CONSTRAINTS QUADRANT

Funding source
There is a cost to making a short film or music video. In the world of film projects, 'cost' can be either money or labor. The cost is the fuel of your project. Even if you do not spend any hard cash on your film project, it is still going to take human effort. That effort is considered part of your cost. Hence, there is no such thing as 'free' when it comes to project work. There is always a cost to getting something done.

Since cost is considered a constraint, and thus, one of the pillars of your final work, it is extremely important to have a handle on where it is coming from.

For the time being, let's talk about the money part of things. There is usually going to be some money spent. Even if you are just buying your crew water, there is money coming from somewhere. So you need to have a grip on where that money is coming from. It really boils down to two possibilities: either it is coming from you or it is coming from somebody else. Let's take a look at each...

Self funded - You are the source of all spending. From a creative standpoint, this is usually the most desirable place to get your money. You have nobody to answer to (with the possible exception of a spouse) and nobody you may be forced to bring into the creative loop. The entire risk is yours, the entire reward is yours.

There are several possible problems with this.

First, most short films or self-produced videos of any kind are more than likely to be money losers. You have to be prepared to look at this money spent as a career investment or as money spent for fun because you are not likely to ever see it again. Which means you have to get the money somehow. Which means that you probably have to go to work to earn it. Which adds time to your schedule. Unless you inherit it or already have it saved, you will have to take time to pull it together.

When you are worried about the money part of the project, you are spending energy not thinking about the creative side of the project. In order to put together the best possible project, you need to have your worries on the creative side of things and not the financial.

Secondly, when you are self-funding, there is no other creative voice to help hone your vision. Even the biggest filmmakers in history tended to have people they trusted in positions of responsibility to help hone the vision. A financial partner becomes one of those people.

Self-funding...
Advantages: No strings attached, it is your production all the way. You reap all financial and creative rewards.
Disadvantages: You take all financial risk. No partner to help clarify vision.

Third party - Someone is giving you the money either as an investment, as a donation/gift, or as a hired hand. Let's look at each...

Investment - A third party is giving you the money in the hopes of recouping the money at a later date and perhaps make a profit (Other peoples money or O.P.M.). Occasionally, you will find a someone who wants to invest in a 'promising young filmmaker' or someone with a hunch on you and is thinks your idea may be worth a shot. In these cases, the party giving you the money is expecting it back. They are hoping to make a little extra.

Warning: an investment implies ownership. So be crystal clear with your new partner what their investment is purchasing. Is it a 50% stake in your project? Is it a 10% stake in your project? Is it a 100% stake in your project? Write it down on a piece of paper and both you and the investor sign the paper. Better yet, have an attorney draw up some paperwork.

Because you have an equity partner in your project, that partner may require creative input in the project. Is that good or bad? Hard to say. Not always bad, not always good. But ownership implies that input is acceptable so be prepared to document responsibilities and outline boundaries in terms of creative input and control. Talk about it prior to beginning to minimize heartache.

Advantages: O.P.M. is best. You take no financial risk and reap a reward. A partner can help clarify vision.
Disadvantages: You now have a partner who may also wish to make creative decisions. Your vision may have to change in order to satisfy the investors' wishes. Your vision may be asked to change in order to increase the chances of recouping the investment.

Donation/Gift - A third party is giving you the money with no expectation of you returning it. Parents, relatives and family friends are the most likely people to give you free money. An organization or foundation may be willing to provide you with a grant if your script is something that appeals to their organization in some way. Getting donated money may require you to modify your original script in order to meet submission guidelines.

Advantages: O.P.M. is best. You take no financial risk and reap the reward.
Disadvantages: There may be creative strings attached.

*Hired job - A third party has contracted with you to provide a service. Nice. Why are you reading this if you are getting paid gigs already? Geez...

Documenting your funding sources helps to focus you and clarify your objective. Believe it or not, that is important when you are trying to cobble together something on your own.

Completion date
Every project is supposed to come to an eventual end and a film project is no exception. Establishing a due date focuses your schedule and keeps you on track to deliver your final piece.

If the project is self-funded and you are pushing for a high quality end product, your due date may slide in order to accommodate this strategy but it is always best practice to have some kind of date. If you are producing a job for pay or are trying to meet a hard delivery date (festivals, awards), your completion date is referred to as a “deadline”.