Last Updated on 1 February 2022 by Gertrude
Virtual Reality according to Dictionary.com is a computer-generated simulation of a 3-D image or environment that can be interacted with in a real or physical way by a person using special electronic equipment such as a helmet with a screen inside or gloves fitted with senses.
Virtual Reality places you inside the virtual environment to give an immersive experience.
There are three types of Virtual Reality: Non-immersive, Semi-immersive and Fully immersive simulations.
VR is growing and the devices you can use for a virtual reality business are getting better and cheaper.
Companies like Dell/Facebook are making a lot of money from VR.
If you’re wondering how to get a slice of the virtual reality craziness, start by buying a share from Facebook, Google, Sony or Microsoft.
I know about virtual reality as all about gaming and VR headsets and a little bit of lazing around.
There are many business opportunities to start your own virtual reality business and make money.
Is a Virtual Reality Business Profitable?
Virtual reality is a very worthy investment in this day and age.
There are people who have made a huge amount of money from starting virtual reality businesses and we have emerging and top companies investing their time, energy and money to start a virtual reality business.
A lot of businesses are using VR technology and incorporating them into their services today.
This means that your services will always be in demand, meaning you will always make a lot of money as profit.
Virtual reality is very lucrative and it is wise to start a business from it.
What is Virtual Reality?
Virtual Reality has been talked about for a while now, so it is not surprising to see that it has already been made available for the masses.
If you are familiar with the word, but not quite sure what it means, think of it as a blanket term for anything that seemingly replaces the reality you are in, created digitally.
Virtual reality shows you to alter your reality into one which you desire.
How Does Virtual Reality Work?
VR uses computer simulation to oversee events that are happening in the digital world.
Virtual reality uses headsets or goggles which cover your sight and replace it with another image.
When you look at these images, you get a sense of three-dimensionality.
There are also built-in gyroscopes that can detect movement and make you believe that you are actually moving in that world.
Virtual reality is also sound immersive and for you to interact fully with this world, you will need equipment such as gloves or video game controllers.
Why is Virtual Reality So Popular?
Virtual reality became popular over recent years because of its immersive world and experience.
- Every marketer out there has a dream to use VR so that their customers can have a taste of their business products through VR.
- VR doesn’t require any heavy computers or complex systems in order to create a company.
- VR is relatively cheaper as the 360 cameras and VR headsets are affordable and you can create amazing experiences from it.
- There are many successful companies that are using VR today and their outcomes should be encouraging for you to start a VR company.
What are the Uses of Virtual Reality?
These are the uses of virtual reality.
- Virtual reality is used in driving schools to give the learners a real look of traffic and how to control the vehicle.
- Virtual reality is used in research labs so that scientists can research on a specific topic
- Virtual reality is used in the entertainment industry for games and movies to make the gaming experience more real and to allow individuals to experience adventure under extreme conditions.
- Virtual reality is used in military training.
- Virtual reality is used in medical research to study human structure.
- Virtual reality is used in education to create good learning experiences.
All these uses of VR show the different areas that your business can serve once you decide to start.
What Equipment Do You Need to Start a Virtual Reality Business?
To start a VR business, you will need the following set of things.
- A VR headset.
- 360 degree cameras
- A smartphone/ phone computer with boxed headsets.
Requirements for a Virtual Reality Business
You need to meet all the necessary requirements when starting a virtual reality business.. These are the requirements you will need for your virtual reality business.
- Virtual reality headsets. Without them, you don’t even have a business. VR headsets are becoming more affordable because people want to use them for both business and recreational purposes.
- Licenses. There are rules and regulations for starting a virtual reality business so you need to have the necessary permits and licenses from your local authorities before you start your business.
- Insurance. Prolonged use of virtual reality causes some feeling of sickness so you need to ensure your business not to compensate your clients in case this problem arises.
- A website. You will need to create a website for your virtual reality business so that you can generate more leads and get customers.
- Software. Find a virtual reality software that your clients can use from their phone computers using the boxed headsets.
How Do I Start a Virtual Reality Business?
The following are ways to start a VR business step by step and they include:
Create a business model
Know how your virtual reality business will generate income, by including the right choice of offerings, strategies, infrastructure, organizational structures, trading practices, and operational processes and policies.
Identify your market
Choose the market that you think will be most receptive to your virtual reality services. Usually, youths and children are fascinated by virtual reality.
Adults too. For example, if you are starting a VR gaming business, your target customer demographic will be young male customers situated in urban areas.
Do not start a virtual reality business without checking to see if your market is receptive to your services.
Choose your virtual reality headsets
Once you have decided on the type of services you want to offer in your virtual reality business, pick a VR headset that is suitable for this service.
Develop your skills
You will need good technical and computer skills to be able to manage the VR software and use different techniques in your business for efficiency.
You will need to learn if you do not know how to operate VR headsets.
Market your virtual reality business.
Get to know your market by showing up for presentations and also networking with other virtual reality businesses.
You can also go online and promote your business on different platforms so that you can start operating immediately after launch.
What is the Best Virtual Reality?
When you are starting your VR business, you will need to choose the best VR so that you can be fully functioning and efficient.
You do not want to start out on mistakes and create a first bad impression of your customers when they use your products and services.
Oculus is said to have the best virtual reality headsets because they are quite affordable and easy to use.
What are the Best Virtual Reality Websites?
There are some websites that offer a good virtual reality experience and you can use them for your business.
- Hubs by Mozilla
- Interspace studio
- Dance Tonite by Google
- Oculus blog
- Hypergrid business
- Showroom by Littleworkshop
How Do I Find VR Clients?
To find your VR clients, build a good reputation to influence customer loyalty. The following are ways to get your first VR clients and they include:
- Survey customers. Examine the prospective customers that you have and prepare survey questions for them. This will allow you to generate new leads.
- Social media. Use the connections you have built online to talk about your virtual reality business. Go to Facebook or Instagram and have your business information set up so that people will contact you.
- Business cards. Have a business card with good branding, business details and contact information so that your customers can reach out to you when they want to visit your business enterprises.
- Create a website. Talk about your virtual reality business through blog posts and optimise it so that it appears on top of the lists when someone searches for it on Google.
- Word of mouth. Be the business everyone knows about and within no time, people will start contacting you for your services. Provide quality virtual reality experience to your clients and you will keep them forever.
How Do I Market Virtual Reality Business?
You want to promote your VR business so that you can expand your customer base and make more profit. Here is how you can market your VR business and let more people know about you.
- Word-of-mouth. Offer quality services to people and build your business this way. When people can acknowledge how their experiences were from your business, they will most definitely tell people who you are and how they can get in touch with you. Ask for referrals and testimonials to get more clients.
- Website. Take time to optimise your website for SEO and also build content.Your website will create a first impression on your customers and this will determine if they visit your business or not.
- Social Media. Leverage the connections you have on social media and use it to promote your virtual reality business on Facebook and Instagram and share relevant content.
- Email Marketing. Run an email sequence on your customers and offer solutions and tips to take care of their pain points. You can offer free resources or provide educational content if you want to build trust and loyalty with them.
- Business Listings and Directories. Make your virtual reality business available in sites such as Google so that people can come online and search for your services easily. Create a business profile, talk about your business and ask for customer reviews if you want to make it to these directories.
- Networking. Connect with industry experts and participate in local and community events and meet new people. You will get more clients and leads this way.
What are the Expenses of a VR Business?
Some of the costs you need to include for your VR business include the following:
- Cost of virtual reality headsets. This will cost you Ksh. 20,000 to Ksh. 60,000+ depending on the model and the company.
- Business licensing costs
- Marketing costs for advertising and promoting in social media and other platforms.
- Virtual reality website
- Rent for office space
- WiFi connection
How Much Does It Cost To Start a Virtual Reality Business?
Start-up costs can be less than a million or millions of shillings to start depending on the operation of your virtual reality.
How Do I Price Virtual Reality?
When you are thinking about how much you should charge for your VR services, you can consider the cost of your VR headsets as well as the overhead costs that you pay for your business.
If you have started a gaming arcade, you can charge an hourly rate or a flat rate for the use of your VR equipment.
How Much Money Can I Make From Virtual Reality?
On average, you can make around Ksh. 100,000 per month from VR business.
You can make more if you consistently market and improve your business outlook, products and services.
The more customers you get for your virtual reality business, the more you earn as profit.
What Skills Do I Need for Virtual Reality?
As a VR business owner, these are some skills and qualities you need to have if you are to start and run a successful VR business.
- Technical skills. You need to know how to operate the virtual reality headsets and maintain them. This requires that you have technical know-how on how to navigate the 360 degree cameras and video controllers for VR.
- Computer skills. It is important to know and understand the software used on your virtual reality headsets as well as the programming languages used on them.
- Marketing skills. Since you are starting a business, you need to know how you are going to promote it and make yourself known to prospective customers so that your business can be fully operational.
- Customer service. Excellent customer service is needed where you will be interacting with clients. When your customers are happy and satisfied, they will come back.
Advantages of Virtual Reality
Here are the benefits of starting a VR business.
- High demand. Virtual reality is in high demand today and with the technology advancing and improving, it means that virtual reality can be used in a variety of areas. This makes it a good business to start.
- Ease of use. Virtual reality devices are easy to use by anyone and this makes starting a virtual reality business quite easy.
- Low startup costs. Starting a virtual reality business doesn’t require any heavy computers or expensive devices. You only need to find the right headsets that work for you and you are good to go.
- High profits. With the high demand of virtual reality services, this means that there is very high return on investment.
- Little training. You do not need to go to a virtual reality training school to start your business. You can simply learn how to operate a VR headset from the use manual or use YouTube tutorials for that.
Disadvantages of Virtual Reality
I’ve listed some of the problems and challenges that you will face when you start a VR company. You should know how you can overcome them so that you minimise the risk of loss and have a long and standing business.
- Nuisance. Using virtual reality headsets can cause woozy feelings or even damage eyesight. You need to insure your business from losses arising from such risk.
- Competition. Many people are starting virtual reality businesses, following the high demand so it may be difficult to beat the high competition that already exists.
- High costs of VR headsets. Some quality VR headsets are quite expensive so you might end up not getting what you want to start your business.
How Do I Become a Successful Virtual Reality Business Owner?
To run a successful VR business, you must do the following:
- Use the latest technology. When you are selecting your virtual reality headsets, go for the latest models that are on trend. Technology keeps on advancing and improving and you want to make sure your clients get the best out of your business.
- Social media. Go online on social media platforms like YouTube and talk about your business. There are many people looking for VR training and services online so use it to find them.
- Market your business. It is not enough that you serve some clients. You need to have more people in your business so you can make more profit. Use both online and offline marketing strategies to achieve this goal.
- Improve your skills. Since you will be interacting with customers in your business, you need to make sure that they are comfortable and satisfied with your services so that they can generate more leads through referrals.
- Provide quality products and services. When your virtual reality business is exceptional, more people will be involved with your business.
What are the Mistakes to Avoid While Running a Successful VR Business?
When you are starting your VR business, there are some mistakes that you need to avoid if you want to be successful.
Here are some tips on what these mistakes are and how you can avoid them as you start your business.
Mistakes to Avoid in Virtual Reality
Here are the mistakes you must steer clear of if you start your VR business.
- Not paying attention to your customers. When you get your first customers, you may find some who do not have any VR experience, especially if you have started a VR gaming arcade. You need to have good customer service skills so that you can build business loyalty and trust with them.
- Ignoring safety measures. Some people have a hard time using VR. For example, a person may vomit or feel dizzy after using VR headsets. You can offer them a place to sit or gum.
- Poor quality headsets. You need to have high end VR headsets for your business so that you may offer quality and true immersion to your customers.
- Lack of a strategy to achieve ROI. You need to know how VR can save on costs, time and maximise profit for your business.
- Lack of other ways to keep the user interested. Besides just changing the reality of your customers, what other ways can you keep your customers entertained? Once they become bored, they will stop visiting your business.
Future Virtual Reality Business Ideas to Explore
Virtual reality serves a very wide industry and there are different projects you can try for your VR business.
The competition today in VR is gaining ground and you want to offer the best unique services and products to your prospective customers.
Virtual Reality Business Opportunities
Here are some of the best VR businesses you should be looking into as you start.
- Sales and marketing. Use VR to showcase products that are big and heavy to transport in an immersive way, for example aeroplane models.
- VR collaboration apps. Offer a feeling of presence with people by creating a whiteboard for organising team ideas and reviewing models.
- VR education. Create a virtual reality experience where leavers can listen to a teacher by an avatar, hence creating a virtual classroom.
- VR enterprising. Develop a realistic user experience to train people how to do a particular job. For example fire fighting, military combat or visualizations of emergency situations.
- Entertainment and gaming. Use VR for developing a gaming experience that incorporates VR. You can start a gaming arcade for your virtual reality business.
- VR rental business. You can start renting out your virtual reality business at a fee to other virtual reality business owners or anyone who wants them.
FAQs on How to Start a Profitable Virtual Reality Business
- What’s the purpose of virtual reality?
Provide human beings with a virtual environment where we can interact with a computer
In medical training, VR is used to ‘practice’ on patients before working on the real patient.
In education, VR is used for students to interact with each other and for special needs kids with autism
In fashion, VR is used to build fashion stores before putting the furniture in the store.
2. What are examples of virtual reality in everyday life?
3. What’s the difference between 3D and VR?
4. What are the disadvantages of Virtual Reality?
And a VR experience is yours only
5. What problem does Virtual Reality solve?
Used for training
Understand others: form a connection with different races, genders and disabilities.
6. Does Virtual Reality damage your brain?
No, VR doesn’t damage brains. but causes dizziness, depression and collapse.
7. Which software is used in VR?
8. How old should you be to play VR?
7+ and it also depends on the hardware companies have on their VR headsets. Each company has its own restrictions.
9. How much does it cost to start a VR company?
It costs millions of shillings to start a VR.
10. What are the tips for successfully running a VR business?
Define your product
Watch the trends
Build company structure
11. Can you make money from VR?
YES, you can make money with VR.
12. What’s the biggest VR company?
13. What company makes Occulus?
14. What industries are using VR?
15. What do I need to study to get into VR?
Degrees in computer engineering and 3D games.
Resources for Starting a Virtual Reality Business
What is Virtual Reality? Everything You Need to Know About VR in Kenya
Virtual Reality Business Ideas in Kenya
How to Start a Profitable 3D Printing Business in Kenya
Business Plan for Virtual Reality Gaming in Kenya
Entrepreneurs and big brands like Facebook, Microsoft are cashing in on VR.
There are other business opportunities in VR apart from gaming like in the medical field and the fashion industry.
Virtual reality keeps increasing in demand and growing in popularity in everyday life.
Are you an entrepreneur interested in Virtual Reality? How is the Virtual Reality business going?