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So You Want to Run a VR Business…

The world of virtual reality (VR) is brimming with opportunities for ambitious entrepreneurs. But where should you start, and what should you focus on? In this article, I’m sharing some invaluable insights I’ve gathered over my three decades in the VR industry to help you successfully navigate this burgeoning field. My goal is to help you carve your path in the VR landscape.

The VR Landscape: Opportunities and Challenges

Let me start by saying that while the VR industry is full of promise, it’s also complex, with potential pitfalls for the unwary. Understanding the market before diving in is critical. I’ve seen many people enter without a plan, struggle, and eventually fail. Having a strategic approach is so important. Knowing what works and what doesn’t can make all the difference in this evolving space.

Key Factors for VR Business Success

Understanding Your ‘Why’: The first key to building a successful VR business is understanding why you’re doing it. For many early adopters, the drive was a passion for technology. While passion is important, a solid business strategy is equally essential to make your venture viable.

Content and Experience Matter: A diverse and engaging VR content library is a must. Your customers want variety—something for everyone, from first-time users to dedicated enthusiasts. The market for VR is still small, so curating experiences that appeal to a broad audience can make a big difference in finding customers.

Optimizing Revenue and Capacity: One of the most important metrics in this business is revenue per square foot per hour. Balancing capacity and pricing, especially during peak times, can significantly boost profitability. 

Technical Savvy and Operations: VR businesses thrive on tech, which means someone needs to be comfortable with the technology—whether it’s a family member or a dedicated technician. Smooth operations depend on maintaining your equipment well. Make sure you have spares ready to go for when the inevitable happens. 

Marketing and Customer Acquisition: Digital marketing is key to getting people through your doors. Understand your target audience, craft messages that resonate, and be consistent with your outreach. Don’t rely on organic social media; you will need to pay. Getting your website SEO right will pay dividends for years. 

Practical Advice for Aspiring VR Entrepreneurs

Research and Experience: Visit existing VR centers to get a feel for different experiences and operational models. Seeing what others are doing—both successes and failures—can inform your approach.

Balance Passion with Planning: Passion for VR is great, but a solid business plan will help you turn that passion into a sustainable venture.

Leverage Expertise: Don’t go it alone—engage with industry experts. Learning from others’ experiences can help you avoid common pitfalls and pave a smoother road to success. Join the VR Collective Circle and network. 

Tailor Your Approach: Remember, no two VR businesses are the same. Your location, target market, and content offerings will all shape your strategy. Adapt your model to fit your specific situation.

Conclusion

Starting a VR business isn’t just about having cool tech. It’s about understanding your market, planning strategically, and staying passionate about creating amazing experiences. With the right approach, you can navigate the complexities of the VR industry and carve out your place in this exciting, ever-evolving landscape.

Are there any particular challenges or questions you’re facing as you think about diving into VR? I’d love to help explore those further!

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