The Chess Entrepreneur: Unlocking The Secrets of Making Money By Chess

Available Languages: • Bengali (বাংলা)

"Chess + Entrepreneur = Chesspreneur"

Hello everyone, you are welcome to my this blog. In my this blog, I am going to unlock 🔓 some secrets of making money by chess ♟️. It is important to know if you want to become a Chesspreneur.....

So, without any further delay, let's get started ......

💠 Table of contents:

• Introduction
• Some income generating sources :  
  • Participating in chess tournaments
  • Online streaming platforms 
  • Coaching and teaching chess
  • Content creation and writing
  • Selling chess products  
  • Organising chess events or competitions
• Conclusion

Introduction:

You all know that chess is a board game that has been played by many generations and the popularity of this board game is increasing day by day. However, in recent years, there has been a resurgence of interest in chess and it is now more popular than ever before. Why?? Here are some reasons..

• The COVID-19 pandemic, which led many people to stay at home and look for new activities to pass their time. In the pandemic many people learned chess and started playing online or playing with their family.

• The release of the Netflix series, "The Queen's Gambit," which brought chess to the attention of a new audience. Due to this many people create interest in this game.

• Some online chess platforms, like Chess.com and Lichess.org,  which have made it easier than ever to play chess against people from all over the world.

Because of these reasons , the number of people playing chess has increased significantly in recent years. In fact, Chess.com reported that they had over 100 million members on 16th December 2022.

It is clear that chess is currently in the spotlight. If the trend continues, chess could become even more popular in the future. So, with the increasing popularity of chess, the income generating sectors are also increasing day by day.

Some income generating sources:

➥ Participating in chess tournaments:  

Participating in chess tournaments can be an important way to make money for you if you are a serious professional chess player. Here are some reasons why you should participate in tournaments:

• Prize money: Chess tournaments offer  good cash prizes to the winners and top performers. Yes it's true that the amount of prize money can vary depending on the size and prestige of the tournament but it can be significant. For example, the total prize money of the Global Chess League 2023 is $1 million US dollars.

• Sponsorships:  Chess players can also earn money from sponsorships. There are some companies that sell chess products or services who are often willing to sponsor players who are seen as being successful. This can provide a significant source of income for for you if are a top players.

➥ Online streaming platforms: 

Online chess streaming platforms( like twitc.tv, YouTube etc.) are very important in making money for chess players and streamers. @DanielNaroditsky, The Botez sisters, @GothamChess, @HIKARU, @ChessBrah are some example of famous streamers. There are a number of ways by which you can make money through streaming, including:

• Donations from viewers: Viewers can donate money to their favorite chess streamers through platforms like Twitch and YouTube. This can be a very common way for you to make money if you become their favourite streamer  and it can be a significant source of income for you.

• Subscriptions: Some chess streamers offer paid subscriptions to their channels. This gives the subscribers to access to some exclusive contents, like,  emotes, badges, and chat privileges. You can also do it.

• Advertising: If you want to become a chess streamers then you can also make money through advertising. This can be done through direct sponsorships from brands or through running ads during your streams. 

Overall, online chess streaming platforms can become an important way for you to make money. If you are a chess player who is looking to build a career in chess, streaming is a great option to choose.

➥ Coaching and teaching:

If you are a strong player with a passion for teaching, coaching and teaching  chess can be a great way  for you to make money. You can teach at your home, any local school or at any nearest chess club. You can also be a chess.com coach like @AttilaTurzo, @szefru, @TijanaBlagojevic, @DanielGuel and many more.

Some reasons why you should become a chess teacher..

• High demand: There is a high demand for chess coaches and teachers, both online and offline, due to the increasing popularity of chess. Schools and Parents always welcome to teach their kids to play chess because of its benefits.

• Good payment: Chess coaches and teachers can charge a decent amount of money for their services. @DanielGuel, a chess.com coach, charges $150 for 5 hours and $250 for 10 hours. This is especially true if someone is a strong chess player with a lot of experience and knowledge. If you have a lot of experience, you can charge more.

• Flexibility: Chess coaching is a very flexible career. You can be full-time coach or a part-time coach. This makes it a great option for  those people who want to have a flexible schedule.

• Passion: If you are passionate about chess, then coaching and teaching chess can be a very rewarding career. Teaching chess can help you to improve your own chess playing skills also.  

➥ Content creation and writing:

Creating chess related contents  and writing about chess can be a great way to make money if you have the skills and knowledge to do it.

Here are some  ways to make money from creating chess contents.... 

• Chess books: If you're an very experienced chess player or coach, you can write books about chess . There is a large market for chess instruction and you can sell your books online or through brick-and-mortar store.

• Chess lessons: You can make videos of chess lessons on YouTube. There are some highly earning YouTube channels like GothamChess ( IM Levy Rozman), GMHikaru (GM Hikaru Nakamura), Chess Talk etc.

• Chess blogs or websites: You can create blogs or website where you can share your thoughts on chess, write about chess news and provide chess instruction. 

• Ad revenue: If you have a large audience, you can make money by generating ad revenues. You can place ads on your website or blogs. You can also partner with some websites or apps that will pay you for clicks or impressions.

The importance of content creation and writing about chess to make money depends on some factors, like your skills and knowledge, your ability to reach an audience and the demand for the chess contents. However, if you're able to create high-quality contents, there is a big green flag 👍🏻 for you!! You can make a good money from chess contents.

➥ Selling chess products:

There are several reasons why selling chess merchandise and products can be an good way to make money for you....

• A high profit margin product: The cost of production of chess sets, books, and other chess-related products is relatively low, which means that there is a lot of chance to make profit. 

• A good way to reach a niche market: Chess is  relatively a niche hobby but at the same time a passionate one. This means that chess players are often willing to spend extra money on products that they are passionate about.

💠 Here are some specific examples of chess merchandise that can be sold by you to make money:

• Chess sets: Chess sets are the most popular type of chess merchandise. There are many different types of chess sets available in the market, from simple plastic sets to elaborate wooden sets. 

• Chess books :. There are many chess books available in the market, from beginner's guides to advanced strategy books. You can sell them.

• Chess software or applications: There are many software and applications available for chess. If you can make chess apps or softwares then you can generate some extra money.  You can also make a chess website like Chess.com and Lichess.org etc.

• Chess clothing and accessories: You can make chess related t-shirts 👕 , caps 🧢, and bags 🎒 etc. and sell them. You often see Samay Raina , Indian chess streamer, wearing chess related clothes. That means, there is a market.

➥ Organising chess events and competitions:

Chess events can be a great way for you to make money. How?? Here is the answer...

• Entry fees:  The players who are participating in chess events or competitions have to pay an entry fee. This fee can be a significant source of income for the organizer, especially if the event is well attended. In India, you have to pay around ₹500- ₹1000 (minimum) to participate in a local chess tournament.

• Sponsorships:  Your event can attract the sponsors who will pay the you a fee in exchange to advertise their products or services.

• Merchandise sales: Chess events can  be a great place to sell  chess related merchandises, such as t-shirts👕, caps 🧢 and other items. You can take a share of profit from the seller or even sell your own products.

• Ticket sells: You can sell the tickets 🎟️🎟️ of the event to make money.

Conclusion:

Being a commerce student it was very easy for me to highlight the income generating sources.  But it is not so easy to execute. The top players make most of the money. The vast majority of chess players do not able to make money from the game. Top players such as Magnus Carlsen, Hikaru Nakamura, Fabiano Caruana etc. can earn millions of dollars per year from tournament winnings, sponsorships etc.

In the coaching and teaching sector, there is a lot of competition and coaching is also a time consuming process. And if you want to become a offline coach, you need to travel to different places to teach.

If you are going to organise a chess event, you may face problems like bearing cost of the event, making a reasonable prize money, finding a correct place for the event etc.

Despite these limitations and challenges, If you are passionate about this game and you want to put your hard work then you can achieve your goals. You just need to increase your chess skills, learn from your mistakes and work hard.

I hope you enjoyed my this blog. If you have any questions or suggestions please feel free to comment below. Share this with your friends and don't forget to follow @JARVIS_SL for more contents like this....

Thanks for reading!!!

Related Readings:

• Top 6 Richest Chess players 
• Are Chess Players Rich? The Truth Behind Making Money in Chess 
• A List of Top Earning Chess Streamers