Starting a video production business, or any business at all, is no small feat. This is the biggest gamble you are going to make in your life. The risks are enormous and the returns are questionable.
It is not often that we dive into something without knowing what the outcome will be or at least, having an idea of how the results will pan out. But with a business, we’re basically blind, pushing and wading our way through the unknown.
Am I interested in producing videos?
You may want to start your own video production business because it is trendy and there is a huge market for it right now—couples are getting married, products are being launched, and events are happening left and right.
But aside from the opportunities, it presents, are we really interested in making and producing videos? Is this something we see ourselves doing for the foreseeable future?
Starting a business should be founded on our love for it. Without that love and passion, your business is doomed from the start. Even before you start a business, you should be fully committed to it.
Can I invest my time in this business?
Your business, especially at the start, will require a significant amount of your time. At times, it will feel like you have to spend every waking moment fixing it and managing it. Eventually, you will build a routine and your time can be put to use somewhere else.
Ask yourself how much of your time can you invest in this business. If you are not ready to spend every waking moment of your life worrying about this business, then you should think twice about starting it and putting your money into it.
Do I have the capital to start this business?
Now, let’s talk about money. How can you start a business without the needed capital? A video production business will require you to purchase high-tech video cameras, audio equipment, editing computers, lights, and many more.
All of these will require a significant amount of money. If you don’t have the personal money to start your own business, look for investors who can pour in the needed funds to start your business.
Who is going to take care of the creative and business side of things?
Another thing you have to ask yourself is who can help you run and operate the business? You might be on the creative side or the logistics side or the finance side, but you certainly cannot cover everything that needs to be done.
You have to delegate some of these tasks to a trusted partner or family or friends. Just make sure they are committed to your business as well.