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Should You Invest in Video Production Equipment or Hire a Video Production Company?

When it comes to video production projects, one of the crucial decisions you need to make is whether to invest in equipment or hire a video production company. After seeing the pricing for video production services, you may ask yourself, “How much does video production equipment cost? Maybe it makes sense just to do it myself?” And you wouldn’t be wrong. Of course, there are several benefits of hiring a video production company, but in some cases, you would be better off going a DIY route. So, in this blog post, we will give you five questions to ask yourself to determine whether you should invest in video equipment or hire a video production agency.

5 Questions to Ask Yourself Before Hiring a Video Production Company

Question #1: How much time do you have?

Time is a valuable resource, and it plays a significant role in deciding whether to invest in equipment or hire a video production company. If you have limited time available, handling the production process yourself may not be feasible. 

Getting equipment isn’t difficult, but learning how to operate it is. Managing the entire video production process can be a full-time job, so if you or someone on your team doesn't have this time available, that will negatively impact the timelines for completing the project. 

On the other hand, if you can allocate sufficient time to the project, buying equipment could be a viable option.

Question 2: What ROI do you want to achieve?

Consider the return on investment you expect from your video production project. The more time and resources you invest in your project, the higher the profit you need to get to make up for all of the expenses. Start by calculating eLearning content development costs not just from the perspective of hard dollars but also accounting for soft dollars such as time. If your primary goal is to save time and outsource certain tasks, purchasing equipment and doing it yourself may not be feasible. 

Question 3: How much video content do you need?

The quantity of video content required is another crucial factor. If you only need a few short videos, handling the production independently may be manageable. However, if you're undertaking a significant project involving several hours of content, it could take years to complete the task on your own. In such cases, outsourcing to a video production company becomes an attractive option, particularly if they can deliver the content quickly.

Related Read: Why You Should Choose a Specialized Corporate Training Video Production Company

Question 4: How fast do you need the video production?

For certain video projects, speed is of the essence. If you have urgent deadlines or need to distribute content promptly, hiring a video production company is often the most efficient solution. 

However, if you only require quick, simple videos, using your own equipment may suffice. Assess the time constraints of your project to determine whether speed should be prioritized.

Question 5: What makes sense based on a cost-benefit analysis?

Performing a cost-benefit analysis is crucial in making an informed decision. Assess the costs associated with both purchasing equipment and hiring a video production company. Consider both monetary expenses and the investment of time. 

If you have a limited budget but ample time, buying your own equipment may be cost-effective. Conversely, if time is limited and you have a more flexible budget, outsourcing to a video production company can provide a faster turnaround and high-quality results.

Related Read: ​​Training Video Production: Your Ultimate Guide

Conclusion

Deciding between investing in video production equipment or hiring a video production company requires careful consideration of multiple factors. Evaluate your available time, desired ROI, video content needs, production speed requirements, and conduct a comprehensive cost-benefit analysis. By answering these questions, you'll be able to determine whether purchasing equipment or outsourcing to a video production company is the best choice for your project. 

Remember, there are many benefits of hiring a video production company, but only considering your specific circumstances will help you make an informed decision.

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