No matter what
industry you are in, it is key to develop a business plan before starting any
company. What a business does is provide an overview all of the things you
would not normally think of when starting a business. It is important to write
everything down in an organized format so that you are able to put all of your
thoughts on paper. Not everyone does this and it becomes apparent when a
company ultimately fails. There are two professionals that have provided a
wealth of information on this topic. Steven Gedeon is an
entrepreneur educator who has developed and established many different
businesses in his life. Kevin
Geiger, on the other hand, is an artist and filmmaker who is an advocate of
film business plans. Both of these professionals have provided a lot of
information regarding how important it is to create a business plan.
In order to get
any business’s feet off the ground, it is key to find investors who are willing
to provide the necessary funds to start your business. Both Mr. Gedeon and Mr.
Geiger have stated that it is extremely important to understand where you will
generate “revenue.” You cannot start a business in any industry without having
a clear idea of how you generate revenue. Mr. Geiger, in particular, states
for an indie feature film that “if your plan is to break even or more
ambitiously, come out ahead on the financial side of filmmaking, a small
business-style plan can help to understand what the opportunities and realities
are while there is still a chance to cash in.” Therefore, there is a very small
chance that you will be able to find an investor for your business if you do
not have a plan as to how you will generate revenue.
Overall, there
are many suggestions to take into consideration for when it comes to my own
business plan. I feel that Mr. Gedeon’s suggestion of creating a business plan
that is “exciting to YOU!” is one of the most important key elements. If you
are not excited about your business, it is going to very hard to get others to
jump on board. Mr. Geiger points out that it is important to establish which
particular part of the indie film business you are going to participate in. He
points out that there are film production companies that focus on development,
producing and distribution. Having separate divisions or companies handle
different aspects of your project give you the ability to split the liability.
This can be beneficial should any legal issues occur. In the end, I know that
it will be important to create a business plan that gives me the ability to
produce the films and TV pilot shows that are important to me. It will be a
very exciting time for when it comes time to open the doors of my own
production company.
