After a slow 2020 due to the global pandemic, the film and entertainment industry made a strong comeback in the new normal. Movies are still big, even as film theaters may have smaller foot traffic for the foreseeable future. Streaming platforms fuel the success of films, with huge viewership and revenues coming effortlessly. Not surprisingly, upcoming producers and directors want to try their luck with movie-making now.
If you have been waiting for the right time, now is the time to set up your production house. But you need to create the right roadmap to navigate the challenges and capitalize on the opportunities. The challenges may appear daunting in pandemic times, but bigger opportunities lie ahead. All you need is the right approach to start, and success will come for sure. Here are some tips you can follow to set up a successful film production house.
Before carving a road ahead, you need to have realistic expectations for your journey as a filmmaker. Starting small is the best way to go, even if you have a massive investment for the startup project. It is a good idea to try your luck as an independent filmmaker first before jumping into the ocean. Produce a few low-budget movies to know how the industry works. You will gain confidence and connections in the industry, making it easy to fulfill the bigger plan. Some experience can provide the best start for setting up a successful production house.
Identify your target market
Once you get a hang of things with a few small projects, you must consider digging deeper with research. Knowing your target market makes the road ahead a lot smoother. You can even pick a niche that appeals to you but make sure it has good prospects. Identify your target audience, and gather details of their demographics. With clarity regarding the way ahead, you can proceed confidently. Of course, you can diversify into more niches down the line. But it makes sense to stick with one during your initial phase, master the craft, and build a reputation.
Raise some money
After knowing your audience, you are all set to raise funds for your startup. Remember that you will need massive funding even to start small, so you cannot rely on personal savings. Fortunately, there are plenty of ways to raise money because investors are keen to finance upcoming production houses. You can consider collaborating with a big production company, finding an independent partner, applying for government funding, looking for an angel investor, or launching a crowdfunding campaign. Start with minimal investment, though you can source more as you scale down the line.
Know your challenges and opportunities
Procuring funds for your startup is only a start. The real work begins even before you get your first project on the floor. It is crucial to know the challenges and opportunities you have. Things seem daunting in pandemic times, but a realistic view makes the journey easy. For example, you cannot expect crowds flooding into the cinema halls, which is a challenge. But you can reach a huge audience on streaming platforms like highway film, so there is no lack of opportunities. Knowing both can help you create a perfect business plan to sustain and thrive in the industry.
Build a great team
The next step is to build a great team for your production company. You will need experts to head different departments. Filmmaking is a complex business that requires expertise in diverse areas. You will require a Head of Development to explore and assess potential scripts. A production team makes sure that the projects are completed on time and on budget. Your post-production team handles technical thrills and spills of the editing part to make the film release-ready. Additionally, you will require a sales and distribution department to manage the distribution and promotion of films. You will also need resources for procurement, HR, finance, and operations. Onboarding experienced resources can give you a winning advantage, so get only the best people.
Create a robust network
Thriving in the film industry requires robust networking. You need to do it even more when just starting your production house. There is a lot to learn, even if you have experience with the craft. Moreover, you will need connections for everything, from getting equipment to collaborating with celebrities, creating your promotional campaigns, and more. Focus on being visible and connecting with industry leaders. Attending industry events gives you a good start, though there are not many of them these days. You can connect with influential people online. Follow the industry trends and news to stay informed.
Work on your online presence
If you want to achieve your growth targets, you have to reach out and promote your new company. But think beyond billboards and print media because they do not give as much reach as you expect. Building an online presence is imperative for production houses, just like any other business. Showcase your work on the website with trailers and links to streaming platforms. If just new, present the upcoming projects. Besides investing in a website, create a social media reach for your company. You can also host virtual events and festivals to grow your community and build recognition online. The greater your outreach, the better are the chances of making it big. Encourage your audience to spread the word through reviews and testimonials.
Filmmaking is a lucrative business. Moreover, it is ready to get bigger despite the challenges of the new normal. The idea of having fewer audiences in theaters may dissuade you from getting started with your production house. But you need not worry because the picture looks bright ahead. Streaming platforms present immense growth opportunities for new and old production companies. Even independent producers have a chance to make it big because reaching the audience is easier than ever. Follow these steps, and you can achieve your movie-making goals before you imagine. Nothing can stop your growth if you take the right road to success!