More...How To Create a Budget For a Film
The purpose of this article is to help other producers come up with a reasonable budget for their films based on available resources.
You Will Need
- Movie Magic Budgeting, or EP Budgeting, or Excel
- A Great Script
- A Preliminary Shooting Schedule (See Create a Schedule)
- A Laser Printer (You will make many printouts)
- Knowledge of Basic Accounting
Step 1: Read the GREAT SCRIPT
As you read the script, make notes of what will be required for certain scenes, (e.g. water tank for rain, squibs, props, special FX, etc.) Go through each scene with the director and find out what kind of shot he wants in each scene. He might want a jib or a steadicam. The more specific you get, the better estimate you will have.
Step 2: Make decisions that will effect the budget
Is financing already in place? Do you plan to raise more money as the film progresses or after filming? Determining whether or not you will shoot guerrilla style or obtain permits, use SAG actors or Non-union will largely effect the budget. Is there pay for crew or is it deferred or are they working just for credit? Know the PROs/CONs for each.
The main dilemma with a budget is choosing between staying under budget or increasing production value. Time is also a major factor in a budget. Having good working equipment that may cost more vs. money spent due to overtime. In big budget projects, production companies obtain completion bonds.
Step 3: Use the Schedule
The preliminary budget and schedule work hand in hand. Changes in one effect the other. Determine what you will need for each shooting day and how many shooting days.
Financial decisions (outside of petty cash) need to be approved by the Line Producer/UPM or Producer (depending on size of budget). Crew needs to be clear on what is available for reimbursement. Just because there is money available doesn’t mean it can be spent.
Step 4: Organizing a budget
Most budgeting programs have a template or form, if using Excel then you will have to manually input each department. Breakdown each department for which and how many members you will need. Calculate the total for each by multiplying their daily rate by the number of days needed.
Step 5: Sum up the totals
After summing up the totals, you will have a clearer idea of what size budget you will need. Call several vendors and get bids, ask for deals, these duties fall to the producer(s). Compromises are always made between the producer(s) and director. Sacrifices will always be made.
Hollywood is all about connections. Talk to your department heads and see if they have connections to a good deal. CAUTION, DO NOT rely on speculation. If you can get a good deal, get an agreement or deal memo. Agreements need to be VERY Clear.
Step 6: Good Luck to You
Good luck to you. If you have any questions or would like to inquire my services feel free to email me at:
bgelera@hotmail.com subject: film budgeting
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