Budgeting for Video Production: A Comprehensive Guide

 Effective budgeting is crucial for any video production project, whether you have an internal team in charge of developing content or a client seeking professional video services. How do you know what the videos will end up costing? 

In this blog post, we'll explore the key factors involved in creating a video production budget for your eLearning program, course, or another video project. 

But first, let’s look at the example of what a typical video production budget looks like: 

This video production budget breakdown may look intimidating if you’re a small business owner trying to create training or a course with hours of content needed to be developed. But do not fear!

Most of the time, you don’t actually need all of these bells and whistles. For example, if you are creating a course, you can get away without casting talent because you are the Subject Matter Expert (SME). That just saved you $3,000 on the spot! 

Of course, different types of videos come with varying price ranges depending on what’s included, so it’s crucial to know the purpose of the videos you are looking to create. 

• Marketing Videos: Marketing videos tend to be more expensive due to their intended impact on customer engagement. These videos often have higher production values and require more resources.
• Training Videos: Educational videos, on the other hand, can be more cost-effective if you collaborate with a company experienced in producing training content at scale. Rather than focusing on the camera or equipment used, prioritize a company's ability to deliver engaging and effective training materials.
  

Below, we will share a video production budget breakdown that most people can get away with without losing the quality of the final product: equipment, talent, and time. Let’s call it an Essential video production budget.

*Disclosure: we only recommend products we use or would use ourselves, and all opinions expressed here are our own. This post may contain affiliate links that, at no additional cost to you, may give us a small commission. Thank you for your support!

How to Create an Essential Video Production Budget? Everything You Actually Need

#1. Equipment: Value-based Investments

Photo: Our studio set up. 

When considering equipment for your video production, it's important to focus on value rather than simply opting for the most popular but expensive options. Assess your specific needs and invest in equipment that aligns with your project's requirements. For instance, if you're not producing a large-scale blockbuster, you can achieve excellent results with more affordable alternatives. For example, a Blackmagic 6K Pro camera with a $500 lens offers a cost-effective setup compared to a $50,000 camera setup.

In addition to the camera and a lens, you will need audio equipment and, optionally, a backdrop. 

Recommended Gear: 

• Elgato Green Screen
• Panasonic GH5s 4K Camera
• Metabones Speed Booster XL to make Canon EF-Mount lenses compatible with GH5s
• Canon EF 24-70mm lens
• Seinhezzer lapel mics
• H6 Audio Recorder
• Neewer Dimmable Lights Bi-Color 2 Pack
• PoP voice Professional Lavalier Lapel Microphone
• Revolution Lightboard
• Expo NEON Dry Erase Markers
• Black and white backdrop 

#2. Personnel: Lean and Efficient Teams

Efficiency plays a significant role in managing video production costs. While it's essential to have the right people for the job, avoid overstaffing your production team unless it's necessary for your project's scale and complexity.

In many cases, a lean team of two individuals can handle the core tasks effectively. By focusing on key roles such as camera operation, sound, and overall coordination, you can ensure smooth operations while minimizing unnecessary expenses. 

#3. Production Time Breakdown

When budgeting for a video production project, it's vital to allocate sufficient time and resources to each stage of training video production: pre-production, production, and post-production.

• Pre-Production: This phase involves all the necessary preparation before shooting, including scriptwriting, storyboarding, location scouting, and assembling the creative team. Budgeting enough time for pre-production helps avoid unexpected delays and additional costs down the line. 
• Production: The production phase refers to the actual shooting of the video content. Consider factors like travel time and set-up when estimating the required hours for on-site shoots. For cost-effectiveness and efficiency, opting for a professional studio with pre-set arrangements can streamline the production process.
• Post-Production: After capturing the footage, post-production includes editing, incorporating feedback, and making necessary revisions.

Related Read: Should You Get a Professional Studio Video Shoot for Your Course Content?

We make it easy for our clients to budget their video production projects because we offer straightforward pricing that already includes all these considerations on the back end. All they have to do is add up the costs associated with paying employees or Subject Matter Experts and travel expenses if they decide to film at our studio. This makes budgeting for a video production a smooth process without surprises. 

Conclusion

Budgeting for video production requires careful consideration of equipment, personnel, and the breakdown of pre-production, production, and post-production costs. As a client looking to hire a video production company, you should look for transparent and straightforward pricing models. Focus on the end product's quality and impact rather than getting caught up in itemized expenses. Seek a video production company that provides a comprehensive pricing structure based on the number of videos you need, ensuring a simple and understandable budgeting process.