The movie and video production industry in the United States is a $32 billion industry. Are you interested in breaking into it?
The video production industry is pretty saturated right now. If you want to stand out from your competition, you need to make sure your business is built on a solid foundation.
Not sure how to go about starting a video production company? Keep reading.
Listed below are seven things you’ll need to do before you can open up your own company.
1. Define Your Goals
The first thing you must do before you open your own video production company is to spend some time defining your goals. You need to figure out what kind of videos you want to make and who you want to work with.
For example, are you going to focus on creating wedding videos? Or, are you going to work with businesses that want to film commercials and promotional videos?
There are tons of different videos you can make, but it’s a good idea to have a specific type of client in mind. This will help you figure out how you want to structure your business and promote it.
2. Create a Business Plan
Once you have an idea of the type of videos you want to make and your ideal client, it’s time to get to work creating a business plan for your production company.
A business plan is essential for anyone who wants to succeed, but it’s especially important if you’re applying for small business loans or need help from investors.
Your business plan should include information regarding your short- and long-term business goals. It should also include a list of your projected expenses.
Be as detailed as possible with this list. Don’t forget to account for the estimated cost of the following items:
- Studio space
- Editing software
The more details you can include in your business plan, the easier it will be for you to get the funding you need to get your business off the ground.
3. Choose a Name and File Your LLC Paperwork
You’ll need to think of a name for your video production company, too. Choosing a business name can be a daunting task, but these tips can make the process a little easier:
- Do your research to see which names are taken
- Make sure you can purchase the domain name for your business
- Avoid names that are hard-to-spell or pronounce
- Conduct a trademark search before making your decision
Once you’ve chosen a name for your business, you’ll also need to file your LLC (short for Limited Liability Company) paperwork.
Filing your LLC paperwork registers your business with the local government. This protects you from being held personally liable in the event that your business gets sued.
4. Establish a Website
These days, a business needs to have an online presence if it wants to succeed and be found by potential customers.
Establish your website early on so you can start showcasing your work and building an online following. There are lots of hosting companies that make it easy for you to set up a basic, attractive website.
In addition to using your website to show off your work and provide customers with a place to contact you, you may want to consider using it for blogging or sharing video tutorials.
Sharing content like this helps to boost your business’s search engine results and makes it easier for people to find you.
5. Find an Equipment Rental Company
You don’t necessarily have to own all your video equipment when you’re first getting started.
As you probably know, most video equipment is very expensive, and it may be out of reach to you right now as a new entrepreneur.
Instead of racking up a ton of credit card debt purchasing all your equipment on your own, start looking for a reliable equipment rental company.
That way, you can rent the equipment you need, when you need it, while also saving up to purchase your own items later on.
6. Invest in a Good Camera
You don’t need to purchase every single piece of video equipment right off the bat. But, it is a good idea to at least have a good base camera that’s all your own.
A high-quality digital cinema camera is probably out of your price range, for now.
There are plenty of good cameras that you can purchase to get your business going, though. Many people like to start with a DSLR or mirrorless camera. They may also use a camcorder.
Do some research to find a camera that works well for the type of videos you want to shoot.
Don’t be afraid to buy a used camera, either. This can be a great option that will help you get the camera you need without breaking the bank.
7. Invest in Audio and Lighting Equipment
You may also want to invest in some additional audio and lighting equipment.
This is equipment that you’ll use on just about every project, whether you’re filming outdoors or in a studio space, so it’s a good idea to purchase your own.
As far as audio equipment goes, you’ll need to buy a variety of microphones — including lapel mics and shotgun mics — as well as a couple of different audio recorders.
For lights, you’ll likely want to start by investing in some LED panels, umbrellas, and possible a lightbox or two.
Are You Considering Starting a Video Production Company?
As you can see, the process of starting a video production company isn’t exactly simple. There are a lot of factors you need to take into account before you can get started.
If you keep this list in mind, though, you’ll be able to get your business off the ground a lot sooner.
Once your production company is up and running, you’re probably going to need help finding a place to film. If you’re planning on operating out of the Washington, D.C. area, we can help.
Contact us at Celebro Media to learn more about our world-class studio rentals or to reserve one today.