If you happen to be a creative storyteller and feel comfortable around a video camera and filmmaking software, beginning your own production company is something to consider to own your decisions and make yourself a salary. Here we take a look at a few ways you could begin your own production company.
Market research
Sam Haskell, gives us a few insights into how you could start your own production company.
Sam Haskell suggests that to begin your own production company, one must research the market he intends to enter. Is it wedding videos, music videos, or films one wants to produce? If you take a look at other small production companies, most have a niche in which they operate. What skills and preferences do the potential local clients want?
Mr. Haskell further claims the majority of clients decline video production companies, in favor of specific and holistic web design, advertising, and search engine optimization companies that offer multi-platform marketing. Network with potential clients, find out their wants and look at your competitors to see what they are offering and how they offer it.
Choose a name
Mr. Haskell tells us that a name is crucial for a brand. The name should embody the company’s identity. It should be memorable and meaningful to you. After getting the perfect name and ensuring it’s available, apply for a trademark.
According to Sam, when choosing a name, try to keep it simple and searchable. This will play a big part in your success. A short and simple name is search friendly and offers keyword clients are looking for.
Establish niche
When deciding what contented you want to specialize in making, Mr. Haskell says it’s important to be able to narrow down the company’s brand to help one decide what projects to decide.
It is important to focus on your chosen target audience from an early stage and proceed to show this niche in everything the company does. Sam acknowledges that branding is key to create a niche.
Develop team
We all accomplish great milestones when working together in teams. From Sam’s past experience, the need to have a strong and reliable team is crucial.
Sam Haskell tells us to begin a production company, you need a team that matches your business plan and finances. Your team should compromise of members who trust you, respect you, and count on you. The financial livelihood of the company rests on the team’s hands just as much as yours.
Business plan
To run a financially stable and functioning company, Sam tells us that a solid business plan is key. You should start small and the business plan should allow you to build up from small to large businesses.
The plan should include start-up cost, all the small details of labor to office space. It should also include the company’s vision statement and how you intend to create a profit from production.
Mr. Haskell Then, says one should plan their first year’s goals. They should also do a SWOT analysis for the next 5 years.
Finance Business
For a production company to grow, you need money. If you do not happen to be wealthy independently, use your business plan to get a loan or use it to get investors. Sam tells us this is a great way to kick start your business. Ensure your risk is not great, that you end up in financial ruin if things do not pan out.
Online presence
Potential clients should be able to find your business online. Create a simple and informative website. Provide your contact information and listings in local directories.
Living in 2020, Mr. Haskell mentions the importance of having a social media presence. This can have content on what you do plus anything else creative and engage with fans.
To quickly sum it up, research on the market you wish to jump into, come up with a solid business plan and team, and then proceed to create content. Beginning a productions company is no easy task, and with years of experience, Mr. Haskell tells us that it is not difficult to start a production company, you have to be willing to put the work in.
