As a freelancer or small to medium-sized business (SMB) owner, corporate video productions can be exciting. However, budgeting and invoicing are crucial to ensure you get compensated for your work while maintaining a healthy client-work relationship.
A budget outlines the money you will need to start and complete the project. It highlights the cost products and services you will need to complete the project. The right freelance video editor invoice template can even start as a quote or estimate, then turn into a payable invoice with invoicing software from Invoice Ninja.
In this article, we’ll offer guidelines on how to budget and invoice for corporate video productions.
How to Budget Invoice Corporate Video Production
To create a budget for a corporate video production, follow these expert tips:
Determine the Scope of Your Project
This is the first step when budgeting for corporate video production. Here, you consider factors like the complexity of the project, the length of the corporate video, the number of crew members, the equipment needed, and a tentative date for completion.
Research the Market Rate
Researching the market rate is important so you do not shortchange yourself. This will give you an idea of what to charge for your services. In addition, conducting market research can help you stay competitive and ensure you are not undercharging for your services.
Make Room for Additional Expenses
These expenses could arise during or after the production process and may not be directly linked to video production. Examples of such expenses include the cost of travel, lodging, and any extra equipment.
Create a Detailed Estimate
A thorough estimate is necessary to ensure that the client understands the whole cost of the project and provides enough money to run the entire process. If you are a freelancer, you should also know how to write an invoice for freelance film work.
What Should Be Added to a Corporate Video Production Budget?
A corporate video production process has three stages, which are pre-production, production, and post-production. Below are some expenses that fall under each category:
Possible expenses here include script writing, storyboarding, management, and preparation (e.g. time spent auditioning and hiring actors). Here, you are paying people for their skills and time.
Costs include an amount to hire a crew, equipment, studio or location, hospitality, and travel costs.
This includes the amount spent on video editing, graphics and animation, creation of subtitles, production of deliverables like DVDs or tapes, etc. You can use a video production cost estimate template to know what it should look like.
How to Invoice a Corporate Video Production
Now that you have created a budget for the corporate video production, the next step is to create an invoice. You can use an Excel spreadsheet to generate the invoice or use a corporate video production template from Invoice Ninja. Below are some tips on invoicing:
Set Payment Terms
Defining payment terms before commencing work on a project is very important for freelancers and SMBs. Before you start a project, negotiate with the client on the amount you will be paid. You could also ask for partial payment at a certain midway point in the project or for the full payment, which is after you have completed the project. You will also need to decide on penalties for late payment, such as a fee.
Submit Your Invoice Promptly
Ensure you send an invoice to your client immediately after you finish a project. This helps you to maintain a healthy cash flow and guarantees that you are paid on time.
Meanwhile, the invoice should contain all important information about the project, such as the scope of the project, the agreed-upon price, and the terms of payment.
Keep Accurate Records
In the world of business, it is important to communicate and keep accurate records of your dealings with clients for reference purposes. This includes keeping tabs on expenses, invoicing, and payments received. Accurate record-keeping allows you to know which client has paid and who hasn’t.
Build a Healthy Relationship With Clients
In the corporate video production space, having a good relationship with clients is crucial for both freelancers and SMBs. You can build a healthy relationship by maintaining constant communication with clients throughout the project, delivering top-quality work, and responding to requests or adjustments the customer might have.
Whether you are a freelancer or SMB, budgeting and invoicing for a corporate video production calls for thorough preparation and attention to detail. Apart from ensuring that you get paid adequately, it also ensures your client gets top-notch service. Make sure you understand the scope of the project, highlight the items you will need, conduct research on the costs, and hand over the budget to the client.