I'd prefer hearing from producers who have faced this decision, and wouldn't mind sharing their thought processes using practical examples.
You have a script that you could shoot with little=to=no budget. Do you? Or do you seek additional funds via investors, crowd-funding or other means? If the latter, what is the primary area you would focus the additoinal investment?
(I'm curious to know who has dealt with this issue. Yes, obvious answers are "whatever the movie calls for...if it's effects-heavy, that's where the money would go" and "just spread it around, to enhance all parts." I'd like to know what was important to you: Shoot with what you've got, or go for better equipment/cast/crew/location/marketing/etc.)
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If it's low budget, use your own $$, credit cards, sell your personal items, ask family & friends.
$10,000 should be an easy goal in one year to raise & save. What trips many filmmakers is the postproduction phase. It's a lot more $$ than inexperienced folks realize.
But what do you mean by "no budget"?
Have you ever directed, produced, sold at a film market before? It's about 2-3 years from script to sold movie.
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Specifics are hard to know, but A $0 budget short generally costs me about $300 per day just to feed a minimal cast/crew.
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I've gone the ultra low budget route and I can say you can make money in the arena, but you have to have a marketable commodity. As Dan Maxx advises, leave enough for post production. Action and horror tend to have the best ROI (and Christmas and Holiday themes). But know what you can deliver within that low budget target. And begin with a sales plan. Who are your likely buyers. What do they want? Use the AFM website as a resource and contact buyers ahead of your shoot. Tell the buyers who handle your genre what you'll have by the next AFM and determine if it's something they want to look at.
As I've said in other posts, don't accept deals that offer you money down the road. A real company will give you a dollar amount upfront that should at least cover your costs. Anybody who promises you a percentage of profits and nothing upfront is using you. You might as well sell it yourself on iTunes and Amazon.
And keep your budget under $300,000 (or less if you can). The breakeven in indie projects is in that range, unless you have a name cast.
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Scott, Not sure what you mean little-to-no budget. This sounds quite lower than even a micro-budget film. Do you have any idea what it costs just to feed your people each day? (And, for the record, you HAVE to feed your cast and crew well. Sure there are cheaper ways of doing this, getting food donated, but it still adds up. You have to have craft service and plenty of bottled water, etc. This little bit just adds up on its own.) So, my advice is do it right. To me, a legitimate SAG Ultra-Low Budget feature is between $100,000 and $200,000. You can still get a name or two (certainly not a Leo DiCaprio, but an acceptable name or two), some character actors and familiar faces and shoot it on a RED or an ARRI with a skilled D.P. You can have an actual experienced crew, albeit a smaller one. And, you can do it right. You can do your homework and see what names mean something to foreign, speak with some smaller to mid-sized distributors - and with some acceptable names you can potentially get some up-front money, pre-sell the foreign and get it online without paying a content aggregator. In addition, you want to make sure you have a 'hook' or a somewhat commercial theme. My advice, though, and I said the same thing yesterday in a workshop I was teaching "Do it right." And, one of the ways you do this is by working with an experienced indie producer with actual producing credits, festival awards, distribution deals, contacts with actors and distributors. Someone with a track record, even in the indie world. Let them guide you and then, have a plan for distribution down the road. Don't just shoot it now haphazardly and see where it goes. Have a plan ... and Do it RIGHT! GOD BLESS and STAY FRESH! ;)
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I agree to my fellow filmmakers here. Clarify how you personally define low to no budget as every no budget still costs you money, not only for the catering as Doug Nelson mentioned it, but you for sure have driving costs, energy costs and much more which can be on a low level, but it's never a zero. Last not least I would say simply try it. You can only learn and improve your skills. The more you think and discuss and ask the less you're filming.
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Shoot that sh@@ on your phone! I know I'm shooting my next short on my iPhone. Fuck all the cooks in the kitchen and fuck waitin. Shoot that sh@@! Here's me, Pookie, both from S32, in Hollywood with T.J. Scott. I'm finishing a script now that I pitched last year and recieved multiple requests for: MAD MOUNTAIN MASSACRE.
I've faced this more times than I would like to admit. Only one time did I back down over budget. The others, I have pushed forward to get the shoot done and edit what ever we captured. Personally, if I waited til I had the full budgeted money needed ... I would still be waiting. I agree on work with what funds you do have and I don't agree with get everyone to work for free and pitch in to have "something for their reel"