Taking the leap from freelancing to establishing your own production company is a monumental step. As a directing or producing team, you're not just running a business but building a foundation for the future. For many creatives, this offers maximized earning potential, the freedom to create your own schedule, and artistic autonomy. But what happens when you (and potentially your creative partner) envision an even bigger future? 

Making that leap essentially comes down to trading one set of problems for another, but when you picture the ultimate vision of what you want to do and the lasting impact you want to have on your industry, are there gaps between where you’re at now and where you want to be? If this is the case, you’ve likely reached your capacity as a freelancer, and now it’s time to trust your ability to own and operate your own business. To do that, you’ll need to leverage external support to fuel your growth. Just as you would trust an accountant with your finances, owning a production company involves trusting your team’s ability to navigate challenges, seize opportunities, and chart a course toward success. Realizing that your dreams have evolved to be bigger than yourself is just one of many signs that can signal your readiness for this transition from freelancer to business owner.

You Feel Limited

As a directing or producing team, your creative dreams now extend beyond what freelancing can accommodate. You can find yourself hitting limits in two fundamental ways: with your time and energy. You may envision producing a diverse range of projects or expanding your services to offer comprehensive packages to clients. Maybe your dreams now include curating a roster of directors you admire or even incorporating services you aren’t experts in. Establishing a production company enables you to bring on board specialized talent, amplify your capabilities, and pursue more ambitious projects. 

If you're operating as a production company, not a lone entity, you can leverage your connections and others’ expertise to get even more work done, potentially at a higher caliber and for a greater overall impact. Once you’ve hit your limit when it comes to your time and energy, the solution is to increase the threshold for those elements by employing more people. 

You Dream Of A Team

If empowering others and shaping a company culture resonate with your goals, entrepreneurship might be your calling. Nevertheless, the prospect of leading this team is exciting to you. Of course, you need to pay your employees, but like accounting services where you pay for their expertise, this can be a worthwhile investment. 

Founding a production company isn’t just about realizing your creative vision; it’s about fostering a supportive environment where talents thrive. By taking the reins as a leader, you can cultivate a workspace that reflects your values and aspirations.

You Want To Do Things Your Way

If you’re already freelancing, you value the freedom of the self-employed life. However, operating your own production company also comes with certain freedoms, like the ability to shape your business according to your unique vision. For example, at SYZYGY, we value our employees and have a great culture of appreciation that leads to retention, engagement, and fulfillment among our staff. That didn’t happen by accident. That came about because our founders, Tyler Burr and Chris Walters, built it that way by design. From the outset, this was woven into our company’s DNA.

Tyler and Chris could have easily found a company to work for as employees, but they were ready to take the plunge and do things their own way. As a result, an accounting firm was created with the goal of serving the creative class and, more importantly, working with clients they respect and like. They stepped up to the plate, making the industry better for it. Your production company could become a canvas for innovation, where you can redefine industry standards and leave a lasting legacy.

You Want A New Challenge

Freelancing offers autonomy but also presents limitations, especially when tackling complex projects that demand diverse skill sets. If you’re maxing out on time and energy, you’ve likely encountered “the bus factor.” The bus factor describes the minimum number of team members that have to suddenly disappear from a project before the project stalls due to a lack of knowledgeable or competent personnel. Your productivity bottlenecks because you control every process and task. 

In short, overcoming “the bus factor” can feel impossible. You want a new challenge. The risks of freelance life have finally outweighed the rewards, and it’s time to open shop. Establishing a production company allows you to mitigate risks, scale your operations, and overcome the constraints of freelancing. Embracing this new challenge propels your team towards greater opportunities and industry recognition.

While freelancing offers autonomy and flexibility, founding a company unlocks opportunities for growth, collaboration, and impact on a larger scale when you have the right team and tools to do so. This is a big step you should not take lightly. Are you ready to manage the welfare of a team? What about the welfare of the whole company? How do you know if this path is right for your life? When your goals grow, your business will need to follow suit. And if you’re looking for a sign that you should turn your freelance hustle into a full-fledged business, this is it.