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A great part of the success filmmakers have in the industry
is based on the information they know about the business of filmmaking.
Although we are all artists, and it hurts every time we have to focus on the
business side of film, it is important to be informed of what the trends are,
what people are looking for, and how you can start to get your plan going. All
of this requires a small process where the filmmaker has to make a plan and get
it to action. A business plan is a great way to start, this will make you sit
down and actually think step by step what must be done to achieve success. But
where do we start? Well, once you have a plan, it would not hurt to get a
professional to look at it and tell you whether you are wasting your time or on
the right track.
Eric Sherman is a devoted filmmaker that has gone through
all the filmmaking process. He has directed, produced, wrapped cables, done
make-up, made popcorn, etc. He
also does consultations for business plans, budgets and schedules. If I had to
recommend someone to look at your business plan, this would be the guy. He
knows about both worlds, something that is hard to find in consultants. Sherman
was born and raised in Hollywood, and after attending Yale and co-founding its
film society, he has been a consultant for some of the biggest studios
including Universal and Paramount. He is currently educating young filmmakers
with lectures in California and universities around the country. With such
knowledge of the industry, he is with no doubt an expert in the subject and has
the ability to recognize strengths and flaws in a project.
But why should we go through all this process? As
independent filmmakers, we do not have the resources to pay an expert for an
opinion. True. Maybe your plan does not need to be revised by an expert, but if
you do your research on the experts, on what they are looking for and on what
you have to offer, then you are already heading the right way. Right now,
Hollywood is staying in a safe zone where uncertainty is no longer a variable
that studios are willing to invest in. They are looking for safe, for steady
plans that will guarantee a profit instead of a loss.
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A successful business plan has 5 key components: An
executive summary, a marketing plan, a competitive analysis, a management team,
and a financials section. All these sections are of great importance because
each of these sections will break down your plan to its bare bones. These
elements are considered key because they will paint a picture of the “whole”
and will allow any potential investors to see the essence of your project with
the backup of your research. “The Executive Summary must communicate to the prospective
investor the size and scope of the market opportunity, the venture's business
and profitability model, and how the resources/skills/strategic positioning of
the Company's management team make it uniquely qualified to execute the plan”
(Lavinsky, 2010). Quote extracted from here.
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On the other hand, there are people like Dave Lavinsky. He
is the co-founder of Growthink, USA’s biggest strategic advisory firm. Lavinsky
agrees with Sherman’s view on what the key elements of a business plan are.
However, Lavinsky is very clear in the fact that as filmmakers, we tend to make
things look ‘creative’. This is a mistake that many filmmakers frequently do.
Investors are not looking to see how creative you are at the moment of revising
your business plan. They are business people, and as such, they are only
interested in the numbers and the profit they could make out of your project. For
more information, I recommend his blog which has great insight on finding
capital for your projects.
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So don’t make that mistake and stick to the words and
numbers. It may not look pretty, but it will get you the funds you need to make
wonders. Now your plan went from being a pitched idea to a viable project
waiting to fall in the right hands. So get started on your research, and you
will be executing your plans in no time. Remember that the artist also needs to
know about the business. Don’t fall behind!
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