The virtual reality (VR) world, especially in attractions, has gained massive popularity in recent years and is on the cusp of accelerated growth. Whether you are opening a new VR attraction from the ground up or looking to implement VR into your existing venue, here are several factors to consider, and steps to take, to help you in your implementation. Step 1: Select the hardware At the top of the list, let’s consider the hardware you’ll need to power your VR attraction. The technology continues to improve to make headsets lightweight, user-friendly, easy to clean, and easy to maintain. But do you need tethered or untethered? Do they need to be noise-canceling? What type of battery life will you need? To help you find the best hardware, look at the best XR headsetsfor location-based entertainment for 2023 and beyond. Step 2: Create your games OR search for a partner to provide the games Unless you create the content yourself, you’ll need a partner to provide you with the games, challenges, and experiences your guests will partake in. Depending on your physical space and the best fit for your target audience, you need to determine who can provide the exact experience you want to deliver. To help you find the best options, check out the best location-based VRfor entertainment venues. Step 3: Find venue management software that enables you to run your attraction After you’ve sorted out your attraction, you’ll need to organize which venue management system you want to use to run your business. All-in-one, cloud-based systemsare most popular as operators save money and find it most efficient to commission only one provider for all of their venue management needs. Being cloud-based also means that you can work from anywhere in the world and that any updates you want to make to the system can be made from one device and automatically synced to all other business devices in real-time. FAQ’s about starting a VR business Is a VR attraction profitable? After two years of operation, a virtual reality room can bring operators around $320, 000 to $ 540, 000 in profits. There are many reasons for this, one of which being that VR often provides more flexibility than a fabricated buildout. For example, a laser tag arena requires many manufacturing, design, and safety specifications, and making changes or enhancements requires a complete renovation. Conversely, you can create laser tagin a VR arena and adjust as you see fit. A VR laser tag arena can often accommodate 18-20 players in a 2, 400 square foot space, and you can switch out the arena with a push of a button. Flexibility like this can lead to higher engagement and repeat visitation, as the experience can be entirely different each time the guest visits. Why is VR becoming less expensive to purchase? With the cost of hardware and tracking technology improving, VR is becoming increasingly less expensive to implement than physical buildouts. Naturally, the capital expenditure will vary based on the location, type of financing, and the granular details of the implementation. However, VR is highly customizable and can fit many budgets nowadays. VR is the ultimate immersive experience Thanks to the continual advancement of VR technology, combined with applications in nearly every industry across the globe, VR is here to stay, and it will become a critical part of almost every sector of the attractions industry. As you begin your journey in opening your VR experience, can help ease the burden of getting guests in your doors through booking, processing payments, the arrival process, and helping you generate feedback that allows you to grow. Click hereto schedule a demo today.
Josh is ’s Guest Experience Evangelist based in Chicago, Illinois (USA). His role involves showcasing how the guest experience should be at the forefront of business decisions in the attractions industry. This includes enhancing guest satisfaction, removing friction, and driving loyalty﹘all of which can solve from a technological standpoint.
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Step 1: Select the hardware Step 2: Create your games OR search for a partner to provide the games Step 3: Find venue management software that enables you to run your attraction FAQ’s about starting a VR businessIn this blog, we have broken down how to start a virtual reality business into a number of steps that are easily understandable and implementable.
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It should be noted here that the exact process of starting a VR business will depend on the type (from among the 3 types) of business that you choose to open.
So, we will take a look at the specifics of each type of VR business, and see how the general approach can be tweaked to suit the specific type of VR business.
Finally, we will take a brief look at how covid-19 can affect your virtual reality business, and how you can adapt your VR business to covid-19.
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The virtue of virtual reality lies in the fact that it includes the best of both worlds - the real world, and an artificial environment.
In other words, virtual reality creates an artificial environment for you to experience, but you will interact with that environment just as you would with the real world.
For example, if you light a fire in the VR world, you would experience a rise in temperature, simulating the real world effect of lighting a fire.
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Finally, the overall global spending on VR is forecast to skyrocket in the next few years , creating a massive space in which to locate your business opportunity.
I prefer to categorize them into 3 types, based on what kind of VR product or VR service you offer, and who your main clients are:
Generally, a business plan includes a statement of what kind of investment you need to get your business idea off the ground.
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If you have any advantage over your competitors, mention those. But make sure you’re talking about genuine advantages, and not making stuff up.
Here’s a guide to writing a business plan from the Small Business Administration . It also includes a leaner ‘startup format’ which you may follow.
You also need to get an identification number for tax purposes. For example, in the United States, all registered businesses are required to apply for a Employment Identification Number from the IRS.
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If you have some cash stashed away in a savings account, or a certificate of deposit, that you want to put to use, go for it.
A bank loan is a kind of debt financing. In simple terms, the money will have to be repaid, with interest, according to a repayment schedule.
Do a deep dive into what programs are available, compare and contrast them, and avail of the one(s) you feel is/are most suitable for you.
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For example, if you’re starting a VR escape room business, you’ll need to divide the place into a number of rooms each of which will host one team.
If you’re starting a consultancy, you’ll need a private office where you can engage in one-on-one consultations with clients, a reception, a waiting room, and so on.
At the beginning, you should hire people with experience in their role, so that you can limit the time and effort expended in training your staff.
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That being said, the exact details of some of these steps, like choosing a location, acquiring equipment, etc will depend on the kind of VR business you are starting.
You are competing with other similar businesses located nearby (if there are any) to draw customers who will want to take part in the VR experiences you have to offer.
If you are inaccessible, or your location lacks basic facilities , people would get put off, and prefer your competitors over you.
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You really need to do a deep dive into consumer tastes and interests, to make informed decisions as to your content library.
If you opt for a VR franchise , some of these decisions would be taken for you, since franchises conduct extensive research of their own while developing their content library.
The VR hardware - headsets, haptics, sensory input (like scent, wind, and heat) generators - are the backbone of your VR experience, and will need another deep dive from you, like the one into content tastes.
How To Start A Virtual Reality Business
While VR arenas will not require a lot of staff, the staff will need to be competent in a number of functions.
Main pro: Industry reports suggest that enterprise users will clock far higher growth in VR spending and investment than the consumer sector.
When you have project deadlines to meet (whether it’s a customized content order, or repairing hardware, there will always be a deadline), division of labor and delegation of tasks is crucial.
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If your business requires consumers to travel to your premises, you need to choose a location that’s easily accessible, by public and private transport.
While 90% of a successful pitch depends on how good your content is, 10% does depend on your pitching skills, how well you can interact with the prospective client, and so on.
If you want to start a business as a VR consultant, as an influencer, and so on, it’s not so much a question of
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