Email Feedback of Business Plan
Email Response from Radar Films founder Chris Rawson
Dear Luke,
Thanks for your email. I agree with you that it’s a great way of making a business, but you also need to realise that the market is very competitive. You’ll need to find some way of differentiating yourself. In my case that’s because I have a drone…I get a lot of business from people who want drone footage and I then upsell. If I were starting again with drones, I would get an FPV unit, as that’s the next thing.
The branding looks good.
You don’t need the ‘best’ equipment, you need the most appropriate equipment. If you are going to commit to it, you should spend the money and get the right kit in the beginning, otherwise you will end up spending more. You should also register for VAT so it costs less upfront. I reckon you need x2 decent cameras with 2 different lenses -something like a 24-70 zoom and something really high quality in prime – I use a 50mm F1.4. Consider a probe lens too. You’ll need two tripods and at least one decent light with a decent modifier. Don’t skimp on lighting. Cameras are less important than lighting. You’ll then need a decent computer to edit on…I’d avoid Apple…I use Alienware, it’s the same spec but 50% of the cost and has some connectivity. I use an FX9 and A7iii and A7Riii. I also use the little camears for some photography. I wouldn’t bother with a Red at this stage. It’s a whole other price bracket.
You say businesses don’t’ have a budget for advertising, but that’s not right. You shouldn’t be getting out of bed for less than £500, and should be looking to bill £1500 per project. Don’t work for cheapskates, they are the hardest to satisfy and demand the most. If you are going to work for less to start with, then work for nothing, but send them an invoice for the value showing 100% discount so you are setting the right expectation.
Regards the regulatory framework – there isn’t one for video so don’t worry about Ofcom and the ASA. Just look at Donald Trump – you can pretty much incite a riot where people die using social before any action is taken. Unless you are doing stuff on the telly, which I do. Do some research on clearcast and copy central…it’s their job to clear advertising on the TV, and your job to give them scripts they can get through. It’s a bit tricky, but very do-able.
Stay safe and good luck with the project
Chris
2nd email response from Paul Gardner from Great Yarmouth borough Council.
Hello Luke,
Thank you for your email and sorry for the delay in replying due to the current circumstances.
It seems the business plan is at an early stage and the questions you have asked would normally be answered with reference to a proposed cashflow and financial forecast. Indeed lenders or other stakeholders would normally request these. I would suggest that this is a key document that should be produced during the business planning process but I accept this may be beyond the scope of the work you have been asked to produce.
You may however find it useful to look at www.nwes.org.uk and www.menta.org.uk as both these organisations have lots of information on line that might help you, especially on developing brand which I would agree is a key area that start ups need to consider.
Given the nature of your idea I cant advise you on what equipment would be required as this will depend on the scope of work and client base you want to engage with. I would however ensure that you are aware of the costs involved and suggest this is a key area for research in any potential business idea to ensure you both have (or can secure) sufficient funds and return an acceptable level of profit on this investment.
I hope this helps and good luck with your course.
Regards,
Paul Gardner
Business Advisor
Inward Investment
Great Yarmouth Borough Council
Things to take away from the first email response.
- Applying for VAT
- Camera selections
- computer choice
- Pricing per project
- Possibly do some unpaid work but show of the real cost for the employer
- Look into clearcast and copy central
Things to take from the second email response:
The second response did really give any pointers but mentioned things that if I was presenting to real investors I would have to have certain things. he also gave two interesting business and financial resources that I will look into.
I have decided on after the feedback to initially start with one camera. The camera I have chosen is Sony Alpha A7R III Digital Camera, this was one of the suggestions from Chris and isn't the most expensive of cameras but has all the features and quality needed.
When it comes down to the computer choice iv picked a Microsoft surface product as I took his advice of staying away from apple but didn't really like the look of the alien ware computers and thought they were a little big. This meant that I went for a surface product which is still expensive but is a lot smaller and lighter than any thing else I have seen whilst still boasting the specs needed for my workflow.
I hadn't really set a price for anything but after him advising to not do it for less than £1000 i decided on 3 price tears which involve 3 different things. Starting at £100 and finishing at £1000, even though he advised not to I want to appeal to new customers and potentially in the future the price could increase.
Clearcast
Clearcast is a tv advertisement checking organisation that isnt goverment owned but is owned and funded by the eight largest commercial broadcasters, which include ITV, Channel Four, five, GMTV, Sky, Virgin Media and Turner all of whom are represented on Clearcast’s board. They make sure for you that your advert is in line with any regulations. Copycentral is a part of Clearcast and seems to be a login portal.
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