Big budget film production studios spend millions of dollars for big name actors, special effects, locations, marketing and more. When it comes to making your production successful, it is extremely important that you budget efficiently to ensure that there are no money shortages during the production process.
Whether you’re spending thousands or even millions on your project, it is crucial you have a budget plan to map out each dollar spent. Your budget arrangements should be made prior to production, and should continue through production to track money expenditures. This will serve as your film’s blueprint, outlining the movie’s various expenses during the movie-making process.
There are many things that new producers tend to forget when budgeting, including:
- Location permits. Nearly all filming requires permits, so it will be useful to keep money aside for the permit in order to shoot in your desired location.
- Talent & Crew. Communicate with the cast and crew early to determine how much each is going to get paid.
- Music. In order to use music from hot shot artists, you’re going to need to spend a lot of money. This can be one of the easiest ways to cut costs; consider including original music or royalty free music.
Aside from the things mentioned above, you will also want to keep money aside for unforeseen circumstances. For example, what if there is an issue with the location? You want to have extra money as a safety net to help fund extra costs that may arise.
Even though you budget and create a plan regarding exactly how to spend your money, you are not necessarily guaranteed to avoid money deficiencies.
Budgeting is an important step in the pre-production process to successfully prepare your film project. With accurate budget planning and follow through you will be at ease knowing you’re money is being spent effectively. Be smart about your money. Don’t let your film suck it in like a tornado.
By Shruti Patrachari