Hey gang...
I've been asked to put together a budget for a TV series that will be based on a podcast I created a few years ago. Budgets are not my strong suit... I'm a creator, not a numbers guy. So where do I begin with this? I've had to create budgets for past projects of mine, which was simple enough since it was my own money I was using for the most part, but this time around a TV station is interested in the show and is actually offering up the production funds so I need to be sure to present a dollar amount that won't cause them to pass because it's either too low or too high. I've been asked to give the lowest I would be comfortable shooting it for and the highest I think I could get away with (kinda weird, but ok). So, basically I need to come up with how much it would cost to produce each episode.
Here's the rundown of the series: it's a talk show parody about a self-absorbed, loud-mouthed idiot who has dreams of making it big with his own radio call-in show (season 1/2) who, when his radio show inexplicably starts to get high ratings, ultimately ends up getting a shot at the big time with his own TV show (season 3). In the beginning of the series, the episodes will take place in his living room or makeshift studio so we're only going to be shooting in one location for the most part. So, I need to be able to put some numbers together that will allow me to at least put together the first few episodes to give the TV station.
I've been considering buying the equipment (camera, editing, etc) vs hiring a small crew who each come with their own equipment. I've directed and produced for TV before so I know how to do all of this, but now I'm dealing with someone else's money in a major way and I need to be sure I'm doing this right. Once I get this series off the ground, I have several more projects they're interested in, but we want to start small to get the ball rolling with the easiest project to produce during the Covid situation.
Any suggestions or help would be appreciated.
Sorry to say that you need to bite the bullet and hire a line producer to do this for you. It's literally impossible to give you the widest ballpark idea of costs without seeing a full series breakdown and discussing myriad production details. Anything else is just a guess at best and dangerously inaccurate. As well as what, specifically, does the TV station think is a reasonable budget per episode... Qualified LPs range from a very low of $500-ish to $5k=ish and that depends on the scope of work.
Thanks, I figured this would be an issue. I was called earlier today and asked to send a budget today. Sucks because I didn't expect this, though I have had the idea to turn the podcast into a series for YouTube for a couple of months. But this blindsided me. I was asked to just give ballpark figures to get the first few episodes in the can. But I'm like WTF!!!!
Hey, J. Brian! To do a budget, you should breakdown the script (or as Shadow suggests, hire someone to break it down). It will seem like tedious work, but knowing all the elements that could inflate your budget will help you to gain confidence in those providing the funds. If you need easily accessible software, I would suggest StudioBinder: https://www.studiobinder.com/script-breakdown-software/
And it doesn't take superior knowledge, just research. So. much. research! LOL! Especially if you are considering buying equipment - do a price comparison between how long you'd need to rent and what that price is versus buying and what else you could film with it. The breakdown will help you schedule, and you'll need the schedule BEFORE you budget (crew and cast per diem is one of your biggest money-suckers).
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Any project can be made on a vast ranges of budgets. What is often helpful is if a potential client or investor can divulge a dollar range they are able and willing to provide or go after. If you have no base information, it's like asking " what does a car cost?" Once you know a range, you can either research costs in your market, such as with a tiny indiie project, or consult a line producer, as it will be virtually impossible for a novice to accurately budget a show that has proper payroll, permits, insurance, rentals, and guild and union expectations. Money spent early on with a trusted LP/ UPM saves money on all but the tiniest budgets.
Brian- reach out to me at amoreno@med.miami.edu. I have a 25 page outline you could probably use. Or pay the bucks for a good line producer!
While paying a line producer is best, for something today that puts it in the ballpark, go to https://filmbudgeteers.com/
Less than $200 for a budget that is pretty accurate (depending on the accuracy of your input).
John Ellis Seriously.... no disrespect but they advertise "not a template" and all they can produce is a template.
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No worries Shadow! I'm in complete agreement. Less than 200 bucks - you get what you pay for!
But for something needed quick... I've used them twice and their "template" was accurate enough to work from.
Of course, as an AD, I'm able to break down the script pretty quickly (and free). Having that gave me good details to plug into their template.
And the editable xls allows you to make changes as needed.
If you have your eyes open to what you're paying for, there's worse ways to spend $200.
IMO