It can be difficult to determine an appropriate price for a video production budget. As someone seeking video production services, you may have no idea where to begin.
I found an article the other day that goes into detail about many of the specific areas of video production, and just how they can affect the overall budget. For as much detail as it delves into, it doesn't cover certain things like: If you want a video made during a busy season (a Summer wedding); or where you plan to use the video (television commercial or a blog post). Nonetheless, it's a great read to get a better perspective on where money can be spent on a professional video production. It's up to you what to spend (or charge), relative to the quality you want (or can provide).
The best point, to me, was near the end:
Share your budget
Every business has a budget and yet most businesses are reluctant to share budget figures hoping they will get an amazing deal if they don’t disclose anything. I’ve been on both sides (client and agency side) and I always had better results when I said "Here’s my budget, here are my business objectives, what can you do for me?" If you don’t declare a budget then the production company will have to guess at a budget. (I recently lost a job because the budget I guessed at was too high – even though the client really liked the concept that I had proposed. Does the company that guesses closest to your undeclared budget win?)
Anyone who runs their own business knows the many costs that go into delivering a service. Whether it's actual time, experience, people, or equipment cost, it adds up quickly. The only way to better understand budgets and why things cost what they do is to have open communication.