Film production business has become a mega business in a multi-billion dollar industry. Over the past few decades, Nollywood has become a source of profit for actors and Nigerian film producers. This owes to the fact that a lot of investors knew when and how to start a film production company in Nigeria.
This phenomenon has had a global impact since many Nigerian films are released in just weeks or in some cases, days. Nollywood is the third biggest movie industry in the world, behind Bollywood and Nollywood. If you have plans to start your own company, continue reading.
How To Start A Film Production Company In Nigeria
1. Have a Business Plan
Many companies skip this step, at least initially, but it is a good idea to have your production company set-up as a legal business entity from the start. You will need to be an actual, legal business if you want a business bank account or credit card, and it certainly makes tax time a lot more manageable. Likewise, if you are applying for business loans or other kinds of funding, you will need to be a legal business.
The names and specifics of various business frameworks differ from country to country, state to state and city to city (for example, sole proprietorship, LLC, corporation, etc). You will need to spend a few hours with your computer or at the library to learn about the law in your area and to print up the forms you need to set up your company.
2. Come up with a name for your production company
Choose something that is easy to remember but also stands out from the crowd like, “Evergreen House Effect” or “Musa & Sons”. Search around on the internet to make sure you aren’t infringing on copyright laws. Yes, even movie production companies have a trademark or copyright on their name to secure it so that no one else will use it.
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3. Raise Funds
To start a film production company in Nigeria, you must be armed with your business plan, hit the campaign trail to get the money to make your dream come true. There are several different ways to raise money depending on your business plan:
- Take your business plan to one of the big production companies, or even a studio.
- Apply for government funding like the UK’s BFI.
- Partner with a producer in another country who will bring local public funds to the table (co-production).
- Get money from a brand (product placement).
- Find an angel investor.
- Launch a crowdfunding campaign
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4. Assemble Your Team
Any production company of note has 4 key personnel. When you are starting your own film company you are in the start-up phase. You will deliver many if not all of these key roles yourself. As you grow and develop, and as your social media profiles kick into gear, you will start getting swamped with work, and you will need help. Getting a team will help you start a film production company.
- Head of development
– to find and assess scripts.
- Head of the production
– to make sure the films are created on time and on budget.
- Head of the post-production
– someone to navigate the technical thrills and spills of the edit, and make sure the long list of film deliverables are met.
- Head of film sales and distribution
– an increasingly key role. This person will supervise crowd-funding and self-distribution in addition to the traditional sales routes.