Thinking about Starting your Own Production Company?
Starting a production company isn’t easy to say the least, but if you want to do everything you can to become a success then follow the tips below.
Have an Idea of What you Want to Do
Having an idea of what you want to do can be the most difficult step in the process, but it doesn’t have to be. If you want to help yourself here, then you need to figure out what you want to do, whether it’s working in commercials, films or even TV shows. It’s a good idea for you to write down your short-term plan as this will help you to achieve your long-term goals. At the end of the day, you know your strengths more than anyone, so use them to your advantage and have everything in place before you go ahead with establishing your company.
Research Other People
Now you have a good idea of what you want to do, it’s time for you to do your research. If you are working on commercials or even films then you need to research your local community so that you can find out who else is offering what you plan to. Pay attention to the fees that people charge and also find out ways that you can compete in the current market. If you want to get into the film industry, then you need to research the parts of the industry that align with your talent. It may be that you are a very skilled artist and that you want to focus on pre-visualisation. On the flip side, you might want to focus on promotions, in which film marketing would be a good option. Find other successful film production companies and read about how they got started. This will help you with your success and it will also help you to go that extra mile where possible.
It’s so important that you create a good name for your production company. This will become your brand, so come up with something that is relevant to you. For example, if you take a look at Spielberg’s production company you will see that it is called Amblin Entertainment. The name came from the very first movie they worked on, Amblin. You could go down another route, like Ridley Scott did. He named his company Scott Free, after his last name. Either way, it doesn’t matter what name you come up with as long as it has meaning and it reflects your personal truth.
Now you should have come up with your name, which is great, but you need to start looking at the various legalities that could revolve around your brand. You need to work out your office space and even if your name is trademarked. If you plan on working out of your home for now, then why not look into a registered office address? A lot of people wonder- “why use a registered office address?” but the answer is very simple. It gives you a more professional online presence and it also gives you the chance to market your business easier. Now is also a good time for you to trademark your name. This might not seem like a big deal, but it’s essential. Scour the internet for anyone who might be using your name and also check it on a trademark database.
Forming your Company
You know what you want to do with your company and now you have a name as well. This is fantastic, but you still need to decide on your company structure. This decision will affect the amount of filing you need to do, and it may even affect how you pay tax as well. A sole proprietorship is the simplest structure you can choose. It’s unincorporated and it is run by an individual. The main thing that you have to remember here is that there is no distinction between the individual and the business. This ultimately means that if your business goes down, some of your personal assets can be claimed to pay for it. An LLC on the other hand is a hybrid structure. You will get the tax efficiency of a partnership with the limited liability features of a corporation. This could be a good option if you have some degree of start-up funding because it will give you some protection and it will also make it easier for you to document everything on a bigger scale. You should note that if you do this, you’ll probably need an accountant.