Once upon a time, TVWriter™ had a frequent contributor who called himself the “Impatient Showrunner,” AKA IS because he was indeed a showrunner and also a notoriously impatient man.
The other day, LB got a call from his good friend IS, and this TVWriter™ minion could hear the Showrunner’s rant all the way from my digs in London.
“What the hell is wrong with everybody?” IS demanded. “I keep getting email after email from total novices with addresses proclaiming their very own ridiculously named production companies? How can they form production companies if they’re still at a point where they’re asking me baby questions about what production companies even do? And people call me impatient?! Egads!”
In order to spare another generation of aspiring TV writer-producers from having to face the Impatient Showrunner’s wrath, I did a little googling and found the helpful article below.
If it wasn’t for professionals in the media space, the entertainment world wouldn’t be so advanced.
Some of the music videos, movies, commercials and TV shows that are indulged in today wouldn’t exist if not for them. It takes a level of creativity and technical skill to successfully produce any type of content.
It can also be relatively expensive depending on what exactly you’re producing. For those who are passionate about productions, you can create content that makes a major impact and has a positive influence.
Below, you’ll find things that you should know before going ahead and starting a production company.
1. You Need a Concrete Plan
The first thing you need if you want to successfully start a production company is a concrete business plan. Without it, you’re setting yourself up for what could be a lot of frustration.
Financial statements are a very big part of your business plan. This is because a production company is a business, so you need to project how much you’re going to make during the early days.
To do this, include an income statement, balance sheet, cashflow statement, and budget.
Customers and Competition
Another important component of a business plan is your customers and competition. Make a decision about who you’re targeting and why.
Do this by researching the types of people likely to be interested in your company and which businesses already have their attention. Three customer questions to ask are:
- Who is buying?
- What do they buy?
- Why do they buy?
You also want to find out how big your competitors are and what strategy they’re using to secure customers and clients.
After doing all of the background research, it’s time to document what your business is going to look like in the present and future.
Include things such as what your plans, organization, procedures, and company culture are going to be. This is also the time to write a strong vision statement that will guide your company activities….