Video production is a process that requires a lot of research and preparation.
As a production company or a freelance videographer, one of the first things that you get asked from prospective clients is for a video production quote.
This question comes in many different forms:
‘How much would it cost to produce a 5-minute video?’
‘How much do you charge on average for a commercial?’
‘What’s the average budget you work with?’’
It is easy to understand why they would ask these questions. However, this can be rather difficult to answer if you don’t have any details about the project you are going to shoot.
A video production quote can be used to break down the entire video production process into different steps along with their associated costs to give your client a clear overview of what he should expect to pay for the output that he desires.
In this article, you will discover 8 things that you should include in your video production quote along with a free template to help get you started.
I. What is a video production quote?
II. 8 things to include in a video production quote?
III. Download our free video production quote template
IV. How to streamline your video production process with Rentman
I. What is a video production quote?
1. Definition
A video production quote is a document used in the media industry to show prospective clients how much you plan to charge them for your video services.
Unlike an estimate, a video production quote is sent after you have agreed on the project scope with the potential client and agreed on milestones for deliverables, total costs, and payment terms.
Once you send your client the video production quote, it is important that you receive written confirmation from him/her before you begin any work. You should also keep in mind that the costs that are mentioned in the quote can change as the project requirements evolve. You would need to discuss this with your client in the event it happens.
Once he/she agrees to the terms that were mentioned in the quote, you can then send him/her an invoice to request payment. After the amount on the invoice is paid, a receipt would complete the business transaction.
2. Benefits of using a video production quote
Drafting a video production quote can take a lot of time and effort due to all of the details that should be included in one. Sometimes you may think that you can just skip this step, but using this document can be hugely beneficial to the way you run your business.
Here are 5 reasons why should use a video production quote:
- it ensures that you and the client are on the same page,
- it opens a line of communication,
- it helps you break down the requirements for the job,
- it allows you to plan ahead for cash flow,
- it proves why you are a great choice for the project.
II. 8 things to include in a video production quote
Managing video production involves dealing with a wide range of tasks, workflows, teams, and contributors that have different roles in the video production process.
Without a clear structure, it is easy for your client to struggle to understand their roles and responsibilities.
It is therefore important to break down your video production process into different steps along with their associated costs to give your client a clear overview of what he/she should expect to pay.
Here’s a step-by-step walkthrough of what you should include in your video production quote.
1. Planning and pre-production
The first stage of the video production process is planning and pre-production. Here is where you will map out the plan for your video, decide on what resources you’ll need to get the video made, and how long the production period will be.
During this stage, storyboards and scripts are written, casting is done and filming locations are scouted.
Here you can list the costs of the above-mentioned tasks along with the billable hours of producers, writers, and directors for example.
2. On-location production
Once you have finished planning all of the steps of your project in the pre-production phase, it’s time to start filming your video, this is known as the production stage.
Based on the work that was done in the pre-production stage, you should have a reliable estimation of how long this stage will take and who should be involved. And as a producer or director, your job is to ensure things run as close to that schedule as possible.
During this stage, you can list the billable hours of actors, directors, and crew members for example.
You can also list the equipment that was rented for lighting, sound, and filming along with the crew members that operated them.
3. Post-production
This is usually the last stage of the production process and can spread across a few weeks to a few months, depending on the scope and budget of the project.
Sometimes, the video does not come out the way it was intended during the shoot. The post-production stage is where editors can assemble footage shot by shot, add music, and incorporate visual and sound effects.
Marketers can also use this time to prepare marketing material. This can include anything and everything from social media posts and website content to behind-the-scenes footage and interviews.
Here you can list the billable hours of editors, sound engineers, directors, and producers for example.
4. Deliverables
Deliverables refer to the final product that you will hand over to the client.
The final product can be one 2-minute video and two 30-second videos for example.
Including deliverables is important because it ensures that the client knows exactly what his/her end product will look like.
5. Casting and talent
Casting involves choosing actors to fill specific roles in your project.
Here you can list expenses linked to the casting process. This may include auditioning, screen tests, and callbacks, and how much you plan on paying actors for example.
You can choose to list this separately or under planning and pre-production.
6. Crew
Crew members are often split into two categories: “above-the-line members” and “below-the-line members”.
Above-the-line members contribute to the creative influence of the project. They often have a high level of power and authority and include roles such as producers, writers, and directors.
Whereas, below-the-line members are responsible for the physical production of the project.
This includes everyone else in the production crew and is generally divided by profession into departments.
You can choose to list this separately or under pre-production and on-location production.
7. Equipment
There’s no denying it, managing video production and live events requires using lots of equipment. Just like crew members, the amount of gear you use can scale up or down depending on the size of the project.
Here you can list how much it will cost you to rent the necessary equipment for the project. You can also include a more detailed version of this in a separate attachment.
Of course, this can be reviewed as the needs for the project evolves. You should discuss this with your client in the event it happens.
You can choose to list this separately or under on-location production and post-production.
8. Location
Location scouting is an important part of the pre-production stage that involves finding the right places to shoot the scenes of your project.
In some cases, a good location can make or break a shoot, which is why it can be worth splurging on this element.
You can choose to list this separately or under planning and pre-production.
III. Download our free video production quote template
Now that you know what a video production quote is and what it should include, here is a free template to get you started.
Video production quote template
Now, you can start quoting your video production work 🎉.
However, you should keep in mind that when your business starts growing, you will find it increasingly difficult and time-consuming to keep filling in this information by hand.
Why not use a dedicated tool that can translate your production planning into a professional quote with your own branding?
IV. How to streamline your video production process with Rentman
As your business grows and you start passing new milestones, it is important for you to work with tools that can grow at the same pace.
Rentman is a scalable rental management software designed to help production and event companies manage their entire workflow in a single platform.
You can choose different licenses and features depending on how many yearly projects you complete and the type of planning you need to achieve. This allows you to smoothly upgrade your software package as the business grows and easily add more resources as you take them on.
Here are 3 reasons why you should consider upgrading to Rentman for your video production quotes:
1. Create quotes your customers appreciate.
Your quote doesn’t have to just be a list of line items and their associated prices.
With our built-in template editor, you can set up advanced templates to automatically create documents for each occasion with your own branding.
Add images, personal texts, contact information, and use your corporate branding to make your quotes easily recognizable.
2. Bring your next video production to life faster
Save time by organizing your equipment, crew, transport, documents, and files in one place to speed up collaboration.
Track inventory availability, generate quotes, and issue invoices in one place – from any location.
Communicate with your staff, and generate packing lists for your warehouse crew.
3. Work on the go
In Rentman you can generate a quote in less time than it takes you to read this sentence 😎.
Send out your quotes or contracts directly and let your clients sign digitally to get projects off the ground faster. Receive a notification when your quote has been accepted and start planning.
Still not sure if we’re the right match for you? Here’s how we helped Mevida streamline its activities.
Start a free trial today!
Disclaimer: The content listed in a video production quote may vary depending on the country that you are residing in and the laws and regulations that apply there. Rentman will not be held responsible for any damages that you or any party might suffer as a result of using the template provided in this article.