When it comes to planning your videos, one of the very first things you need to do is figure out how much of a budget you should set for your video project. This can be tough to do, because there are so many rates out there you may not know how to start, or even where to look. Don’t worry. Take a breath. And let us tell you what you need to know. So, when you start looking into budgeting your video projects, you don’t need to worry. You’ll know exactly what to look for and where to look for it.
Equipment Rentals Or Owned Equipment
One of the first things you need to look at is whether you’re able to rent video equipment or if you or your crew already own equipment. If you already own the equipment you need, then you don’t need to worry too much about this aspect of your budget, you can skip this part. The only thing you’ll need to worry about is insurance, but we’ll cover that later.
If you don’t have the equipment, you need, on hand, then you’ll need to factor the rental of your equipment into your budget. This means, you need to look at the prices of rental companies, whether they do bundles, or bulk discounts. Usually, rental companies will have a bundle of the basics, which may include the camera and its basic accessories, a single lamp, and maybe a boom microphone. And in many cases, you’ll need to hire out the different lenses, or more lighting and sound equipment separately. So, always do your research first. Make sure you know which camera can help you get the best quality for your video, and if you need any extra lighting or sound equipment. Once you’re set, then you can look into the deals that rental companies provide.
Cast And Crew Rates
Another factor you need to take into consideration is the day rate, or even weekly rate of your cast and crew. If you’re shooting a fictional film, you’ll need to establish how much your cast and crew expect from you. It’s not enough to say that you’ll pay them. They will need to know how much they’re getting from you. Usually, this will be the first thing you need to discuss with your cast and crew, so that you both benefit from working with each other.
If you’re just starting out in the industry, you’ll most likely need unknown actors or crew members, usually those who’ve just graduated from university or college, and you may need to specify that it’ll be an “expenses only” or a “TFP (Trade-For-Print)” kind of gig. After all, if you want to get more well-known stars, you will need to fork up a large sum to keep them on your project. That’s why many major productions have budgets that are worth billions of dollars. So, be sure you have the capacity to pay for your cast and crew (including your post-production crew like video editors, distributors, and public relations).
Locations And Permissions
One of the biggest black holes in any budget is the location of your video production. If you’re filming an event like a wedding, then you may not need location permissions, all you need is a liability or release form, signed by the location’s owner or manager. However, if you’re filming for a feature or short film, even a documentary, you will need to jump through a lot of hoops to get the permissions you need from the owners of the locations you’re looking to use, and the permission of everyone that uses that location regularly. For example, if you’re shooting at a school, either get the permission of the students to use their faces in your film, the permission of the principal or the head of the school board, and the consent of the governing bodies that safeguard the safety of the students and children.
Not only do you need to ask permission, you also need to make sure that you treat the location and its surrounding culture with respect. After all, if you’re blowing things up inside a public building, you don’t want to damage or destroy the building itself, otherwise you’ll be held accountable for it. So, make sure you set aside a good chunk of your budget for the location and permissions you’ll need to use the space. It’s very important that you do, otherwise you could be taken to court over even the smallest damages you may make to the location and/or the people in that location.
Insurance And Legal
If you go through the documental archives of major film productions, you will find binders of files, documents, receipts, invoices, correspondences, and many, many forms. That’s because it takes time to get everything together, especially for big blockbuster productions. Hundreds of people will be working on these sets, making sure that the production isn’t compromised because someone forgot to sign off on a plan or a liability form. It’s a whole process in itself. So, when you budget for your film, you need to make sure you have the right contracts, legal documents, and insurance papers ready. Otherwise, your production budget will be hit hard, especially if an accident on set leads to legal action (think about the accident on set of Rust, with Alec Baldwin). While these are once in a billion chances, they can still happen. So, be sure you are covered, so that if anything happens, you cannot be held liable, or at least you have the money to cover it, whether it be treating the affected parties, or paying for any legal proceedings.
Post-Production Costs
Many people think that editing is the cheapest part of the video project, but actually, if you really think about it, it isn’t. Your video editor is going to need a very powerful computer, and lots of storage space, so that they can edit your video to the best it can be, without losing any of the quality you are looking for, especially for major feature films. Video editors will need the highest speeds of RAM and the best processing power, to edit your films to a high degree. Not to mention, if you’re including complex animation, VFX and other computer-generated content into your videos, you’ll need to either provide your editor with the training they will need to create the content you want, or you’ll need to pay for more animators and graphics designers.
These costs can give your budget a real pounding, especially if you’re on a deadline. You’ll need to pay for more editors, who can edit in the same style, and who can work on your video at the same time. After all, there’s only so many hours in the day that your editors can work, so bringing on more editors, who can work at pace, will definitely cost you, especially if they’re asking for equipment to help them edit.
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