Project objectives

• Obtain ownership of studio property with increased square footage.
• Expand studio photo & film rental revenue by (?% in two years) by increasing total square footage, doubling the rental unit volume, and improving overall product quality.
• Enter additional unrealized markets by offering products for events and weddings.
• Diversify the modular esthetic offering of our rental product to target unrealized market share.
• Expand Fieldwork's vertical integration to maximize client spending by offering an increased variety of film and location tools in-house as add-on rental opportunities.

Business description

• Fieldwork is a film company, that offers production services, equipment rental, and unique film/photo studio space that is perfectly tailored to the demands of production in Toronto.
• Currently located in a heritage factory building in Liberty Village since opening in September 2020.
• Rental studio stands out amongst a growing market of options in Toronto by being designed for ease of use by professionals. Ticks all boxes a film/photo producer requires in a studio.
• 50/50 Partnership.
• The studio launched with the goal of covering costs while maintaining an asset for Fieldwork’s productions which rapidly grew into a profitable rental business.
• Have surpassed expectations for rentals and underestimated the incredible demand for making content in Toronto.
• Overhead costs are contained with diminishing expense percentage tied to increase sales.
• As the result of increasing demand, the plans for growth to capture market share have become a keystone in the business trajectory.

Products and services

• Film & Photo rentals make up ___% of sales
• Event rentals currently make up 0 % of sales due to location.
• Gear rental currently % of business
• Film & Photo production % of business

Financing need

• Current gross revenue = $225k annually
• Cash investment = $375k
• New property acquisition = $2m
• Building improvements = $255k
• Renevation contingency = $45k
• 8 month mortgage payment runway = $11.8k per month / $94.4k total
• Enviromental assessment / mitigation = $60k
• 3 month staffing runway = $44k
• Total mortgage required = $2.1234m

Risk assessment and contingency plan

Weakness Assessment

• Current weakness is lack of ability to expand the scope of business within the leased premises.

• Limited leasable space allows for only one rental client at a time in our studio.
• Not permitted to service rental requests outside of Film & Photo (can’t service weddings & events)
• Not permitted to alter the look and usage of the exterior of our building

Risk Assessment

• Photo/Film studio rental demand does not cover expansion costs.

• *PLACEHOLDER* Market indicator that Toronto is increasing production every year *PLACEHOLDER*
• Current studio size revenue stream covers projected expansion mortgage.
• New property plans offer minimally 2x the volume of studio space which will be designed to allow 2 studio rental clients to be operating simultaneously.
• Fieldwork plans to capture new market share by diversifying product offerings to include venue options for events and weddings.

• Competitor volume grows, shrinking Fieldwork’s rental studio market share

• Industry veteran insider knowledge of Film/Photo production needs creates Fieldwork’s unfair competitive advantage in the studio rental market. This ultimately creates a better product for our clients than what our competitors can offer.
• Competitors’ studios can not offer the same amenities as Fieldwork due to the limitations of what is available in the rental market.
• As future competition emerges we will hire industry leaders to stay ahead of the curve by providing new aesthetics that clients recognize as emerging trends.

• In the event of future covid outbreaks, Film and Photo work has remained exempt and business has been able to continue as normal.

Business description

• Provide unique rental space for Film, Photo, and Events that is one of a kind while fulfilling all technical requirements for producers and hosts.
• Provide comprehensive full-service film/photo production, scalable for the needs of our international clients.
• Since launching in September 2020 Fieldwork has blown away projections, discovering the market is vastly larger than anticipated.
• Fieldwork has emerged as a market leader. By harnessing an in-depth knowledge of what film shoots require to function smoothly Fieldwork provides a service that other studios are unable to offer.
• Major initiatives are to offer an increased studio volume while maintaining top tear service to the clients renting our current space as well increasing production client load.

Mission, vision, values

• Mission Statement: Fieldwork inspires creators, offering perfectly curated spaces and the tools necessary to realize their unique visions.
• Vision: Fieldwork is the first choice for creatives who require Production Services and Film/Photo/Event Rental.
• Values: Kindness, Style, Experience, Preparation.

Industry overview and trends

• Huge growth in the general creator space in Toronto ( PROVE) these productions require solutions to produce content as seamlessly as possible.
• All businesses now have a social media presence that requires content. These businesses want to make it as easy as possible. Companies are looking for turnkey solutions for production, equipment, and rentals.
• A new category of production demand has recently emerged. Individuals are now harnessing the democratization of technology to strive for influencer status by creating daily content. These creators are in constant need of affordable editorial locations.
• Toronto has a growing number of rental studios for film productions that can be broken into two distinct categories. Sound stages provide a blank canvas for productions to create their own look, editorial studios offer a turnkey design solution where productions can walk in and begin creating with a set look.
• As Toronto’s content-generating needs exponentially grow year after year, so too do the needs for production-ready editorial locations. New unfurnished sound stages are being built, but the demand for furnished editorial locations is not being realized.
• The few companies opening furnished editorial studios are doing so within the small pool of properties available to lease in Toronto. These properties have physical restraints that limit the ease of use for professional film and photo production, making for less desirable rental options.

Technological Trends

• Online platforms have created an ‘always on’ client base that feels driven to post new content at an ever-increasing rate.
• The primary purpose to use our studio is to create a product that is massively sharable. By virtue of clients promoting their own work, we benefit from free organic advertising to adjacent communities.
• Our business is designed to be part of the always-on conversation, engaging potential clients on their time and schedule. A byproduct of these conversations is we are now a fixture of the online Toronto photo community.
• Industry disruptors like the new share economy platforms aimed at location rentals allow everyone’s home to become a rentable film location. We are positioned to benefit from these disruptors by offering the best version of editorial locations. Our studio has integrated production-friendly functionality built into an aesthetically desirable location.
• Our booking system is directly integrated into our online presence across each platform. This benefits us in two ways. Our booking system is one click away from the content our clients are sharing. Additionally, labour costs are reduced by streamlining communication.

Government Regulations

• Commercial Film & Television have remained exempt from any Covid restrictions and as a result, our studio has been able to remain open throughout the pandemic.
• Federal and Provincial tax credits paired with the Canadian dollar attract American productions to Toronto as a fantastic hub for creating content.

Overview of market trends

Fieldwork serves customers to create content by providing them with expertise, perfectly curated locations, and the tools necessary to realize their unique visions.
• BLANK dollars were spent on media in Toronto in BLANK year.
• In addition to the growing success of legacy production companies, a new demographic of creators has emerged. Today, every brand is their own content company and broadcaster. They all need the expertise to create their vision, the tools to work, and the right locations to use them in.
• Two types of rental studios exist in Toronto best described by the terms Editorial Studio & Sound Stage Studio.
• Sound Stage Studios provide a blank canvas for productions to build anything inside a space but offer no furnishings.
• Editorial Studios are an emerging trend in Toronto and offer furnished spaces for rent, allowing productions to avoid the costs of building sets and furnishing a location. Large windows can be part of the appeal of Editorial Studios to limit the number of artificial lighting producers are required to hire.
• Companies that used to spend $200k on one commercial now are looking to spend $20k on 10 commercials. By offering a furnished Editorial Studio tailored to smaller crews and lots of natural lighting we fulfill the requirements of today’s commercial productions. By offering all of our services in-house, Fieldwork is strategically positioned as a production company.
• A large percentage of Editorial Studios in Toronto are built with marketable aesthetics but lack an understanding of the unique requirements a professional production requires.
• Fieldwork has been able to stand out as a leader in the field by offering the aesthetics and functionality producers want in an Editorial Studio, while offering the expertise and execution in production that clients require.

Target Markets

Currently, there are 3 tiers of customers we target within the scope of our product offering. Upon establishing a new studio, we will expand to a fourth sub-tier: Events and Weddings.

Tier 1: Film and Photo Studio Rental Customer

• Clients who come to Fieldwork to rent the physical studio to produce their own productions
• Currently made up of 3 sub-tiers, which will grow to 4 sub-tiers in 2023.

Sub-Tier 1: A
Small Team, Short Duration - (Impact / Product Cost = Small)
• Typically independent photographers, content creators, branded independent filmmakers
• Comprised of teams of 12 people or less
• Typically book studio time of 4 hours or less
• Small impact on the space, which yields a smaller turnover cost

Sub-Tier 1: B
Small Team, Large Duration - (Impact / Product Cost = Medium)
• Typically branded independent filmmakers, commercial photographers, commercial filmmakers
• Comprised of teams of 12 people or less
• Typically book studio time of 6 hours or less
• Medium impact on the space, which yields a smaller turnover cost
• Large potential for onsite gear rental upsell, as clients sometimes don’t have the upfront budget to initially spend on tools required for their shoot, but can potentially spend on a rental when the in-moment opportunity presents itself.

Sub-Tier 1: C
Large Team, Large Duration - (Impact / Product Cost = Large)
• Typically commercial photographers, commercial filmmakers
• Comprised of teams of 12 people or more
• Typically book studio time of 10 hours or more
• Require more communication and site visits leading up to their rental
• Unique potential for up-sales of more space/square footage (when offered) as well as gear rental and any other service that might simplify or improve their experience
• Medium to large impact on the space, which yields a larger turnover cost
• Large potential for onsite gear rental upsell, as they sometimes don’t have the upfront budget to initially spend on tools required for their shoot, but can potentially spend on a rental when the in-moment opportunity presents itself
• Largest budgets which are often spent by arms-length agencies.

Sub-Tier 1: D
Event and Wedding Rental (to be introduced in 2023)
• Typically weddings, birthdays, dinner parties, brand activations events
• Comprised of groups of 50 people and under
• Typically book the studio for 6 hours or more
• Opportunity to charge a higher hourly rate by a factor of up to 50%
• Require more communication and site visits leading up to their rental
• Unique opportunity for the development of strategic partnerships to earn on other services such as catering, event supply rentals, media coverage, and entertainment
• Medium to large impact on the space, which yields a larger turnover cost

Tier 2: Film and Photo Gear Rental Customer

• Film and photo equipment rented to in-house third-party, external third-party, and Fieldwork productions.
• Comprised of 3 sub-tiers.

Sub-Tier 2: A
In-house Film and Photo Gear Rental
• Services clients renting studio space that requires equipment rental support for productions
• Smaller maintenance and replacement costs as the equipment is used in a controlled environment
• Less service cost as the equipment is not required to be delivered to clients
• Opportunity for impulse spending presenting itself in the middle of productions when additional gear can fill in immediate demand
• Organic advertising due to onsite visibility, enticing repeat clients to rent in-house for the next production

Sub-Tier 2: B
External Film and Photo Gear Rental
• Typically clients producing on location, outside Fieldwork’s studio facilities
• Higher service costs as equipment is occasionally required to be delivered to clients
• Larger pool of potential clients as the market expands to all productions within the GTA

Sub-Tier 2: C
• Film & photo equipment rental for original content and service content produced by Fieldwork.
• Typically clients require Fieldwork to facilitate all aspects of content creation including equipment sourcing

Tier 3: Full Production Customers

Clients who engage Fieldwork to produce video and photo content for their clients. Typically, we’re able to offer our own gear rental and sometimes studio rental as part of this sales package. This client type offers vertically integrated sales opportunities.

Products and Services

• Fieldwork offers expertise, perfectly curated locations, and the tools necessary to realize the visions of those who need to create content
• Currently our revenue is represented by the following Tiers:
Tier 1: Film and Photo Studio Rental Customer = % revenue
Tier 2: Film and Photo Gear Rental Customer = % revenue
Tier 3: Full Production Customers = % revenue

Competitors and types of competition

• Direct competitors are a handful of Editorial Studio rental spaces in Toronto. These spaces lack the full suite of amenities Fieldwork offers.
• Indirect competitors are the legacy Sound Stage Studios in Toronto offering blank canvas space that doesn’t directly compete with our furnished studios.
• Additional indirect competitors are locations around the market that are not purpose-built for film or photo but still list themselves share economy market.
• New studios have continued to open in leased locations throughout the city over the last 3-5 years however none have taken ownership of a building and as a result are handcuffed by the limits tenants are faced with when modifying leased space.

Competitors’ strengths and weaknesses

• Direct competitors have strengths in the interior design stylings of their studios. Several editorial studios have successfully curated looks that clients are aesthetically drawn to. These studios, however, do not function well as professional production spaces.
• Direct competitors’ weakness is in their lack of ability to manipulate their spaces to serve all the needs of a production.
• Many of the competition editorial studios do not have basic requirements such as air conditioning, and proper electrical. Furthermore, these spaces lack the ability to offer additional square footage for larger productions, as well as the necesity of direct main floor access for loading and equipment available for rent on site.

Competitive advantage and differentiator

• Fieldwork makes creating content in Editorial Studios easier. We offer the aesthetic creators want the expertise producers need, and the equipment required to get the job done.
• Work with south-facing windows and direct sunlight all-day
• Load directly into our studios
• Place lights outside our windows
• Have an ambiguous background that fits all your projects
• Have additional space available for larger productions.
• Competitive Pricing
• Intuitive booking system run by experienced producers to work with clients in real-time.

Customers

Advertising and Promotion

• Fieldwork's primary advantage in advertising is inherently built into the product we offer. The purpose for using our product is to advertise.
• Each rental of our studio results in a product campaign that is shared online to a mass audience amongst new communities.
• In addition to the primary release of the content created in the studio, each creative person on the production team inevitably releases the work to showcase their involvement with the campaign.
• Fieldwork's own online presence elevates a curated version of what is being distributed organically by sharing the best content created in the studio. This creates brand loyalty amongst an online community, further engaging existing customers and establishing a strong presence amongst a new pool of potential rental clients.
• Fieldwork primarily advertises on social platforms such as Instagram.
• Our booking system is directly tied to these ubiquitous platforms, so when clients see our offerings they can book right away.

Pricing and distribution

• Our prices are carefully curated to offer our product slightly more competitively to comparable studios, equipment, and production in the GTA.
• Offering packaged bundles of production service, equipment, studio rentals, Fieldwork can maintain profits while delivering competitive price breaks. This creates a business model with a unique competitive advantage.
• Fieldwork’s studio rental is priced hourly, with incentive percentage discounts for the booking of multiple hours.
• General costs for creating the studio space will only increase if we continually have to redesign the space or increase management of the space.
• External factors which could adversely affect Fieldwork’s studio rental pricing are fluctuating interest rates and unanticipated furnishing costs.

Customer Service Policy and Warranties

Payment is for time reserved not time used however we are always working with clients who need to reschedule in advance of 24 hours before their shoot date.

Business Location

• fieldwork is currently located at 7 Fraser Ave, unit 13. Toronto, Ontario, Canada.
• We have plans to expand with a second location in Toronto, Ontario in 2022.
• Studio Hours are typically 6 am-12 am, though we do offer later or earlier rental times in the event that a client’s production requires it.
• Studio management typically operates from 9 am-6 pm 7 days a week, but is done so primarily in an on-call format.
• Our current location is strategic in our sales as our west end location is situated in a highly sought-after trendy neighborhood, adding to the user experience for a market that pulls from across the GTA.
• Our cost of doing business predominantly lies in our monthly rental expense.

Equipment

The type of equipment we rely on differs slightly, based on our products. Studio Rental:
• For communications, bookings, and scheduling, and marketing, we rely on laptops and smartphones.
• For studio servicing, upkeep, and turnover, we rely on typically cleaning tools such as shop and house vacuums, floor paint rollers, fabric, and couch steamers, speaker systems, DMX controlled RGBWW lighting drivers and controls, Ipad control station, security camera system.

Gear Rental/Production Services:
• Cinema and Still's camera systems, Camera support tools, Video transmitting devices, client monitoring tools, Audio recording and capture tools, film lighting package, grip and general rigging tools, fabrics. drones, Editing computer systems, Hard drives for storage.
•We work hard to continually evolve our film and photo gear package, so as to be able to offer a focused market demo of the sought-after tools for best performance within a specific range of production.

Technology Requirements and Investment Needs

• The need for technology upgrades typically lie in film and photo equipment upgrades and gear package expansion. We expect to need to cycle upgraded technology for our film and photo gear package every four years. These upgrades are traditionally focused on camera and lighting technology. The exercise in gear cycling includes second market sales of old equipment to recoup some of the upgrade cost. Beyond upgrading our existing gear package offering, our goal is to also grow our gear package each year by the addition of strategic tools which complement our existing package and will promote further up-sales to studio rental clients.
• The cost of film and photo gear equipment upgrades will typically be $50,000 every 4 years (after recouped cycled sales of older gear being replaced)
• The cost of gear package additions each year will typically be $10,000 per year.

Environmental Compliance

• COVID restrictions have had little effect on our operations.
• Subject to the typical Ontario Commercial Property Safty Requirements including Occupancy and Load Capacit

Description of the Management Team

Ian Carleton, Partner (50% ownership)

Key Resposibilities Vs. Qualification : TBC
• 34 Years old. 12 Years of experience in film and television in Canada.
• Social media expert, hands-on manager of client experiences, incredible attention to detail to make the studio stand out in the rental market.

Ben Rayner (50% ownership)

Key Resposibilities Vs. Qualification: TBC
• 37 Years old. 12 years of experience in film and television in Canada.
• Business Administration Graduate. Partner and operator of two other small businesses in the past.
• Client relations and operations manager with vision and application for company growth in the rental and production market.

Description of Advisory Team

Raj Shaik
• Accountant and financial advisor.
Over 15 years working in the accounting and financial industry.
The president and owner of his own firm

Project Objectives

• Expansion of studio and rental product offering by way of purchasing our own building and expanding rentable studio square footage.
• Our goal is to purchase a building by Nov of 2022 and launch the new studio by April 2023.

Ressources Required

Total cost $1,955,000 mortgage

• $345,000 Cash investment.
• $2,000,000 Purchase of new studio building to expand operations.
• $300,000 Renovation of new studio space.

Action plan

1. Purchase of new Studio Space: Nov 2022
2. Begin Renovations of new Studio Space: Dec 2022
3. Establish Partnership with Wedding Planner: Jan 2023
4. Complete Renovation: March 2023
5. Official Studio Launch: April 2023
6. Anagral Wedding Season Space Launch: May-Sept 2023

Risk Assessment and Contingencies

• Rising Interest rate fluctuation.

• Our business model focuses on sticking with a fixed-rate mortgage to mitigate short-term rising interest rates.

• Renovation discoveries with unforeseen costs.

• Full-Building Inspection is more readily available prior to purchase due to the softening real estate market.

• Holding a contingency of 15% in the reno budget will help cover any additional unforeseen costs.

• Delays in construction will increase the needed runway to cover ongoing mortgage costs.

• Preparation of available cash flow to cover 2 times the anticipated renovation cycle will allow for unanticipated delays.

• Operating revenue unable to cover increased monthly expenses.

• Currently are covering the projected increased monthly costs with a 50% less space offering and an unengaged event market.