In today’s digital age, there’s never been a perfect time to start your own video editing company. The demand for videos will continue to increase. According to Hubspot, 54% of customers now want to see more videos from brands or businesses they support. Editing videos can provide a good return of investment as reported by 88% of video marketers. Whether it’s in weddings or corporate events, video production has become popular.
Managing a video editing business can be a daunting task. Whether you are a solo proprietor, freelancer, partnership, or corporation, the following tips will help you manage your video editing business effectively.
Choose a unique business name
Registering need not necessarily be the first step. You may start as a freelancer first. When you do decide to register your video editing business, choose a name that is reflective of your company. However, when choosing a business name make sure that it will not infringe another company’s name. Once you have decided on a name, incorporate your business in accordance with state laws. Registering your business name is very important as it will protect your business from damages or debt.
Have an informative website
A video editing website will serve as your connection to potential customers. It does not have to be professional looking but should provide important information about your business such as pricing, contact information, address, and others. Getting started with your website is quick and easy. There are available templates that you can use from hosting companies like Wix and Squarespace.
Portfolio of work
Once your website is in place, you can use it to promote your work samples as proof of your production capability. If you are just starting out with your video editing business, you can use old videos you have already shot. You also have the option to shoot fresh demo video. Once you get a client, you can add the job to your work samples.
Start with a rental camera
It is actually possible to start and manage your video editing business with a rental camera. If you are cash-strapped at the start of your business, renting a camera can be a good option. If there are no brick and mortar rental stores in your area, there are online rental platforms such as LensRental, BorrowLenses, ShareGrid, to name just a few.
Invest on a good base camera
If you are ready to invest and shooting on a regular best, you may be better off buying a base camera. There are mirrorless cameras that are gaining popularity in the market. In addition, there are cameras that have been outdated and replaced by newer models whose prices have become affordable.
Invest on audio and lighting equipment
Similar to a base camera, you may not need to invest on audio and lighting equipment when starting. You can also consider renting additional gear if you are working on a budget. You can streamline your billing by passing the rental cost to your client.
When you are ready to invest, you can always scout for audio and lighting gear that fits your budget well. When it comes to audio setup, you would want a good mix of microphones and audio recorders. For the lighting, you can be a little bit creative or you can DIY.
Maintain a network of connections
If you are starting a video editing business as a sole proprietor, think of what you can accomplish by yourself compared to what another person could add. Until you are ready to add team members to your business, your best option is to maximize everyone’s time and effort.
Connecting with a network of shooters, editors, and producers can help save on potential expenses. Aside from resources and equipment, they can also contribute some ideas in producing the best video.
Once your video editing business is up and running, there will still be times when you need to adjust. In situations like this, go back to your target market. Ask them what they want from your end. Put your customer’s needs at the forefront.
Always look at your unique value proposition and see if what they want fits. If not, give them a counter offer. At the end of it all, it will always be your customer’s needs which will be more important. Who knows? You might be able to find valuable insights from your conversation with customers. When you find the winning formula, make sure to duplicate it in your other marketing strategies, in your website, video samples, and others.
Also keep in mind that the industry is constantly evolving. You will ne
ed to keep yourself updated with what is going on with your industry and competitors. Your ability to keep up with these changes will determine how far your video editing business will go. It will make a difference between success and failure.