business: is it time for me to buy?
May 28, 2008 – 12:30 amIn high school I had a great class called “consumer decisions”. In that class we learned all sorts of practical things including defining purchasing decisions as either “wants, needs or desires”. Do you want, need or desire a new camera? When is it time to actually buy?
I’ve probably mentioned before that it’s much easier for me to make a purchase decision for my business than for myself. A business purchase must go through pretty defined justifications, including (primarily) return on investment (in other words, making money). By looking at the numbers I can decide whether it’s worth it or not worth it to purchase that new camera. For personal decisions it becomes more about the fun factor, then I bend and twist the numbers however possible to justify the expense. Hey, I’m just being honest here.
Recently, I’ve watched a number of young photographers start their own part-time photo businesses. I see how difficult it can be just starting out. Take wedding photographers, for example. Wedding photography is a large market and it supports many photographers, which is a good thing. The large number of photographers migrating to shooting weddings has increased the competition, though.
Three years ago it seemed marginally acceptable to shoot a wedding with a Nikon D70. Then the D200 came along with greatly improved low light capabilities and it was a “must have”. Now we have the D300, which has amazingly low noise at higher ISOs. So every year it seems to be in the best interests of wedding photographers to upgrade their camera equipment. There’s no reason to believe that will end any time soon, especially with Sony rolling out their full frame 24 megapixel chip this fall.
There’s also the “Uncle Bob” factor, the wedding guest that comes along and wants to show you his (more expensive camera than yours) camera. So while it’s a competitive race that I, as a commercial photographer, am not quite as immersed in, we’re all involved in the chase.
Also realize that a new camera is part of a technological chain including software and computer hardware. What peripheral costs will be involved when upgrading a camera? Will you need new software that runs best on a new computer processor? A $2000 camera upgrade may end up costing $5000 when all is said and done. You have to decide if it makes more sense to eke out another year from your present camera or if it’s time to buy. Would you feel better with that money in your pocket or with the pleasure of having a nicer photographic tool to work with? If the camera will upgrade your end product, allowing you to charge more, then it will more readily pay for itself. Or if it makes your job more enjoyable that may justify the cost.
Here are a few random lessons I’ve learned when making business purchasing decisions:
1. Quality lenses are one of the best investments you can make. They should last through many generations of cameras.
2. If you’re starting a business, figure a way to start out as inexpensively as possible while still purchasing quality products. That way, if it’s not working, you can get out of it easier or change the course of direction. The world is changing rapidly so build in some flexibility.
3. Make sure business purchases fit in within your “big picture”. Will the purchase continue to serve a purpose, even if you advance to something better? Is it part of an expandable system?
4. Continuing education, learning to use your tools better, is always a good investment, regardless of whether you have the most expensive tools or not.
I’ve been more profitable as a business by adhering to the above…it took me a while to learn, though. Time and experience are always the best teachers.
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6 Responses to “business: is it time for me to buy?”
That is always good advise. Personally, I want a D300, but I know that is just a “want”. My D80 has been giving my perfectly good photographs. For instance, this past holiday weekend was great for me. I got a lot of what I think are great shots. The camera did everything I wanted it to do. However, I realized that my lenses were letting my down in some instances. There were a few shots I couldn’t quite get just because of the aperature range of my lenses, or because of vignetting, etc. So, I should probably make lenses my first priority over a D300. Besides, by the time I’m ready for a camera upgrade, I’m sure the D400 will blow the D300 away.
The same advise goes for anything really. Do I really need that new MP3 player? Or is it just a desire? Do I really need a new car? Or can I do without that door that fell off last week? Gas is expensive these days, so maybe some bungie cords will serve as a good enough door.
By Craig Lee on May 28, 2008
Great advice. This is the same thought process I go through as well. For many years when I was starting out my stock photography business wasn’t profitable and making these decisions wasn’t very fun! Now, however, I find one of the most fun parts of the business side of photography to be the decision making process: of the money I reinvest back into my business what will be the very best and most profitable purchases (equipment, training, or advertising) that I can invest in?
By Terry Smith on May 28, 2008
Good points about thinking in more business-like terms about expenditures. I need to do so more in day to day life. It always makes me laugh a little when people comment about how “cheap” digital is or how it’s so much less work than dealing with prints and negatives. I used to just drop off a few rolls at my local lab and then return a little while later for the results. Now I spend hours in front of a monitor tweaking and massaging. Sure I can “do” more with Photoshop, but oh for simpler times!
By Noah on May 28, 2008
I love it when the “Uncle Bobs” of the world start talking to me about mega-pixels. “Oh your 20d only has 8mp? My such and such has a billion mp. tsk tsk” Unfortunately, megapixels don’t make a photographer. Nor does a 20d for that matter. or L-glass. or a bunch of lighting kits. It sure does make it fun though. The question I always ask myself is this purchase going to make my end results that much better. recently chose not to buy a battery grip, because I don’t think my pictures will get better because of it. I’ve been toying around with selling my tokina 12-24 and tamron 28-75 and throwing the money towards a used canon 24-70L. Will it be that much of an improvement over the 28-75? I want the wider end, so in that respect yes. However, will I, as a photographer, magically become better? probably not, I’ll still have to work on composition and exposure. Will I miss the tokina? yes, but its a new lens to me and I haven’t used it as much as I had thought. we’ll see how the summer goes. But when its all said and done, will my photos be so much better or will they be marginally better. At this point, I’ve decided they will be marginally better. I’ll hold on to my two lenses, thank you very much.
By Joel on May 28, 2008
Hmm.. Battery grip. I’ve been itching for one too. It seems that I have to change batteries often when tethered to my laptop. But I decided that I should save up for a copy of photoshop instead.
By Jason Phillips on May 28, 2008
This is a great topic and one I deal with every time there’s some spare change burning a hole in my pocket.
I’d love to have the D300 (heck, the D3 if we’re gonna go all out and have some real unnecessary fun), but my D70 still works great *knocks on wood*. I had the money to buy the D300 a few months ago and almost did, but realized I was unable to continue processing the images I was taking to begin with, what point would there be to have a great camera and unable to work with the images? So, I upgraded computer equipment and software. And I still need more (Photoshop 5, my love, you do work well, but time is upon us to part ways… soon, I hope)
I had some spare change left over and went lens shopping. I shoot in horrid lighting conditions (indoor riding arena anyone? On a cloudy day?) and end up with either extreme blur or lots of noise, which don’t make for the best pictures and thus don’t sell. A D300 could probably give me some wiggle room with the ISO and I could use the existing lens that I have, but my spare change was sparse and the glass just wasn’t up to snuff.
I could by no means afford the loverly, drool-a-licious, 70-200 f/2.8, but, needing that kind of aperture, I could afford the 50mm f/1.8. Crazy, but it worked. I’ve sold more prints with that lens, and it works like a frakking charm in the indoor arenas. Now, I’m shooting more outside (thank you summer!) and have little need for the high-zoom, so I’ve saved a lot of money, can use the kit lens that I have, which achieves near what my competitors are achieving, sell prints, save up and buy the loverly lens in fall when I’m tossed back indoors.
Really, now the only time I think of a new camera is simply for backup purposes (I can knock the D70 around only so long before it complains by breaking into a million pieces), but am considering the D80, or the D40x, just to have an heir and a spare. And to shoot with two lenses during an event. Megapixels, for what I do, aren’t the end all. It’s the clear cut moment: on the bit, rounded, self carriage, etc. I offer, but rarely sell, any print over an 8×10… it’s just not a demand right now. I don’t need a 24 megapixel censor for business. For personal, oh yeah, sign me up!
But now it becomes a balance of spending money on gear or advertising? Do I advertise to great extent what I do, but run into the risk that my gear is not sufficient enough for the task, or do I spend the money on the gear and have no money left to advertise that I can now do this or that?
You know what else is a good teacher? Starting out flat broke, lol.
…and wow that’s a long comment. Perhaps I should lay off the coffee.
By elzora on May 28, 2008