Videomaker – Learn video production and editing, camera reviews › Forums › General › Open Forum › TO BUILD OR NOT TO BUILD A STUDIO
January 3, 2017 at 8:44 PM #91931muilaert69Member
Hi, is a honor for me to be at this forum.
In 2017 I am planing to change jobs and follow my passion, video production, I know is difficult to build a reputation on this area and things never happen overnight.
I am planing to open a video/photo studio for rent so I can make a transition from my actual job to the new one.
How realistic is a demand for such studio? I live in the Chicago area and I am planing to open a small studio 1000 to 2000sf with dressing room, cycle wall, green screen, KINOFLO lights, computers and production software.
Thanks for the help.
January 4, 2017 at 5:57 PM #215038JackWolcottParticipant
Here are some questions, from which you can determine how realistic the demand. Are there similar studios in the Chicago area? To whom do they rent? Does your research indicate that there is a demand for a facility such as you propose, and who do you think these clients will be?
“If I build it they will come” doesn’t work very well in the video business world.The trend today is for do-it-yourself video: individuals and many companies are using smart phones and iPads to shoot and edit their own materials. To whom will you market your studio? Do you have a solid plan for this marketing, a way of convincing prospects that what you can offer is better than what they can do more-or-less for free?
With regard to the success of such a venture: does your research suggest that you can pay the rent on this space, plus pay back the investment in all your gear? And don’t forget salaries for yourself and your tech staff.
I’ve stressed the word “research,” and for a good reason. You’ve got to do very thorough market analysis before you jump into this. If the market isn’t there, it’s a great idea from which you should walk away.
And a final piece of advice, which my business mentor gave me nearly 60 years ago: have on hand enough funds to weather the first two years operating at a loss. No matter how good the business idea, and how much market research is involved, you probably won’t break even for a couple of years.
January 7, 2017 at 6:06 AM #215049paulearsParticipant
A studio that size means money. You have two routes, doing it yourself, project managing the whole thing and getting in trades to do the work under your supervision, or paying somebody to design and build it. One costs lots of money, and the other even more! It sounds like you know a little about video – but do you have knowledge about a project of this size? As you scale up, everything becomes more expensive, and one-man techniques no longer work, so when you say hire, do you mean dry hire – they hire the complete studio then sort out equipment, or will you supply equipment AND the people to work it? You mentioned Kinoflo lighting. Your choice, but some potential hirers might want different? Be ready to spend serious money on things you might not have thought of. Your green screen for example – how many lights just for that in your size project? How about the floor? what type, and cost? Not quite sure what a cycle wall is? Is this something American? I’m guessing you’re thinking of an infinity wall with curves and no corners?
To equip a studio for just video work will be damn expensive, and in my own area we have some major facilities underused because of where we are in a small country. Google shows quite a lot in Chicago already – call one or two and ask about availability and costs. If they are available then they’re underused, and probably cheap. Would your project get past a bank manager of you wanted to borrow the money?
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