Need to upgrade my photography equipment. Loan/debt? Or save?

[BElong]

I used to do wedding/portrait photography. I stopped after having my first child. I want to start it back up but be way more professional about it, i.e. biz license, better equipment, & better post-production routine. Anywho, I can't & won't do anything until I have a faster $2000 Mac, the newest Photoshop, & a full-frame camera w/ some great lenses. Should I go into debt & get a loan for about $3500-5000? Or should I save? I figure if I get a loan I could get a computer, photoshop & a camera and start charging the client right off the bat & gain experience faster. Or if I save for about six months to a year I would start my business with zero debt. Debt makes me nervous, but it's also hard to wait, when I could be working. What to do?

Sidenote: This would be extra income for my family. We rely & survive off of my husbands income.
Another sidenote: My old equipment wasn't good enough for professional photography in the first place. I used a Nikon D50 to it's maximum capacity, but it's definitely not good enough & I don't want to do that again, so I'll basically be starting from scratch in the equipment area.

 

[Derrel]

MY vote is to get a used camera and a backup, and a wide-zoom and a tele-zoom, and the needed lighting equipment and start working and building the business. You really do not need a "lot of gear"...you need a wide, a normal, and a telephoto, a pair of speedlights, then three of four 150 Watt-second monolights, and some stands and a reflector and grip arm and stand, plus a few other studio accessories, and you've got the GEAR needed. Getting the experience and the working routine and the workflow and methods down, as well as the clients and stuff...I say start NOW.

Lightroom and Photoshop CC are being bundled now for $9.95 monthly charge...so that's a lot less cash up front for the new version of both of those apps.

 

[e.rose]

Didn't even read the post.

Why the f*** would you want to go into debt?

Save, dammit, save.

::goes back to actually read post::

 

[e.rose]

MY vote is to get a used camera and a backup, and a wide-zoom and a tele-zoom, and the needed lighting equipment and start working and building the business. You really do not need a "lot of gear"...you need a wide, a normal, and a telephoto, a pair of speedlights, then three of four 150 Watt-second monolights, and some stands and a reflector and grip arm and stand, plus a few other studio accessories, and you've got the GEAR needed. Getting the experience and the working routine and the workflow and methods down, as well as the clients and stuff...I say start NOW.

Lightroom and Photoshop CC are being bundled now for $9.95 monthly charge...so that's a lot less cash up front for the new version of both of those apps.

Not even.

I have less than even what Derrel listed and I'm a "legit" business with a license who pays taxes (even if I file late and pay an extra fee. But I still pay my damn taxes).

BUT... I agree with the sentiment of Derrel's post and stick to my initial post.

Why the hell would you go into debt, when it's not your sole source of income? And you can BUILD a business... you can build up to that and do just fine and not have to owe "the man" sh*t (except your taxes, ha).

I have 3 lenses, a body, and 2 flashes.

Any other gear I use I get on loan from a good friend of mine, who loves and trusts me enough to let me borrow it... BUT... that being said... his sh*t isn't always readily available, because he has his own shoots... and sometimes that overlaps mine... and I can *still* do what I do with as little and unfancy gear as I have.

Point being, you can make the best of what you've got when you've got it and build up to the bigger sh*t later.

Put your credit card away.

Go surf ebay or the used section of Adorama.

 

[petrochemist116 141]

If you can't do it with out spending out on the latest hardware/software then you haven't got the skills to do it properly at all. A 2 year old computer with GIMP is adequate for the photo editing.

Derrel's approach is much better than either of your options. You certainly need two bodies to do weddings, but even your old D50 should be adequate. There are benefits from newer bodies certainly but if you haven't got the cash they're only really nice extras.
To begin with you could consider renting a newer body (and lenses if required) for shoots (don't forget to allow enough time to get aquainted). Once your business picks up you can start getting the better kit you'd like now, in the mean time minimise your outlay, practice your skills & get your name known.

 

[Overread15 3]

Another potential option is to find an established photographer to second shoot/assist/intern/apprentice etc.. for. That might give you access to their equipment and also a chance to work on your skills whilst not putting the whole event at risk. Check contracts though as sometimes (esp for anything like interning or apprenticing) they put non-competitive clauses in them (ergo don't open a competing business within X number miles within Y period of time).

I've read that some non-competition clauses in contracts can be challenged in court, but that's a complicated and expensive way to approach things - be aware of it and check contracts for it and only sign on if you know its suited to what you need.

 

[sscarmack]

Save...

 

[gsgary]

Another potential option is to find an established photographer to second shoot/assist/intern/apprentice etc.. for. That might give you access to their equipment and also a chance to work on your skills whilst not putting the whole event at risk. Check contracts though as sometimes (esp for anything like interning or apprenticing) they put non-competitive clauses in them (ergo don't open a competing business within X number miles within Y period of time).

I've read that some non-competition clauses in contracts can be challenged in court, but that's a complicated and expensive way to approach things - be aware of it and check contracts for it and only sign on if you know its suited to what you need.

I'm sure someone is going to work for her and then lend her the gear to shoot a wedding, I'm also not sure why Derrel said you needed studio lighting, I know a chap that teaches for Leica that only used a Leica M9 and the 50f0.95 Noctilux and no flash to shoot the whole wedding

 

[astroNikon]

I'd stay away from a loan.
The worse problem with a loan is that you have to start the payment NEXT month.
So if you have a 12 month loan on $5,000 you have about a $425 monthly payment coming up quick.
So you have to jump right into getting clients to make that first payment and keep going. Otherwise your finances would get messed up if you have to borrow from the home finances to help pay the equipment loan.

And then still pay taxes, etc on top of it.

 

[jeveretts]

The working photographer who did my Daughters college grad photos used a Nikon D100. I was suprised that he was using such old and outdated equipment, but the pictures looks great. My guess is, he still uses it because it works, and because it is cheap. cheap=more profits.

 

[SnappingShark]

Only buy what you can afford at the time that money is in the bank and not accounted for by anything.

debt is hard to get out of and not something you wanna get into with a family

 

[AlanKlein80 19]

It's always better to avoid debt. But personal debt for "stuff" is different than capital debt used to grow a business. If the additional equipment will actually grow your business, than it's something to consider. Derrel gave some good ideas about used equipment and Adobe's CC program to keep borrowing to a minimum. Good luck on whatever you decide.

 

[millerguide]

Start small, get some clients, impress them, get more business, then use your profits to upgrade equipment eventually. That is how most successful businesspeople think.

 

[KmH]

I recommend you save up.

A used FX body Nikon D700 12.1MP (Body Only) (just 1), a Nikon 70-200mm f/2.8G ED-IF AF-S VR Zoom Nikkor Lens (not the newer VR II) and a Nikon 24-70mm f/2.8G ED AF-S Nikkor will eat up pretty much all of $5k.

Add a $2K Mac and you're at $7k.

Do you have a written business and marketing plan?
Are you aware of all the other costs that go along with starting a legal retail photography business, like business liability insurance, business insurance for your newly acquired expensive camera gear (a home owners policy likely won't cover gear used in a business), unemployment insurance, and in your state maybe even workman's compensation insurance?

How to Start a Home-based Wedding Photography Business (Home-Based Business Series)

 

[Light Guru]

Before saving to bay a camera I recommend you read the book The Total Money Makeover by Dave Ramsey. That will explain you you should not go I to debt.