If you’re a filmmaker, you’re probably drawn to the idea of capturing compelling plot lines and producing movies that impress moviegoers and critics alike. You’ll visit plenty of breathtaking locations during your career and can lose yourself in the romance of the movie industry.
However, if you want to master the art of filmmaking, you’ll also need to understand the business side of the industry. Being able to budget, manage people, and conduct risk assessments properly is fundamental to your success as a filmmaker and will ensure that you can pull together an effective team when a fresh idea strikes you.
Showing you are business savvy and have financial responsibility makes you a more appealing prospect to investors. Prospective investors will want to see that you’re capable of turning a profit as well as producing a film that audiences rave about.
Networking
Mastering the business side of filmmaking doesn’t mean you have to become a callous bean-counter. Instead, mastering the business side of filmmaking means you’ll need to connect with the filmmaking community and strive to build meaningful relationships with your peers. You can do this by:
- Volunteering at film festivals;
- Creating film events to increase exposure for other filmmakers;
- Offer shooting locations to folks new to the industry;
- Help others by volunteering some of your time;
- Celebrate the success of your peers and share their achievements online.
Following these steps can help you build meaningful relationships and strengthen your professional network. You’ll also be the first to learn about new opportunities if you’re active in the community and are sure to benefit from your time volunteering later on in your career.
You can make the most of your networking efforts by creating a production portfolio site where you can share your latest work and build your professional brand. Doing so will increase your income and help you find regular work in the movie business.
Budgeting
An effective, clear budget is critical when working on a film. You can’t afford to overlook factors like negative cash flow and must keep an eye on expenses if you want to see your movie in its final form. As a filmmaker, you must account for unexpected costs like reshoots, crew overtime, and transportation.
If you’re new to filmmaking, consider working with an accountant familiar with the common costs of shooting a movie. They’ll be able to help you avoid hidden fees and may have some savvy suggestions that will save you money.
For example, an accountant may suggest that you use a personal car for work, rather than a dedicated vehicle. Doing so will allow you to make tax deductions based on gas usage, maintenance, insurance, and wear and tear. However, they’ll likely advise you to budget for business-class insurance, too, as most insurance agencies don’t cover business purposes as standard.
When budgeting, be sure to produce budgets that improve the visibility of your upcoming costs. Listing every cost in a large Excel sheet ensures that you have a record of expected expenses, but working with financial stakeholders can be a little unwieldy. Simple changes, like color-coding cells based on their cost (i.e., green for small items; red for big expenditures), will protect your cash flow and help you understand where all your cash went when you’re halfway through production.
Safety
As a filmmaker, you’re responsible for the safety of your crew, cast, and other stakeholders that you work with. Safety can feel like an overwhelming responsibility if you’re inexperienced in filmmaking, but it can be navigated successfully if you put the right policies in place when filming. You can ensure workplace safety today by:
- Conducting proactive risk assessments to identify hazards and implement preventative measures to mitigate the chance of an accident.
- Receive proper safety training before you start filming and offer further training to all your employees who are on set.
- Allocating resources like personal protective equipment, fire blankets, and harnesses to reduce fall risk.
- Regularly auditing your equipment to ensure it remains fit-for-purpose and safe to use.
If you’re a director or videographer, consider hiring an experienced production manager to coordinate safety equipment and conduct risk assessments. This will give you peace of mind while on set and aid your efforts to master the business side of filmmaking.
Digital Risks
A safety audit will identify trip hazards and ensure you have enough fire extinguishers to extinguish any flame. However, business hazards don’t end there. If you want to truly mitigate risk and run a profitable filmmaking company, you’ll need to account for emerging business risks in an online era, like:
- Implied Relationships: Ensuring that your business relationships have been properly formalized is essential to run a steady ship. Doing so is particularly important if you’ve implied that you can offer an actor or camera operator work but then opt for someone else. The paper trail can be used against you and may lead to fines.
- Misrepresentation: Self-belief is vital if you want to make it in the world of filmmaking. However, overselling yourself and your abilities can lead to penalties and will undermine your professional reputation.
- Cybersecurity: Running an online business is a great way to increase your income. However, if you conduct business online, you must invest in cybersecurity to ensure that your client's data isn’t stolen and that your company adheres to GDPR and the CCPA.
Accounting for these digital risks can help you build your brand online and will mitigate the risk of fines or legal penalties later on. Failing to protect personal data or implying relationships that don’t come to fruition will damage your reputation and make it harder to land work in the future.
Conclusion
Mastering the business side of filmmaking is just as important as shot composition and proper color balancing. You can’t afford to overlook your budget when filming and should have a keen eye for health hazards and safety risks on set. You’ll also need to invest time and effort into building a community if you want to master the business side of the film, as volunteering and sharing your peer's work will build your network and serve you well for years to come.
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