You’re a die-hard cinephile and have always been fascinated with the art of filmmaking; you’ve decided to channel that passion into a career and launch your own film production company. But you should know that running a film production company is not easy. It involves a lot of time, hard work, commitment, and hustle. Here are some key things you should know before you start.
The History of Other Production Companies
Research is essential for anyone going into this field. A film production company is responsible for almost every facet of the filmmaking process; therefore, you should have a wide knowledge of all areas of filmmaking before launching your production company. Your research should also include what your target audience will be, the type of films your company will make, and startup and ongoing costs.
Additionally, it would be wise to stay apprised of the latest trends within the industry; this could help give you leg up in the market. You should also take advantage of the many communication tech tools available. For instance, Stratics Networks carries Ringless Voicemail Drops, which enable businesses to get messages out to a large group of their customers at once. With this technology, you can drop messages directly into your customers’ voicemails without disturbing them; and they can read your message at their convenience.
How to Maintain a Low Overhead
Keeping a low overhead is essential for new business owners. You should keep your spending down to a minimum until your production company has built some traction. You can cut some costs by conducting business from a garage or a spare bedroom. However, once your company starts growing, you’ll eventually need a larger space to operate. Also, it might be a good idea to rent the equipment for your first few film projects.
This could help you hold on to some funds that might come in handy later if you need to outsource for a particular film project. There are many reputable businesses out there that handle a variety of areas of film production. For instance, if you need to outsource some video production work, there is probably a good video production company in your area. If you’re in Southern California, you might want to look into Coldea productions, which is a video and photography agency based in Anaheim, CA. They shoot around Los Angeles and Las Vegas.
An Attorney and a Plan to Set Up Your LLC
You should find a reputable attorney who works in entertainment law to assist you in setting up a limited liability corporation (LLC). Incorporating your company will protect your assets if your company is sued for whatever reason. LLCs are a smart option for most new businesses because they provide the same limited liability as a corporation sans the corporate structure; they are fairly inexpensive and easy to set up and maintain.
Also, as a business owner, it’s always to good to have a trusted attorney you can contact whenever you have any legal questions; this will help you avoid stepping into any potential legal landmines while running your company.
A Solid Business Idea and Strategy
Before launching your production company, you should have a solid business plan in place. This will help you focus on some of the key goals you hope to accomplish with your company. The plan should be as detailed as possible and map out your company’s trajectory for the next three to five years. It should include all of the research and market analysis you’ve done in preparation for the launch. Additionally, the plan could serve as a tool to gauge your company’s progress.
How to Finance and Secure Startup Capital
Securing startup capital is an important part of getting a film production company off the ground. Many new production companies turn to venture capitalists to help get their company started or to fund a film project. Moreover, venture capitalists not only bring money to the table but also connections and deep financial and industry-specific business knowledge. Crowdfunding might also be a good option to help you raise funds for a film project or launch a production company.
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