How to Create a Documentary Budget: A Guide for Filmmakers

Creating a documentary budget can be a daunting task, especially for those who are new to the world of filmmaking. Many filmmakers, like myself, have learned the art of storytelling but have often been left in the dark when it comes to the financial side of things. In this blog, I'll walk you through the essential steps of creating a documentary budget, ensuring that you are well-prepared to secure the funding you need for your project.

The Importance of a Documentary Budget

Before diving into the specifics of how to create a documentary budget, it's crucial to understand why budgeting is so important. A well-structured budget is not just about numbers; it's a roadmap for your entire project. It tells potential funders that you have thought through every aspect of your film and that you are capable of executing your vision within a realistic financial framework.

Funders want to see that you are responsible with their money and that you can deliver on your promises. A poorly constructed budget can raise red flags and diminish your chances of securing funding. On the other hand, a detailed and accurate budget can instill confidence in your backers and set you on the path to success.

1. Get a Clear Overview of Your Documentary, Ready for Budgeting

Before you can start crunching numbers, you need to have a clear overview of your documentary project. This includes knowing the story you want to tell, how many main characters, the style of your documentary, and the length and format of the final product. Consider the following questions:

• What is the main narrative of your documentary?
• What type of footage will you need (interviews, archival material, verité)?
• How many locations will you need to film?
• What kind of equipment will you require?

Answering these questions will give you a solid foundation for your budget and help you determine the overall scale of your project.

2. Break Down Your Documentary Budget Into Stages

A documentary typically goes through several stages: pre-production, production, post-production, and distribution. Each phase comes with its own set of costs, and it's essential to break down your budget accordingly.

Pre-Production

This phase includes research, scriptwriting, and planning. Consider the costs of location scouting, securing permits, and assembling your team.

Production

Production is where the bulk of your budget will be allocated. This includes costs related to shooting, such as crew salaries, equipment rental, travel expenses, and accommodations.

Post-Production

In post-production, you'll need to budget for editing, sound design, music licensing, color correction, and any special effects.

Distribution

Don't forget to allocate funds for distribution. This can include festival submission fees, marketing costs (creating posters, trailers, social media marketing etc.), and fees for video hosting sites like Vimeo.

3. Research Costs and Gather Quotes for Documentary Budget

Once you've outlined your project's scope and broken down the production phases, it's time to research costs. Reach out to potential crew members and vendors to get accurate quotes for their services. This will help you create a realistic budget and avoid any surprises later on.

It's also important to understand industry standards for day rates, weekly rates, and equipment rental fees. Keep in mind that some costs may be negotiable, especially if you're working with a smaller budget.

4. Factor in Contingencies in your Documentary Budget

Even the most well-planned projects can encounter unexpected challenges. To account for this, it's wise to include a contingency fund in your budget. A common rule of thumb is to set aside 10% of your total budget for unforeseen expenses. As you gain more experience in budgeting, you may be able to reduce this percentage, but it's always better to be prepared for the unexpected.

5. Use a Documentary Budget Template

Creating a budget from scratch can be overwhelming, but you don't have to reinvent the wheel. To help with this I've put together a free documentary template that you can get here: Free Documentary Budget Template. It will help you organise your costs and ensure that you don't overlook any important line items.

6. Get a Second Opinion on Your Documentary Budget

No matter how meticulous you are in creating your budget, it's always a good idea to have an experienced filmmaker or producer review it. They can provide valuable feedback and help you identify any potential issues or oversights. Having a fresh set of eyes on your budget can make all the difference in ensuring its accuracy and completeness. 

Your Documentary Budget as a Roadmap

Creating a documentary budget is about more than just numbers—it's about planning and preparation. A well-constructed budget serves as a roadmap for your entire project, guiding you through each phase of production and ensuring that you stay on track financially.

Remember, funders are looking for filmmakers who not only have a great story to tell but who also have the skills to manage a project from start to finish. By taking the time to create a thorough and accurate budget, you'll be setting yourself up for success and increasing your chances of securing the funding you need to bring your documentary to life.

Good luck, and happy budgeting!