What I've Learned: Business Plan Part 2

After reading various experts in the field of business plan development, I have made the decision that providing a business plan to investors in the film industry is completely up to the producers of the film. For some films, the producers can name drop, and investors will leap at the opportunity to fund a certain director's vision.

In the business world, having a business plan is a crucial piece of acquiring funding for a project and/or start-up company. In the film world, it is more-so essential when dealing with rookie filmmakers and producers who are still trying to make names for themselves. I feel that Mr.Sahlman's advice was the most crucially important advice for any prospective filmmaker.

He says that it the most important aspect of a business plan is who the people are that you are working with.  He also states that the risks, opportunity, rewards and content are extremely important because that helps determine whether or not investors would care to fund your project. In the end, that's all that really matters, and is the main reason why anyone would create a business plan.

In the film industry, as I am quickly learning, it is more about who you know than what you know. A good friend of mine told me that it's 90% who you know and 10% what you know. This is why in many pitches and business plans, filmmakers attach names to their projects, and then pitch them to various producers and studios. Having any sort of celebrity power behind your film, can make or break your entire production.

Overall, I have learned that a business plan is extremely important when it comes to acquiring funds for a particular project. I am actually working on various plans right now, some of which are film based and are crucial in finding funds. I have also learned that the company you keep speaks a lot about the type of investors you will attract.

-Michael