A media production business is responsible for providing services to produce a media project from beginning to end. It will guide clients through the initial concept of the project and complete tasks which include story boarding, casting, supervising filming and scheduling.
Anyone with a passion for film is able to start their own media production business. Although you might have the enthusiasm and creativity for the film industry, starting a media production company requires much more than simply creating content and filming videos. Keep reading to find out how you can effectively start a media production business.
1. Create a Business Plan.
Businesses do not plan to fail; they fail to plan. Accordingly, a clear business plan is essential for success. Business plans will give your company 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.
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Get started2. Conduct Market Research and Find Your Niche
It is necessary to conduct market research in this industry before establishing your company. If you look across the media production field, you will notice that most small video production companies focus on specific needs rather than operating as a general video production company. Thus, one key consideration is to find your niche within the industry. What is your area of expertise? Have you worked a lot in documentary film making? Or perhaps you specialise in animation. It is so important to market yourself as an expert within your specific niche to attract clients
3. Build Your Brand
To attract clients, you must establish your brand. Ensure that when you create your brand, it appeals to your target audience. An important step here, is to choose the right name. Be creative with it, but make sure that it is unique and does not violate any trademarks. To confirm that your ideas are legal, check them against the ASIC Business Name Register.
Also, consider choosing a name that is simple, searchable and available as a web domain. Ideally, it should feature keywords that your clients will be looking for such as ‘media production’.
4. Establish your Business
Although establishing your media production 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, but in Australia, you should prioritise the following:
- Register your business;
- Open a business bank account to separate your funds;
- Seek legal assistance to create legal contracts to use with your clients; and
- Trademark your name.
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.
5. Build Your Online Presence
A good website that promotes your offerings as a media production company is vital to your business’ success. Luckily, there are a number of web services that you can use including Wix, SquareSpace or WordPress. Nowadays, social media is also very important in building your online audience, so start developing your social media presence early using platforms such as Facebook, LinkedIn, Twitter, and Instagram.
Regardless of whether you are working on personal projects or on your clients’ behalf, it is important that you promote your production company through these channels.
6. Grow Your Client Network
Finding clients is the most important step in starting your new production company. There’s no easy way to do this, but your best bet is to network both in person and online with clients and your peers. Make yourself a known commodity and once you have established some connections, be persistent. A simple text or email is all you need to do to stay on your client’s radar.
7. Keep up with Trends and Technology
Technology is developing at a faster pace than ever. Accordingly, production gear and software are also constantly advancing and it is important that you stay updated with the latest trends with cutting edge production equipment, technology and processes to stay competitive. Any business that fails to evolve or adjust to the changing industry will become obsolete. This means that you must be proactive and anticipate the next trends in the media industry.
Conclusion
In summary, starting a media production company is just like any other business. The seven simple steps provided serve as the basics for building your business, with in-depth research and planning being necessary to start a successful media production company.
