Many people think you’re crazy if you imagine things that don’t exist in the real world. But the truth of the matter is that the ability to build ‘worlds’ distinct to the real world is central to your success as virtual reality (VR) and augmented reality (AR) entrepreneur. And it’s not something to laugh about. In 2020 alone, over 5.5 million units of VR and AR headsets were shipped. It’s a growing trend expected to increase to 11 million headsets this year, 2021, and 43.5 million headsets by 2025.
Any way you look at it, VR and AR can be glorious opportunities you dare not miss. We’re talking about a $12 billion market with 54% yearly growth. But as ambitious as you could be to jump into this money train, being cautious is wise. Like any business before you, there’s a good chance you could bungle this one. To boot, not doing your due diligence is a surefire way to waste your investment money.
The good news is some entrepreneurs have successfully invested in VR/AR business before you. Taking a page out of their playbook should bid you well. Here’s to start.
Define Your Product
If you think starting a VR/AR business is easy, then you may be in for a rude awakening. And the biggest draw for users, of course, is the excitement of getting into a whole new world. But there’s the catch. It all boils down to customer experience. The question, therefore, that you need to tackle from the onset is your product viability.
How will your product impact the VR/AR market? Is it a new game you want to market? What particular niche are you going to target? AR/VR are state-of-the-art technologies, no doubt. Still, it would be best if you did an old-school marketing study to start right.
Take note that big tech firms such as Google offer services that you can incorporate into your strategy. The thing is, you need to settle, right from the start, key marketing essentials to get your business off the ground.
Define Your Audience
There are different niches you can explore in the AR/VR gaming zone. Take note that though similar AR and VR are actually distinct technologies with different markets. AR is a blended reality as it uses the physical world to interact with the customer. VR is taking the user into an entirely new world that’s virtual.
As such, you need to do extensive market research to this end. You must define your audience from the onset, as this can help you attract investors later on.
Tap the Right Talent
If there’s one truth that you should wrap your head around with, it’s that your product can only be as good as the talent that makes them. It’s important, therefore, that you get the best hands your money can afford.
3D modeling is essential in any AR/VR enterprise. In this regard, connecting with the best 3D game art outsourcing can be wise. Outsourcing allows you to tap top talent without spending so much. Think about it. Hiring a 3D artist to work in-house can be laborious and costly as you’ll have to equip your talent. Worse, you may not be getting the best artistic results, which means not being given value for your dollar. With outsourcing, you pay only for outstanding results.
Be in the Know
As aforementioned, you need to keep abreast of the latest developments of the VR/AR side of the news. A good way to do that is to subscribe to VR/AR blogs online. By being always on the lookout for opportunities, you ensure you can make the most of one when a good one falls in your lap.
As good as your idea is, making it happen is the second part of that equation. And whether you like it or not, you’ll need funding for that. It’s important that before you seek financers, your idea is already whole. And that means you’ve defined well your product, your market, and your strategy in getting that market.
Fortunately, thanks to the growing market of VR/AR, there is a slew of venture capitalists and business investors willing to help startups with great ideas. You’ll have to pitch your idea in the process. Don’t worry, though. Even the biggest tech names today, such as Facebook, had to start small. Mark Zuckerberg had to woo angel investors. Those who saw Facebook’s potential at the onset were lucky. They became billionaires. Names such as Peter Thiel would come to mind. And that’s the beauty of a promising idea executed well.