Video production is a creative and competitive field that requires a lot of skills, experience, and equipment. But how do you know if you are getting paid what you deserve for your work? Whether you are a freelancer, an employee, or a business owner, there are some steps you can take to ensure that you are being paid fairly in video production.
The first step is to research the market rates for your type of video production, your location, and your level of expertise. You can use online platforms, industry publications, or networking events to find out what other video producers are charging or earning. You can also ask for feedback from your clients, peers, or mentors on how they value your work. Knowing your market value will help you negotiate better rates, contracts, and salaries.
However, keep in mind that you also research the background of the individuals you are interacting with. Because at the end of the day their relevant qualifications and industry experience affect their pay in the field.
There are usually market rates in various areas, so it's best to ask around so you're not undermining the local freelancers. You may want to join a union depending on the type of work you're doing so they can make sure you're being taken care of in areas you may not understand completely and receive a fair wage for your work. It's good to get to know the local film/video community by joining their online groups (which also serve to alert you to jobs!) and going to their monthly events. Don't be afraid to ask clients to post references on LinkedIn so others can hear positive feedback about your work from others.
The second step is to track how much time and money you spend on each video project. You can use tools like time trackers, invoices, or spreadsheets to record your hours, tasks, and costs. This will help you calculate your hourly rate, your profit margin, and your return on investment. Tracking your time and expenses will also help you identify areas where you can improve your efficiency, reduce your overhead, or increase your value.
I'm a big fan of buyouts and day rates. I've been freelancing most of my career, so I am comfortable in this world. I find that tracking time, frankly, sucks! However, you do need to understand accounting so you can run your business well and not get yourself behind in tax payments or in the red in general. No different than running your household budget, your business takes time to manage and track so you can grow and know when you can spend money on new equipment. Once you get really good at your work, your buyout rate should allow you to make more money than billing hourly because you can get the work done more quickly and efficiently. Billing hourly usually creates that "slow down" situation on a project so more money can be made. Yuck!
The third step is to communicate your value to your clients, employers, or partners. You can use portfolios, testimonials, or case studies to showcase your previous work, your achievements, and your impact. You can also use proposals, pitches, or reports to explain your process, your goals, and your results. Communicating your value will help you build trust, credibility, and reputation.
"Good, fast, cheap - pick two!" This always sounds like a joke when I say this to clients, but it's one of the most true things I have found in our business. Sometimes you have people wanting your services who really have no idea what goes into making quality videos and media content. Bringing examples and showing other budgets can help educate new clients as to the process it takes to create something valuable for what they are looking for, whether that be for marketing, educational purposes, sales, or dramatic/narrative storytelling.
The fourth step is to set clear expectations and boundaries with your clients, employers, or partners. You can use contracts, agreements, or scopes of work to define the scope, timeline, budget, and deliverables of each video project. You can also use feedback, revisions, or approvals to manage changes, requests, or issues. Setting clear expectations and boundaries will help you avoid scope creep, late payments, or disputes.
The fifth step is to invest in your skills and equipment to stay updated, competitive, and relevant in the video production industry. You can use courses, workshops, or certifications to learn new skills, techniques, or trends. You can also use upgrades, rentals, or subscriptions to access new equipment, software, or resources. Investing in your skills and equipment will help you improve your quality, efficiency, and creativity.
The sixth step is to review and adjust your rates periodically to reflect your experience, skills, and value. You can use benchmarks, surveys, or feedback to evaluate your performance, satisfaction, and demand. You can also use market research, inflation, or costs to adjust your rates according to the changes in the industry, economy, or environment. Reviewing and adjusting your rates will help you maintain your income, profitability, and competitiveness.