OK everyone chime in here. What are, in your professional opinion based on actual experience, the top five moneymakers for independent video producers?
Of those which, in your professional opinion based on actual experience, is the highest-paying based on actual dollars per hour earned; the lowest?
Why?
What other independent video production options should a new video businessperson avoid when attempting to develop a profitable operation; what other options not mentioned might be viable considerations?
Why?
My responses? The top five, not in order of importance or potential gross profits, would be weddings, personal events, youth sports, community events and small business web video production.
Weddings bring in the least amount of dollars per hour invested from start to completion. Small business web video production has the potential for bringing in the most dollars per hour.
Why? Because weddings require the highest investment of time and effort, not to mention initial investment, to produce a finished product, and the general demographics in this business arena are essentially the least likely people to perceive a high level of dollar value, generally speaking, of services rendered and products delivered.
Small business web video production has the highest potential, and once a solid production/delivery system is established and in place, can be a quick production with high perceived value capable of being almost instantaneously delivered. The product can often experience a long shelf-life, but also be worked in such a way that content can be endlessly repurposed. When the system comes together and the product works for your clients, you're looking at a high level of repeat business, strong potential for renewables and referrals with a natural tendency among such clients to expand their perceived web video needs.
What should you avoid? Due to the tremendous amount of competition and existing valid and viable services offered via storefront, website and major chain, and at rock bottom pricing, I'd have to say it would be a difficult and expensive task to invest into the equipment needed and obtain the level of business required for R.O.I. in film, tape and general video conversion services.
I think it would also be difficult for a startup independent video services provider to engage the corporate sector even if the capital investment required and associates/client resources were available in abundance. Again, this is something that, with rare exception, the established boutiques and large production houses have a firm grip on. There are exceptions and shear determination can make some of us the cheered underdog, but "exception" is the rare key word here.
The why to the above is included.
Other potentially viable startup, and even add-on video business, service and product might include development of a specialty concept. Remember the abundance of places, especially in tourist magnets, where kids of all ages could cavort in front of a background, mime to the cameras and walk out with a 60s or 70s style MTV production of their own?
Some folks are still making this work, mostly hiring out as part of the events and activities offered at school graduation parties, private group celebrations, even at fairs and community events where there's a large public turnout.
Folks who focus on and invest in the equipment necessary to provide instant video to marching band, dance, cheerleader, flag drill team and other major competition events that have local, regional, state and national level contests can still carve a niche for themselves. There's a formula that works, and the upfront investment can be huge, but the end results for a determined and savvy business operator can be rich.
Other areas are those currently being under-served: funerals, memorials, custom animations featuring children's heads, arms, legs in cartoon, 2D and 3D environments. Also, starting your own specialty HD/SD stock footage library, or focusing exclusively on acquiring such footage and getting yours placed with any or all of the larger stock footage houses in operation.
There's speciality and diversity in this business. Both work. What is required is tenacity, determination, applied effort, consistent production and a good head for business with a solid finger on the consumer pulse. Identifying and recognizing the next HOT video concept.
