Make Your Film - Episode 15: Fundraising Part 3
Learning about budgets is obviously key to successful fundraising, but there’s a common mistake that many newbies make: they pay someone to create a budget for them without understanding the process. Here are two crucial points on this:
1. Work with the Right Person
If you’re going to pay someone to create a budget, make sure they are the right fit for your project. Budgets and scripts need to be readable and formatted correctly, but most importantly, the numbers must ring true. Don’t just hire someone to check off a box—this is about more than that.
2. Don’t Waste Money
If you’re paying for a budget just to say you have one, you’re wasting money. Budgets, like scripts, are living documents. They evolve throughout the production process. Make sure that any budget partner you work with is flexible and willing to tweak the budget as needed without charging you for every little change.
Learn the Process
There’s a wealth of free information out there about budgeting. Take a tutorial on Movie Magic Budgeting, get a budget program, or simply read existing budgets to understand how they work. You don’t need to be a CPA to hire one, but you should have a basic grasp of how compensation, insurance, taxes, and other elements affect your budget.
Why It Matters
Knowing how budgets work will make you more credible when speaking to investors. You’ll be able to explain exactly why you need the funds and how they will be used. This clarity can make all the difference in securing financing.
Final Thoughts
Remember that there has never been a better time to make a film. The tools, platforms, and networks available today are unprecedented. By doing the best you can to learn all you can, you are gaining equity that you can apply to your project—and that means more value on the screen.
You don’t have to do everything yourself, but the more you understand, the more empowered you’ll be. It’s not about perfection. It’s about being informed and prepared. This process can seem complicated, but once you embrace it, you’ll find it becomes second nature. Understanding budgets will empower you to raise money more effectively and confidently.
Now go make your film! 🎥
See more at http://MakeYourFilm.net.
