So, you’re thinking about outsourcing your video editing. Great! But let’s talk turkey – the cost. We all want top-notch edits, but we also want to keep those business expenses in check.
One of my clients spent weeks editing a corporate video. It was a masterpiece, but when he tallied up the hours, he realized he could’ve hired a part-time assistant with that money! That’s when the outsourcing lightbulb went off.
Let’s break down the costs and help you make an informed decision.
Hourly Rates vs. Monthly Service: Which is Right for You?
Okay, let’s talk numbers. There are two main ways video editors charge: hourly and monthly.
Hourly rates are like paying for a taxi – you pay for the time the editor spends on your project. You can find qualified talent on Upwork, Fiverr, or Freelancer. It’s great for one-off projects or when you need a quick turnaround. But, it can add up, especially if your project takes longer than expected. Plus, you’ll need to track hours, which can be a pain.
A lot of our clients have been there. One of them hired an editor hourly for a documentary. The project stretched out, and her budget started to look like Swiss cheese. Not fun.
On the other hand, a monthly service is like having a gym membership. You pay a fixed amount each month, and you get a certain number of editing hours. It’s predictable, and you don’t have to worry about tracking time. But, you might end up paying for hours you don’t use.
So, which is better? It depends on your needs. If you have a steady stream of videos, a monthly service might be the way to go. But if you have one-off projects, hourly rates might be more flexible.
Let’s dive into the other factors that affect the cost of video editing.
Factors That Inflate Your Video Editing Bill
So, you’ve got a handle on hourly vs. monthly rates. But there are other things that can make your video editing bill skyrocket. Let’s break it down.
First, video length and complexity. A short, simple explainer video is going to cost less than a feature-length documentary with tons of special effects.
Next, revisions. Everyone wants their video to be perfect, but endless changes can add up. It’s like ordering a custom suit – the more fittings, the higher the price.
Additional services like color correction, motion graphics, or voiceovers can also bump up the cost. These can really elevate your video, but they’re not cheap.
Finally, location matters. Editors in big cities tend to charge more than those in smaller towns. It’s all about supply and demand.
But it’s important to know that you wouldn’t suffer these kind of problems hiring a monthly service.
Let’s talk about whether outsourcing is actually worth it compared to hiring an in-house editor.
In-House or Outsource: Let’s Do the Math
Okay, let’s talk about the age-old question: should you hire an in-house editor or outsource?
Hiring an in-house editor means you have someone on your team dedicated to your videos. It can be great for consistency and control. But let’s be real, it’s expensive. You’ve got to pay salary, benefits, software, and equipment. Plus, what happens when you have a slow period? That’s money going out the door for someone who’s not working full-time.
Outsourcing can be a game-changer. You only pay for the work you need, and you don’t have to worry about overhead costs. Plus, you get access to a pool of talented editors without the commitment of a full-time hire. As you can see in the image, hiring Panda Raid Media can save you up to 60% of your budget compared to hiring an in-house video editor or editing the videos yourself.
Some of our clients have tried both. They had an in-house editor for a while, and while they were great, the costs were a real headache. When they switched to outsourcing, they was amazed at the quality and cost savings.
But remember, it’s not always black and white. Sometimes, a hybrid approach works best. Maybe you have a core in-house team for big projects and outsource smaller ones.
Let’s talk about how to get the best bang for your buck when negotiating rates.
Negotiating Your Way to a Better Deal
Negotiating rates can feel like herding cats, but it’s a necessary evil. The key is to be prepared and confident.
First, know your worth. Research industry standards and understand your own value. Don’t be afraid to highlight your skills and experience.
Second, build relationships. Long-term clients are often more willing to negotiate better rates. It’s about trust and loyalty. I’ve found that being upfront about your needs and their benefits can go a long way.
Third, be flexible. Sometimes, offering additional services or agreeing to a quicker turnaround can sweeten the deal. It’s all about finding a win-win situation.
Remember, it’s okay to say no. If a rate isn’t right, walk away. There are plenty of other editors out there.
Let’s wrap this up with some final thoughts.
Wrapping It Up: Finding Your Video Editing Sweet Spot
So, there you have it – the world of video editing costs can be a maze. But armed with this knowledge, you’re better equipped to navigate it.
Remember, the best option for you depends on your specific needs, budget, and project requirements. Don’t be afraid to experiment with different models and editors to find the perfect fit.
And most importantly, don’t sacrifice quality for cost. A well-edited video can make a huge impact, so invest wisely.
Need a helping hand? If you’re overwhelmed by the process, consider partnering with a video editing company like Panda Raid Media. We provide a video editing service designed for videographers. We can handle everything from start to finish, so you can focus on what you do best – capturing amazing footage and growing your business.
Good luck with your search!
