Last week we talked about the 4 major types of Media Entrepreneurship, so this week I thought I’d expand on the most common production company that my readers seem to run. That’s the small production company that they hope to scale into something bigger. Here’s why your production company is a small business, and how to treat it like one so you can see it grow.
1. ACCEPT YOU HAVE A SMALL BUSINESS
Film is both a business and an Art. The two don’t have to be enemies, and work much better together. For more on what I mean, click the related link below. I have a different point to make here.
Related on ProductionNext: Why Business is NOT the enemy of the art.
If you want to build a business, among the most important things to have are customers. For filmmakers, this means having a deeply engaged audience, and creating content for them on a regular basis. Part of that is creating a genuine presence on social media, but the more important part is continually creating product for that audience to give them a reason to keep coming back and engaging with your business.
3. INCORPORATE AUDIENCE FEEDBACK INTO YOUR WORK
Some higher level creators have an antagonistic relationship with their fans. The only way you can really afford to do this is if you have the backing of a large network to make sure that people can’t forget to come back to your work. TV Tropes calls this Phenominon Creator Backlash.
4. GROW YOUR SUPPLIERS AND WHO SELLS YOUR PRODUCTS
Yes, this will mean that you'll need to make a lower percentage of the overall sale than you would by yourself. So long as you're dealing with reputable distributors, this is just the cost of doing business. Publishers sell their books at 55% discount over retail to bookstores, and most any distribution warehouse for a given good or service will also sell the product at wholesale price and take a cut before paying the manufacturer. Again, for this to be valid, you need to have honest and accurate reporting throughout the supply chain.
5. DON’T FORGET WHERE YOU GOT STARTED
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My name is Ben, I'm an Entrepreneur, Producer's Rep, and Author. I'm the founder of Guerrilla Rep Media, Co-Founder/CMO of ProductionNext, and founder of Producer Foundry. Together, the organizations seek to help make filmmaking a more economically sustainable endeavor. I am dysic, I have capitalization issues, and the blogs are often unedited. opinions all my own.