Building a Video Production Studio in a Slow Economy:
How It Can Save You Money in the Long Run
You need and want to build a video production studio, but the economy is on the slow and low side. In a slow economy, making strategic investments becomes even more crucial for businesses and organizations. While it may seem counterintuitive to take on a construction project during challenging economic times, building a TV studio can actually be a wise decision with long-term financial benefits.
In this article, I'll share some of the advantages of building a TV studio in a slow economy and how it can save you money in the long run. Here are some points to consider:
There can be cost savings in construction when the economy is slow.
During a slow economy, construction costs tend to go down due to reduced demand and increased competition among contractors. This means that some contractors are hurting for work. And this presents an opportunity to negotiate favorable rates. Not only for labor, but for materials and equipment. By building a TV studio in a slow economy, you can take advantage of cost savings in construction that are not likely to be available during periods of economic growth.
Greater access to skilled subcontractors for building your video studio.
In a slow economy, many talented professionals may be seeking work, and subcontractors are seeking projects. This could allow you to hire experienced architects, engineers, and construction teams at competitive rates. This provides an opportunity to work with highly skilled individuals who can bring their expertise to your TV studio project, because of the lower rates.
You'll have greater access to skilled employees to work in your video studio.
With a slowed down economy, it may be easier to staff your studio with quality employees once it's completed. It's likely that you'll have less competition for employees. This might translate to more affordable salaries for more experienced and talented personnel. This might open you up to hiring people who were beyond your budget, and that can translate into a successful video production studio.
Favorable financing options might be available.
During economic downturns, financial institutions may offer attractive financing options to pull in borrowers. Lenders may be more willing to negotiate favorable terms for construction loans when things are slow. By benefiting from these favorable financing options, you can secure the necessary funds to build your TV studio while minimizing the long-term cost.
Your new studio will allow customization and efficiency.
Building a TV studio from the ground up allows for greater customization and efficiency of the videos you'll produce. This customization ensures that the studio is optimized for your production requirements, improving workflow efficiency and overall productivity.
You'll have the opportunity to design the studio space to meet your specific needs. For example, you'll be able to incorporate the right technology for the work you'll be doing. This can include the right cameras, quality acoustics, and the appropriate lighting systems for your specific needs. This can mean years of having an efficient and effective studio. You'll be able to deliver videos that can have a high impact on your business and on your viewers.
Future-proofing your TV production studio during a slow economy.
By building a TV studio during a slow economy, you can future-proof your facility. As technology rapidly advances, investing in modern infrastructure and equipment ensures that your studio remains relevant and competitive in the long run. You can even design your studio so that it can be more easily upgraded as technology advances.
Potential revenue streams can be generated.
Although the economy may be slow, your studio can still be a source of income. If your studio is being used for promoting your own products and services, you'll still be able to create promotional material for your company. This can only help your marketing efforts.
Or, you can use your video production studio for generating other sources of income. For example, you can rent it out to other production companies. You can create videos for new clients. There are a number of options when you have your own TV studio.
Additionally, while a slow economy may at times limit immediate revenue opportunities, building a TV studio sets the stage for future revenue streams. Once the economy recovers, your studio will be ready to accommodate various productions. This can include television shows, commercials, films, web series, and live broadcasts.
A new video production studio can lead to increased production efficiency.
Reduced Rental Expenses are possible.
Renting a TV studio for your production needs can be expensive, especially over an extended period of time. By building your own studio, especially if you own the space it's in, allows you to eliminate excess rental expenses. Not only that, but you gain full control over your production space. Over time, the money saved on rentals can be significant and contribute to your long-term financial stability.
Long-term operational savings.
Owning your TV studio allows you to manage operational costs more effectively. You have control over maintenance, energy efficiency measures, and equipment upgrades. By implementing sustainable practices and investing in energy-efficient technology, you can reduce long-term operational expenses. This can allow you to save money on utilities and equipment maintenance, which in turn can help you lower the cost of creating your videos.
So, should you build a video production studio during a slow economy?
While building a TV studio in a slow economy may seem counterintuitive, it presents unique opportunities for cost savings, customization, and long-term financial benefits. By taking advantage of lower construction costs, accessing skilled labor, and securing favorable financing options, you can create a purpose-built studio that aligns with your production needs.
The investment in a TV studio offers customization, future-proofing, potential revenue streams, increased production efficiency, and reduced rental expenses. Additionally, owning a studio provides asset appreciation and long-term operational savings. Despite the challenges of a slow economy, strategically building a TV studio can position your business or organization for success in the long run while saving you money along the way.
CONTACT US TO DISCUSS YOUR PROJECT!
We'd be happy to chat with you about building your video production studio. There's no obligation and we can help you get started.
About the Author:
Greg Ball, is President of Ball Media Innovations, Inc. Greg worked as a video studio designer from the start of his career, and he's also worked for over 25 years as a corporate video production producer/director/editor. Having worked in both types of positions has given Greg the unique ability to design custom studios that work efficiently and effectively for his clients.
Read more about our video production studio design, integration and building services here.