If you are reading this piece, it is clear that you are a passionate photographer and want an excellent upgrade of your shooting device. It is often the matter that one lens or accessory in your camera kit takes your capabilities to the next level.
More often than not, arranging funds for your new high-tech camera is the barrier. So without further ado, let us talk about some ways in which you can finance your new digital camera purchase.
4 ways to fund your new camera purchase
Following are some of the ways using which you can finance your latest camera purchase:
1. Generate funds for your new camera by selling your photography services and images
Since photography is what you love, why not generate funds for your new camera from your old one? This is one of the top ways of financing a new camera and is listed at the very top.
The best method to raise money for your high-tech camera gear is to sell your photography services and images. This is, of course, difficult for someone who is not a professional photographer. But it is doable.
You can join a professional photographer as a helper and learn the business firsthand. Or you can go independent and add a business angle to your Instagram page. Once you start getting small projects, you will see a recurring revenue stream that can not only help you buy a new camera but offer you a long term career option in photography.
You can advertise your portrait services to your social media contacts. You can even sell framed self-portraits and generate revenue. And if there is a salesperson in you, you can ask your neighbours or relatives if they would be interested in a family portrait or a dedicated photoshoot of their kid or something like that.
2. Do your professional photography work more efficiently
All of us have an equal amount of time per day—1440 minutes. And the amount of time we have can’t be increased. But you can always better utilise your time.
One of the elements that take a lot of time in photography is post-processing. It is a large part of most photography jobs. And with ultra-high resolution DSLR cameras, post-processing requires additional bandwidth as computing performance can be slow.
Many of the photographers find the image loaded to its full resolution to be worth their time. But what if you buy a fast laptop first? To save much of your cumulative time here, you can replace your ordinary laptop with a laptop that processes images at double the speed. I’m telling you, the time you save with this far exceeds the expense of the laptop.
Another idea is that you can outsource any work that is not relevant to your services or that you are not good at. This can include cleaning, accounting, etc. Or you can hire an assistant who complements your skills or can handle tasks that do not require your presence.
When you work efficiently, you automatically work smart and hard.
3. Sell from your old camera kit
You might be upgrading to a new camera and new lenses as and when they get released. But, meanwhile, have you ever thought of cleaning out camera and camera accessories that you no longer use? If any accessory or gear in your camera kit has not been used for over a year and is not required for any backup purposes, let go of it. In fact, it is a part of the potential source of finance for your hot new gear.
Fact: selling camera gear to a buyer directly brings you the most revenue. Being a professional, you must know the importance of that gear and its approximate cost. So, selling from your old camera kit is the right thing to do.
4. Get your new camera on a camera loan
You know the value that your new digital camera will bring for your customers and how it’ll enhance your skills. So, if you know it is worth getting the latest digital camera on loan, go for it. Many lenders offer a personal loan for the self-employed—research about camera loans provided by different players. There are banks, NBFCs, and online players offering camera loans at attractive personal loan interest rates. PaySense loan app offers camera loans at great interest rates.
So, if you think that capital investment in a new digital camera or camera gear will help you increase your business opportunities and revenue, a personal loan for self-employed from a reputable source like PaySense can be a valid consideration. Before taking the loan, make sure you have a business plan ready for loan repayment.
Avoid buying cameras using credit cards as they charge exorbitant interest rates way higher than personal loan interest rates that can become burdensome in the future.
Thus, in one line, the camera funding strategy is: earn more, work smart, sell what is old, or get a camera loan. Happy shooting up!
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs