In the entertainment industry, especially in film and TV, budgeting plays an integral part. When a movie or ad for the best microwaves for seniors is created, a budget needs to be created and followed. Anyone who only has a general idea of having a career as producer ought to know how film budgeting works. Like everything else, you need to start with the basics to establish your foundation in this field and industry.
What are the Basics?
Knowing that basics are important, it is imperative to be mindful of the following points to plant yourself firmly and have high success rate.
Budget Breakdown
Like our fingerprints, there are no two movie budgets that are the same. Don’t expect that there is going to be a one-size-fits-all formula. With this being said, it is extremely important that you check all the factors and ensure that everything has been taken into consideration.
Start with a Movie Budget Account
The genre and type of project will play a major role in structuring your accounts as well as subaccounts on the entirety of your film budget breakdown. At this point, you must have at least a template ready for your project. Are you planning to make a short-film, feature-film or documentary? Then have your template set for it as well as the budget. You will be surprised how completely different they will be.
Aside from the specifics, genre or the type of project, it would affect the account too particularly in the post categories and production. For instance, you’ll need bigger budget when working on a horror film than an animated flick for kids because of the make-up requirements.
Factor the Prep Days
Prep days are basically, the days the team is working outside shooting. Most likely, this is when your crew works in an orderly fashion to prepare everything for the shoot.
Compute the Kit Fees
Some departments and positions have to bring their own gear and might be charging the production a kit fee for using their personal gear. These kit fees are computed either by the week or by day, depending on contract.