The beginning of a new project is an exciting time. Creativity is flowing, and the possibilities for your production are endless. Or, more likely, these possibilities are endless until you remember one major constraint: your budget.
Budgets are not the bad guys in the story. However, they are an aspect of the production process that must be considered carefully at the start of a project. If you take the time to build out your budget beforehand, you can avoid overspending while also making your ideas a reality.
How, then, do you build a budget that allows your creativity to flourish is a feasible manner? Let’s review key budget-building steps so your next video production can be creative and cost-effective!
Define Project Goals
While it’s tempting to start your budget with the numbers, that isn’t the most effective approach. You should begin by defining your project goals. Why? Understanding your project goals reveals your project priorities. Therefore, you’ll be ready to make smart decisions about your video campaign strategy.
Sometimes the project goals are clear. If they aren’t, there are a few items you can focus on to clarify your goals. Firstly, think about the type of video you need to make. How long will it be? Will it be informational or narrative? On top of the big picture of your video, you can hone in on what creative goals you have. Are there special visuals you need to achieve? Do you need to hire specific talent? What, if anything, are items you cannot compromise, regardless of their cost?
After answering these questions, you’ll be prepared to plan your budget. At this point, you will have prioritized the essential elements of your production. This means that you’ll have a general idea of the costs for each stage of the campaign, from pre- to post-production. Next, you can dive deeper into the numbers as you look into what it’ll cost to make these project goals a reality!
Research Costs
With your project goals in mind, you can narrow down specific project costs. Breaking down estimated costs should include everything from equipment rentals to location fees. Moreover, you cannot forget to factor in any vendors you’ll need to hire throughout the production. While looking online is valuable, it is important to compile as many estimates and quotes as possible. Moreover, try to get as much line-item detail in your quotes as possible. This way, you’ll have evidence of the real costs, which is vital to making your budget practical.
You can also run an audit of your past production budgets to get a sense of what you’ll need to spend this time around. As you review your budget history, pay attention to key metrics that are relevant to your current project. This is a great way to figure out room for improvement and vendors or services you want to work with again!
Build Your Budget
Congratulations, you’ve made it to the budget-building step! This is when you get to dive into creating your actual budget plan. You can plan it out with a spreadsheet or even utilize a budgeting software. No matter what tools you use, you’re going to have a comprehensive view of your project costs after this!
As you plug in all of your estimates, it is important to reflect back on your project goals. With your priorities in mind, you can accurately allocate your budget to each production stage. Depending on which aspects are the most important, you may need to save a lot of money for one stage, whether it’s to cover special equipment or high post-production costs.
Don’t be afraid to make changes as you build your budget. It’s normal to discover shifting priorities or even new costs while you break it all down. That’s why this stage is so important. Carefully building your budget reinforces your project priorities. Likewise, a detailed budget will reveal ideas for improvements in other areas of the production process. That is how you’re going to create high quality content without losing sight of project goals and budget constraints!
Review the Plan
After you’ve built your budget, you can let out a sigh of relief. The hardest part is over! Now, it is time to review everything to bolster your project’s budget, so your hard work doesn’t go to waste.
A solid budget “provides a pivotable plan,” and this includes a contingency fund. To be safe, you should try to dedicate 10-15% of your total budget to cover any unexpected issues that occur on set, in post-production, or even unexpected fees in the pre-production stage.
On top of preparing for emergencies, the review process includes looking for ways to be cost-effective. Without compromising the creative vision, can you utilize less expensive equipment? Does the project workload allow you to have a leaner team, rather than a mass of collaborators? If appropriate, don’t be afraid to repurpose assets in your possession. Maybe props you have in storage would be perfect for this shoot. You can save money in smart and creative ways if you put your mind to it!
Reviewing the budget is also important because it gives you the opportunity to justify every financial decision. When you are confident in the choices you make with your budget, you can explain these clearly to stakeholders, clients, and team members. This means that everyone will be on the same page, which makes a project more efficient and enjoyable!
Our Two Cents
In the end, a strong budget leads to a strong production. With a detailed budget, your workflow is smoother. Additionally, your team is better prepared for surprises at any point in the production process. That means you’ll have a high-quality product that doesn’t break the bank!
Hopefully, you are ready to dive into building the best budget for your new production. At Plaid Pony Productions, we know the importance of financial literacy, and we believe it’s attainable for anyone! If you want to learn more, you can contact us or check out the summit our very own Stacy Scarsella co-moderated. We can’t wait to hear about the budget-friendly campaigns you have in store!
