Budgeting is a key component to any project. A budget really serves two purposes. First of all, it establishes the investment or approved funding for a project. And, secondly, it provides a baseline for project managers to use when controlling costs. With video production, there are three main areas of a project budget:
The first major area is pre-production. Pre-production includes all of the planning tasks that occur before filming or editing begins. Here, you’ll see tasks such as storyboarding, script development, production coordination, location scouting, auditions and overall strategy.
The next major budgeting area is production. Production outlines the resources and equipment needed to support filming. In this part of the budget, you’ll identify the production crew members, cameras, camera accessories, lighting, audio equipment, location fees and any props or set design elements required for the shoot.
The last major budgeting section is post-production. The post-production part of the budget is where you’ll identify the resources needed to put everything together and deliver the final product. Post-production outlines editing, motion graphics, sound design, color correction, color grading, voiceover recording, music and more.
In some situations, you’ll want to pinpoint the costs for specific tasks. You may want to target a certain amount for scriptwriting or motion graphics. But, at a minimum, you’ll find that every video project includes these three main budget areas. And if you’re evaluating proposals or just building a budget for an internal project...using these three major sections of a budget will help you make a decision.
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