How can you budget for hidden video editing costs and risks?

An Approach to Financial Planning for Effective Video Editing ???? I explore the often-overlooked realm of hidden costs and hazards associated with video editing in my most recent LinkedIn article. I go over important tactics to make sure your video production stays on schedule and within budget, from thorough project scoping to setting aside funds for unforeseen expenses. Let's carefully and strategically negotiate the challenges of video editing. See the article for practical advice!

To budget for hidden video editing costs and risks: 1) Identify Scope: Define project specifics, noting potential complexities. 2) Assess Resources: Estimate time, personnel, and software needs accurately. 3) Contingency Allocation: Allocate 10-20% of budget for unforeseen edits or delays. 4) Risk Mitigation: Plan for unexpected revisions, technical challenges, or client feedback. 5) Regular Reviews: Monitor expenses, adjust budgets based on project evolution. 6) Documentation: Maintain records of expenses and their impact on the overall budget.

This is a clear cut list however it lacks real world soul. If you’ve been doing this a while, you’ll have screwed up enough to quit or get good. If you’re new and starting out in freelance, here’s some tips I found helpful when I learned them. -Ask for half up front. It’s scary but have the confidence to know they can’t do it and that’s why they’re talking to you. If you’re going to get stiffed, and it will happen, at least you made 50% off the deal. -Take 20% of the actual cost and add it to the actual cost to get a grand total. Make that grand total your bid that you submit. If you need to outsource some because you were over zealous or have to buy a plugin or model for your software, this will cover some or all of that cost.

Yes, establish clear scope and goals. This ensures realistic expectations, effective communication, and prevents scope creep. Document your scope, establish a change request process, and track progress and feedback for successful collaboration.

Allocate a portion of your budget specifically for unforeseen costs or unexpected changes during the editing process. This buffer can act as a safety net for any hidden expenses that might arise.

I prefer Premiere because of the native After Effects integration however I’ve used Davinci, which is absolutely free. It runs lightly on your computer so you can use it on slower computers. CapCut is the best for online or iPhone editing.

Budgeting for hidden video editing costs and risks involves a comprehensive approach. I factor in buffer time for unexpected revisions or challenges. Researching potential software or plugin expenses helps anticipate additional costs. Maintaining open communication with clients minimizes scope creep. Assessing project complexity and potential risks allows for better resource allocation. I also set aside contingency funds for unforeseen circumstances. A detailed initial project scope review and ongoing risk assessment aid in managing hidden costs effectively.

I always included 2 free revisions in my bid. After that it goes to an hourly rate. Do your best to gauge how many more hours it will take for the revisions. Upload your footage to the cloud. Frame.io and Dropbox are my go-to’s. I also save everything on an external hard drive when I’m done.

Always explain to you client that they get 2 revisions and other or major readjustments on their end will cost them your rate. I usually cut my clients a deal on this without short changing myself or them. Sometimes a small change is on the house, which is situational depending on the ask.

Budgeting for hidden video editing costs and risks demands a contingency plan. Allocate a buffer, around 10-20% of the total budget, for unforeseen expenses. Account for potential overtime, additional revisions, or unexpected technical issues. Conduct thorough pre production assessments and ongoing risk evaluations to anticipate and mitigate potential challenges. Regularly review and adjust the budget as the project progresses, ensuring financial readiness for unanticipated editing requirements.

One key lesson I've learned is to always budget for the unseen in video editing. ??? Allocating time for revisions is a game-changer. In my experience, setting clear guidelines on the number of revisions and communication channels minimizes hiccups

Budgeting for video editing involves more than direct expenses. Account for potential software/hardware updates, unforeseen revisions, and additional resources like music licenses. Anticipate project scope changes that may impact deadlines and expenses. Maintain a contingency fund for unexpected needs. Prioritize a detailed pre production phase, understanding client expectations to mitigate surprises. Regularly assess the project's progress against the budget to adjust as needed, ensuring financial feasibility.

There’s a missing skill in most video editors - sound design. Because the length of videos get unpredictable, the music lengths don’t match with them. Someone with a hang of sound design knows how to customize a music start and a music end without abruptions. Plus, sound design also helps with manipulating the emotions of the story - you can muffle music, you can create anticipation, you can slow down or elevate that anticipation, you can bridge two music chunks - and still make it all unnoticeable.

Learning skills outside video editing can actually improve your skillset and your rates! An example, over the years, I have created several award-winning motion graphics. Although not always the case, learning those skills allowed me to grow them and sharpen them. Now, not only can I effectively apply myself in two different roles, opening more opportunities, but I also understand better how motion graphics can improve my editing. What to include, where, and more. I have a door open to me that can increase my rate by taking on both roles if so desired. Learn new skills, see how they can apply to your best ones, and continue to nurture them as your main role continues to flourish.

Regularly tracking and evaluating expenses and outcomes is my secret sauce. Recently, I noticed investing in top-tier editing software increased project quality, leading to client satisfaction and more referrals. This data-driven approach keeps my budget on point and my skills evolving. ????

Check out Expensify.com to help keep you organized. There’s lots of other options as well. Spend some time finding the right one for you.

Clearly differentiate between essential editing requirements and optional add-ons. This allows you to allocate resources appropriately and prioritize essential elements within the budget.

Agree on a deliverables list. Anything not on it is extra. Very simple way to avoid so many headaches. Will there be requests for more? Yes of course. Be ready to accommodate. But if your edit is on a tight deadline. Knowing what is essential to final delivery can keep a client honest and can protect you from getting overwhelmed with things that are "out of scope" When the new request comes across as a MUST! I NEED IT! Review your deliverables with your project manager/producer or client and negotiate on what the new ask replaces, or how much more money is going to be added to cover the overages. Lists will keep you out of a bind.