Putting a budget together for a web video production is challenging. The capital for your video can make or break your production since money is always essential. Our simple three point guide will cover the most common budgeting mistakes and help you prevent and resolve typical budgeting errors.
Saving For A Rainy Day
Contingency money is often associated with large scale productions, which is money that acts as a safety blanket for your original production budget. This money technically shouldn't be used unless in a state of emergency. However there’s a good chance you’ll use it, since you will encounter all kinds of unexpected expenses. Always have contingency money because it will give yourself the wiggle room to get out of any predicament you may find yourself in.
Empty Promises
No matter how much social capital you have with your contacts, not all their promises will materialise. Someone may promise to do something and fail, someone may not turn up to filming and you may find yourself in a bit of trouble. We recommend that you keep a record of written down agreements and emails to give yourself the best possible leverage to use if your contacts break their promises.
Those Tiny Expenses
Perhaps you decided to get a taxi home from the studio? Maybe you grabbed a quick bite to eat during shooting? Make sure you track these expenditures. At the time they may not seem like much but these expenses will snow ball very quickly. These tiny expenses diminish your budget and contingency money. Try to make estimations of the expenses and keep them in mind throughout the whole production process, and you won't over spend.
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