Wed, 25 Aug 2010 14:25
While you are working on your business plan and making your budget, you may want to start working on a contact sheet – i.e. start building a database of possible people/organizations that could help finance your film. Not only will this process give you a place to start as soon as you have your goals and numbers in place, but it can also serve as a great motivator to spur you on while you do the tough work on crafting your sales pitch.
Some places may not require a fully developed business plan, but most places where funding is awarded/an investment is made will require a budget. So make sure you keep working on all aspects of making your film a reality.
Later in this lecture series we will publish lists of organizations in the US and the UK, that offer help with funding for talented filmmakers.
For now, here are a few different kinds of places to consider as possible low budget financing sources:
COMPETITIONS
Competitions are great destinations for filmmakers who need cash or development funding for their next film. Whether you enter with your screenplay for your current project or submit your latest short film, you could bring home enough funds to get you through some (or all) of your financing needs. Be smart about choosing what competitions to get into, especially if you accumulate a list with competitions that charge an entry fee (many don’t). Go for competitions that a) award cash prizes and/or b) industry contacts as these criteria will help your career and your film.
CHARITIES
You’d be surprised how many charities that actually support artists. The key thing here is to think long and hard about what story you are telling and then reach out to charities that may find your story relevant to their cause. For example, if you are making a film that touches on the effects of oil spills you may want to contact an organization that works to stop offshore drilling. Or, if you are telling a story that concerns the sports world you can contact foundations that support the particular sport that you are dealing with. The list can go on here, but we think you get the point.
LOCAL FILM INSTITUTES
Many low budget films are set inside a very limited location, and often the place itself is a character – or deals with very area/city/neighborhood specific situations. Maybe your film even tells a story that could benefit your local community – help bring light to a certain problem, or help showcase its strengths. If this is true for your project then it can be worth your while to reach out to local film institutes for support and tips on funding. If you do not have a local film institute in your area, contact your local government office and ask about their arts initiatives.
PRODUCTION COMPANIES
When we say production companies here, we primarily mean smaller local companies that can feel a strong connection to your material. Make sure to research companies that you have access to, know what films they have made in the past and select those that you feel could find your project relevant. Be prepared to receive notes on your story, some which you may not like, and keep an open mind – maybe you can find a strong production partner assuming you can make some changes that suit their way of working. But maybe most importantly, even if they reject your idea they may like you – so stay friendly and polite and see every new connection as a possible future collaboration.
COMPLETION FUNDING ORGANIZATIONS
Sometimes we shoot a film, but we need more funds to complete post – what do we do? Search for organizations that provide completion funding of course. It is good to keep in mind that application for completion funding is often rigorous and can take some time, but with quality work to show and some patience you could just complete your film. Completion funding can come in the shape of grants, but can also be awarded as loans to be recovered through a share in your film’s net profits. Make sure you always read the fine print.
BANK & CREDIT CARDS
Borrowing money can put your personal finances at risk, not to mention put a bullet in any peace of mind you may have had left. Depending on your (possible) other income, your bank could be a place to stop by for a consultation though. Just remember that your bank manager may not be as well versed in film budgets or production considerations as a producer at a production company – so be prepared to make every aspect of your venture perfectly clear. When it comes to credit cards, there is no easy way forward – all we can say is that a) they are there b) many filmmakers who want to gamble everything on their film have used theirs and c) make sure you know your interest rates and your personal risk before you max them out. If you are unsure using your credit cards is the right thing to do, put them into a bucket of water deep inside your freezer and only defrost when absolutely certain.
FAMILY & FRIENDS
This truly is a last resort and not something to recommend – unless you know that the people you accept money from can in fact afford to lose every penny. If you do want to go down this route, we recommend accepting money as an investment that you guarantee to return when your movie makes money. Always offer a producer’s credit of some sort, to make your friends or family feel like they are part of your film.
Have we forgotten a potential low budget financing source here? Post your suggestions in the comments for everyone to see.
In the end, the most important thing about low budget financing is your creativity. Make sure you use it to the max if you really and truly, want to see your film made. And, always remember to apply some regular, sound common sense not to put your personal finances at risk.
Posted By sweet gator