LEARN THE BASICS OF STORY
NO STORY – NO MOVIE
I’ve met film producers over the years that don’t even bother to read the script. Unbelievable as this might seem, they are more interested in the deal. A lawyer working for such a producer was so swept away by the complex web of business transactions that he said ‘Let’s shoot the deal!’ Needless to say, the deal was far more interesting than the finished film.
If you want to make it in movies, you need to find or create a script with a great story. Take five minutes out and read this great article on the story.
Don’t be Scared of Poor Market Conditions
There are currently 20 million small businesses in Nigeria with entrepreneurs starting approximately 143,000 new companies each month. While the market fluctuates, there is no reason you can’t create a lasting business, especially considering that recent university research notes that 57 percent of Fortune 100 companies were formed during a recession. Though the Great Recession forced many businesses to close or file bankruptcy, many start-ups were founded, because of a high rise in unemployment.
Make it a Legal Entity
You are going to be running a business, so you need to remember to make a legal entity. There is no special legal structure for a film company, so it might be helpful to get some advice to choose the best legal arrangement. It will also be beneficial to consult with an accountant to maximize your tax deductions. When choosing a name you will want to search and make sure no one has already used it. After finalizing your arrangement, get registered for local taxes and set up a bank account. After all the legal paperwork is done, start creating your website, social media accounts, and YouTube channel so you can collect likes and subscribers.
Find Partners or Team Members Early
You should look for partners and team members while you are in the early stages of building your business, as they can help you avoid being crippled by overhead. You should pay particular attention to hiring people in the back office first, such as finance and production personnel. These people will build the infrastructure of your company and help keep reporting accurate. These jobs are important and will allow you to grow your business faster and hire more creative personnel. The more people you have working for you, the more tasks you can get accomplished and the sooner you can get your company off the ground.
Conduct Market Research
Research shows that the digital universe should reach 40 zettabytes by the end of the decade. With such large amounts of data, businesses will need analysts to help comb through the information. Data analysis can help your company make better business decisions by providing insights and successfully implementing them. Production companies can cover a range of topics and styles of filmmaking. You will need to do some market research to determine the most successful niche for your company preferably an untapped one. Your market analysis should consist of your industry outlook, trends, and information about your target audience, their distinguishing characteristics, and any regulatory restrictions that will affect your business. You will also want to get a competitive analysis that will identify your competition by their market share, strengths, weaknesses, and any secondary competitors that will impact your success.
Write a Business Plan
Your business plan is an essential roadmap for your production company’s success. This document usually projects three to five years ahead and outlines how you plan to grow your revenues. You will also need a solid business plan to present your ideas to potential investors. Your business plan should include a mission statement, a company summary, and what service you are offering. You will also want to describe the target market, financial projections, and the cost of operating.
Starting your own production company can be stressful and will demand your complete focus, but it can also fulfill your professional goals. Those considering following this dream are sure to consider these five insights to help get your production company off the ground as fast as possible.
Learn how to Discover Talent, Your chance to hit pay dirt
A producer’s job is to find and discover talent, read scripts, attend underground music venues, check out fringe theatre, and watch short films at festivals like a Rain dance. When you find a promising playwright, actor, musician, or director, you broker a deal with them and give them money that ties them to your stable of talent for the project you are working on.
Later in life, when that actor, director, or writer makes it huge, they will remember you as the person who discovered them.