Production companies work on creating video content such as music videos, TV shows, documentaries, or feature films. Some production companies focus on advertising content, whether it’s for TV, social media or websites. If you’re looking to start up a production company, these five simple steps are a great starting point.
1 . Figure Out Your Niche
The first step is to figure out your niche, think about the kind of content that you’re going to specialize in. It could be a certain genre of movie, a style of documentaries, or advertising content for brands. Choosing your niche is the best way to focus your skills in one area, and to create the identity of your brand. It’s important to have a strong brand identity, to differentiate yourself from other companies in the industry.
2. Establish Your Business Plan
You’ll need to create a detailed business plan, the plan should account for your startup expenses, taxes, office space, and employees. The business plan should include a mission statement, outlining the goals of your production company, and how you’ll make a profit. A business plan will help you to get yourself organized and plan to get your company off the ground.
3. Hire The Right People
To ensure the success of your production company you’ll need to hire the right people. You’ll need a head of production, head of development, a post-production lead, and a distribution lead. With every new project that you approach you’ll need to ensure that you’re working with talented directors, writers, and so on. Take your time throughout the hiring processes, perform background checks and create a solid profile of who you are looking for.
4. Work With An Attorney
You must hire an attorney to help you navigate the legal aspects of starting a production company. Choose a lawyer that specializes in the entertainment sector, to ensure that you are getting the support you need. An attorney can help you to review the legal documents, and help you to design contracts for your creative projects and staff.
Your attorney may also be able to discuss your insurance needs with you. Production companies usually need Errors and Omissions Insurance, to protect themselves against financial risks. You’ll need general liability insurance and a worker’s compensation policy.
5. The Perfect Website
You’ll need to advertise your company, and you won’t be able to do this without the perfect website. Create an attractive and user-friendly site that shows the world what you can do! Use engaging content, and ensure that your website is SEO optimized. You’ll need to create social media accounts, and use these to boost your online presence.
Creating a production company is an exciting venture, but it’s lots of hard work. Take all the good advice you can get, and perform plenty of research ongoing. Starting your own business is the chance to live your passions and get creative.