People who make films and videos often want to be in charge of the projects they do. They can do this by creating their own video production companies. This way, they can make the movies they like and have more flexible work hours. If you're good at telling stories and making films, you might be able to start your own video production company. In this article, we'll show you how to start one and what these businesses do.
What Does a Video Production Company Do?
A video production company makes all sorts of videos, like movies, documentaries, TV shows, and music videos. Some companies are really good at making just one type of video. They work on every part of making a video, from planning and shooting to editing. Video production companies might have their own team to create their own stuff, or people might hire them to make videos for them.
Registering Your Company
I won't spend a lot of time on this, but setting up your company is a really important thing you have to do. The process of officially making a company is different in each country, so it would be impossible (and probably very boring for you) for me to explain how it works in every country. But you can find that information with just one search on Google.
What I can tell you, though, is that registering your company is a good first step for your business. It helps you manage the money, like income and expenses, for your company. It also comes with benefits for handling debt and, heaven forbid, if your company goes bankrupt. Plus, having your own company name makes it easier for you to stand out from other companies. And once you've got the name, don't forget to officially register it as a trademark!
Find Your Niche
Decide what kinds of videos you want your company to make. Think about the styles and types of videos you like, know well, and can make well. Some examples are videos for weddings or special events, ads, indie films, or horror movies. When you have a clear idea of the kind of videos you want to make, it helps you choose the right projects. It can also bring in more customers because people often look for companies that are experts in the type of video they need. Once you get really good in your chosen area and your company grows, you can think about making other types of videos too.
Also check: Best Platform to Connect with Potential Clients
Create a Business Plan
Having a clear business plan is really important for success. It gives your business a direction right from the start and helps you stay on course as you begin. What's even more important is that this document gives you something to show to potential investors, advisors, and even clients right from the beginning of your business.
- Competitor Analysis: Your business plan should include research about your main competitors, what they sell, and what they're good and not so good at. This helps you make your products and services special in a market with lots of competition.
- Target Audience: Your business plan should also have research about the people you want to reach with your business. What do they like? Do they prefer long videos or short ones? Answering these questions helps you advertise to your audience in the best way.
- Setting business goals: A good business plan lays out goals for your business that you can measure. You can see how well you're doing as your company grows.
- Fundings: Your business plan should have an idea of how much money you'll need and how you'll get it. You might use your own savings, borrow money, or get investors to help fund your business.
Set Up a Social Media Accounts and Business Website
Make a business website or get someone to make it for you so that people can discover your company on the internet. Make the website easy to understand but full of helpful information, like how to get in touch with you, a little about your background, and some examples of what you do. As your business gets bigger, you can also think about adding things like blog posts, a list of projects you've done before, and pages for your team members.
Also, make sure your company is present on social media platforms like Facebook, Instagram, and Twitter. Social media can be like a showcase of your work, and it's a way to connect with possible customers and experts in your field. Make it easy for people to reach out to you through your company's social media accounts.
Build a Team
When you begin a video production company, you might be the only person working there. But it can be really helpful to know and work with freelance or contract videographers, editors, and producers. They can assist you in meeting your clients' requirements as your business grows. If you want to run a complete production company, you should be ready to hire people to handle different parts like planning, making the videos, editing, and getting them out to the audience. You might also want to bring in a certified public accountant to manage your finances and payroll. When it comes to creative folks like actors, writers, directors, camera experts, and the crew, you'll likely hire them for each project as needed.
Set Your Price
One of the trickiest things is figuring out how much to charge for your work. What's the right price for your clients? Well, I wish there was a simple answer I could give you.
A good way to decide on your price is to see what other businesses like yours are charging. Look at people who have similar experience and work in similar places, and that will give you a good idea of what to charge.
At the start, you might charge less than what companies expect to pay, and that's all part of gaining experience.
Simplify your prices to ease budgeting
When you're deciding on a price, it's important to be clear and keep your prices consistent. I don't mean you have to explain every detail of your prices to each client, but it's a good idea to put a set price for a whole project on your website, rather than charging by the hour.
While there might be some variations in prices, having a rough price for different packages you offer like "Facebook ad," "Brand Video," or "Wedding Video" makes it easier for people or companies to plan their budgets. It's a neat service to provide, and it could make more people want to hire you.
Offer monthly videos for companies
Here's another idea: you could offer a subscription service for companies. These days, it's becoming pretty normal for companies to make regular videos. Some companies need to share new videos every month or week.
To make it simpler for companies to hire you, you could create a subscription plan that includes, for example, 4 short Facebook ads for a fixed price.
Frequently Asked Questions - How to Start a Video Production Company
Do I need any prior experience to start a video production company?
While prior experience in filmmaking is beneficial, it's not mandatory. You can start by learning the basics and gaining practical knowledge as you go.
How do I create a business plan for my video production company?
Begin with a clear vision of your company's goals and services. Research your target audience and competition. Include financial projections and marketing strategies to outline your path to success.
What equipment do I need to start a video production company?
Basic equipment includes cameras, lighting, audio gear, and editing software. The specific gear you need will depend on the type of videos you plan to produce and your budget.
How should I price my video production services?
Pricing can vary based on factors like your experience, location, and the complexity of the project. Research competitors' rates and consider offering different packages to accommodate a range of clients.
What legal and financial considerations are important when starting a video production company?
You'll need to register your business, obtain necessary licenses, and consider liability insurance. Setting up a separate business bank account and keeping meticulous financial records is also crucial.