It’s important to have a good picture of how much extra budget you have when you’re on set. This will give you an increasingly accurate picture of what everything costs as you get closer to delivering the product. If you can communicate really well and be a friend to freelancers, they’ll cut you a deal 90% of the time.Īs you book freelancers, rentals, and locations, map those numbers to the spreadsheet in real time. If you’ve worked with freelancers before, much of that risk is gone for them, because they can count on you. When a freelancer is on a new set, they need to get an understanding of the creative, learn the vibe of a new client, and do a lot of communication work to make sure everything goes smoothly. Second, the reason their rate is high is because they’re billing for all the unknown variables. First, freelancers are so used to this that they usually spike their rates a bit to account for it. It helps keep everything under budget.ĭon’t feel bad about asking freelancers to work for less than the rate they quote you at. Maybe a freelancer plays hardball with you, and you have to hire them for more than you planned on. Doing this is essential because there are always unexpected costs that come up that you didn’t account for on your estimate. If an editor is listed at $400 per day, ask if they can do it for $300 per day. If a PA is listed at $250, ask if they can do it for $200. Next, try to book each individual line item for less than what your estimate says. Step 4 - Take a slice off of everything you can Again, put every possibility on the spreadsheet and make sure your numbers lean toward the high end. Here’s an article I’ve referenced in the past for obscure production jobs I’m unfamiliar with.
I have a lot of going rates in LA listed on the spreadsheet already, but if there are different ones you’re missing, a quick google can help you find the numbers you’re looking for. Make sure your placeholder numbers tend toward the higher side instead of the lower side. To create an initial estimate, use placeholder numbers. Step 3 - Use placeholder numbers for an estimate It’s way easier to bring the budget down than it is to bring the budget up. Even if you aren’t 100% sure, put it on the spreadsheet. Map out every possibility to the spreadsheet. If the client wants an authentic outdoor feel, that’ll cost much less, only the cost of gas, accommodation, and talent. If the client wants cinematic studio shots in the creative, that’ll cost more money, because of the studio rental, the cinematic camera rental, and the light package rental.
The next step is to map the creative to the spreadsheet.
Step 2 - Map the creative to the spreadsheet Hear the client out, repeat what they want back to them, and then make it clear that you need to check to make sure everything is in budget. If it’s your first time doing a production budget, I encourage you to defer any approval on creatives until you have a good concept of what everything will cost. Understanding what the client wants is the first step in this. The creative is the biggest factor in determining how much a video costs.