If you’ve just stepped into the world of freelancing for videography and other video production industries, you’ve probably heard the term “video production quote” or “video production quotation.” What does that mean, and is it the same thing as a videography invoice?
In this article, we will tell you everything you need to know about a video production quotation, including how they differ from invoices and what yours needs to include.
What Is a Video Production Quotation?
A video production quote is a document that shows prospective clients how much you plan to charge them for your video and media services. This is a very common practice when clients are shopping around for professionals in video production and is a step in securing the gig. Here’s why you need to create a video production quote:
- Video production quotes open a line of communication between you and the client.
- These quotes ensure that you and your clients are on the same page about your services and rates.
- This document helps you plan ahead for your income and estimate cash flow.
- A quote helps you break down everything you and your client needs to know about the requirements for the job.
Is a Quote the Same as an Invoice?
While they are very similar in format, invoices and quotations are not the same thing. The purpose of invoicing is to detail everything estimated in the quote, reflecting the actual services or products delivered after they have been delivered. It’s easy to find a filmmaking invoice template through Invoice Ninja.
A quote, however, serves as an estimate of the services or product you plan to provide and a price break-down so your clients can accurately estimate what they will pay. For example, say you bill by hours worked and estimate a project will take a total of forty-eight hours.
Your quotation would include that estimate of hours along with your hourly rate, and your expected total from that. The client agrees, and you get started on the project. Because you’re so talented and excellent, you finish the project in forty hours instead of forty-eight! Your invoice would then reflect forty hours, because those were the hours you actually worked. You would not need to adjust your quote.
In short, quotes are an estimate of work, products, or time you estimate you will charge for. An invoice is the actual result and what you charge for after you have completed the job.
What To Include in Your Quotation
These quotes can be extensive because you’re both drafting a detailed estimate of the job while selling your services. Here is what should be in your quote:
The Planning and Pre-Production Stages
This is your first stage of the video production process, it’s where you map out the project. Information in this section would include storyboards, scripts, casting, other resources necessary for the project, and an estimate on how long production will take.
This is when all actors are in place and you’re on location shooting content. Because you were thoughtful during your pre-production stage, this stage should have a reliable estimate for your client. You will bill for rented equipment, and the hours and labor of cast and crew.
This will most likely be the final stage of your project, consisting of editing, sound-mixing, and any necessary effects. This can take days, weeks, or even months, depending on the scope of the project. You will bill for labor-related hours, be it yourself or any other hired editors, sound engineers, or directors.
This stage can also include your deliverables, which refers to the final product you submit to the client. Most videographers will submit a short example of the final result (usually about two minutes total of edited footage) to the client so the client can evaluate the direction the project is going in and get an accurate idea of what the end result will be.
You’re an expert in videography, and we’re experts in bookkeeping and accounting. Combine forces with Invoice Ninja, where we can easily turn your approved quotes into payable invoices, set up Kanban boards for your projects, auto-bill clients, and much more. Contact us today to choose from our three available plans and take your video production business to the next level!