The best companies are built by people who saw an opportunity or a gap in an area of their interest and passion drove them to fight for what they believe in. Every great company today started out small and it is very likely that it faced a dozen stumbling blocks to be where it is today since the start is always the toughest. When stating your company, it is important to be very sure and clear about the solution it is offering or what gap it is going to fill in the industry.
In the film industry, you will encounter a lot of people all with different habits and character traits. Some actors can be in a bad mood and they can vent their anger out on you and you should know how to handle such people without letting it get into you. Having someone who has in the business for long to guide you is an added advantage as it will be easier with them than alone. Below are the tips on what you should do before you start your company.
• Decide what kind of a company you want to be
You should first research on what type of companies are your competitors and why, and what is the best type of company to be since the decision you make will affect both your tax filings and also the cost of filling your business. Do you what your company to be a sole proprietorship, a limited liability company (LLC), a cooperative, a corporation or a partnership. In a partnership, the company is owned by two or more people who contribute to all aspects of the company and share the losses and profits of the business.
• Find a certified payroll accountant
A payroll accountant needs to know the multiple union and government deductions, remittances and contributions to give outstanding film production payroll services. The accountant should also know the rules for each of the unions in the film production industry. The accountant helps free the business owner’s time to attend to more important matters by handling tasks like paying the employees’ local taxes, Medicare, social security and deduct other fees from the employee’s paycheck such as meal penalties. Once all this is done, all transactions should be recorded for tax and auditing purposes.
• Secure start-up capital
In starting up your company you will need a certain level of equipment and you are going to need money to purchase them. The most common thing that comes in most people’s minds when they hear of capital is taking out a loan. I would not advise on going for a loan as your first option because there are other ways you can get capital without taking a loan, especially in the film industry. There many potential investors out there and you must do something during pre-production that will impress them so that they can invest in your company.
Networking is the biggest part of your production company and in order to maximize your visibility, you must have a consistent presence and impact online. You can start by having a website for your company then jump to social media platforms especially those that exist especially for film professionals.