Guest Contributor Shannon Newton is back, and he's sharing his expertise about video production and what you can do to successfully manage your next video project within your budget:

Pretend you want to build a nice, second story deck for your home. If this deck was your video and you had a specific budget to spend on it, where would your money go? I took a look and based on my experience, here's what I found:

You will spend roughly 15% of your budget on an architect (video writer) and a contractor (video producer).

The script for your video is like the blueprint for the deck. Writing this plan is one of the smallest costs but it has an enormous domino effect on the rest of your production – so it is especially important to get this right. Clear and specific plans lead to high-quality and timely productions.

How to stay within budget in this area (often times called the pre-production phase):

1. Take your time screening and hiring the right producer/director for the job
2. Save time and hire a writer who is also a producer (i.e., architect + contractor in one)
3. Remember, more time writing the script will equal less confusion during production
4. Get everyone involved in planning meetings so you have fewer of them
5. If you need a studio, hire a company that owns one
6. If you need to shoot in a specific format (like HD), then hire someone that owns the equipment or who has a special rental arrangement

You will spend roughly 35% of your budget on the video producer and their team for the basic structure (i.e., shooting the video).

You will need a small army of people and other resources to shoot the video. Like constructing the frame of a deck, production shoot days are the most costly part of building your video, so, the fewer the better. This is also the most exciting part – but beware, this is where costly mistakes can be made.

Stay on schedule, but also keep in mind that there is no discount for finishing early, as most crews are booked for the entire day. A good producer plus a good plan = gold here.

How to stay within your budget in this area (oftentimes called the production phase):

1. Make sure you have all client stakeholders sign-off on the plan for the video
2. Make sure everyone agrees on the details
3. Schedule a rehearsal and invite the client to view this (if you can do this virtually, then great!)
4. Record excellent audio
5. Rent specialized gear only if necessary (jibs, steadicams, dollies, etc.)
6. If you are recording digitally, hire someone onset to manage and backup the data to minimize risk to your ONLY copy of the material

You will spend roughly 40% of your budget on getting the video finished (the editing and sound phase).

The basic framework is built, but you still need to add the flooring and stairs that turn your framing into something functional. The main driver for cost here is the sheer time it takes for a good editor to do the work.

Typically, many hours are spent sifting through footage and cutting together the best video for your review. Included in this cost is the sound design (music and sound effects) and output rendering (to produce final video output).

How to stay within budget in this area (oftentimes called the post production phase):

1. Don’t dump excess footage on your post production team – editors cost too much to have them sort endlessly through video you wouldn’t consider for the final product
2. Collect all feedback before the editor makes any changes
3. Feedback should be descriptive and specific feedback
4. Deliver assets to the editor on time (logos, stock footage, etc.)
5. Deliver music to the editor beforehand (if applicable)

You will spend roughly 10% or more of your budget on the finishing touches.

Costs can vary significantly for finishing visual and audio effects. It is the hardest to estimate, and can quickly spiral out of control, so the devil is in the details of this silent killer.

The real trick on finishing touches is trying to nail them on the first try. Decide on them beforehand, clearly define them, and incorporate them into the video planning and avoid the dreaded “wouldn’t it be cool if…”

How to stay within budget in this area (oftentimes called the post production effects phase):

1. Completely script graphic sequences (open and close) before work starts
2. If using greenscreen elements, hire a producer with this specific experience
3. Hire a VFX supervisor for complex visual effects
4. Eliminate any other special effects that don’t contribute to the overall story

Now, you have built your video within your budget, and it is sturdy and stunning and ready to go!

About:
Shannon is the co-founder of Nickel Tour Productions and is the voice of the producer within Market7, a company building software for video producers and their clients. Shannon has produced content for over 40 clients and does his best to keep his foot out of his mouth although, is still occasionally unsuccessful.