The first step to raising funding for your next film or TV project is to create a good-looking and professional business plan.
At some point, every filmmaker - whether a writer, director, or producer - will need to raise financing to get their vision into production. This process can seem intimidating for many filmmakers, particularly those who see themselves as “just” a creative and without much experience in the business side of the industry.
Now, you could sit back and wait for other people to do all this work for you. But this could take years, and you would have no control of the process. You would be putting your career in the hands of others who may have different motivations from you, or who are representing you and your project in a way that is not entirely consistent with your vision.
Or… you could take matters into your own hands and go for it!
Now, if this sounds scary, don’t panic. It doesn’t have to be that hard!
Welcome To… Your Business Plan!
This is where having an effective business plan can be really helpful.
A business plan is a document that you can use over and over again any time you want to pitch your project to someone. After every meeting, every pitch session, or even any time you bump into a potential investor at a party, your business plan gives you the perfect way to follow up in a professional and confident manner that can set the ball rolling and help get your project into production.
Your business plan can keep evolving and developing along with your project. And while it is aimed primarily at financiers and investors, it can also be sent to producers, sales agents, distributors, managers, agents, lawyers, and any other number of people that can be helpful in putting your project together.
Whatever kind of content you are creating, and whatever your budget, every filmmaker should know what a great business plan looks like and how to create one.
Whether you are raising $5,000 for your first short film or web series pilot, or $20m to shoot your next feature film with an A-list cast, a business plan is the best way to ensure that investors will take you and your project seriously.
It might just be the thing that gets you noticed and sets you apart from all the other filmmakers who are out there trying to raise funding but are not as well-prepared as you.
And here’s the great thing - you already have the skills and ability to create one!
What Is It?
A business plan is a single document that contains all the essential information that an investor (or anyone else) might want to see when considering your film or TV show.
It should be simple and easy-to-read without ever getting lost in technical jargon or hype, but it should still contain enough detail to show that you are familiar with the filmmaking process, and that you have a vision and a plan to execute it.
A great business plan should cover three main areas relating to your project:
Creative
o You will need to describe the story, and your vision on how to bring it to life in the
best possible way
o You should also describe the team that will execute this vision – including the cast,
director, producers, writer, and any other essential partners or crew members – and why
they are the best possible people to do so
Financial
o When raising finance, you should convey how much money you need, what you are
going to do with it, and how and when you are going to return it to the investor
o You’ll also need to spell out what the investor will get in return for any financing that
they put into the project, whether that is financial compensation or anything else (eg.
credits)
Production
o The production elements can cover anything relating to the filmmaking process itself,
such as your budget topsheet, your locations, the production risks and mitigating
factors, and much more
You won’t need to go into all the tiny details and legal minutiae here. This can still be fairly generalized provided it’s accurate and you can back up or expand on any details if requested. The purpose of the business plan is to spark an interest in the project and get discussions going, so keeping it simple and straightforward but still exciting is often the best strategy.
But you are trying to entice an investor to buy into your vision. Your business plan is the first step in trying to convince them of two primary things:
This is a story that needs to be told, and they should be excited about helping to bring this vision to life
It makes financial sense for them to invest in this project because you understand the filmmaking process and, along with your team, you are a reliable pair of hands that can spend their money sensibly and return it with a profit
A business plan doesn't have to be daunting, complicated, or difficult. With just a little guidance, you can create the perfect business plan to get your next project financed and into production!
Not sure where to start? Check out our book on how to create the perfect business plan, and you'll be on the road to success in no time!
Ricky Margolis has over 15 years' experience in the entertainment industry. As a producer, he has written more than a dozen business plans, and as a financier he has reviewed hundreds more. To learn more about how to create the perfect business plan to get your next project financed and produced, check out his book HOW THE HELL... Do I Get My Film Financed: Book Four: BUSINESS PLANS. Still want to know more about film & TV financing and production? You can find the other books in this series by clicking here.
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