Film Business Plans: What The Experts Say

     Today, I am going to step outside of my normal "Mixed-Race in media" post to focus on an aspect of filmmaking that many of us creative types fail to think about when our big dreams of making a moving picture creep up, the business plan. Many people get into the film business with creative aspirations and are not always prepared for the amount of organization, research, planning, and financial knowledge we will need to successfully make our films or break into the business.
     I recently watched a Youtube video lecture from Kevin Geiger, an expert not just on the film business but how to write a business plan for a film related business. In this lecture, he explained how filmmakers should approach their film as a business venture and create an organization that will govern all aspects of the film from creative to business. Geiger's main participation in the film industry was as a visual effects artist for such films as Reign of Fire and Chicken Little. He branched off towards teaching the business side of film and I would like to discuss some of his very helpful tips. Geiger explains that the creative and the business must go hand in hand. You may have the best creative idea in the universe but if you do not have a strong business plan to accompany it, no one will invest. Financiers need to know up front how they will get their money back. You can find his 4 part lecture from the AnimationsOptions channel on Youtube, but you can see part 1 below.

     I also discovered this video "Ask an Expert - All about Business Plans," produced by LinkedIn with business expert, Nicole Williams. Williams is a bestselling author of career related books including Earn What You're Worth: A Widely Sophisticated Approach to Investing In Your Career-and Yourself.  She founded WORKS by Nicole Williams, a resource company for career minded women. She is also LinkedIn's current career expert. In her video, she breaks down in a very concise manner the necessary components of a business plan. Though her focus is on building women careers, her tips are helpful to anyone that is interested in starting a company of furthering your career in your chosen field. She emphasizes how important a clear Executive Summary, Competitive Research, and the Financial Model. A business plan is not a fixed document, you must be willing to mold your business plan based off feedback you get from potential investors to make the business plan the strongest it can be. Think  about your business in terms of providing something that people need or want, and are willing to pay for. Provide details for low, moderate, and blue sky (or unlimited) expectations. Ultimately the bottom line is what investors care about. Williams says that you must have clearly defined goals for your business, regardless of what the business is but if you cannot back it up with strong financials investors will pass you by. You can see videos from Nicole on the YouTube channel for LinkedIn, please check out the "Ask an Expert" video below.

References:

Geiger, K. (N.D.) Kevin Geiger IMDB Profile Page.  Retrieved from http://www.imdb.com/name/nm1819623/

Williams, N. (N.D.) Nicole Williams Bio. Retrieved from http://www.imediaconnection.com/profiles/iMedia_PC_Bio.aspx?ID=52131