Several production houses in Delhi NCR have opened their offices and started their operations over all these years. However, despite how easy it seems, there is a lot of hard work and dedication involved behind getting a talented team and clients that give the right kick-start to its functioning.
Here is a list of 10 steps involved in establishing a production house:
- Have an idea of what you do
One of the most important and hardest steps is to determine what you want to enter into – films, commercials, industrials, etc. It is always better to figure out early so that short and long-term goals can also be identified. After that, it becomes easy to discover the strengths and therefore see how you can build your company around them. Just be sure to have all of this in place before you begin the process of developing your company.
Research is primarily important to understand the insights of the market. If you are doing commercial or industrial work, you need to research your local area and gauge who is doing similar kind of work. The results are undoubtedly better when you know about the work of other successful production companies in your field as they act as a road map.
- Giving a name
Creating a name for your production house is the key as this name will eventually become your brand. Try to be as creative as possible while also being relevant so that your company stands out. After deciding the name, knowing what type of company you are going to be in the next step as this decision affects the tax filings of your business.
- Make sure everything is legal
After finalization of the name, trademark it so that you are legally in the clear. Be creative with your name and check the name against the USPTO trademark database. Else, you can also contact an attorney who works with the trademark law. They will do comprehensive research and help you file your trademark.
- Find a Certified Public Accountant
Now that you have your name and structure defined, the next step is to find an accountant who helps you navigate the world of accounting for your business. A good CPA will not only help you figure out what will be required of you when tax season comes around, but they can help you set a realistic strategy for your business as well.
- Create your business plan
Every business needs a plan. A production company is no different. Draft a detailed strategy and try to map out your path for the next three to five years. Describe your production company, what area of the industry it will focus on, and who will be running it. Also, include the research and market analysis so that it becomes easy to gauge your progress and keep that progress on track.
- Consult an attorney
Once you get rolling and want to take it to the next level, you’re going to need representation. It is usually the costliest step of the process as it tends to get put off for as long as possible. It’s good to have them in place early with proper research so that you can go ahead after their recommendations.
- Secure start-up capital
The hardest thing to do is to secure start-up capital for your company. For film production companies, there are all sorts of venture capitalists out there, looking for ways to expand their portfolio. Generally, pre-production is the cheapest part of the process; so impressing potential investors become facile. Just be sure to have a well-developed presentation before you go into such meetings.
- Spread your name
The biggest part about the business and this industry is networking. You really can’t boast too much about your project or your production company. But to maximize your visibility, make sure you have a good online presence. Facebook, Instagram, and Twitter serve as effective tools to reach out to the audience and display your work.