You didn’t mention what the job is that you are quitting. I would hope that it is in the field of production and that you are opening a production company because you have tons of clients waiting for you to open the doors.
Do you have the following?
Experience
A business plan
Cash to cover 8 months of overhead.
Equipment that is debt free
A family member who is an accountant
Business insurance
Mentors to save your bacon
A good lawyer
Experience
Technical skills
The most important skill to have is SALES.
The most successful producers have minimal equipment and merely sell the job, hire someone to do it and then collect the money.
This business is dog eat dog and I have seen many people get into the business who wanted to get in for the “art” side instead on the “money” side. Art is what hobbies are for.
Have a clientel ready for you when you open. Hire a highly skilled person and pay them a lot of money. Make them sign a non-compete agreement.
This is a great looking profession from the outside but remember this. To get clients, you’ll probably have to take them from someone else. Can you do that? What do you have to offer? Why should anyone hire you? How many awards do you have now? Hire slowly, fire quickly.
I could go on forever but if you are planning on doing long distance video production, you’re probably destined for failure. Don’t go into this business or any business because you’re good at the skill involved, such as, a great plumber should not open a plumbing company. Fixing drains is not where the money is. The money is built on being a business manager, the one who hires others to do the work. A great cook should not open a restaurant. A fantastic camera person should not open a production company.
Call the S.C.O.R.E. office in your town and meet with a business counselor.
I used to build off-road race trucks and got into video as a hobby. The video business looked intriguing and the first year, I made $2500. After 25 years, I’m finally getting the hang of it. (IMHO)
The downside. Any smart business person will give you this advice: Build a business with the intention of selling it. Have a generic name that can transfer to another person or corporation. Sell it before 10 years time. Do it again. If you are the business, you have nothing to sell but used equipment (Worth nothing) and a client list. If you are the owner/manager and you have a team that goes with the company, you now have something to sell, unless you’re operating out of your home.
Good luck,you’ll probably need lots of it.
Steve Wargo
Tempe, Arizona
It’s a dry heat!