“Charge for Every Nut and Bolt:” How To Make a Budget Proposal and Find Success
Glimmer creative Alan Sanchez breaks down his charges for a typical corporate shoot from pre to post-production. Who does he hire on set? What camera equipment does he bring? And how much does it all cost?
Get ready to jot down some figures, because in this next video of our Business of Freelancing series, Los Angeles-based Glimmer creative Alan Sanchez breaks down his charges for a typical corporate shoot from pre to post-production. Who does he hire on set? What camera equipment does he bring? And how much does it all cost?
Let’s rewind: Alan’s freelance career took off in 2014 when he landed an opportunity with MSNBC. Completing projects for the network in Southern California boosted his confidence and set him on the path to freelancing success.
Over the years, Alan has collaborated with well-known brands such as Chevron, Gap, and Verizon, and expanded his professional network.
His freelancing journey hasn't been without its challenges. After finishing grad school, he faced a slowdown in freelance work and took a corporate news shooting job. Realizing it didn't align with his creative dreams, Alan quit to pursue freelancing full-time. He opened his own production company, Alan Sanchez Media, which has flourished in the past five years.
Alan says he faces the persistent challenge of clients seeking lower production prices. He acknowledges the need to accept lower-paying projects occasionally to ensure a consistent workflow. But he says clients need to recognize freelancers as small businesses.
To survive - and thrive - freelancers and small production companies must establish fair pricing standards.
“You can't, as a freelancer, not charge for every nut and bolt because you'll never grow your business. You'll never work with bigger clientele if you're always stuck in the bottom tiers of freelancing,” he said
Alan transparently shares his rates and offers a practical demonstration of how to create a budget proposal, empowering freelancers who may find this task daunting. And for clients, this short video offers a comprehensive understanding of the entire process involved in creating an exceptional video.
What Does a Budget Proposal Look Like?
Alan sends clients an organized budget template, including pre-production, production (labor, equipment), post-production, and production fees. Alan says, as a freelancer, "If you are not charging for every nut and bolt, you are losing money."
Here's a line-by-line budget proposal for a video production. Ready to take your next step toward freelancing success?
Whether you're a seasoned freelancer or just starting, "The Business of Freelancing" has your back. In the series, creatives share tips on winning new clients, financial management, marketing yourself, and more.