From Zero to Hero: Launch Your Own Video or Photo Production Company

Table of Contents

1. Introduction
2. Tip 1: Think of Running a Production Business as a 60-40 Type Business
3. Tip 2: Keep Costs Low
4. Tip 3: Set Up the Foundation of Your Business Early
5. Tip 4: Find a Niche
6. Tip 5: Bring Someone on Board for Tasks You Can't Do Well
7. Conclusion
8. FAQs

Starting Your Production Business from Scratch: 5 Essential Tips

So, you want to start your own production business? Whether you've been running a business for years or you're just in the early stages of considering it, there are a few key tips that can drastically change your business for the better. In this article, we'll explore five essential tips to help you successfully start and grow your production business.

Tip 1: Think of Running a Production Business as a 60-40 Type Business

When it comes to starting a production business, it's important to think of it as a 60-40 type business. This means focusing 60% of your time on the business side and 40% on the art and creativity of production. While it may seem counterintuitive for a creative professional to spend more time on the business side, it's a reality that successful production people understand. Pay Attention to tasks like billing, finding new clients, and handling mundane business activities. By approaching your business with this mindset, you'll not only have a more successful business overall, but you'll also have the resources and time necessary to focus on the creative aspects.

Tip 2: Keep Costs Low

When starting a production business, it's important to keep costs as low as possible. There are many expenses that can quickly add up, such as new equipment, marketing, and office space. By being mindful of your expenses and finding creative solutions, you can keep your costs low and avoid running out of money too quickly. Consider options like working from your home office, renting equipment instead of buying, or hiring freelancers instead of full-time employees. By keeping your costs low, you'll be able to sustain your business in the long run.

Tip 3: Set Up the Foundation of Your Business Early

Setting up the foundation of your business early on is crucial for long-term success. This includes establishing a legal structure such as an LLC or DBA, obtaining necessary permits and licenses, and setting up a separate business bank account. By setting up the proper foundation and legal structure, you'll not only enhance your professionalism but also protect yourself and your business. Doing this at the beginning will save you from potential headaches down the road.

Tip 4: Find a Niche

Finding a niche for your production business can greatly benefit your client base and overall success. While it can be tempting to say yes to every potential project, specializing in a specific niche allows you to showcase your expertise and build a reputation within that industry. This can lead to consistent work, repeat clients, and possibly even retainer agreements. While it's important to start with one niche and dominate it, it's also wise to begin exploring your Second niche to ensure stability should one industry experience a downturn.

Tip 5: Bring Someone on Board for Tasks You Can't Do Well

As a business owner, it's important to recognize your strengths and weaknesses. If there's an area of your business that you struggle with, consider bringing someone on board who can support you in those areas. This might mean hiring a professional to help with contracts, business plans, or marketing strategies. However, it doesn't always have to involve bringing on a full-time employee. Collaborating with other Creators or working with freelancers can also be effective ways to fill in gaps in your skillset. Investing in the right people will elevate your business and allow you to focus on what you do best.

In conclusion, starting a production business requires careful planning and strategic thinking. By implementing these five essential tips – thinking of your business as a 60-40 type business, keeping costs low, setting up a solid foundation, finding a niche, and bringing in experts where needed – you'll be well on your way to building a successful production business from scratch.

Highlights

• Running a production business requires focusing on the business side approximately 60% of the time and the creative side 40% of the time.
• Keeping costs low is crucial to the success of a production business, especially in the early stages.
• Setting up the foundation of your business, including establishing a legal structure, is essential for long-term success.
• Finding a niche and specializing in it can help build a strong client base and reputation within that industry.
• Bringing someone on board for tasks you can't do well can greatly benefit your business and allow you to focus on your strengths.

FAQs

Q: How much time should I dedicate to the business side of my production business? A: It is recommended to spend approximately 60% of your time on the business side and 40% on the creative side of your production business.

Q: Can I start a production business with limited funds? A: Yes, by keeping costs low and finding creative solutions, it is possible to start a production business with limited funds.

Q: Should I specialize in a specific niche for my production business? A: Specializing in a niche can greatly benefit your production business by allowing you to showcase your expertise and build a reputation within a specific industry.

Q: When should I bring someone on board to help with tasks I can't do well? A: As soon as you can afford to do so, it is advisable to bring someone on board to assist with tasks you are not proficient in. This could be a freelancer, collaborator, or even hiring part-time or full-time employees.