Wedding Film School has just released a comprehensive spreadsheet, designed specifically for wedding video studios, allowing you to calculate your profitability and hourly wage.
You can download the calculator at their website:
https://www.weddingfilm.school/
In just 10 minutes you'll have a detailed analysis of your business finances, providing you key information on how much money you actually earn and areas for improvement. There's even an example to get you started!
As self-employed creatives, its easy to under-value our work, and under-pay ourselves. It's more important than ever to get on top of your business finances!
Fixed and variable costs can add up when running a wedding video studio, so it’s important that studios track, measure and analyse their costs, in order to calculate a realistic profit and wage.
The calculator allows you to input key expenses such as:
- Second shooter costs
- Travel expenses
- Detailed measurement of time spent in post-production
- Time and costs associated with administration and marketing
- Yearly depreciation on equipment
- Subscriptions, memberships
There’s a full 24 minute video on YouTube explaining how to use the spreadsheet and working through the example:
Finally, there’s also a segment of the spreadsheet that allows you to compare the time you spend editing, with the cost of outsourcing to Nobacklog. The spreadsheet estimates additional revenue you may earn, when outsourcing a chosen percentage of editing work, after inputting the hourly rate you could earn by shooting other events.
Overall, the spreadsheet offers a practical and approachable understanding of business finances specifically for wedding cinematography studios.
