A board game lounge company offers a cafe ambiance where clients may socialise and play games while drinking coffee. These places often include food, drinks, and a large selection of board games. Continue reading to find out how to establish your own board game lounge company and if it is a good fit for you.
Table of Contents
Follow these ten steps to establish a board game lounge:
Create a Board Game Lounge.
Create a legal entity for your Board Game Lounge.
Register your Board Game Lounge with the IRS.
Create a Business Bank Account and a Credit Card
Create an accounting system for your Board Game Lounge.
Obtain the Required Permits and Licenses for Your Board Game Lounge
Purchase Board Game Lounge Insurance
Create a brand for your Board Game Lounge.
Make a website for your Board Game Lounge.
Configure your Business Phone System
Starting a company entails more than just registering it with the state. We’ve put up this basic guide to getting started with your board game lounge. These stages will guarantee that your new company is well-planned, correctly registered, and legally compliant.
STEP 1: Make a business plan.
A well-thought-out strategy is vital for entrepreneur success. It will assist you in mapping out the intricacies of your organisation and uncovering some unknowns. Consider the following crucial topics:
What are the initial and continuing expenses?
Who is your intended audience?
How much money may you charge your customers?
Fortunately, we have done a lot of the legwork for you.
What are the expenses of establishing a board game lounge?
When you wish to build your own board game lounge, you might anticipate certain expenses. First, you’ll need a location for the café, which will need a lease. Second, you’ll need to buy furnishings and games for the lounge. You may begin with a modest configuration to keep your beginning expenditures low and to familiarise yourself with the lounge.
What are the continuing costs of running a board game lounge?
A board game lounge has comparatively modest continuing costs. You must pay for utilities, rent, and workers. You may need to replace games or continue to purchase new ones.
Who is the intended audience?
Adults and children will also enjoy a board game lounge. Your target market, on the other hand, may be more focused toward families during the day and adults in the evening.
How can a board game lounge generate revenue?
The most basic method a board game club makes money is by charging guests to play games. Customers might be charged per visit, each game, or per hour.
How much money may you charge your customers?
You will not be allowed to charge your consumers a large fee for each visit. Make sure your rates are appealing enough to keep clients coming back at first.
What kind of profit can a board game lounge make?
Even if you charge a minimal fee every visit, you may earn a lot of money with this company in a year. The more people that visit your lounge, the more money you earn. You may earn hundreds of thousands of dollars if you have a really busy lounge. You may expect to earn roughly $100,000 per year on average.
How can you increase the profitability of your company?
There are many strategies to increase the profitability of your lounge. You may rent out a private space to consumers for private occasions. Consider forming a league and holding weekly board game competitions. Furthermore, if you have the means to employ chefs and bartenders, you may increase income by adding food and beverages to your lounge. If this is not an option, try collaborating with a local food truck.
STEP 2: Establish a legal entity
Sole proprietorship, partnership, limited liability company (LLC), and corporation are the most frequent business structure forms.
Creating a legitimate company organisation, such as an LLC or corporation, shields you from personal liability if your board game lounge is sued.
STEP 3: File your taxes
Before you can begin for business, you must register for a number of state and federal taxes.
To register for taxes, you will need to get an EIN. It’s really simple and completely free!
Taxes on Small Businesses
Depending on the business form you choose, you may have multiple choices for how your company is taxed. Some LLCs, for example, may benefit from being taxed as a S company (S corp).
These guides will teach you more about small company taxes:
Taxes on LLCs
LLC vs. sole proprietorship
Corporation vs. LLC
S Corp vs. LLC
How to Form a S Corporation
S Corporation vs. C Corporation
There may be state taxes that apply to your company. In our state sales tax guides, you may learn more about state sales taxes and franchise taxes.
STEP 4: Establish a company bank account and credit card
Personal asset protection requires the use of distinct business banking and credit accounts.
When you combine your personal and business accounts, your personal assets (your house, vehicle, and other possessions) are at danger if your company is sued. This is known as penetrating your company veil in business law.
Furthermore, understanding how to develop corporate credit may help you get credit cards and other financing in your company’s name (rather than your own), lower interest rates, larger lines of credit, and other benefits.
Establish a business bank account.
Opening a business bank account is not only required when asking for business financing, but it also:
Separates your personal assets from the assets of your firm, which is required for personal asset protection.
It simplifies bookkeeping and tax reporting.
Create a net 30 account.
Net 30 accounts are used to develop and grow company credit while also increasing cash flow. Businesses use a net 30 account to purchase items and refund the whole debt within a 30-day period.
Many net 30 credit suppliers submit information to the main business credit agencies (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how firms establish business credit in order to get approved for credit cards and other lines of credit.
Apply for a business credit card.
Obtaining a business credit card benefits you in the following ways:
Put all of your company’s costs in one location to separate personal and business spending.
Build your company’s credit history, which will be important for raising funds in the future.
STEP 5: Establish business accounting
Recording your numerous costs and sources of revenue is crucial to assessing your company’s financial status. Keeping precise and thorough accounting also makes yearly tax filing much easier.
STEP 6: Obtain all required permissions and licences
Failure to get appropriate permissions and licences may result in significant penalties or possibly the closure of your firm.
STEP 7: Obtain commercial insurance.
Insurance, like licences and permits, is required for your company to operate safely and legally. In the case of a covered loss, business insurance protects your company’s financial well-being.
There are several sorts of insurance plans designed for various types of companies with varying risks. If you are unaware about the hazards that your company may encounter, start with General Liability Insurance. This is the most popular coverage required by small companies, so it’s a good place to start for yours.
Workers’ Compensation Insurance is another important insurance product that many companies need. If your company will have workers, your state may require you to purchase Workers’ Compensation insurance.
STEP 8: Establish your brand
Your company’s brand is what it stands for, as well as how the public perceives it. A strong brand will help your company stand out from the crowd.
How to Market and Promote a Board Game Lounge
Advertising is essential for marketing your lounge. You should concentrate on people in your region who like to play games. You may market your lounge by placing advertisements in local newspapers and periodicals.
How to Keep Customers Returning
The greatest method to maintain your consumers is to provide an interesting environment with games they want to play.
STEP 9: Create your company’s website.
After you’ve defined your brand and designed your logo, the next step is to build a website for your company.
While developing a website is an important step, some may be concerned that it is out of their grasp due to a lack of website-building skills. While this was a fair concern in 2015, online technology has made significant advances in recent years, making the lives of small company owners considerably easier.
The following are the primary reasons why you should not put off developing your website:
Every genuine company has a website, period. When it comes to bringing your company online, it doesn’t matter what size or sector it is.
Social media accounts, such as Facebook pages or LinkedIn company profiles, are not a substitute for your own business website.
STEP 10: Install your company phone system.
Getting a phone for your company is one of the finest methods to keep your personal and professional lives distinct and private. That isn’t the only advantage; it also helps you automate your company, provides it legitimacy, and makes it simpler for prospective clients to identify and contact you.