OK, you feel you've acquired or just written the world's greatest screenplay. Now you need to figure out just how much this incredible production is likely to cost and if you can get your hands on enough money to actually complete it. There are many factors that need to be considered. I'll go over two important ones. This will not only affect the budget but the overall look and mood as well.
Video has a very different feel from film.
Chances are you won't be able to afford 35mm so the film choices will either be 16mm or Super 8. Super 8 used to be the best way to shoot a no-budget film but the times have changed. It's getting almost as expensive as 16mm and a lot harder to find labs and equipment. Unless you already own a Super 8 camera and editing equipment you'd be better off using 16mm. Video is cheaper and easier to work with.