How I make $500 a day as a freelance filmmaker

Hey there, fellow filmmakers, freelancers, and business owners! Ty here, and today I want to share some insights on a topic that plagues many of us in the industry: pricing. Knowing how much to charge can be a real challenge, and it's often difficult to determine our worth, our skill level, and how expenses and taxes factor into the equation. Having faced these struggles myself, I want to shed some light on three key aspects that you should consider: time, skill (or knowledge), and expenses/taxes.

Tip #1: Time

In my opinion, being aware of how much time a project will take is the most valuable skill you can possess as a filmmaker, freelancer, or business owner. Since the film industry often charges based on a day rate, understanding the time commitment is crucial. I learned this the hard way when I realized that underestimating the time it takes for editing means missing out on potential income. So, start keeping track of how long tasks take you, whether it's setting a timer, making notes, or finding a different method that works for you. This awareness will help you optimize your time and maximize your earnings.

Tip #2: Skill or Knowledge

While talent may come naturally to some, skill and knowledge play a significant role in determining your value as a filmmaker. It's essential to recognize where you stand in your journey and continuously strive to improve. If you're a seasoned professional with years of experience and an extensive IMDb portfolio, you deserve to charge more than someone who's just starting out. Engage with others in the industry, discuss rates, and understand industry standards. These conversations will help you gain perspective and position yourself effectively.

Tip #3: Expenses and Taxes

Let's face it; expenses and taxes are not the most enjoyable aspects of freelancing. However, they are necessary for sustainability. You'll have expenses like equipment, insurance, subscriptions, and more. Additionally, understanding your tax obligations and setting aside money for taxes is vital. Personally, I save around 30% of my income to cover taxes, ensuring I don't face any unpleasant surprises down the road. Factor in your expenses and taxes when determining your rates so that you can maintain financial stability.

Bonus Tip: How I Decide on Projects

I'd like to share my approach to project selection, as it has helped me make informed decisions. I consider three factors, and the project must meet at least two of them:

1. How much I like the project: Is it something I'm genuinely interested in and excited about?

2. How much I like the people involved: Do I enjoy collaborating with the director, crew, and cast?

3. The financial aspect: Does the project pay well and align with my financial goals?

By using this framework, I ensure that I maintain a balance between personal satisfaction, professional relationships, and financial stability.

Conclusion: Freelancing in the film industry can be a rollercoaster ride. There are no fixed rules, and everyone is trying to figure things out. However, by considering factors such as time, skill, expenses, and taxes, you can better navigate the complexities of pricing. Remember to be humble, challenge yourself, and never stop learning from others. Engage in conversations about rates and industry standards to gain insights. With time, experience, and a well-thought-out pricing strategy, you can find success in doing what you love.

I hope these insights have been valuable to you on your filmmaking journey. If you have any questions or suggestions for future topics, feel free to drop a comment below. Together, let's continue learning, creating, and telling stories.