I have spent the last three years or so researching, studying and trying to understand why we as artiste don’t do well in business. I found out that as artiste we think as artiste not as business people. I went really deep into understanding entrepreneurship and I found the answers. Now these answers will take some time for anyone to master but they will definitely change the way you do business as a filmmaker or as an artiste
As a result of my findings I a started a TV programme called “Man and Woman Unusual”. It is an entertaining half-hour Program that explores the art and discipline of business creativity, leadership and inspiration.
The program showcases the innovators and individuals that have "what it takes" to succeed in today's challenging business environment. It illuminates how leaders, from traditional corporate executives to young trend-setting entrepreneurs, surmount the difficulties of our peculiar business environment and manage to create fresh approaches to business and make a success of it.
It was dedicated to inspire entrepreneur “wannabes,” people of all ages, backgrounds and experiences, achieve the ‘SUCCESS DREAM’
The researching and the interviewing of several successful business men and woman involve in putting the programme together and transmitting in over 20 countries has changed the way I see filmmaking business or any other business for that matter.
So here is just some of my thoughts and I hope they are useful.
THE WAY TO GO
The strategy is simple but not so simple. First you have to reinvent yourself and start thinking like an entrepreneur/investor. This means thinking in terms of figures. While an artiste sees money in terms of great artistic idea, an entrepreneur or an investor see great ideas in terms of return on investment (ROI).
Successful entrepreneurs come from all sorts of backgrounds and experiences. Age, gender, marital status, and education levels do not seem to be significant factors for success. But successful entrepreneurs share certain skills. As you look through the following list, determine the areas in which you excel and identify the areas in which you need work.
* What skills and experiences do you have that are key to the success of the filmmaking business you want to own? Successful entrepreneurs have skills to sell.
* Are you responsible? Do you do what you say you will do when you say you will do it? Can people count on you? Entrepreneurs are responsible.
* Do you have good social skills? Do you say what you mean? Do you listen well?Entrepreneurs must be able to sell themselves.
* Are your financial and personal situations stable? Entrepreneurs need to be in good shape financially and emotionally to be able to concentrate on their new business without crisis in their personal lives.
* Are you optimistic? Entrepreneurs think positively.
* Do you have a strong motivation to achieve? Entrepreneurs are doers.
* Are you a hard worker? Do you work hard for others? Entrepreneurs often work more than 40 hours per week.
* Do you have problem-solving skills? Do you enjoy solving problems? Entrepreneurs are problem solvers.
* Are you independent? Entrepreneurs are leaders, not followers.
* Are you afraid of making decisions? Do you have a take-charge attitude?Entrepreneurs make all of the decisions for their businesses.
* Do you accept responsibility? Entrepreneurs accept responsibility for their own businesses.
Planning Your Film Business Is Critical
Many people float aimlessly through life, taking its ups and downs as they come, just getting by and living from day to day. If they become successful, or even comfortable, it’s more by accident than by plan. This approach rarely works for any business talk less of a film business. Proper planning allows you to try out your film business on paper with no financial risk. Your plan is your road map: It tells you where you should be at any given time, when you are succeeding, when you need to make adjustments, even when it’s time to get out. It’s impossible to know everything you need to before going into any business. The sheer amount of information is staggering. But you should figure out what you need to know before starting the film business and then plan to continue learning.
Your Best Bet Is to create a strong Business Plan. Remember that filmmaking is a business and most investors, unless they are looking to fund the arts, are looking to generate a profit from their investment. Investing in a film is an extreme risky endeavour, so presenting the project in a professional format will be the first step in generating great interest. If you have spent any time researching self-employment, you probably have encountered the concept of a business plan. And if you are like most people, the more you read about business plans, the more confused you became. There are several different outlines to choose from, all with different sections. Some outlines use questions, some use big business words. And the main thing many people draw from these “helps” is that a business plan is very complicated. But it doesn’t have to be. A business plan can be a simple, effective tool for planning, financing, and growing your filmmaking business.
Before we discuss what a filmmaking business plan should look like, take a look at why a business plan is critical to your success:
● A business plan can give you the confidence to start your business, or it can help you realize that your movie idea is not a good one. Before you make the final decision, you need to think through the answers to many questions about your movie product, your customers, your pricing, your marketing, and your potential cash flow. Your business plan gives you a process for answering those questions in an organized and logical way.
● After you start your business,you can refer back to your business plan to keep
you focused on the next task. A business plan is never finished. It changes as circumstances in your business change. You can use it as a guide to build and manage a successful business.
● A business plan is a filmmaker’s best tool for raising money. Most financial
institutions will insist on a business plan to evaluate your idea. Your business plan gives the investor information about you and your idea and allows him or her to evaluate your business’s creditworthiness.
● A business plan can be a marketing tool. As you write your business plan, you will have a clearer picture of your business. This will help you explain what kind of movie you should make, who your audiences will be, and what your goals are for the business.
A Filmmaking Business Plan should include but not limited to:
1). The story. What is the film about?
2). How well have films in a similar genre done? If an investor is looking at your business model refer to past success stories and demonstrate how you will achieve similar result.
3). What is the experience of the cast and crew?
4). Who is the audience? Your target market. All production must target a certain audience.
5). Try secure distribution deals first. Contact distributor to see how they will approach the sales of your film. Or draw up marketing plan to distribute yourself.
6). The director’s past credit.
7). How much will it cost? How will the investor’s money be spent?
8). What will the investor stand to profit from the film. (ROI)
9). Draw up a list of people you can present your business plan to. E.g. family members, friends, co-workers, professional business groups, private investors etc
10). Now don’t just stop at the business plan level, create a website that includes allthe story information and the people involved in the production. If the cinematographer for the project has a good demo reel, put that reel on the website as an example of the quality of cinematographer. Also include actors bios and experience.
11). Instead of just finding one investor to finance your film project, try getting more than one person to invest a small amount. Offer double the money back if the movie makes a profit, or other incentives to invest. The terms are always negotiable.
12). Form a company. When managing investors money, it will benefit you to form a company which will keep the movie’s financing, legalities and liability separate from you.
I will stop here for now to await any questions so far.
Solomon Mac-Auley
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