You may create and produce whatever TV or film projects you want if you start your own production business. Take into account these twelve essential tips on how to launch a production company as you investigate this career option.

 

So, What Is A Production Company?

The actual physical production of video material, such as full-length movies, TV series, and music videos, is the responsibility of a production company. Production companies often work on two different kinds of projects: those that they independently generate with the help of their own creative team and those where they are hired to physically produce without any creative input.

 

How Do You Start A Production Company?

A detailed business strategy is often necessary before you can launch your production company. It might be difficult to start a production company. However, if you take the right measures, you can position your business for future success.

 

Find your company’s niche. 

What specific kind of material do you want to create? Maybe you want to make low-budget horror movies, or maybe you want to concentrate on sci-fi genre movies or creative independent movies. It’s crucial to focus on your company’s brand identity so that it can serve as a guide when deciding which projects to generate.

   

Choose a creative company name

Pick a name that captures the essence of your business, is memorable, and has personal significance to you. Once you’ve found the ideal name, check to see if it’s already in use and then submit an application for a trademark.

 

Draft a killer business plan

A production company’s ability to function financially and effectively depends on having a strong business strategy. Use a business plan that enables you to gradually go from a small company entity to a larger one all the while starting small. Plan specifically for your starting expenses, including staffing, office space, business rates, and taxes etc.

Create a mission statement that outlines the objectives of your business and outlines your financial objectives for your production company. After that, consider where you want to be in a year. In five years, what business prospects do you envision yourself pursuing? Achieve a balance between the ambitious and the feasible.

 

 

Hire a specialist entertainment lawyer

The procedures required to launch a production company can be intricate, so you’ll want a small business lawyer or entertainment lawyer with experience in production services to guide you through the procedure and provide appropriate legal advice. Your lawyer will examine all the paperwork you require to launch your company, and after it is up and running, they may help you with recruiting your team and drafting the contracts you need for your tasks.

 

Incorporate your new business venture

You need to legally set up your company as a limited liability company, a partnership, or a sole proprietorship if you wish to launch it properly. Perhaps even a not-for-profit entity. Even though a sole proprietorship is the simplest legal form to set up, it has the disadvantage that you, as the owner, are personally responsible for any claims made against the business.

For most production companies that are just getting started, a Limited Liability Company is a superior alternative since it offers excellent flexibility in terms of legal liability and company taxes.

 

Seek essential funding

A production company needs money to expand. You will probably need to utilise your business plan to obtain a small business loan or contact angel investors unless you have other sources of funding (either via crowdfunding or personal connections). Make sure your risk doesn’t put you in danger of going bankrupt if things don’t work out!

 

Get the all-important paperwork and filings in order

When you run your own film production company, you are in charge of a lot of day-to-day details. In addition to filing operational agreements and articles of association etc, you must open a company bank account, register for corporation tax and get a UTR number from HMRC. 

   

Appoint an awesome leadership team

You’ll need to look for exceptional individuals to assist turn your ideas into reality. Consequently, great ideas frequently arise from teams of people! For your executive team, you should appoint four people:

 

• The Head of development – who chooses which scripts to produce and directs the creative team

• A Head of production – who oversees the physical production process and the budget

• The Head of post-production – who supervises the editing process

• A Head of distribution – who handles marketing and content sales.

 

In contrast to working full-time with one company, other creative filmmaking roles like writers, actors, directors, and cinematographers are typically recruited on a project-by-project basis.

 

Hire a skilled production accountant

Make use of a production accountant. You’ll need a qualified chartered accountant with experience in entertainment finance to handle your company’s accounting. Handling entertainment payroll is a difficult task. Production accountants are prepared to manage the continuously changing crew that is typical of the filmmaking industry. This is in addition to the many laws and ordinances related to the various entertainment unions.

 

Purchase invaluable production insurance

Accidents occur throughout the making of movies. It can be staff members tripping on the set to stunt performers getting hurt while enacting risky stunts. You’ll need reliable insurance coverage to safeguard you in the event that any unanticipated events take place.

 

 

Create innovative proof-of-concept projects

When your business is just getting started, you might want to create a few shorter and less expensive proof-of-concept samples to highlight your brand’s voice and your team’s skills. Convincing studios and investors to fund full-length projects can be accomplished with the help of short films and TV pilot presentations (condensed pilots).

 

Develop a resource-ready website and create a social media presence

Cast, crew, creatives and investors must be able to discover your business online. Therefore, engage a web designer to make a straightforward yet educational website for your business. Your contact information and succinct examples of your work are typically all you need for production company websites. Less is usually more in this case. While it’s crucial to have a social media presence, you might not need to employ someone particularly to manage your social sites until your business grows enough to have a steady supply of material.