Production Budget Template for Digital Content (Free Google Sheet)
When I first started producing videos for Jeremiah Davis, I was just trying to keep up. I didn’t start my career wanting to become a digital content producer. So when I started producing digital content, I had to learn a ton of things on the fly.
One of those things was keeping a production budget. I designed my own budget spreadsheet that works for the kind of productions I work on. I’ll link that here for you to check out or copy and use if you like.
Here’s how I use it:
Step 1 - Understand the creative
The creative is the biggest factor in determining how much a video costs. Understanding what the client wants is the first step in this. If it’s your first time doing a production budget, I encourage you to defer any approval on creatives until you have a good concept of what everything will cost. Hear the client out, repeat what they want back to them, and then make it clear that you need to check to make sure everything is in budget.
Step 2 - Map the creative to the spreadsheet
The next step is to map the creative to the spreadsheet. If the client wants cinematic studio shots in the creative, that’ll cost more money, because of the studio rental, the cinematic camera rental, and the light package rental. If the client wants an authentic outdoor feel, that’ll cost much less, only the cost of gas, accommodation, and talent. Map out every possibility to the spreadsheet. Even if you aren’t 100% sure, put it on the spreadsheet. It’s way easier to bring the budget down than it is to bring the budget up.
Step 3 - Use placeholder numbers for an estimate
To create an initial estimate, use placeholder numbers. Make sure your placeholder numbers tend toward the higher side instead of the lower side. I have a lot of going rates in LA listed on the spreadsheet already, but if there are different ones you’re missing, a quick google can help you find the numbers you’re looking for. Here’s an article I’ve referenced in the past for obscure production jobs I’m unfamiliar with. Again, put every possibility on the spreadsheet and make sure your numbers lean toward the high end.
Step 4 - Take a slice off of everything you can
Next, try to book each individual line item for less than what your estimate says. If a PA is listed at $250, ask if they can do it for $200. If an editor is listed at $400 per day, ask if they can do it for $300 per day. Doing this is essential because there are always unexpected costs that come up that you didn’t account for on your estimate. Maybe you need to hire an extra editor. Maybe you need to book another location. Maybe a freelancer plays hardball with you, and you have to hire them for more than you planned on. It helps keep everything under budget.
Don’t feel bad about asking freelancers to work for less than the rate they quote you at. First, freelancers are so used to this that they usually spike their rates a bit to account for it. Second, the reason their rate is high is because they’re billing for all the unknown variables. When a freelancer is on a new set, they need to get an understanding of the creative, learn the vibe of a new client, and do a lot of communication work to make sure everything goes smoothly. If you’ve worked with freelancers before, much of that risk is gone for them, because they can count on you. If you can communicate really well and be a friend to freelancers, they’ll cut you a deal 90% of the time.
Step 5 - Map numbers in real time
As you book freelancers, rentals, and locations, map those numbers to the spreadsheet in real time. This will give you an increasingly accurate picture of what everything costs as you get closer to delivering the product. It’s important to have a good picture of how much extra budget you have when you’re on set. Again, unexpected costs come up and you need to know if the extra light package the director is asking for is going to push everything over budget or not. When you have accurate numbers in front of you, those decisions become very easy.
Step 6 - Deliver the numbers (hopefully under budget)
Finally, deliver the final numbers to the team you’re working with. I usually will send a brief email breaking down the revenue, the expenses, the profit, and the profitability percentage. When I deliver numbers to my clients, I call out when the production is under budget, I let them know how much, and I connect a physical thing to that number. For example, I ran a production for Jacob Riglin and Etihad, and we were about $600 under budget. Jacob is fond of taking his friends out for dinner and drinks, so I said the extra budget was “enough for a proper night our with the lads!” (Jacob is British).
I really think anyone can be a producer, as long as they can communicate well and make good decisions quickly. A key factor in making good decisions quickly is a good budget spreadsheet.
Good luck out there!
