Anybody who has worked on a video production understands the importance of a production budget. While it would be great to have an unlimited budget on any production that we work on, we have to face the reality of needing to create a feasible budget for our video production.
Not only does the budget help you understand how much is going to be spent on the production, but it can actually influence some of the decisions that you’re going to have to make on the shoot. So if you’re looking to create your production’s budget, here are some tips to help you get started.
Identify exactly what your major expenses are going to be
Since these are going to take up the majority of your expenses, it’s very important to take these into consideration first. So take note of all of the major costs involved with your production, and break these down into an itemized list.
This includes equipment, cast and crew, production factors like how long the entire shoot is going to last, and effects. It’s very important that you allocate the budget for these items at the beginning as these are the most important parts of your production, in addition to being the most expensive.
Consider additional expenses
Once you have the biggest items out of the way, it’s time to consider the additional expenses in a video production. Studio rentals, props, costume, even catering, these are all expenses that you have to take into consideration, no matter how big or small. Make sure that you include any expenses that you’re expecting to encounter during the production.
Don’t forget to leave a little leeway in case your estimate is off
While your video production budget should be as accurate as possible in order to make sure that your budget is properly allocated, you have to be prepared in case your estimate is off, or if the prices changed between the time you created the budget and when you needed to use the service.
It’s always a good idea to consider that things are a little more costly than initially expected so that you don’t end up lacking in budget for something you really need.
Remember to consider post-production expenses
The shoot is done, and it feels like that’s the end of your planning. However, don’t forget to factor in the cost of post-production. Software, gear, professional staff, these are all very important things that you should remember to take into account for your overall video production budget.