How to Start a VR Business (26 Best Ways & Tips to Help)

You can surely learn how to start a VR business by reading this article.

It explains how to get started and tips to help you not only start but also succeed with a VR business.

 

Importance

Starting a business can be compared to various events in the sporting world.

Before you actually compete there are a number of conditioning steps that needed to take place.

Those conditioning steps include learning the sport, eating properly, exercising, and practice.

In particular, starting a business is similar to the track and field event known as hurdling.

All of the preliminary steps are required and then when the competition starts the race is on towards the finish line and in between are high gated or fenced obstacles known as hurdles.

It is the job of the runner to run the fastest that they can, jumping over those hurdles, and on to the finishing line.

So it is with any business and in particular starting a VR business as there are many hurdles that need to be jumped.

 

26 Best Ways & Tips to Help You Make Money in VR

 

1. Know all about What VR is?

VR or virtual reality may be the most familiar to an individual as it relates to playing video games utilizing this 3D technology.

Although video games are an important component of virtual reality software and technology it is now a significant part of engaging people from the corporate world.

Through virtual reality training programs employees can be engaged to increase their knowledge and hone their skill sets as well other significant uses.

Related: How to Get Paid and Really Make Money in Virtual Reality.

 

2. Research

When looking to start a business that utilizes virtual reality and to succeed in that business you need to conduct your research.

Your initial research should be to understand virtual reality, how it works, how it can be utilized and promoted in your community, and so forth.

 

3. Pricing

Because this is a business that you are considering entering into and offering to clients it is important to consider your pricing.

Pricing considerations should include any competition in your market, what is the average going rate for various VR sessions, and particular business sector you plan on pursuing, what the market will bear, and so forth.

 

4. Website

An integral part of starting your business will be the creation of a website.

Some of the features of your website should include the benefits of using VR technology, what the company or individual can expect by participating, frequently asked questions, pricing, a page devoted to what VR technology is, testimonials, a way to contact you or the scheduling desk, and so forth.

 

5. Location

There are basically three ways that you can provide this technology to your clients.

It can be done through:

• Smartphones
• Stand alone
• Desktop

Depending upon what the business model you choose and how you are going to provide this service will be dependent upon whether you need to have an office space or conference room setting available for your clients.

When considering renting or purchasing a facility it is important to remember the mantra of all property purchases with that mantra being location, location, location.

Therefore, your location consideration should be in proximity to an industrial business complex or where there is a conglomeration of businesses centralized together.

 

6. Business Plan

As with all startup businesses it is important to have a plan of action or the formulation of a business plan.

A business plan is a narrative that outlines the vision and mission of what you perceive the company to be, marketing plan, budget, staffing required, utilizing a SWOT anaylsis (Strength, Weakness, Opportunity, and Threat), and inclusion of other features.

 

7. Budget

Another important component before starting up a business is to formulate a budget for the operations.

The budget should include:

• Staffing expenses
• Occupancy
• Equipment
• Insurance
• Utilities
• Etc.

The income side of the budget should cover all of the expenses plus the profit that you wish to realize.

The two sides of the budget should at least equal with a better case scenario being more income than expenses to cover contingency expenses as well as building a reserve.

 

8. Business Model 

Another important step that needs to be taken is to decide upon how your business will operate under which legal structure.

Some of those legal structures include:

• Sole proprietorship
• LLC
• SCorp
• And others

Your choice of legal entity and structuring will determine forms and reports that need to be submitted, liability issues, taxes, etc.

It is important for you to conduct your research on which legal model you wish to choose and either go through a lawyer or with a reputable online site that can help you provide the needed legal document to file with your state of residency or other state.

Also See: Earning Money With Raspberry Pi & Earning Money With a Skid Steer.

 

9. Register

One of the steps that you need to take when starting a business is to register your business with the government.

The registry with the government not only includes the federal government but also any local or state registry requirements.

The purpose of registering is that so taxes can be collected.

 

10. Initial Investment 

When starting and being successful with a VR business there are certain financial investments that will need to be considered.

Those initial Investments will be money for:

• Legal costs
• Possible building costs
• Security system
• Acquiring needed equipment
• And more

 

11. Ongoing Expenses

It is also important to remember that there will be ongoing expenses and so therefore, cash flow, is critical.

Some of those ongoing expenses could include:

• Rent
• Utilities
• Payroll
• Insurance
• Marketing
• Etc.

 

12. Financing

Financing the initial operation can be accomplished in a number of ways.

Those ways include self-financing which means that you will utilize your personal resources, support from friends and family, loans from financial institutions, and private investors.

One other possibility is by obtaining a small business loan in which there are funding opportunities known as microloans.

To learn more about this possibility you can click here.

 

13. Staff

More than likely you will need staff to help you run the business.

Staff member positions could include:

• Administrative staff
• Bookkeeping
• Cleaning
• Operating VR equipment

When it comes to staffing you have two choices.

Those two choices include whether to utilize contract labor or actually employ the individuals and pay them a salary.

The basic difference between the two types of staffing options surround the payment of benefits, payroll taxes, etc. for hired staff.

Where a contract individual is required to pay their own taxes, provide their own medical insurance, and other benefits.

 

14. Competition

One other analysis that should be completed relates to competition in your community.

In other words, what other companies are offering VR services that you are thinking about providing as a product and service.

It is best to research the competition, what pricing they are requiring of their customers, what particular aspect of the VR industry are they providing, etc.

Once you have completed the analysis you then can determine how your company will be able to compete for business.

 

15. Content Library

The actual service that you provide to your customer will be based upon the virtual reality niche that you have decided to be involved with.

The best way to discover what is the best niche to pursue will be based on your research and what the consumer needs are in your area as it relates to the company incorporating virtual-reality.

Also, as part of your offering you will need to have a content library that you can access.

To facilitate your starting and succeeding with a VR business you can create your own company from the ground floor and build or you can opt to go with a VR franchise.

To learn more about VR franchises you can click here.

 

Business Ideas

 

16. Cafe

A particular component of a VR business that you could start would be a virtual reality café.

This is a location in which the customer can enjoy a VR experience and similar to an eating establishment, enjoy all of the VR possibilities available at this building location.

The customer would pay by the hour and can choose which VR experiences they wish to enjoy or a variety of options that provide the VR technology.

 

17. Sports

Another possibility is to start a VR based sports streaming service.

Through VR technology the individual can select a sporting event that is vivid and real and gives the impression that they are at ringside, courtside, 50 yard line, etc.

In addition to being involved in observing the favorite sport by the customer, live streaming sporting events can also be viewed such as golfing tournaments, professional basketball games, and other sports.

The beauty of being involved in a VR experience is that you don’t have to put out money for parking and expensive concessions.

 

18. Marketing

Another aspect of the VR business could be the component of creating a marketing agency.

If you have an acumen or passion for marketing you can invest in VR based marketing.

With virtual-reality the marketing component makes the marketing brand come alive and also allows the marketing strategy to create different experiences for the potential consumer as well as engaging and encouraging them in experiencing the product and possibly purchasing.

 

19. Designer

A component of virtual reality and incorporating virtual reality into a business is being a designer or developer of VR products that can be utilized on the person’s mobile phone, desktop or additional platforms.

By being a designer you will bring the concept of VR to life to improve the popularity and usability of a product and engage the virtual-reality customer to realize a better experience.

 

20. App

Another business opportunity that presents itself in affiliation with virtual-reality is the development of apps.

It is anticipated and projected that virtual reality is on pace to rapidly grow and knowledgeable analysts predict that the business will learn 2.4 billion on an annual basis.

Therefore, apps will be need to be developed that can keep pace with this anticipated growth.

The developed apps, through your expertise, will use the power of virtual-reality to engage the users and provide a quality experience and all that virtual reality has to offer.

Possibilities of apps to engage the customer can include:

• Healthcare
• Education
• Gaming
• And so forth

 

21. Escape

As the name implies an escape room with VR capabilities is an opportunity for gamers to get together in a room and compete.

The room can be booked by a number of gamers and those that wish to participate can focus in on one game or a variety of games.

In the escape room the equipment is provided along with chairs to provide a full experience for all those involved.

Also See: How to Start and Succeed with a Tile Business.

 

22. Animation

The use of 3D animation utilizing a VR business provides the opportunity for individuals involved to continually change up the landscape or the animated characters.

With 3D animation the virtual reality process allows for the individual involved in this VR business service to provide a more meaningful experience for their customers.

 

23. Payment

A business aspect of the VR service can be the development of a payment system.

This may prove to be a quality business opportunity as it relates to VR because of the strides of VR into the area of shopping.

Therefore VR payment solutions will be needed to allow for the shoppers to shop for their goods and pay through VR devices as well.

 

24. Gym

In the area of physical fitness an idea for a VR business would be the creation of a virtual reality gym.

Through VR specialized workouts can be devised for the participant that can utilize headsets and have interaction with virtual reality trainers that can help them with their training and diet and not have to be present.

By utilizing a VR gym experience membership fees can be reduced and the use of an individual trainer can be an economical reality.

 

25. Consulting

A business opportunity utilizing VR technology would be in the area of being a consultant and working with companies to implement and increase their use of VR technology.

The consultant would be invited in the business and observe processes and suggest ways that virtual reality can utilized in areas such as training and meeting the business objectives that are in place.

 

26. Headset Rental

With the growing popularity of virtual reality many individuals are looking to incorporate this technology but the needed equipment may be out of their budgetary parameters.

Therefore, a VR business that you could involve yourself in would be the renting out of headsets to utilize virtual reality technology.

 

Personal Story

A few Christmases ago my wife and I were invited over to a friend’s daughter’s home for Christmas dinner.

After the delicious meal the teenage boys in the home wanted to know if I wanted to see some of the gifts that they received for Christmas.

At this time the hot tech toys were drones and virtual reality headsets.

My interest was peaked with the virtual headset and so they set me up with a game to play.

When everything was set I put the headset over my eyes and to my horror it was a roller coaster ride that they had placed into the headset.

I am not one for roller coaster rides and so with the realistic action that was unfolding coupled with the reality of the roller coaster cart proceeding up the incline, I took as much as I could take and before the plunge downward I literally took off the headset as fast as I could.

In assessing the reality of the game and it being virtual the palpitations of my heart and my sweating certainly said otherwise.

 

Starting a VR Business FAQs

 

What Segments of the Business World Use Virtual Reality?

Some of those business products or services that engage the use of virtual reality include:

• Healthcare
• Real estate
• Tourism
• Gambling
• Interior design

 

What is the Worth of the Virtual Reality Market?

It is estimated that the value of the virtual reality market as of the latest figures in 2022 is at $24.42 billion.

 

You Can Do It

You are excited about the possibilities of starting and succeeding in a VR business.

Virtual reality is the wave of the future and is not just about playing games but has business implications for business owners to improve their service and product.

With your vision and hard work you are going to make your virtual reality into reality by operating a successful VR business.

 

Conclusion

Starting a business is not a sprint but more of a marathon and especially a race in which you as the entrepreneur or runner will be navigating a number of hurdles.

The wonderful reality is that once the hurdles have been navigated, you are on your way with your virtual reality business and finish line.