For many people, their careers begin in the film and video industry in the same way: they put their feet on the ground and go out and work for themselves. If this is the case for you also, there's some good news: it'll work for a while. However, after you've eked your way through a few low-paying projects and odd jobs, you'll want more. What this means is that you'll need to assemble a genuine crew, choose a name, and establish your production firm.
So, if you're ready to take the plunge and invest in yourself and your brand in the 2020s, here are 10 steps you can do to start your production firm.
1. Do Your Market Research
Starting a video production firm may appear to be an all-or-nothing situation, but you must do your homework first. What are your abilities, preferences, and, most importantly, what are potential clients seeking in your area?
Many clients are shifting their attention away from “video production companies” in favor of more holistic advertising, site design, and SEO firms that integrate video as part of their multi-platform marketing offering in the 2020s. Early start, talk to possible clients, network with others, and look up what other organizations are offering and how they're presenting it online.
2. Create a Business Plan
After then, it's a good idea to write out your strategy. It's always been a good idea, but a robust business plan is now more important than ever. First and foremost, it aids in the organization of your structure and numbers. It also provides you something to show potential investors, consultants, and even clients in the early stages of your business. People will want to see proof that you've done the work and have a plan that makes sense if they're going to place their trust in you and your organization in any way. It's that simple.
3. Put Together Your Team
While having partners or a team isn't required when you're just getting started, working with pals is always preferable to working alone. Furthermore, there will be initiatives for which you will require the assistance of at least a few people. Whatever shape your team takes, be sure you're surrounded by people you respect, trust, and can count on. Your financial well-being will be in their hands just as much as it will be in yours.
4. Decide on the type of business you'll run
When deciding what form of business you should be, you must make several crucial structural and tax-related considerations that will influence how you define yourself. It could be a Sole Proprietorship, Limited Liability Company (LLC), Cooperative, or Partnership.
5. Discover Your Specialty
Find a niche in which to operate and put a lot of effort into it. If you've done a lot of documentary filmmaking, for example, you might want to explore branding your company as a documentary production company.
Whatever specialty you choose, it's critical to start by focusing on your target audience and then demonstrating that concentration in everything from your company name and logo to how you organize your clients and teams.
6. Pick a dependable (and searchable) name
When it comes to naming your business be creative and have fun with it, but remember to follow a few rules and norms. First and foremost, you must come up with a new and distinctive name that has never been used before and does not infringe on any copyrights. Check your ideas against the National Business Register to make sure they're legal.
When coming up with names, strive to make things basic and searchable, since this will help you succeed. A good search-friendly name is short and simple, with a term that clients will be searching for.
7. Make a website and establish an online presence
In this age and time, a video production company's success is to some extent determined by its website and online presence. Luckily, these things are widely within reach, thanks to some fantastic advancements in web services.
Building and activating your online audience will take some time, so get started with sites like Facebook, Linkedin, Twitter, and Instagram as soon as possible.
8. Hire a CPA and get your bookkeeping in order
Also, please consider the following recommendations before finalizing any filings, hirings, or client contracts: Consult a CPA or a lawyer/legal counsel to ensure that everything is in order. Many firms start off winging it, assuming they'll "figure it out later," but that mindset can lead to huge problems down the road.
9. Develop a Client Network
Finding clients is the most crucial phase in the process of really producing money with your new production firm. Take advantage of your initial clients as soon as possible. They'll often be your finest partners when it comes to expanding your client base.
10. Keep an eye on the future
Finally, remember that as you prepare to establish your new video production company, realize that the industry changes in dramatic new ways. Video production businesses used to shoot analog tape and do a lot of video post and transfer work just a few decades ago. Smaller digital productions, social media material, and mobile advances are now the norm in the industry. Keep an eye on developing technology and market trends no matter what. If you can stay nimble and agile, your new manufacturing firm will have a better chance of thriving in the future.
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Oct 06, 2021
by Eguaogie Eghosa