Video Production Business Tips – Why Wedding Videographers Should Move to Corporate Video
My main focus in the video production business is to figure out how I can use my talents as a video producer to make the most money with the least amount of effort… all while building a business asset that will someday allow me to retire and travel the world while I’m still young enough to actually enjoy it!
My personal income has increased by about 750% since I started my video production business back in 2000 and the gross sales revenue for the company has grown by over 1200% in the same period of time.
I’m not anywhere close to my definition of wealthy but I’m a heck of a lot closer now than I was 9 years ago when i started this journey as a video business owner. The point I’m trying to make in this article is that the turning point for my wealth and the success of my video business was when I decided to stop pursuing wedding video business and to focus 100% of my efforts on selling, producing and delivering corporate video presentations.
The fact of the matter is that when you sell a wedding video, you are asking a family to give you money out of their personal checking account. When you sell a corporate video, you are asking someone to write you a check out of their business checking account.
The difference is that businesses typically have thousands, hundreds of thousands, millions or even billions of dollars they can tap into in order to purchase your services whereas a family (wedding client) usually has to go into debt to purchase your services.
Which group of people do you think provides the most opportunity for your video business?
Based on my experience, I’d vote corporate every time. Assuming you agree or at least that you are interested in exploring it further, here’s some insight on making the transition from wedding videography to corporate video production.
Please keep in mind that I have nothing against wedding videography and I know that many of you choose to produce wedding videos because you do not enjoy corporate video production. This article isn’t for you.
My uncle Grayson, also an entrepreneur, told me when I first started my video production business that I should always try to sell services that would enable me to make the most money possible with the equipment/software I had invested in.
He added that to sell services that were any less than the most your equipment could produce was not good business and would someday lead to trouble. I must admit that at the time I didn’t really understand what he meant. However, after all the lessons I’ve learned by having my feet in the fire, I know without a shadow of doubt that he was and is absolutely right!
Your $5,000 video camera can be used to produce a $2,000 wedding video. It can also be used to produce a $20,000 training video. The same goes for your editing system, software, etc. Assuming you are a fairly competent editor, you can probably edit the wedding video in about 40-60 hours which commercial video hong kong
means if you work a normal work week of say 50 hours, you’ll be able to produce about $10,000 per month in revenue for your business.
And that’s humping it… not leaving you much time to do anything else to build or run your video production business.
You can plan, shoot and edit the training video in the same one month period of time and due to the nature of the training video market segment, you can command anywhere from $4,000 to $20,000 in fees per video. See where I’m going?
Producing corporate videos will generate you anywhere from twice to five times the income in one month than wedding videos will produce and you can do all or most of it with the same production equipment and software you have now.
So, you can dispel the myth that you have to have more gear to produce corporate videos. It simply isn’t true. You can rent what you don’t own and pass the costs through to the client.
Assuming that you are on the same page with what I’ve mentioned above, doesn’t it make sense to start to gradually shift your thinking to figure out how to get any or a lot of the corporate video business in your area? Yes it does!
Even a small share of the corporate market will dramatically increase your revenue and therefore result in a fatter wallet.
I could write a book on moving from weddings to corporate (and some day I probably will!) but for the sake of my time and yours, I’ll limit this article to a small handful of tips.