Us creative types love working on the fun stuff, the numbers – not so much. But while most of us tend to not entirely enjoy working with finances on set, it’s of the utmost importance to have a sound budget or your shoot could literally end up costing you.
A budget is important because it’s needed to finance the film and you cannot get to production let alone pre-production without this file.
Variety411 has a great article about this as well in their Learning The Productions 411’s series. You can view it by clicking here.
The budget goes into incredible detail about the ‘above line’ costs such as cast like actors and actresses, ‘below line’ which are the actual costs associated with the production, ‘post-production’ which is all the work required after the shoot like editing and visual effects and lastly ‘other’ which encompasses the remaining costs that occur such as insurance and the like.
Your film can be financed by presenting your budget to a variety of places: a private investor, entertainment company or from your own personal bank account.
There are a whole list of costs that you should include in your budget to have it fully fleshed out. Things like story rights, getting the screenplay written, hiring people like a producer, director and your cast and other crew.
The costs for a film can quickly add up because when running a production you have wages for the crew, costumes, catering, transportation, hotel stay and on and on.
There are tips and tricks for cutting costs of your production, but we’ll save that for another article.