As time is passing, forms of art are evolving too. Video production is one of them. Your creative storytelling abilities are what make you stand out in the crowd of all those who know a thing or two about video production.
Establishing your own video production company is your way into monetizing your video making skills and creative ability.
Starting a video production agency is not a task that requires a lot of capital. In addition to that, it is easy to promote through client referrals.
It is generally advisable to take a course in screenwriting, videography, and editing along with an apprenticeship with established video production companies to gain some hands-on experience.
Digital film, online videos, mainstream media videos, animated videos are all forms of visual story-telling.
Now is as good as a time as any to start your video production career. The video industry is going through a full-blown revolution and the market is ripe with opportunity.
The area keeps finding new avenues of progress and is not dialing back on advancement for a decade now.
What do you need to launch a video production company
When thinking about launching your video studio, one thing that holds everyone back is the resources required to be able to pull that off.
You might be under the impression that you need several things to establish your business along with a full-blown business management degree.
Glossy pamphlets, stacks of business cards, social media pages on every platform, a slick website, MailChimp account are all some of the things people deem essential to set up their video production company.
However, these are beneficial, not crucial. We will help you out with what you need to establish a video production agency.
Whether you are in the biz with a well-established company with high-profile leads and heavy investments or you are a small home video studio shooting solo and doing DIY projects, the baseline is the same when it comes to the things you need to be mindful of when it comes to starting and running your own video production business.
1. Name and incorporation
Contrary to popular belief, this does not have to be your first-ever step in the process of establishing your video production company.
There are more things you can work on like your client list before this because your name represents the true essence of your brand and is often a brainer.
However, filing for your LLC is the first official step of launching yourself in business.
Naming your baby is the easiest part of parenting. It is not the same for naming your business. Finding a name can appear to be the least tricky task out of the list of things you need to do.
You have to be mindful that your name is reflective of your brand identity, is easy on the tongue, and is unique. You have to be certain that you are not committing copyright infringement.
Before you close on a name, do a thorough online search about the availability of that name on the state or country level.
Applying for LLC means you are registering your business with the local business. It is a kind of insurance in case of debt or breach. But you still have to be certain you are m=not making any bad business decision.
2. Setting up a website
A website is how you gain the most visibility for your video production agency. They can be of different sizes and specialty based on the kind of business you own.
One thing that is a given when it comes to websites is to have all your portfolio and contact information. This is how you secure the most clientele and land the most leads.
You can also look into other aspects of building a website like blogging getting a quote. It not only gives the visitor a general idea about your expertise but also tells them about your range of budget.
If you don’t want to invest a lot in building a website, you can always pick up templates online from WIX or Squarespace.
YouTube and Vimeo serve as very effective de facto websites for budding businesses. Connecting your website to a healthy Facebook, Instagram, and Twitter page can also help generate traffic and connecting with the customer base.
3. Finding relevant clientele
The purpose of the material on your website and social media outlets is to reflect the expertise you can offer and the niche you are operating in.
It is imperative to build a portfolio that speaks to your key customer base. If you are only just establishing your video production agency, you can employ your old footage to do that.
If you have none that could come in handy, better to go out and shoot an entirely new and relevant demo for your website.
This will help you reach the right clientele and to develop your customer base. Once you start looking at gigs, it will add to your portfolio and help you secure more leads.
The ideal case scenario is securing the customers that require what you are good at providing.
4. Knowing how to rent your equipment
It is a popular opinion that you need to own all the equipment required to kickstart your video studio. However, this may be in part untrue.
It is possible to begin without owning all the different kinds of heavy machinery. Renting the equipment that you need based on the necessities of every project is also a way to go about it.
It is a great way to save hard cash before you are profitable. This way you don’t have to own every lens in the book and lose money on it when it is lying around unused because the particular project you are working on does not require it.
If there aren’t any retailers or shops in your area that rent, you can scavenge the online space to attain a good rental price. There are some really good online market places.
Some of these platforms include LensRentals, BorrowLenses, ShareGrid, etc.
5. Owning your base camera
Lens stands, and microphones are subjective to the requirement of the project. You can always rent those.
I know I said you can save hard cash by not investing in a camera early on. However, it is just as smart to acquire a decent base camera and rent the add-ons as you go.
Because let’s face it, it doesn’t matter what kind of project you have on your hands, you always need a camera. It will not be ever sitting around wasting your capital.
Mirrorless cameras are all the rage right now. In addition to that, now with the newest arrivals in the market, the prices of older yet substantial models are going.
This is how you can get a good camera at a reasonable price so why not invest in one. It will be lighter on your pocket than a frequent renting option.
6. Lights and audio recording equipment
Other than the camera, as said above, it is not exactly smart to invest in secondary equipment like lights and audio recording gear.
Renting them helps you stay within your budget. The requirement of those is also subjective to the need of the project.
Sometimes your client may also cover your rent costs. You can directly extend the bill t them and streamline your budget.
What you can do is, see what is the equipment that you repeatedly and frequently rent. Then when you have saved up enough, you can buy that.
Moving forward you can acquire the basic shotgun and lapel mics to save rental costs and make your client comfortable.
Lights, however, are very easy to improvise. You can always DIY or use natural lights. Mix matching the available kits is also a viable option.
7. Resourceful networking
Anyone who runs a small video production company or works freelance in videography will tell you that the two are not very different from each other.
When working alone, you have to be very aware of what you can get done by yourself flying solo. You also have to be very careful about what value another person could bring to the project and at what cost.
Once the solo flight is over and you have a whole team under your wing, the whole ordeal becomes a lot about how you can maximize the output of everyone.
It can be very distracting. So, being able to establish a network of skilled shooters, editors and producers are imperative to your little video production agency. This way you can call them up need-based instead of having a team depend on you full-time.
This is not an ideal set-up as people can be flaky and their output can be unreliable, this is why you need to opt for the strongest contenders while building your network.
If you need a video production consult, you can contact MotionCue for some top-notch guidance.
Having a vision for your video production agency
Very early on before you establish your video production agency, there is a thought process that will take place for you to be able to get the most out of your business.
It is important to get your ducks in a row but it is also important to envision what those ducks are going to look like and how many.
By ducks, I mean your projects. Be very clear about the kind of projects you want to do and build your portfolio and skill in that instead of taking up just about anything and everything.
Figure out if you want to fly solo infinitely or consider bringing a partner on board at some point. You also have to determine if you are a project-specific company or a full-service provider.
If you are a service provider, you could cover events like showers, birthdays, or weddings. This sounds like more of a one-person job.
However, if you are producing a project-based contract like a PR campaign, an ad, or a documentary, you will need a team on your hands.
It is important to draft a business plan including a strategy to pool resources and expanding on the services you provide to your target demographic.
In your plan, you must encompass your short-term and long-term business goals. Scope out the expenses and budget you will be operating on.
Work out your studio space, required utilities including equipment renting and purchase. Other things you need to estimate are communication, transportation, insurance, and marketing.
A well-put business plan ensures that you are being realistic and helps reel in investors and start-up grants. Looping in a legal professional will help you find out if being a limited liability is better for you or a sole proprietorship. It is instrumental in guarding your assets.
Set up your blog and distribute cards and brochures to businesses that could help expand your clientele. Be a part of the city’s chamber of commerce and be in touch with vendors in person and with the help of social networking channels.
At heart, every business is about acknowledging a need and serving the people who need it. Not to over-spiritualize, but it is a Godly attribute to providing a service and meeting a need.
A video is a myriad of things like stories of life, hope, freedom and the abundance of possibilities is astounding. This is the vision that will help you become a truly remarkable businessman or businesswoman.