What are the most important steps to starting your own video production company?

Defining your niche does not mean you can't produce other types of videos. It is simply a better way of targeting your clients. If your niche is interviews then you are certainly capable of shooting testimonials. Using your marketing budget in a narrow way is a better use of those limited funds. Once you have a foot in the door you can discuss other video options the client may need.

Defining my niche has given me more drive and clarity when starting my video company. Without this, I think the start to my journey would have been 10x harder. Your niche does not mean you're restricted in what you do, it simply means you know where to focus your energy. Choose something you're genuinely interested in / passionate!

A portfolio is like a college education. It is generally used to show that you can complete a project from start to finish. With so many videographers out there, it is important the client know you are not a "fly by night" company. If you are going to offer "free" services, I find it better to provide that to a non-profit or charity group. Talk to a tax advisor about what portion of that you may be able to deduct. It is also important prospective clients understand what parts of the portfolio pieces you produced. You can also create links to the projects in use on previous clients websites. Make sure your contracts allow you to use the clients projects for portfolios and advertising of your business.

Your portfolio doesn't just have to feature paid work, use what you have / can do to further target the industries or clients you actually want to work with.

Don't forget to check your state and local sales tax laws. Always consult a tax professional to make sure you are collecting and filing all of the correct taxes. Consider putting yourself as an employee, just make sure to file those documents and proper taxes as well.

This can feel really scary. Do your research!! But also make sure you reach out to any family/friends who have made a similar choice for advice. It can seem a lot less daunting coming from someone you know and you may understand the processes easier.

There is a lot to breakdown in this simple statement of "Invest in equipment". The key word here being "invest". Going with a cheaper option is not always an investment, you may find yourself replacing that equipment sooner than later. Cameras, lenses, lights can all be rented depending on what the clients needs are. Consider investing first in good light stands, batteries, professional power banks, junior stands, tripods, jibs, sliders, pro cases, pro camera bags and adapters. These items will last beyond next years new camera you will want to purchase. Most importantly invest in a computer and file storage. Spend a little less money on the computer and purchase a cheaper 2nd computer. Projects can take hours to transcode. Don't sit idle.

The word 'invest' is said lightly here. Investing in video equipment is expensive, especially if you're going for top-class products. Don't be afraid to buy second-hand! When I started, I bought a lot of things second-hand (MPB is great!). But be picky about what you buy that's already had a life before you. Lenses are a great choice to buy second hand, especially if they've been cleared for use by experts.

The best way to market your services as a video production company (in my experience) is to build an audience of prospective customers and share your knowledge as a video production expert - providing helpful content that helps build better video content.

Personally, I dislike advertising my video production company. In my segment of clients it's better to be refered than to target with heavy advertising. I like my clients to approach me with full knowledge of what I do and what such work might cost.

Delivering value is all about listening and truly understanding your clients' wishes. Sometimes, there can be a significant difference between what they think they need and what they actually need. You are the expert - apply that.

Get good at sales or partner with someone who loves that more than the creative process. It may be uncomfortable, but on the other side of the discomfort is success. Like anything, it is a skill. So treat it as such. Your nerves will thank you later down the line.

Company focus and goals can change unexpectedly on the entrepreneurial journey. Embrace unexpected paths; if it aligns with you, pursue it. Holding onto initial ideas rigidly can hinder growth—it's all part of building a business.