Introduction
Are you good with a camera? Perhaps you might have a strong passion for film. If so, you could consider capitalising on this passion by starting your own videography business.
This kind of business will record live events and video productions, which might include documentaries, short films, weddings, sports events and commercials. Starting a videography business is just like starting any other business. However, there are a number of unique considerations that you should take into account when establishing a business within this area.
Table of Contents
1. Gain Skills and Knowledge
Before starting your videography business, it is necessary to understand the skills required for the profession. You must have the technical expertise to edit and produce videos, as well as be able to properly operate video equipment.
There are a number of ways to build these skills. A few of these educational channels include tertiary classes, as well as online tutorials at places such as Skillshare. The core basics that you need to learn about include production, business management and video editing.
2. Devise Your OfferingsÂ
Once you have gained the skills required for a videography business, you must then consider what you will offer.
It is necessary to identify the type of videography services that you want to provide. This might mean specialising in events such as weddings and parties, or focusing on commercial work such as corporate training materials and video advertisements.
In choosing your specialty, it is important to research your local competition. This is essential because it is necessary to understand other companies operating in your vicinity so that you differentiate your services from them to maximise your client base.
3. Organise Your Finances and Prices
A crucial part of being a business owner is being good with your money. If you are not as confident with this, consider hiring a financial services lawyer or accountant to assist with taxes, financial planning, compliance with regulatory advice and strategic advice for your financials.
By understanding the upfront costs for your videography business and creating a simple budget, you are able to plan accordingly, save money over time and spend appropriately. Also, when setting prices, be sure that they reflect your skills and experience in the social media marketing industry.
Calculate Your Costs
When calculating your costs, be sure to budget accordingly and consider your business expenses which might include:
- Videography software;
- Videography equipment;
- Taxes;
- Legal and Accounting fees; and
- Employee and office expenses.
Estimate Your Revenue
By understanding how much you expect to make monthly, quarterly and annually, you will be able to organise your spending appropriately and estimate your revenue based on your financial goals.
Calcuate Your Profit Margin
Profit margins are the percentage of money left from sales after business expenses have been deducted. By calculating these margins, you will be able to see if you are charging enough to pay off your expenses as your business expands.
4. Create a Business Plan
Having a business plan that is clear is essential for success. Business plans will give your business direction from the outset and keep you on track through the introductory stages of your operations. Importantly, this document will give you something to show prospective investors, advisors and even clients from the earliest stages of your business.
Find out how to write your own business plan here.
5. Establish your Business
Although establishing your videography business can be intimidating, a simple checklist can ease this process. Licenses and certifications will vary depending on the country and area you live in. In Australia, you should prioritise the following:
- Registering your business
- Open a business bank account to separate your funds
- Seek legal assistance to create legal contracts to use with your clients
For further information, please see the Australian Business License and Information Service to learn about the laws you need to follow based on the specifics of your business.
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6. Build your Brand and Market Your Services
Once you have completed all of the previous steps, it is necessary to build your business’ brand. Digital marketing is necessary for a videography business, and it is probable that prospective clients will find your business through search engines.
In doing so, you must create a brand that will appeal to your business’s target audience when promoting your services. Further, it is necessary to have a simple and easily-accessible spot to share your company’s offerings, capabilities and contact information.
You should also consider creating your own social media accounts to build an online following and start reaching out to potential clients. From here, you can begin operating your business and providing services to your clients.
Finally, it is important that you reach out to current and former colleagues, network at events and put yourself out there. The human touch of networking will play an important role in attracting clients.
Conclusion
In summary, starting a videography business is just like any other business. The six simple steps provided serve as the basics for building your business, with in-depth research and planning necessary to start a successful business.
