Starting a Gaming Organization in 10 Easy Steps

Starting a gaming organization is like starting a relationship; it’s easy to get into, but hard to manage. Before starting an organization like Complexity, ESEA, SK or Team3D you must first ask yourself a number of questions and prepare yourself for the task at hand. Below are 10 steps to making a start in creating your new gaming organization:

1. Decide
Do you want your organization to be a proprietorship, a partnership or a corporation? A proprietorship is a company that you own fully by yourself, meaning all legal responsibilities are directed to you. Donald Trump and the Trump Organization are proprietorships; he owns them, meaning he does not need to listen to the constant nagging of investors, nor does he have to try to keep them happy. A partnership, on the other hand, is simply working with one or more individuals because they have resources that you don’t, be it financial resources or intangible assets. Finally, a corporation is a neat concept: you create an entity that exists as an individual, like giving birth and having a baby without going through the process. The corporation is entitled to legal rights and is owned by the shareholders. In my opinion, if you want to start a gaming organization and lack the resources to do so, it’s good to start a Limited Liability Corporation (LLC), another interesting concept that lies between a partnership and a corporation, but which gives you less legal responsibilities. That is, angry investors can’t knock on your door at midnight asking for their money.

2. Learn accounting
Know that Accounting is the language of business, and that if you don’t understand the language you’ll have a hard time getting any business done. Pick up a book or take a course on Financial and Management Accounting. That would be enough to start you off. Understanding financial statements is a necessity, since they allow internal and external users to make decisions.

3. Think ahead
Write up a detailed business plan. Ask yourself a few questions: What is the mission of my gaming organization? What are my goals? When do I plan to end this business? A business plan is required to keep yourself focused and also allows potential investors to know your business. Remember, don’t lie and make false promises. In business, a promise is a powerful tool and is expected to be fulfilled. Failing to do so is damaging and can make you end up in court. Feel free to contact me for a copy of an example business plan.

4. Register your company with the government; get the legal documents written up by a lawyer. In fact, you can do this online without even meeting the lawyer; simply head over to this website if you’re in the United States:
http://www.bizfilings.com/orderonline.htm