What do I need to start my own game studio?

Before you start your own indie games studio there are a number of key issues you should consider that will help ensure you are successful with your new venture.

Have a great idea for a game!

Spend your time carefully thinking through your idea to ensure it will be saleable and feasible. Be careful not to underestimate the size of the development you have planned. Consider the time you will have to invest in creating your game.

Choose the appropriate legal structure

Generally this is a choice between trading as self-employed or forming a Limited Company.

Self-employment is low cost and the quickest way to start a business. You can also incorporate later if you are more certain of success and would like the benefits that trading through a company can offer. There is also the low cost, simple way to exit, if the business does not go to plan.

Forming and trading through a Limited company comes at a higher price, but can offer significant benefits, including tax efficiency, increased chances of outside investment and access to reliefs such as Research & Development and Video Games Tax Relief.

Prepare a Business Plan

There are a number of free templates available to download on the internet. Your Business Plan is a great way to focus your mind on what you are planning to do, your timelines, financial requirements, forecasts and market research. It will also help support your application for funding (whether bank loan, publisher funding or equity investment).

Talk to the professionals

There are solicitors, accountants and finance providers experienced in the video games sector that can offer you invaluable, low-cost support at the start of your venture. This will enable you to make the right decisions at the outset and ensure you avoid costly mistakes.

Author: Luke Thomas, Director, Plus Accounting

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Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.

Date Published: 13 May 2021

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