I also knew that crowd-funding over the time we had wasn’t likely to raise much, especially seeing as we had no concept art or any form of trailer to enable us to stand out amidst the thousands of other film projects online (IndieGoGo). So our main avenue for raising money was going to be private equity. I knew we wouldn’t be able to raise much in the time slot I had allocated so I had to be realistic about the budget. I basically worked out the minimum amount we could shoot on. What were the necessities and how cheap could we get them.
If you want to be taken seriously by investors you must do your research, and also be realistic and honest. I drew up a business plan which detailed everything a potential investor should know about us, the film, the industry, the market and realistically what was achievable. And this wasn’t easy; you can’t get sales estimates for your film without a sales agent attached, which we didn’t have. Also accurate sales figures for comparable films are seldom available. Check out Jim Barratt’s blog on the availability of industry research and statistics.
By the time we started shooting we had 50% of the budget, which was enough to get the film ‘in the can’ so to speak. Throughout production and well into post, I continued the investment quest. We didn’t want to wait til we were fully funded because there were opportunities and deals available to us at the time, and, well, I was impatient. In hindsight this may have been a poor choice. Post-production has been slow, in part due to the lack of funds and slow process of raising the rest of what we needed. However, if I had decided to postpone the shoot until we had all the money we could have hoped for, I may still be in development with it today.
Sure enough, 4 weeks later we had the rest of the money!
In the end we did also get some lottery funding from Screen South, my regional screen agency, to help finish the film. This was after showing them a rough cut of the film.
A gift for our readers:
Join us on Twitter @HarshLightMovie and for every new member we will send a link and password to our Video Business Plan.
This post re-printed courtesy of Emma Biggins from www.harshlightofday.com.
Emma Biggins in a UK-based independent film producer of The Harsh Light of Day, Verity’s Summer, and the founder and MD of Multistory Films.