amonline wrote:
Guys, he's talking about the need for a SECOND BODY. You should probably re-think some of your responses. You're assuming an awful lot.
amonline wrote:
Guys, he's talking about the need for a SECOND BODY. You should probably re-think some of your responses. You're assuming an awful lot.
Well it did say ANOTHER body.
Could be a second, but could be just an upgrade. Either way for under $2000 you can get a very decent back up body.
amonline wrote:
He said lensES. Sounded to me like he wanted a couple of L's at minimum. Couple of those with a 5DIII and you're probably already over 10k.
And what everyone is saying is that a 5d3 and a couple Ls is not necessary if you don't have the money to buy it already. A used 5d2 and a 50/1.4, 85/1.8 could probably be had for ~$2,000
I don't think a loan is necessarily bad, it just depends on the amount. I think $10k is quite a bit to finance for gear. Look into Newegg, they have a Preffered Account and sell photo gear, mostly with 0% for 12, sometime 24 months. Same with Amazon credit.
I'm surprised that nobody has actually mentioned the bank that they do business through. If you're in business and can get ROI over 5x, you should be able to finance practically any equipment that you will need. For a bodies, I prefer to buy new so there are 0 actuations and it's a new unit should anything happen to it. For lenses, I prefer buying used glass since it's normally a great investment for 2nd hand equipment. I sell 2nd hand as well which allows for junior photographers to purchase equipment at a pretty heavy discount. The big thing about this business and gear is that you need to find a system that works for you. If you can afford XYZ on your current cash flow and your ROI is healthy, there's no reason for any financial institution to turn you down on a STL.
fotojennik wrote:
And what everyone is saying is that a 5d3 and a couple Ls is not necessary if you don't have the money to buy it already. A used 5d2 and a 50/1.4, 85/1.8 could probably be had for ~$2,000
$10,000? For camera gear? For weddings? Lighting ok, but go pick up a 1DII or 1DsII or a 5DIi, anything really. I shoot affairs typically in the $4000 to $12,000 range and I am considering the new 1DX, but I shot last weekend with 1DII and it's one of my fav cameras. A small temple I shot with that cam and an 85mm F1.8, love that combo.
I am financing my new 17-55 through Best Buy for 18 months with no interest. Just make sure you pay it off before the 18 months are up or else you'll have fun paying for all the accrued interest. If your smart about it don't sweat it. I didn't have $1100 to throw down on a lens and this gave me the opportunity as long as I pay it off.
amonline wrote:
He said lensES. Sounded to me like he wanted a couple of L's at minimum. Couple of those with a 5DIII and you're probably already over 10k.
Yep. That's exactly it. I sold my 24-105L todayso right now the only thing we have to shoot a whole wedding is a 100 macro. Thankfully we have some time before our first wedding. The plan is:
5D 2 (already have the 5D 3)
24-70 f/2.8
70-200 f/4 IS
14mmL (more for personal use)
And another speeds ight. We spent our first year renting, and we don't want to again. We hired a financial advisor and went over different options. Based on the income from both my and my husbands full time job, AND THE OPPRTUNITY TO BUILD CREDIT, because we are very young, he figured out how much we can easily afford.
We spoke to the bank today and ended up taking out a line of credit for 15k at 5% APR. it was a good option that fit our needs.
bthatton wrote:
I was a grad student with one month of rent in the bank when I started my photography business. Sometimes you need a little bit of a kick starter.
Tony Hoffer wrote:
I would highly recommend against taking a loan/financing to start a photography business.
I would agree with Tony and others.
I would go as far as to say look for a part time job delivering pizzas etc., sell stuff in the closet, sell an expensive car and buy a kluncker in cash, to avoid financing equipment -- especially a camera body, which depreciates fast as can be.
But if you do --
Amazon has 12-month on anything $599 and over, and pretty much has all the pro gear you need.
If it were me, I'd rent what you can this year to get you through, while saving all you can this year and buy some used gear.
My 2 cents. Take it or leave it. Good luck!
And some random, unsolicited thoughts.
1) I would have prob purchased 2 x 5d bodies for about $1500 total.
2) for lenses, 24-70 2.8, 50 1.4, 85 1.8, and 70-200 IS I, all used (or rent the 70-200 when needed), and a couple of 580 EX Is. -- about $2800-3000 total for the lenses and 700 for the flashes. -- if you worked at it, could have been in for about 5k.
IMO, I would have avoided the 5d3, because it will be worth half in a year or two, and on a 5% note, you will prob be paying more than 5k for it, which really will eat into your business' profits.
ETA -- sorry I didn't read the final results. I guess you went with the loan. Disregard my post then.
Taking out loan for business start-ups or enhancements is nothing new or unusual. I think one has to determine whether the equipment that will be procured by using the loan makes business sense. Will it make ROI in the amount of time to pay off the loan?
Can you acquire alternative like equipment at a lower cost thus negating or minimize loan and achieve a greater ROI? Perhaps.
I don't like debt personally and would look into lower cost alternatives.
Bestbuy.com has lots of L lenses with finacing options. I have bought a 24L 50L 85L and 17-40L through them with no issues. Only problem is that they charge tax...
gintasr wrote:
Bestbuy.com has lots of L lenses with finacing options. I have bought a 24L 50L 85L and 17-40L through them with no issues. Only problem is that they charge tax...
You have to pay use tax anyway; no matter where you buy it.
gintasr wrote:
Bestbuy.com has lots of L lenses with finacing options. I have bought a 24L 50L 85L and 17-40L through them with no issues. Only problem is that they charge tax...
They don't have any of the lenses I want other than the 14mm
I don't think there is anything wrong with credit to buy gear, but 18 months to pay it off is pretty stretched. I think you should plan to make your money back in half the time, be more aggressive and creative with getting more gigs.
