This is the third part of the tutorial on video production budgeting. Actually, this is a bonus section. As I was creating the first two segments I kept thinking about what I’ve learned in the 35+ years I have in this industry.
And what kept coming up to me was the importance of a basic business fundamental. How do you make sure you get paid?
One of the things I’ve learned is that successful producers, directors, cinematographers and others in this business have to learn to balance their art and their craft.
Part of the craft is handling their business like a business. I’ve met more successful people that were great at business and just above average on the creativity level than the reverse. That’s why we have the stereotype of the starving artist.
I remember a story a friend of mine told me. He is a very successful oil painter. But back in the days when he was struggling to pay the rent he showed up at an opening of his work in a new gallery.
He overheard an older couple talking about one of his paintings. She wanted it. He wasn’t too sure.
He gathered himself together and headed over to introduce himself. People are always more likely to buy art if they have a personal interaction with the artist.
He glanced at the price tag on the painting as he came up behind the couple and noticed that the price was $3,000. It was supposed to be $300. He was about to interrupt their discussion and let them know about the mistake when he heard the man say, “Well, it must be worth it or they couldn’t charge that much money.”
Not only did that couple buy the painting, he sold the same number of paintings that night as he did at an average gallery opening. But he made ten times as much. It was a defining moment in his career.
I’ve had moments like that myself when I realized the truth of the sign on the wall in my studio.
This is not a rehearsal.
We are professionals.
This is the big time.
