Film budgeting is an integral part of filmmaking. Film budgets are the money allocated to a film project to purchase goods and services, including labor costs, production costs, equipment rental fees, location permits, or construction site access charges. Film budgets can be either detailed or “rough” estimates calculated by multiplying the number of shooting days with the daily rates per trade union member. So, here is a guide that can help you set your budget when producing a film.
Pre-Production Budgeting
First off, let’s talk about pre-production budgeting. Film budgets are often created during pre-production based on the script from a screenwriter. Film budgeting includes all costs incurred before production starts, such as facility rentals, equipment purchases, and insurance. Once this step is completed, you can begin to calculate your total film budget for pre-production, including both fixed expenses and variables. Aside from that, you should know who will be your crew members. Making sure you don’t hire people that you don’t need is beneficial for your film budgeting.
See, for example, when you create a film focusing on a ballad of a particular place, you may need a special camera operator or cinematographer that can build excellent capture of the surroundings. Although it may be pretty expensive, the revenue will be much higher. Talking about motion pictures and the man behind them, Conrad L.Hall is considered the best cinematographer in history. With three Oscar in his hand, he deserves this title. Moreover, he helped the revolution of modern motion pictures.
Production Budgeting
The next thing that we would like to discuss is production budgeting. Film budgeting is beginning to get expensive, especially when you start looking at the equipment you will need. Film production doesn’t just revolve around your film crew. It also includes many other things like locations and extras. The best way to figure out how much this type of expense will cost is by creating a day rate for each member, which will give you a total for all of them combined. This process is valid with your equipment rental fees as well.
Post-Production Budgeting
Now, what should we do with the post-production budgeting? In this budgeting, you will need to figure out what you want and make a list of all your requirements. That way, it will be easier for the editor to create an estimate for this part. Don’t forget about music because some producers even have their composers who work with them throughout the project! Post-production budgeting is also about the sound design and all of the equipment you will use.
Script Breakdown Budgeting
Now, let’s jump to the script breakdown budgeting. The script breakdown session is one of the most crucial parts of formulating and finalizing your overall film budget. Film producers take the script and break it down into elements, such as cast members for each scene, crew members needed to assist with filming those scenes, and any other items that we don’t discuss in the film budgeting session.
To conclude, you need to follow these four steps to finalize your film budget accurately. If you know how to do it, it will be much easier for your film production. Now that you have a good idea of film budgeting properly, it will be easier to start this business. Film budgeting can take time, and we understand that making films takes patience and perseverance!
