Budgeting for Your Wedding
Occasionally a couple will contact me and tell me how much they love our work but they only budgeted $1000 for their wedding video. It saddens me when I tell them I can't help them out in that price range. We could do something for that price, but it wouldn't be the video they saw online and were hoping to get. The problem here is that they budgeted for a bad video, instead of a good one.
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When you start Budgeting your money, you won't run out of money because you know where every penney is going before you spend.
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Producing your first movie is difficult enough without running out of money halfway through. Reduce the chances of that happening with these budgeting tips.
To complete this How-To you will need:
Some initial investment
The names of potential investors
The director's cooperation
A financial ledger
A ruthless attention to detail
Step 1: Plan an ideal budget
Sit down with the director and plan out an ideal movie budget. It doesn't have to be too detailed.
Tip: A budget is typically divided into four cost sections: talent, production, post-production, and miscellaneous.
Step 2: Cut the ideal budget in half
Now, tell the director you want to slash the budget in half. He'll probably be furious, but it'll help him think in terms of dollars and cents.
Tip: Hiring film students, shooting digitally, and using unknown actors and cheap locations will bring down the budget.
Step 3: Explain all expenses
Make the new, cheaper budget include explanations for every single penny the director intends to spend. This version of the budget should be dozens of pages long.
Step 4: Delegate the initial investment
Delegate the initial investment. Ideally, most of it will go to shoot impressive scenes that will then be used to raise more money for the film. You'll need a bit of it yourself, though, to finance your fundraising efforts.
Tip: If you don't have an initial investment, you'll need to use money from your own pocket. Make sure that your contract with the director clearly reflects this risk.
Step 5: Apply for grants
Apply for filmmaking grants. There are institutions the world over that give money to new and independent filmmakers. Find them, and apply for every single grant that they offer, no matter how unlikely it is that you'll get it.
Step 6: Find investors
Find investors. Go through your alma mater or professional contacts.
Step 7: Present confidently
When you do land meetings with potential investors, be confident. Talk up the director, the plot, and the starring actors. Never stray too far from your claim that the movie is a sure thing to make back its investment.
Tip: If you don't yet have footage when seeking investors, show them a part of one of the director's previous films.
Step 8: Raise a little extra
Raise the money you need for your budget—and then some. Socking away an extra 15% in contingency funds—to help you out if disaster should strike—is a smart idea.
Tip: If you're positively loaded with funds, give a little more financial leeway to the director, but save most of it for emergencies and the possibility that the film will go over budget.
Step 9: Count every penny
Count every penny that the movie spends and that the movie makes. Write everything in your master ledger. This way, you'll always know where you stand, and if the movie is still on budget.
Step 10: Have a backup
If and when you have to work away from the actual shoot, have someone you trust—not the director—keep track of everything.
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