We're in the development stage for our next film. The casting director has signed on, offers are going out, locations are soft-locked, crew is soft-locked, 1/3 of the budget is in the bank, with 1/3 committed, and only 1/3 left to raise. Exciting times! And then.... the EP comes back and says, "In order to secure the next 1/3, you need to cut $50K!"
YIKES!
Can it be done? Yes. Should it be done? That's debatable. In the world of indie film, I believe you quickly reach a point of diminishing returns. Less money probably means less experienced crew, less experienced cast, fewer set-ups, less of... everything! It also means you can't just throw money at your problems and make them go away. You have to become creative with your problem-solving and be willing to push through. This approach sometimes invigorates the cast and crew to give a little more to the story and not let restrictions get in the way.
How do you handle budget shortfalls? Do you find creative ways to make the most with what you have, or do you stick to your guns and start the search for additional sources of financing?
Let me know in the comments!
Necessity is the mother of invention! Get mom on the phone!!
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Never heard a financier or investor say "perfect" or "need more?" (although after trouncing my budget I did have a studio head once say "okay, add some back now.) Push back if possible, find other sources if necessary, find cuts if they exist (start with free locations.)
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Some of the best advice that I’ve gotten when we need to reduce budget is often times there will be set pieces that will require you to be in open spaces and moving areas ( like a car, a restaurant, etc), bring those conversations into a contained space (like a living room) and you can drive down budget so quickly because it takes less time, set up and crew. Just really take a look and analyze your script and figure where you can hone in on that and you’ll be surprised that how much you could shave off your budget.
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Great advice Amanda Toney! A pass at the script with those things in mind resulted in the removal of one driving shot and one restaurant location. Somehow, we also reduced the script by a 4/8 of a page! LOL! I'll take it! We also saved some money. It was a good pass.
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Completely agree--limitations breed creativity. Yes, it is true that less money can mean a more rudimentary production, but that doesn’t have to be a negative thing. It pushes the team to think outside the box and not just rely on capital. That’s how you become a revolutionary and trendsetter, by understanding the craft beyond just what money can buy. Before seeking out additional sources of financing, I try to consider at least 2-3 options or ways to make it work without it. If the money really is needed, it doesn’t hurt to ask for a favor. This business is all about connections; you can better navigate challenging times when you have the right people in your contact list. There may come a time for you to return the favor and you can step up just as they did. Now you’ve made a long-lasting connection that will continue to benefit you throughout your career.
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Grady Craig Absolutely! (Congrats btw!)
Solid conversation!