Ultimate Gold Farmer Checklist
You want to be able to make money with games. But how? You’re not the MLG type, and you’re not too interested in becoming a professional gamer. It’s understandable. It takes a lot of time, and oftentimes, these gamers become burned-out and don’t really enjoy playing anymore.
What can you do? Become a gold farmer.
Gold farming is still huge, and it doesn’t just include World of Warcraft, contrary to popular belief. We’re going to be providing you with the ultimate goal farmer checklist that you can use to start your own gold farming business today.
P.S. We’re using the term “gold farmer”, but this just means anyone that makes money off of in-game items, currency or other game-related sales. You can even sell services to make money.
1. Identify Popular Games
The first step? Find your niche. There are several different MMO’s on the market, and you want to have a good understanding of what makes a game popular. I found that you can find popular games by:
- Scouring social media
- Looking for games that have a lot of PR coverage
- Looking at major industry publications that keep mentioning the same upcoming game
There are a lot of games that are coming out in 2016. If you want to find a good list of games to start with, I recommend this article on Wikipedia. There is a good article also on MMORPG that has been recently updated, and it mentions many of the new titles to be released this year.
2. Player-Base Figures
If you’re going to choose a game that is already established, you want to look at player base figures. It’s simple economics: the more subscribers, the greater demand for virtual goods. Unfortunately, you have to look up each game separately to find exact figures. Here is an article that is a little dated, but it gives you a roundabout of the top games in the industry.
3. Initial Investment Cost
If you’re going to start a business, you need an initial investment. The initial investment cost for gold farming should be kept to a minimum, so you can start off without too much of a loss. After a few months, you can purchase a better rig to speed up your gold farming.
Anyone that is just starting out and has a lower-end computer should be looking at the minimum system requirements when choosing games.
Setting Up a Good Rig
As your gold farming business advances, you’ll want to set up a better rig. You want to make sure that your computer can:
- Play most PC games
- Will last for years
If you currently have a PC and are not going to be building a new one, you can upgrade your existing rig. I recommend a minimum of:
- 8 GB of RAM
- 2 terabyte hard drive
- A powerful video card
You’ll need a powerful video card to run newer games. There is no way around it. I recommend checking out: http://www.videocardbenchmark.net/. This is the absolute best site for anyone looking for graphic card related benchmarks.
And you don’t need the Titan X for gold farming. You can suffice with a $200-$300 graphics card for many years.
4. Which Platform to Sell
Utilizing a platform that is already set up for gold farmers is recommended. This will connect you directly to your customer base. I recommend:
- Selling on 2 to 3 platforms
- Dividing the stock equally among platforms to test each market
You always need a place to sell your gold and in-game currency, and trying different platforms is the best option to succeed.
5. Research and Analyze Market Pricing
At this point, you should have a few platforms that you already know that you want to market on. Utilize the same platforms to research and analyze market pricing. Check to see if the game you want to play, offers:
- A healthy market
- Competitive rates
It doesn’t make sense to farm a game that isn’t profitable.
What’s the secret to a successful business? Scheduling.
You need to be able to commit time and resources to your business. This means scheduling everything. I recommend using Google Calendar, or something similar. Create a schedule, and make sure to include:
- Fun activities
- Social time
- Business activities
7. Setup a Payment Account
You want to be able to offer payment options that work for every consumer. Some people can use PayPal, some can’t – so it’s difficult. I recommend signing up for several platforms, including:
- Google Wallet
If you are going to be using email, I recommend signing up for an alternative email address. You don’t want to be bombarded with messages on your own personal account. You can use several different methods of communication, including:
Taxation is a major concern because selling items will be considered income. Always make sure that you are declaring your taxes appropriately, and you can use several online tools to help you. But the tools you use will be different depending on what country you live in, so I really can’t provide you with a solid list of resources that will work in every country.
Finally, you have a thriving business and are starting to see profits. It’s time to think about growing your business. But how? You can do this by:
- Buying additional PCs
- Hiring freelancers
- Hiring employees
You’ll undoubtedly come to a point where you simply can’t expand your profits. When you get to this point, you either have to stay up longer and farm for longer, or you have to hire someone. This is a decision that you will need to make on your own. Do you want to hire people and worry about management? Are you comfortable with your current level of income?
These are all questions that you will need to ask yourself before expanding any further. Just remember, there are new games coming out every year that provide people with tens of thousands of dollars for selling virtual goods.