A production company is run by a producer or director and activates in the fields of film, performing media art, television, video and radio. Usually the companies are owned by a media conglomerate, but independent companies also exist. A TV production company works with a television network and can partner with other companies in co-productions. Those who wish to start their own business need initiative, motivation and some film experience. A background in screenwriting is also useful along with appropriate financial resources. If you want to know how to start a television production company, follow these 5 simple steps:
Step 1 – Come up with a name
There are many regulations that can prevent you from having the name that you want. Come up with something that represents your mission and register it.
Step 2 – Research
There are many structures available for a company. Determine what is best for you, a corporation, sole proprietorship or limited liability company (LLC). If you start a company you will need to pay taxes for its registration and administer the accounts and annual returns. Seek legal advice if you are not sure what is the most advantageous option.
Step 3 -Business plan
A business plan is essential for a starting company, especially if you don’t have a lot on knowledge on how to start a television production company. The plan should include details about the company, its mission, financial projections and market analysis. State the goals and objectives and put them in writing. Include the marketing strategies you are going to use and advertising methods. The business plan gives offers a clear vision on the future steps you need to take and is also essential for attracting potential investors.
Step 4 – Crew and equipment
Among others you will need to hire writers, actors, a casting director, a producer, camera operators, post-production editors and a production manager. The team will need equipment, basic necessities such as food and shooting permits for different locations. Set up a shooting schedule and a budget. Once you develop an idea and have a script, start filming a pilot episode and submit it to various broadcast networks.
Step 5 – Network
One of the most important steps on how to start a television production company is networking. Create relationships with other producers, equipment houses and crew members. This way you will stay informed and ensure you have the latest equipment. You can even rent something if you only need it for one project. Network with distribution channels and meet executives that can help you sell projects faster.