How to Start a Casting Agency
Casting agencies are an essential part of the entertainment industry. They help production companies find talent such as commercial actors, theater performers, TV and film actors, and extras. As the TV and film industries grow, there’s greater demand and more opportunities for casting agencies. Statistics show that in 2020, the market size revenue of casting agencies was $993 million. The number of businesses was 9,549. If you are looking to establish your own casting agency, here’s how to get started.
Create a Business Plan
A plan is essential for any type of business. For your casting agency to succeed, you need a business plan that includes your pricing strategy, target market, and startup costs. Your financial plan should cover the costs of securing audition and office space, communication costs, salaries, and other costs. When you know these costs, you can plan how much to charge actors and production companies.
Register the Business
For the casting agency to operate legally, you need to register it. Come up with a business structure and decide whether the company will be a sole proprietorship, a partnership, or a limited company. Once the business is registered, sign up for federal and state taxes. Your small business is required to pay taxes. You can confirm the specific ones by consulting the local government of the state you live in.
Open a Business Account
One of the reasons most businesses fail is due to financial issues. To avoid such issues, separate your personal funds from business funds. Open a separate bank account for your casting agency and get a credit card. Credit cards come in handy when you want to build your credit history to get loans from financial institutions. Having a separate account for your business will keep it financially stable.
At one point or another, you may need financing. You can try different financing sources such as small business grants and crowdfunding or borrow money from family and friends. If what you get is not enough to cover all your expenses, you can also look for car title loans online. These short-term loans will cover your business expenses and keep the company running.
Create a Business Website
A business website is important for any startup. Production companies and actors are more likely to trust your business if it has a functional website. You should have a website as well as social media accounts. Ensure that it is user-friendly and has all the necessary information. 86% of website visitors want to see information about a company’s products and services, so, you should include it.
Market the Business
If you don’t promote your casting agency, people won’t know about it. Use both digital and traditional marketing channels to get the word out about your company. For instance, you can distribute fliers in theaters to reach your target audience. In addition, ensure that you build a strong digital presence to reach more people.
Starting a casting agency can be an intensive process because you need to bridge the gap between talent and production companies. Apply the right tactics and establish a profitable casting agency.