One of the most important things to bear in mind is that trying to do too much, all at once, is a bad idea. Although it may sound a difficult proposition it may not be as difficult as it sounds. Purchase the equipment you will need for your media production company. The way I'm running it is by hiring freelance camera operators who have their own equipment and can be on call when I have work coming in, I feel this is the best way as it saves money than having someone full time. Online video content is everywhere. Whether you're looking to produce TV and film, music, theater or events, starting your own entertainment production company isn't out of reach if … By browsing our site you agree to our use of cookies. Not too many people can say that. If this is the case, you might want to look into offering internships or apprenticeships, as these will really help you with the workload and you can begin to gradually build your team at a low cost. We’ve put together a guide on how you can do this, and what you need to think about along the way. However, with a business model as intense as a production company’s, . The advantage of the collaborative nature of video production is that you can run a perfectly successful business from your home or co-work space as a sole trader, by combining your experience with other sole-traders or utilising freelancers. Credit Insights, Company Dissolution Definitely don’t go into it for the money […] but if you have a passion for video production and a talent that clients can spot you can make a living from it”. They will search for wedding videographer Norfolk, or in a sector like healthcare”. It’s not just technical knowledge you can get from going to film school, that old proverb, ‘not what you know but who you know' rings true – the connections you make at film school can be invaluable when you’re just starting out. Many people choose to specialise in one particular area such as camera operation, lighting or sound and will have a background or education in the medium. How … Sutherland agrees: “I think you need to start off being realistic by assuming you’re going to spend quite a few months actually at very low pay while you build up materials”. This allows you to charge the client for the time and equipment needed for each stage of the process, and allows the client to see how their money is being spent. 4,487 1,181 Have you any background in the business at … Confirmation Statements It’s the lower paid jobs that will absorb 80% of your time. market research. It’s also vitally important to work on a detailed business plan. Instead, consider the benefits of focusing on one area of video. Savvy production companies have positioned themselves so that when a brand wants some video content to ‘go viral’, or for an advertising campaign, they go straight to the production company that has experience and has demonstrated success in this area. Neale also advises hiring someone to keep your accounts in check: “Most creative types don’t want to be burdened with numbers and receipts so budget for a good bookkeeper as early as possible.”. It will take only 2 minutes to fill in. This is so you can become known and respected for your specialised work. Just be aware of their limitations and don’t go trying to record a conference on one as most of them have a 10-minute record limit and you might miss some important dialogue just as the camera cuts out.”. They seek finance and investment during the course of their work, and will often commission parts of the process, such as script writing, to outside specialists. That said, it’s useful to build lasting relationships with freelancers so you know you can use them again when the right project comes along. It will take time to build the team you need in order to expand and grow how you want it to, and it will take time to convince investors. Thread Status: Not open for further replies. At some point, you’ll want to actually start producing music. Visit our Complaints Policy page if you experience issues. For any more information on setting up a business in different industries, We use cookies to offer you a better browsing experience, analyse site traffic, personalise content and serve targeted advertisements. To create your own strategy, look at how companies that are similar to your own achieve their best distribution. Too much variety, on the other hand, and you won’t be anybody’s first choice for anything. Barclays Business BankingCashplus Business AccountbOnline Business Phone, Accountancy He advises developing client relationships and “the only way to do that is to create content and get in touch with people”. As mentioned before, there are countless different kinds of video production and you’ll need to decide what you’re going to focus on from the outset. Most freelancers will have a show reel you can judge their previous work by to decide whether they’re a suitable fit for the project you’re working on. What area do you want your films to specialise in? He’s also contributed to many of our industry-renowned annual indexes, including Startups 100 and Young Guns, and created a number of the site’s popular how to guides. Of course, at the start, you might be doing this all on your own. Henry has been writing for Startups.co.uk since 2015, covering everything from business finance and web builders to tax and red tape. Choose a company name. Do you want to start with online video ads and build up to making programmes for television? Sutherland says “You’re probably going to upgrade your camera once if not twice” in a three year period. But as soon as you demand more than you’re worth, that is where plenty of production companies ultimately fail. Don't worry we're here to help! The first thing you will always be judged on is your work and, if your work is brilliant, your company name will become known. Sign up for a. Business Insurance, Websites Likewise, you could take jobs simply because they’re going to give you a new experience. However, with a business model as intense as a production company’s. So sometimes actually the hook for doing it is not just philanthropy but the project is interesting […] people will say to themselves ‘I’m going to get one really good shot for my show reel’”. This means they will have all the basic knowledge needed to film and edit the raw footage into a finished product. It's also an industry heavy with regulatory burdens, many of which you must learn inside out before you even start the first pot boiling or set the conveyor belt running. Choose the type of company You need to choose which type of company you want to be. Final Cut Pro is an industry standard for video editing, while Adobe makes a whole suite of editing and visual effects software. Somebody in charge of ensuring that films are delivered on time, on budget, and of the highest quality. Once you have built this reputation, then you can start thinking about increasing prices a bit. We’ll send you a link to a feedback form. How can you join the already established elite? If so – don’t. If you want to start your business the right way, you'll want to formally … Purchase Your Equipment. Their most recent production, ‘ They Built It. Neale advises looking for “a microphone that plugs into your smart phone. It will take time to build the team you need in order to expand and grow how you want it to, and it will take time to convince investors. It may well sound obvious, but when you're getting stuck into the complexity of whether to be a partnership or company limited by guarantee, it's useful to be reminded. When you start out you are so full of enthusiasm that you feel you can single-handedly take on the world. Fledgling Theatre (who are Christopher Neels, Callum Cameron and Patrick Holt in the UK, and have an Australian arm headed up by Chris Huntley-Turner) have been creating their own work as a company since its founding members left the Royal Central School of Speech and Drama. Sutherland says “there’s an easy way of breaking it down […] pre-production, the time it takes you to write a script, set things up, have a meeting, maybe even do the administration, such as creating invoices and doing expenses and post production, the filming, and editing”. You must choose a unique business name to register with Companies House, and you must allocate one or more directors and shareholders. Filling these roles will be essential to making sure that your company has a positive and prosperous future. These days, with software and hardware becoming ever more affordable, anyone can set themselves up as a video producer, but he warns that “having a camera and some software on your laptop doesn’t a production company make.”. With your social media marketing and other online/offline efforts, as well as networking and conference events, emphasise that you are not one of those production companies that give them all a bad name by overcharging for work that’s really not worth the money. Because, as well as great films, you must also be easy to work with, represent good value, and always be reliable. The truth about starting a production company. This has created a massive and endlessly diverse market for video production. You always need like-minded people on your side when setting up any business. Sutherland agrees: “Most freelancers worth their salt will have their day rate and charge £200-£350 a day for their editing for example, and the camera man will charge you for his time and their kit – that’s normally open to negotiation based on a project”. Insurance for a production company is mandatory; most clients will not even allow you in their building without liability insurance. In theory, all it takes is an iPhone and some video editing skills – though … A company isn't just the legal entity – it's the people making the work together. This will vary from new writing, installations, video projects and performances of favorite plays (currently desperate to do A Streetcar Named Desire and The Caretaker). He continues: “You’ll probably charge something like £1,500” for a project, “and if you are getting 20 of those jobs a year, that would be a salary of £30,000 before tax […] at the bottom end […] after a couple of years, good filmmakers are able to earn around £30,000 – but you have to be good, you’ve got to develop relationships with people who give you regular work”. Film distribution. Henry has been writing for Startups.co.uk since 2015, covering everything from business finance and web builders to tax and red tape. The importance of a good distribution strategy. Is this the first time you're building a website? Therefore, it is best to start off with some legal advice from a specialised business solicitor or a knowledgeable accountant. It’s a tough industry to break into, but it can be done. Registered No. Neale says that when you’re starting out “you can make do with LED panel lights from Amazon as they are cheap, portable and will light up a room. We use cookies to collect information about how you use GOV.UK. As your company grows you can invest in lights that don’t make your subject’s skin appear green on camera.”. “You can’t be an expert at everything”, Sutherland explains, “You need to have other people who’ve got skills in the same area as you – someone who can compose music, or if you’re a shooter but you can’t direct then you need someone who’s a director”. This needs. These people understand how to film a project, produce a project, edit a project, and make a client happy." Launching an entertainment production company means your day job is the rest of the world's fun. Embarking on a filmmaking career without a clear distribution strategy is a terribly … You always need like-minded people on your side when setting up any business. I would like to start up my own production company which will produce theatre and performance art relating to mental health. Neale explains that “niching yourself” is the best way to gain exposure in what is already a very crowded marketplace, this could be “medical videos or videos about video games but you could also niche yourself around a platform. It’s especially true for video because that’s the way people search for things. Well, let’s take it one step at a time. If so, how will you achieve this? Help us improve GOV.UK. 06924361 | Registered Office: 130 Old Street, London EC1V 9BD. With an increasing demand for video production and a large, diverse but competitive market, could this creative business opportunity be right for you? However, on its own, this is not likely to make your company succeed. But if you work on excelling in one area first, even if it’s not exactly glamorous, you’re on your way. This will allow you to “develop a package in a format”, and “you’re able to say to the client, £200 is half day of pre-production, £200 for filming, cameraman, director, all equipment, plus travel – and editing is going to cost you two and a half days at £400 a day, so that’s £1,000 plus music”. But at some point you are going to come unstuck and that’s when you need a helping hand. Most people employed in the industry will be aware that they may be required to work overtime, but make sure everyone knows of possible hours and expectations. Often businesses with large premises and lots of workers will require up to £10m worth of public liability before they will let you film in their office.”. Once you know what kind of projects you’ll be undertaking, you can decide what kind of equipment you’ll need. Our guide on starting a film production company covers all the essential information to help you decide if this business is a good match for you. If you need a location filming permit many places will require a minimum of £2m public liability insurance. Unlike other businesses, you’re selling a product before it’s completed so you need to come up with a system that charges the client for the service you’re providing but that takes into account that every project will be different. Starting a production company: Rules and regulations According to Neale, while there aren’t really any rules and regulations as such “You do need good insurance in place. If you do intend to buy your own equipment then these are the essentials: The cornerstone of your operation and worth investing some time and money in. Luckily there are some basic rules used across the industry that, if adhered to, will mark you out as a professional. • Keep at least one piece of paper for every financial transaction. We take a look at the people, businesses, and events that have shaped the last 20 years Meet PolicyMogul, the startup that wants to open up lobbying to SMEs Sutherland explains that there are “more and more people coming into this space, and the entry point is lower and lower in terms of cost”. Do anything and everything at the beginning to develop your skills and create a diverse show reel, Develop lasting relationships with clients and freelancers, Get your pricing right – it's easy to underestimate how much work a job will take, Business bank accounts are an essential tool for new businesses. Starting a theatre company should come from a desire to put on work that you may think is lacking in your specific context. If you become known as the company that does excellent conference coverage, or excellent YouTube ads, then you will develop a reputation and will always be in demand. Neale explains that “It’s very easy to get hung up on equipment when it comes to video production. They are great tools and it’s easy to forget how just a few years ago that shallow depth of field look was what low budget filmmakers were dreaming of. If you intend to outsource things like camera work and sound recording to freelancers then their daily rate will probably include the cost of renting their equipment. Neale warns that “It’s a really tough business to make money from. You also need to “get a release form signed from anyone appearing in the video” – that goes for lead actors, supporting actors and every single background extra – “or they could complain to your client, which may cost them further expense and damage your reputation”. We use cookies. 5 inspiring Global Entrepreneurship Week 2015 events in the UK to get you started. Check what a private limited company is. He’s also contributed to many of our industry-renowned annual indexes, including Startups 100 and Young Guns, and created a … Sutherland advises looking around to see what other people are offering but warns that you shouldn’t “be tempted to gravitate towards the bottom, because someone will always be prepared to undercut you”. Finally, look into your required insurance options, such as public liability insurance. Creating that ideal team around you will also be able to convince investors to invest, and marketers to trust them with their next advertising project. He adds though that you shouldn’t always just chase the big money projects, especially when starting out: “Sometimes the people who pay the least are the most interesting projects, for example in fashion and art when it’s the most creative scope but they have the least money. If you have no experience or formal education in video production it might be wise to take a course or a degree. Jo Salkilld’s advice for company starters • Always build a sizeable contingency into any budget – between 5% and 10%. He explains that “these things always work on the 80-20 principle. Starting your production company is, in many ways, the same as starting up any new business. An essential but inexpensive piece of kit to get steady, professional shots. Identifying your distribution strategy is increasingly important for today’s production companies. Often you come across people who wish to have their own business in the United Kingdom. Another thing to take into account in your budget is that “technology moves fast” so “equipment needs constantly upgrading” if you’re to keep in step with rival companies. For example you could aim to become an expert in Vine videos or Instagram videos. This is the point people might begin to think it’s not worth starting a production company. Getting this right will be a huge step in the right direction. According to Neale, while there aren’t really any rules and regulations as such “You do need good insurance in place. Neale agrees: “Making enough profit margin per video to keep the company afloat whilst remaining competitive is a constant challenge and with so many companies in the marketplace you have to be able to differentiate on more than just price.”, Get the latest Startup news and information. These outgoings can be grouped into two types of start-up spending: Investigatory costs During the infancy of any start-up business it’s necessary for entrepreneurs to invest in researching the potential need for the business i.e. Where do you want your business to be in 5 years’ time? Start off with some basic, but high quality equipment, such as a digital video camera, sound recording equipment such as microphones, lighting equipment, and a digital SLR camera with a few basic lenses. For example, you might say: “Payment terms are 50% in advance of filming, invoice on delivery with terms of 30 days […] I’m going to do this amount of filming, this amount of editing, these costs. Funding is one of the biggest obstacles to new business. But there are many different kinds of videos you can produce, as managing director at NextShoot Dominic Sutherland explains: “Homepage videos […] product videos for retailers and manufacturers […] internal communications or training content, case studies, which are a form of marketing […] event videos, conferences, webinars” – the list goes on. Each platform has its own intrinsic limitations and turning them to your advantage will turn heads in your direction”. Next, you should create a network of people who know how to produce quality videos. Your business plan needs to answer all of these. Find your perfect website builder with Startups, Get your business online and start making money today, Focus on producing videos that suit your creative strengths, If you want to stand out in a crowded marketplace, find a niche. This person needs to be extremely talented and creative — they’ll hold a strong vision for the company. Can't find the answer you're looking for? we’ll give you two drafts and we’ll take your comments – beyond that it’s at such and such a rate”. Different ones support different sizes of camera so make sure you check the mount size and maximum load before you buy. “Be aware of European worktime directives” he warns, “as filmmaking traditionally requires very long days which may last for several days in a row”. Video production requires a lot of technical knowledge and skills that can take years to master. As you undertake more projects you’ll “gain an instinct” for how long different stages of the production process will take and how much you should be charging. Then look carefully at online distribution options that will widen your reach even further. Do you really need to bring someone in?”. You can do most basic video editing on free software, but as you grow and take on more challenging projects, it’s worth investing in a more professional tool. Their own business in different industries, head on over to our help centre one piece of to. But what ’ s, permit many places will require a minimum £2m. Needs to answer all of these strategy is a terribly … Incorporate your business many places require! Be the cost of equipment it can be done that don ’ t starting a production company uk any rules and as... Good insurance in place a feedback form them to your advantage will turn heads in direction! 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