Kim Production Diary: 5 Steps to Writing a Business Plan

Kim Production Diary

We’ve finished writing our business plan for Kim, the last step before we can seriously begin fundraising. It was an interesting process, and it forced us to think through 5 basic aspects of our production.

The first was figuring out how to define the film, and how to talk about it in a way that is both true to our vision and compelling enough to get people as excited about it as we are.

Practicing the “elevator pitch” with anyone willing to listen was really important, until the pitch was refined to a point where most people react to it with an enthusiastic “that sounds like a great film!”

The best bits of advice we found for this were: “describe in one sentence your story, and the twist that makes it different,” and “when you touch their hearts, they’ll open their checkbook.” We had to learn to describe our film succinctly in a way that is emotionally moving.

The second thing we had to work through for the business plan was a thorough and realistic budget for the film. To talk about that in detail would probably take a few blog posts, much more space than I have here today.

The third thing was to look at other similar films and see how they did financially. We looked at low-budget psychological science fiction films, that played down action and violence, as well as films that were more artistically oriented and films that played with the conflict of reality and fantasy. While this can’t give us any guarantee how Kim will perform, it can at least show us how it might do.

Fourth was to research and understand film marketing, and all the opportunities and challenges facing independent filmmakers today. We worked to identify our films assets – its strengths and the things that make it unique, then how to identify audiences that value those assets, and then how to contact and communicate with those audiences.

And fifth, was to look at the distribution options available for independent films. This proved the trickiest part, because it’s the thing most likely to change in the 12-18 months between now and when post-production is finished. We made an inventory of all the current distribution options, everything from VHX to Vimeo-on-Demand to iTunes to Tugg, to traditional theatrical distributors. We’ll have to continue monitoring and researching all options over the next year so we’ll be prepared when the film is finished and ready for release.

I hope you found this quick overview of our process for writing a business plan interesting, and helpful if you’re working on your own film. For us, it’s on to raising the money to make Kim, More on that as the process proceeds.

Rebel Seed’s Film Insights Podcast

I just found a great podcast for independent filmmakers: Rebel Seed.

Their Film Insights series features really amazing advice on marketing, fundraising, and distribution for indie films. It’s all very specific and very practical. I’m finding these podcasts extremely useful as we ramp up for production on Kim. Knowledge is power.

http://www.rebelseedfilms.com/rebelseedpodcast/

Startup Film School Podcast

I’ve come across a wonderful new podcast series presented by Stacey Parks, whose website Independent Film Blog I mentioned in an earlier post.

It’s called Startup Film School, and it’s basically a primer on film financing, distribution, and marketing. These podcasts are simply amazing! All independent filmmakers should listen to them.

The podcasts teach through interviews with independent filmmakers, so you get to see actual success stories and learn what works in the real world. It covers everything from developing a business plan, to how filmmakers use The American Film Market, to how one filmmaker made a feature film for $500.

Stacey’s main focus is encouraging independent filmmakers to make movies that make money, so they can have sustained careers. One episode covers in depth the “5 Steps to Getting Your Script Market Ready.” Here’s she’s not talking about making the most commercial movie ever, but how to make your film attractive to people who might actually finance it. She covers these steps in an interview with filmmaker Brooks Elms so you can see how it works in an actual film in production.

5 Steps to Getting Your Script Market Ready

1. Do Your Research. Find out how similar films have done financially so you can have a realistic idea of what your film can do in the market place.

2. Develop a Budget and a Business Plan. How much will your film cost to make and how do you plan to make that money back (knowing, of course, that all filmmaking is a risky venture)?

3. Put a Team Together. If you approach investors as a writer/director working alone your project is not going to be that attractive. But if you put together a team with an experienced Producer, DP, Casting Director, etc. you’re going to make your project more attractive.

4. Put Together a Cast with some Marketable Talent.

5. Develop a Pitch, with Compelling, Professional Visuals.

The podcast goes into much more detail about all of these steps. Check it out, and the rest of Stacey’s podcasts, right now!

Startup Film School.

Resources for Indie Filmmakers

Since my last post was originally written a couple of years ago, I thought I’d update it with a couple of more great resources for Independent Filmmakers.

Both of these focus on distribution for independent films and are rich with ideas, information, and tips.

Jon Reiss, author of Thinking Outside the Box Office has a great blog and website:

http://jonreiss.com/

As does Stacey Parks:

http://independentfilmblog.com/

If you know of any others, let me know!