Video Production: How To Know Your Budget For A Successful Project
Budgeting can be hard, but for a successful video project, it is absolutely essential.
In order to run a successful video production, it is important you know the ins and outs of budgeting and how to properly plan and spend your money. A video production can get expensive, but it is possible to be cost effective depending on the size of your project. While finding a video production company can be helpful, for they will most likely assist with budgeting if need be, you can do it on your own, or with someone you trust, to get a better sense of what is needed for a successful project.
For beginners, the best video equipment is essential for this sets you up to actually film a successful video production. However, what you will find is this can get expensive, especially if you focus on finding high-quality equipment to deliver the best results. On top of equipment, you may have to pay people to help you, locations that you scout to actually film, potentially props depending on what the film is about, and a host of other factors that ultimately allow you to run a successful video production.
Let’s jump into the best ways to budget your video production. While it may be stressful to properly plan out and execute your vision, it is all worth it to see it come to life. By prioritizing what is important upfront, the entire project will run smoothly, and you will better tackle any potential issues that may arise throughout the production. For those of us who have been a part of a video production before, we know some hiccups are bound to happen, but with the right plan in place, finding a solution is easy.
How To Know Your Budget For A Successful Video Production
Before you actually begin to budget, knowing the steps of a successful production is important. What you will find is that your pre-, mid-, and post-production needs can add up, but by looking into various ways to make it all happen effectively, you give yourself the best chance at success while tackling those budgeting wants and needs.
Looking into the pre-production stage may be less daunting financially, but this depends on what you are actually doing. For a video created by your company, or a company you work for, paying people to perform tasks is already included in their salaries, so your budget for actual labor is covered.
However, if this is an independent project, the script, storyboard, and other elements of pre-production may fall on you, so budgeting yourself is not necessary. But to hire actors and get the best equipment will require money so budgeting this phase out is important. Start by looking at your overall budget and then allocate appropriate payments to those involved with this early stage of development.
This phase of your video production will require most of the money, for you have to now start looking at cast, crew, equipment, locations, props, and potential permits depending on where you are filming. Depending on the size of your production, you will find that certain jobs become important to have. For crew, you are most likely looking at a director (unless this is you), a director of photography (unless this is also you), an audio engineer to run sound and operate the boom, an assistant camera role to support the cinematographer, a potential second assist camera role to assist with slating and other tasks, a make-up artist, a prop person, and potential production assistants to perform various tasks. Plus, extras and background actors, if that is the kind of production this is.
On top of all this, locations, permits, and catering are necessary to actual make this production happen and properly treat the cast and crew. All of this can add up so it is best to look at your overall budget and check out various job boards and websites to find people within your budget. There are always people looking to break in and partake in projects to build their own careers and this is a great place to start.
If you are on a bigger budget production, you obviously have more wiggle room than a smaller one. While it may seem daunting to plan this all out, a solid budget plan can go a long way and you will be able to make a dollar stretch.
Your spending will trickle into the post-production phase for now you have to look into an editor and editing software while potentially paying for additional add-ons like graphics, sounds, and the proper equipment to back-up your project. This is an important stage of a video production so don’t overlook this step for here is where a lot of the magic happens.
Best Ways To Plan Your Budget
The best way to plan your budget is to make a template or use a budgeting software so everything is organized and laid out as efficiently as possible. By breaking down each step of the production, you can see just what you are spending and how you are spending it. Keeping everything organized allows you to see it all in one place to adjust and move money around if you see an area that needs more or less.
If you have your overall budget covered, this allows for better allocation of funds for when you start the in-depth budgeting process. The nice part is through crowd funding and other donation pages, you can set up a page so others will want to help with your vision. If money continues to come in, you can always adjust and give yourself leeway for certain areas of production.
Budgeting your video production can be stressful, but it is possible with the right approach and template. Keeping everything organized allows you to see it all in one place so you can move and feel free to allocate funds most effectively. With a solid budgeting plan, you can tackle a successful video production while not overdoing it and spending too much money.