With technological advances, making an amateur film is easy. All you need is get your friends together, download a couple of filming apps on your phone and start shooting. Maybe, before you know it, this hobby could easily turn out to be a full-time job and you will want to start a video production company.
However, opening a video production company is not easy. But with dedication and determination, you can make it a reality. To help you get started, here are five things you should know before you set out starting your very own company.
- Know What You Want To Do
This may be the hardest step in the entire process of setting up a video production company – but it doesn’t have to be. Make sure you know what going into the industry means and requires even if your aim is to create commercials for businesses making diapers or stampings for the automotive industry. Now is the time you need to figure out what you want; consider writing out your short- and long-term goals, know your strengths and see how you can use them to create your company.
- Research What Has Worked And Hasn’t Worked For Others
With an idea of what you want to do, carry out research in your location and find out who else is in the same line of work as you. You can use online resources to find out the services and fees other companies are providing and charging. When you have this information, you can use it to find ways to compete on the market.
If you are into film, then research on areas in the industry that fit your skills. Perhaps, you’re an incredible artist and could offer pre-visualization; maybe you are great at promotions and can offer film marketing. Study other successful production companies in your niche and find out how they got started – use that information to create a road map.
- Choose A Creative Name
Your video production company’s name is important since this is what will eventually be used to identify your brand; therefore, make it good and relevant to you. For example, Steven Spielberg’s production company is called Amblin Entertainment, named after Steven’s first completed film. Alternatively, you may even choose the creative route and use your own name as part of the company’s name just as Ridley Scott does for his production company called Scott Free.
- Make It A Legal Entity
Since you will be running a business, you need to make it a legal entity. Creating a video production company does not have to follow any specific legal structure, so it will be beneficial if you could get some legal advice on the best arrangement. While choosing a name for your new company, you need to search and make sure nobody else is already using it – you can do so using various online resources that, for example, allow you to find information via Delaware business entity search or any other state you’re in.
Once you have finalized all the necessary legal arrangements for your business’ name, get your business registered for local taxes and set up a company bank account. However, make sure you consult with an accountant on how you can maximize on available tax deductions. Once the legal paperwork is complete, create a website, set up social media accounts and a YouTube channel for collecting subscribers and likes.
- Get Out And Spread Your Name
The biggest part of any business in this industry is networking. You can never ever talk too much about your production company. Ensure your business is on film professional social networks like Stage 32.
- What Clients Are Looking For
