop is quite high these days, you could even start your online video game rental business. In that case, instead of personally delivering the games to the doorsteps of your customers, you’ll be required to use postal service for sending dvds to them. Of course, if the customer is located close to you, you can give the option of picking up the dvds from your place.

      This type of dvd rental business allows you to reach out to a large number of people. Your business will not be limited to the people living near your shop. You could even ship your dvds to customers located in faraway locations. See the success of online dvd rental companies like Netflix and Gamefly!

    5. Marygood is offline

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      #5
      What are the prerequisites for starting an online video game rental business?

    6. Sandy56 is offline

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      Just an e-commerce website and tax id number.

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      #7
      If you are interested in starting an online dvd rental business, you should get an online dvd rental software. Such a software has features like inventory management, transaction history, queue processing, renewal of membership, payment gateways and so forth.

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      #8
      One of the most important things that can affect the profitability of dvd game rental business is the price at which you buy video games. Whether you start a dvd rental shop or an online dvd rental company, choosing the right video game supplier is a must.

      Never approach a local dvd store for buying games, as it will be costly. You should better deal with a wholesaler or directly with publishers.

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      #9
      There are many publishers that sell games to video game rental companies at almost half the price. They ask you to pay a small portion of video game rental revenues to them.

      You could try different buying techniques to decide which one works best for you. Suppose a video game that is sold for $50 in the retail market, is available at $40 through a wholesaler and $30 through a publisher. In such a case, you could decide if you want to buy the game for $40 and keep all revenues from the game with yourself or you want to buy it at $30 and share some revenues from the game with the publisher. If there are many takers for the game, you may profit the most from option 1 but if the game doesn’t do well then your downside risk would be limited in case of option 2.

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      #10
      I have to admit it's a good idea, but I would think that you would have to think of the long term here. You can shop around and get current games at wholesale, but the more you buy, the longer it will take to recoup your initial investment to where you can start making a profit. That, and keep an eye on current gaming trends to keep up with what is the more popular games. It sounds like a fun business, but it's still a business.

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