Why, When & What You Need to Start a Video Business in 2021

So, safe to say 2021 hasn’t quite started in the way many of us were hoping for… With lockdown 3.0 in full swing, those feelings of anxiety and uncertainty seem to be even more rife than those felt back in March of last year. For all of us in the world of video and media, this is yet another blow to our industry after having endured so many setbacks last year. Many of us are left contemplating where to go from here, none more so than those who have been made redundant or simply cannot fulfil their profession due to the restrictions. However, despite the current doom and gloom, 2021 could prove to be the opportune time to pursue a venture of your own in the world of video.

This may sound ridiculous given the uncertainty we’re currently enduring, but if the timing is right then this could be a great option for you – especially when considering how fiercely competitive jobs in video are. Although the first half of 2020 didn’t quite go as I’d planned for FOSTER Studios, what I found was that the time I had on my hands really helped me to develop a brand identity and get the name out there so that it stuck in people’s minds once the initial lockdown was over. Around 80% of our income came in those months between July and December which evidences just how much of a demand there has been for video and I believe this will continue in 2021 as businesses look to revive themselves - this is another reason why I feel this is a great year to pursue your own venture. Although we are currently in a lockdown until late February at the earliest, this gives you plenty of time to work out what you want your business to be before diving into a hungry market – and it will be hungry! Maybe not at first, but the second half of this year could be huge for video as businesses gradually return to a relatively normal way of operating.

All this said, there are a few things it’s worth having in place before starting your own business in video. The big one is obviously financial security – when I started out, I made sure I was in a position to be stable even if the business made absolutely no money in the first 12 months. I know that doesn’t sound appealing, but it’s better to be safe than sorry (the likelihood of you making no money is very low).

I would also really encourage purchasing your own equipment as this is going to be essential for regular filming jobs and as an added bonus you can rent it out to subsidise income. The equipment you’re able to get your hands on will vary based on your budget, but assuming you are just starting out then roughly £1,500-£2,000 will likely be the required investment at first. I wouldn’t advise jumping in at the deep end on a £4,000 camera, but rather work your way up to that based on your success. A great bit of kit to start off with would be Sony’s a6600 which is a very effective and budget-friendly mirrorless camera. Other things you need are a tripod, microphones, lenses and editing software. Later down the line you may want to invest in a gimbal, lighting and a camera monitor. For shoots with bigger budgets, you may find it worthwhile renting more sophisticated equipment from sites such as Fat Llama – this is very affordable with some top range cameras and lenses costing less than £50 a day to hire.

As the demand for your service increases and the nature of the jobs become larger, consider bringing in other people and outsourcing certain aspects of work. Following redundancy from his full-time editing job, I offered Josh, a chum from my uni days (pictured below), the opportunity to work as a camera operator on our larger shoots. This took the weight off my shoulders enormously and I’ve found just having someone else’s perspective during filming has been hugely beneficial. It also means that Josh is capable of covering some shoots solo now that he has a better understanding of our work, which in turn allows me to spend more time on business development and attracting new clients.

Networking is going to be a hugely important factor in your work, so use social media platforms like Instagram, LinkedIn and Facebook to showcase your portfolio and engage with other businesses. I would also strongly encourage you to offer samples of your work to companies you would like to collaborate with as this can pay dividends. As they post your work on social media, more people will notice it and therefore you will grow. And depending on your location, it’s definitely worth tapping into your local community. You’d be surprised how many businesses within a 5-mile radius are interested in video and have good budgets, but they just don’t know who to go to. Posting in local Facebook groups can actually be a surprisingly good way to attract new prospects as well.

One other thing I’d strongly recommend is getting on Google Business. It may seem like such an insignificant thing, but accumulating positive reviews helps enormously in terms of driving people to your website and with your ranking on Google. Getting testimonials can also be quite a daunting thing to request at first, but this is where you need to be a good judge of character and if you feel you have a strong rapport with a client then absolutely ask if they’re happy to do a review for you. You’d be amazed at how many are more than willing! 

And lastly, get a good accountant. It might be the very last thing you think about, but having someone on top of your numbers and being able to advise you is hugely beneficial. I would also suggest finding someone who is interested in your work. I personally believe having someone who understands how the industry works, albeit only slightly, will make them a lot better able to advise you in certain scenarios – for example, how much money you should be taking out the company, pointing out grants you may be entitled for etc.

If you’re uncertain about taking the leap just yet or need more financial security, a good option (if possible) would be to get a part-time job within the industry. This is something I did in 2019 and it allowed me to not only get experience in a media environment, but also meant I had time to work with my own clients and eventually build FOSTER Studios. Finding jobs like this can be easier said than done, but it is a good cost-effective option for employers so a lot of them will be open to it. There are also plenty of start-ups out there who likely need video content regularly but don’t want to hire – this could be an ideal way of getting regular income from a client.

It would be very wrong of me to say that starting a video business is right for everyone and that you should do it. Let’s be honest, life and circumstances don’t always allow for that to be a reality. However, if the timing is right for you and you are willing to invest in yourself, 2021 could be the opportune moment to begin your own journey.