Search

Finance for Photographers: Managing Your Photography Business

Flash sales of new cameras, lenses, lights, and gimbals are more than what meets the eye. Here are a few spending tips for photographers to save money on the go!
Finance for Photographers: Managing Your Photography Business
In this article

As human beings, we are constantly bombarded by sales announcements. The same goes for photographers! Flash sales of new cameras, lenses, lights, and gimbals are more than what meets the eye. They are promises of making jobs faster, and easier and are what will pave the way for photographers to transform into better ones—simply by their presence in the camera bags. 

Sales ads mostly exist only to sell a product! If all the claims specified are true and the product does help transform your business—only then is it a cherry on top. 

Otherwise, it is just another reckless amount of money off the bank. So here are a few spending tips for photographers when you hear the siren call of a shopping cart yell your name.

Need or Want?

This question is the most basic, but also the most important. Is your buying decision adding value to your business or adding up to be an expense? If the answer is the latter, then no matter how much you like that new equipment on sale —purchasing it would be serving a want and not fulfilling a need. 

Wishlist It

Truth be told, as photographers, you might wish to add multiple tools to your tool kit. But, as the famous saying goes, “money doesn’t grow on trees” and unless it does, buying everything you want the moment you decide you want it seems like a bad idea.

The right financial strategy to resort to at the moment is to make use of wish lists. Wish lists are more like bullpens, they hold your desired item until you fight the urge to move your item to the shopping cart. 

Another added benefit is that it puts one more step between you and the purchase button. That means you have time to second-guess your purchase decision. If it truly is a frivolous purchase, this extra step can be enough to talk you off the ledge.

Go With the Substitute

Before you make your purchase decision ask yourself if you already have a player on the roster who can get the job done. In other words, look for substitute gear. A lot of times, all it takes for you to solve your photographic problem is to scour through the gear you already have. 

Know Your Budget

Unfortunately, nobody has the advantage of a limitless bank account. So, deciding how much each individual has to spend is inevitable. Even for photographers! If your gear budget is $500 and you have $5000 worth of items to be bought, clearly you will have to give up on something. That’s where the importance of budgeting steps in. It is a balancing act between deciding on your budget and researching the actual cost of items. 

Rent It Out 

Did you know you can rent equipment such as lenses and camera bodies, as well as studio flash kits? When you can’t buy you should consider renting professional-level gear, or something for technical application—without burning a hole in your pocket.  

If you’re a photographer and you always feel the urge to splurge, ensure to look into your business needs, then prioritize spending your limited budget in the right places.

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎
Shirlene Grace Isaac

Shirlene Grace Isaac

Shirlene puts words on the Internet because she loves to do so and also for the money! She is a singer, songwriter, occasional poet, artist and muser — all in the body of a 20 something. She's a taleteller of sorts often looking for opportunities to narrate stories untold.

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

State Disability Insurance
List of States with Disability Insurance & What is it?
As many as five states in the United States offer State Disability Insurance, including California, Hawaii, New Jersey, New York, and Rhode Island. Here's everything you need to know about State Disability Insurance in the United States.
How to Get 20 Instantly
Borrow 20 dollars Instantly – How To Make $20 Fast [8 Ways]
Whether to cover an unexpected expense like an urgent bill or to boost your savings, making $20 instantly is a great way to get a little extra cash. In an era where the Internet has connected everything and millions worldwide, making $20 fast online is no longer an issue. Let's find out how to get $20 instantly.
Net Pay
Net Pay
Look at the breakdown of deductions and techniques to maximize your take-home pay for improved money management to obtain a thorough understanding.
How To Make $30000 Fast
How To Make $30,000 Fast? 14 Realistic Ways
There are multiple ways to make $30000 fast with the help of digital side hustles and strategic approaches. From using cash apps like Beem to freelancing your talents, these popular techniques can help you in making thousands of dollars fast in the United States.
Job Loss Insurance (2)
What is Job Loss Insurance and How Does it Work? [2024]
Job loss insurance works by providing financial aid to individuals who have lost their jobs due to various circumstances. Here's how job loss insurance typically works.
How to get 900 dollars fast
How to Get 900 Dollars Fast?
What is the quickest method to earn $900 daily? It is entirely attainable with the correct methods and a little inventiveness. We will assist you in identifying some quick methods to generate $900, whether you need to cover an unforeseen emergency or want to increase your savings.
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Get up to 20% on everyday spends

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: