There's never been a better time to launch your own video production agency. For well over a decade, the state of the video production industry has been in a full-fledged revolution, and video production continues to find new avenues.
Whether you're starting small and looking to shoot solo or DIY video production projects, or you already have a video production company vision and several partners or employees lined up, here are seven critical considerations you'll need to address before launching your own video production company.
A Video Production Company is a company that makes videos.
A video production company's services vary, but they may include video production, editing, web design, marketing, and other digital video production agency services.
The cost of these services varies according to the type of service and the number of hours spent on it.
1. The Name and the LLC
While this does not have to be your first step (you can always start by gearing up, finding clients, and working as an individual freelancer first), deciding on a video production company name and filing the LLC paperwork should be your first official act of business.
Choosing a name can be a lot of fun, but it can also be a lot of work. You'll need to come up with something clever that reflects your personality, but it must also be unique and not infringe on the name of another video production company.
You may also need to look at specific states or countries. You must register and incorporate your video production agency with your local state government before filing your LLC. This is critical because it will ultimately protect you in the event of damage or debt (but it will not save you from poor business decisions). You should also consider opening a business bank account and purchasing insurance in the name of your new video production company.
Your video production company will require a website. The size and specialization of video production websites vary, but having at least a simple and informative spot to share your video production company’s work contact information is a must. You can then create a variety of pages ranging from pricing to blogging.
Getting started is quick, simple, and inexpensive, especially with templates available from major hosting companies like Wix or Squarespace. When you first start out with your video production company, you can also use social video channels like Vimeo or YouTube as your de facto websites. Even a strong Facebook page can help direct inquiries and potential clients your way.
3. Relevant Experience
You should promote your work as an example of your video production company's capabilities on your website, social media page, or in person. If you're just getting started, you can always use old footage you've already shot, or you can go out and shoot a new demo video. Ideally, once you get a client and complete a video production project, this work will serve as one of your best examples in the future.
4. Locate a Reliable Rental Source
While many will argue that this is a must-have, it is entirely possible to start a video production company without owning a camera. If you want to save money in the beginning, a project-by-project camera rental model is a great way to get started. If there are no brick-and-mortar rental houses in your area, consider some online rental platforms such as LensRentals, BorrowLenses, ShareGrid, or one of these resources.
5. A Dependable Base Camera
That being said, if you're ready to invest and shoot on a regular basis, now is one of the best times to purchase a camera. Not only is the mirrorless camera revolution heating up, but prices for cameras that have recently been outpaced by newer models or updates are falling to very affordable levels.
6. Setup of Audio and Lighting
Making large investments in audio, lighting, and other video production equipment, similar to the camera advice above, is not always necessary. Until you can demonstrate that you need to buy rather than rent additional equipment, renting can be a great way to stay within your video production budget and even streamline your billing by passing rental costs directly to your clients.
However, once you're ready to invest in video production equipment, there are always excellent options. Audio is fairly simple, as you'll need a variety of microphones (shotgun, lapel, etc.) and audio recorders. Lighting, on the other hand, can be more open-ended, allowing you to mix and match kits and even use DIY and other creative options.
7. Resources and Friends
I've worked both freelance and in-house at a small video production company, and I can tell you that the mindsets aren't all that different. When you're starting out on your own, you have to consider what you can accomplish without the help of others (and the cost). When you have a full-time video production team, the game becomes figuring out how to maximize everyone's time and effort.
In either case, a strong network of shooters, editors, and producers is extremely beneficial.
What Does It Take To Start A Video Production Company?
Do you want to start your own video production agency? Great! The big question now is how much it costs to get started.
The answer is determined by your video production company’s objectives and location. If you're looking for a ballpark figure, we recommend between $30,000 and $50,000 in startup costs.
But if you're looking for more specifics, here's what you need to know:
-First and foremost, there are many factors that go into starting a successful video production agency, so having more information available means better planning.
What is the cost of establishing a video production company? That is the question that many people have when they consider starting their own business.
The answer depends on a variety of factors, but in general, you should budget between $250 and $500 before beginning your first video production project.
Equipment costs, such as cameras or lighting, may be an additional expense, so include them in your video production budget as well.
If you only need basic equipment, you'll only need about $250-$350 because these items are relatively cheap and easy to find at most electronics stores or online retailers.
You should also consider the type of camera and other equipment you'll be using; this will help you determine how much money you'll need.
It's not surprising that people are asking this question as video production is becoming an increasingly important part of marketing in today's world.
Starting a video production company from scratch, on the other hand, can be an expensive endeavor.
There are a number of ways that costs could be minimized when starting out in the industry, but the point remains that you’ll need money!
Working with clients as a freelancer or as an employee for another Video Production Company until your business has grown sufficiently to allow you to work solely as an entrepreneur is one way to get started without breaking the bank.