Starting a Film Production Business
Film production is no small venture. Lots of dedication and resources are needed to make this a reality.
Whatever your level of involvement in the film industry, we wish to show you how to start a film production company through practical and definite steps that are sure to help you succeed.
All you need to do is follow us by reading through the entire article. While the whole process can be complex, this guide will enable you surmount any challenges.
- Does this contain all the Information I Need to Know?
We aren’t concerned with the specifics but seek to give you a general picture of what it takes. This is a guide that gives you the direction to take. It is so because in film production, there are several angles to film production you need to take into consideration. Aspects of film production such as registration and other relevant paperwork will need to be taken up with the relevant agencies. Under such circumstances, you will be fully informed of what is needed.
- Choice of a Legal Entity
Before choosing a legal entity for your film production business, there are several things you need to consider. These include identifying the legal liabilities each entity presents, how effective it is to implement, regulations governing each type of business structure, as well as knowing what will happen to such a business in the event of death.
Other considerations to make when choosing a suitable legal entity include figuring out what the business needs will be in the medium and long term. Such include expansion and how much capital will be needed. With these, you will be able to make the right choice.
- Have a Plan
To avoid running into problems, it is best to have a business plan for your film production company. Such a plan will need to be carefully put together and should cover every aspect of the business. Your plan enables you keep track of your current level of progress in relation to set goals. It also helps you streamline your efforts towards reaching your growth targets.
Your business plan doesn’t only help you reach your goals but is also useful in sourcing for funding. Investors and lenders will need to know if your film production company idea is viable, hence the need to go through your plan. The contents of your plan will reveal the likelihood for success or failure.
- Give your Business a Name
Another requirement for starting a film production company is your choice of a name. A name is an important component of this business as it is your brand. There are lots of tips on how to choose a name. However an important part of this is to ensure you never pick an already existing name. You will need to do some research to find out.
- Research on Areas to Improve on
Film production has a lot to do with innovation. It is also expected that you have been active in this industry for some time. Hence you will easily identify several ways to improve film production. We recommend that conduct a lot of research in order to know what to do better and how to fill efficiency gaps. This gives you an edge over other film production houses/companies.
- Business Registration
For legal identification, you will need to register your film production company. Although there are certain variations in registration requirements for each state, all require that businesses be duly registered. Business registration will include name, insurance, tax registration among others. During tax registrations, an Employer Identification Number is issued to you by the IRS. However this depends on the legal structure you have selected.
- Sourcing for Startup Capital
You need to have provisions or plans in place to source for the needed funding. Setting up a production company requires significant funding. Therefore you need to have a plan on how to realize such. One of the ways to raise funding includes brand sponsorship. A potential brand sponsor will need to be fully convinced about the viability of your film production company. Brand sponsors will need to know what they stand to gain from such partnership.
- Hiring the Right Persons
When hiring a team for your film production company, you need to consider putting square pegs in square holes. In other words, you should only choose professionals with significant experience on the job. The quality of your workforce will determine how successful your film production company becomes.
- Working with a Certified Accountant
A business like film production will take a lot of attention. You need to have competent people handling all aspects of your business as mentioned above. However one of the most crucial areas to consider is how well your money is managed. A certified public accountant is the person to look for. Not only are your finances well managed, you get the advantage of being advised on crucial areas such as taxation.
With an accountant, you never have to worry in the event of changing tax laws. You are also given the best ways to reduce debt, and improve your credit rating among others.
We have focused on how to start a film production company with helpful tips provided. While starting such a company can sometimes be overwhelming, you are able to surmount such challenges by getting the right information. We are hopeful that you will find this very helpful in your bid to establish your film production business.