The Business of Film: Expert Opinions on the Importance of a Plan

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Film is a world of fantasy and storytelling where moments are created through ornate descriptions. A film production company however should be a well-oiled business machine that acts as the bones to allow creativity to flourish. Any business venture requires passion and drive, but without intelligent planning, there is limited chance for success. There are many experts who believe they hold the recipe for turning an idea into an investor’s goldmine using a strategic and well-written business plan.

Akira Hirai is the founder and CEO of Cayenne Consulting, which employs experienced management professionals and business plan developers from across the nation to assist entrepreneurs in writing successful proposals. Hirai himself has over 20 years in the industry and has opened two successful Internet companies. On the other side of the boardroom table, he has worked in management positions for various business development and financial service companies.

In Hirai’s blog, Hot Sauce, he discusses the “Ten Questions Every Business Plan Must Answer”. He explains the importance of addressing these key points when writing a proposal in order to garner a second glance from an investor. What is the problem, what is the solution, how much money does it cost, and who is going to solve the problem in a cost efficient manner? These questions must be answered and as efficiently as possible. Hirai expresses the importance of assembling and presenting a stellar management team. He relays, in his experience on both sides of the decision-making process, how investors place the most weight on the individuals chosen to carry out the mission at hand. His philosophy is “a good team can fix a mediocre idea, but a mediocre team is likely to fail even if they are pursuing a great idea”.

Akira Hirai also speaks about the importance of eliminating any verbiage that does not fit into his ten-question model, which is echoed by author and small business expert, Barry Moltz. As an advisory board member of Angel Capital Education Foundation, he has reviewed hundreds of business plans in an attempt to allocate funds to deserving and appropriate projects. He has put his expertise in print, writing four published books concerning building a successful business.

Moltz wrote in venture capital resource, VC Experts, about the importance of keeping language simple. Industry specific verbiage, clichés, and excess lingo only cloud the message and burden an investor with unnecessary time and effort to wade through the proposal. He explains how, many times, excess language acts as a mask to a poor conceived idea and investors are skilled at spotting these inadequacies.

No matter the business, the planning stages are vital for any degree of success. In an industry such as film where vivid scripts and elaborate sets are expected and praised, seeking funding and support for a production company requires restraint on those creative instincts. The great part about the film industry is the fluid way business and creative passion can mix to produce art.