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If you have experience as a filmmaker or a producer, you may have been dreaming of the time when you could take charge of your projects and choose the type of productions you want to work on. Launching your own business and starting up a production company is an excellent way to make this happen. However, before you quit your day job, it is vital you understand the steps you need to take to launch your own production company.
Running a production company is about more than just having creative control over your work; there are many other factors to consider. Take a look at these tips to get started on your exciting new journey as the owner of a production company:
Decide on a Niche
Specializing in a specific production area may sound like you are limiting your options. However, it is likely to have the opposite effect. Choosing a niche area in the industry is an excellent way to establish your business and reputation more quickly. When you have a niche, targeting potential clients and building up recognition for your business is easier. By defining your company within a specialist area, you will be able to demonstrate your expertise much more clearly. Having a niche does not mean you need to turn away other clients that fall outside your specialist area; it simply means that this is the area you focus on and you promote more heavily. It is helpful to carry out a thorough competitor analysis alongside writing your business plan, as this will help you to decide on how to pitch your business and where it will sit in the market compared to its competitors.
Choose a Name and Register the Business
Deciding on your company name is essential, especially when you work in a creative field like video production. You need your business name to communicate a strong message about your company and what you represent, and the name also needs to be memorable.
Once you have decided on your company name, it is time to make it official. You may also choose to trademark your company name to protect it. Registering your business is a crucial step and something you must do promptly. Most new small businesses need to register with their state and local governments, but it is advisable to check this and confirm to ensure you do not breach any legislation.
Protect Your Business
Protecting your business is vital; it is crucial to do this during the launch phase rather than waiting. Your first step is to arrange business insurance to cover your premises and any loss or theft of equipment. As a video production company, your business will also need Film E&O insurance. This insurance protects your business against any potential errors and omissions. Errors and omissions insurance may also be a contractual obligation requested by companies you plan to work with, such as broadcasters. So, ensuring you are adequately insured is an essential task before launching your production company.
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