Getting Started
Starting a production company requires a detailed and comprehensive plan. Researching the legal requirements, the necessary equipment and staff, creating a business plan and considering the production niche are all basics that need to be addressed. It is vital to understand the industry and have the skills to be successful. Depending on the country, there might be additional requirements that need to be met, such as registering the company with the local authorities. Business consultants are a great resource to provide guidance in the process.
Choosing the Company’s Niche
The type of production company to open needs to be decided. Whether it is in TV and film, music, corporate video, theatre or gaming will all determine the resources required, including the necessary equipment and software, as well as a team of people with the right experience and skill-set. This could be handled in-house or through freelancers.
Budget and Financing
Creating a budget is critical to ensure that the business is properly funded. Banks, credit unions or even peer-to-peer lenders can provide financing or loans. It can also be worthwhile to seek out grants or other forms of support. Investors could be sought out, although they will generally want some stake in the business in return.
The Team
Building a team is one of the most important steps and can be the difference between success and failure. Hiring experienced and reliable staff is important. Natural talents can be found through networking and online platforms, such as LinkedIn. Building a professional portfolio can also be beneficial for getting the right name out there.
Marketing and Promotion
Creating an effective marketing strategy is essential. Having a presence on social media enables the production company to reach a broad audience and create brand recognition. Advertising campaigns in print or radio could work well to increase numbers. Setting up a website is a great way to showcase the company’s work and present an avenue for potential customers to get in touch.
Preparing and Shooting
Preparing for and shooting is a highly involved process, and expertise and experience are key qualities for ensuring a successful production. The shoot needs to be perfectly planned and organised. This includes finding and booking the appropriate locations, rehearsing and testing equipment, and sourcing makeup, props, and costume designs for the talent.
Producing
Once the filming is complete comes the process of producing and editing. This includes recording audio, post-production visual effects, music, and animation. Building a long-term relationship with an experienced editor or company is beneficial. Sending a video out to networks or potential streaming services will create extra interest.
Network and Maintain
Established production companies tend to have a working network of relevant contacts they can reach out to. Networking with industry professionals, attending events, and entering competitions can all help to build inquiries and promote the business. Maintaining a good balance between quality and deadlines is key to build a lasting customer base.
Penning a Contract
Creating a comprehensive and legally binding contract is important to protect the interests of both parties. This should include the production process that will be completed and when, any additional services provided and other terms. The contract should be reviewed regularly.
Keep Up-To-Date with Technology and Trends
Industry standards and expectations can change quickly, and it is important to stay up-to-date in order to remain competitive. Making use of innovative solutions and software can help to expand capabilities and provide a better service for clients. Keeping abreast of trends and new technology will help to maintain interest in the business.
Post Production Services
Post production services are essential to complete the production cycle. This can range from animating titles and adding special effects, to editing and color correction. It is important to invest in good editing software and work with experienced professionals to ensure that a quality product is produced.
Seeking Out Clients and Partners
Reaching out to potential clients is one of the most important functions for a production company. Knowing who to target and how to appeal to them is key. It can be beneficial to seek out partners and form strategic alliances, which can open up further opportunities for both parties.
Protecting Intellectual Property
Ensuring that the company’s intellectual property is adequately protected is critical. Privacy clauses, NDAs and releases should be agreed upon with clients and employees to protect the company’s interests. It is important to have these in place before any project starts.
Expanding the Business
Expanding the business as demand increases is key to increased growth. This could involve hiring additional staff, or outsourcing services where necessary. Investing in the right equipment and training will help to support the expansion. Developing processes and protocols to handle the increased workload and ensure consistency is also important.
