Overcoming shiny object syndrome
And tips for staying within budget when you do need to make a purchase
There’s this common concept shared among many photographers that you should “buy the best gear that your budget allows” (and then some). Time and time again I see photographers celebrating their latest purchase while others watch enviously and add another piece to their wish-list. Now if that’s for personal creative purposes, that’s totally fine (if you can afford it!) but let’s talk about the impact on your business (and your wage!) when purchasing new gear.
More often than not, students in the pricing masterclass tell me how shocked they were when they first saw their gear expenditure per year (because remember, your gear only lasts so long!). Remember that in business it’s not about how much you make, but how much you keep!
Now, I’m not here to tell you that you don’t need, or shouldn’t upgrade your gear. At times, additional purchases are necessary, but I encourage you to ask yourself two questions in order to make an informed decision on what’s truly “necessary”;
a.) Will this purchase actually make me more money or save me time?
b.) Is there an alternate option that would result in the same increased sales (or saved time), but with a lower purchase price?
Let’s break those questions down with examples.
a.) Will this purchase actually make me more money or save me time?
Example 1. - Switching to mirrorless
You really want to switch to a mirrorless system. You’re not exactly sure why other than everyone else seems to be. Your DSRL is working perfectly and you’re still meeting your sales averages from those files (hint: clients can’t actually see the difference if you were to upgrade!). In this case there is really no business reason to switch. That’s not to say you shouldn’t or can’t, but you need to be aware that you are in fact buying this for personal reasons (that doesn’t necessarily mean it’s not a tax deduction) which is especially important to note if the business don’t have the spare capital and you would have to take a pay cut this week/month to place the order.
So when should you switch? I recommend switching only when your DSLR can’t make you money anymore, unless your accountant suggests otherwise for tax purposes (just keep in mind that unnecessary spending to avoid tax typically won’t increase the money that stays in your pocket).
Example 2. - A new lens
You’ve seen the gorgeous action images captured with a long lens and so you consider investing in a 70-200mm 2.8 because you don’t currently have anything longer than 70mm. If you have a plan to monetise those action shots (eg, more images to upgrade clients to the next digital package, or more options so they want an album etc), then the lens would pay itself back in no time, making it a great business purchase.
Example 3. - Computer upgrade
Your computer is starting to slow down. The updates to Photoshop, Lightroom and your other softwares are using up a large portion of your RAM. On top of that, you recently upgraded your camera and now your file sizes are even larger making processing times even slower. What previously took you one hour now takes you much longer. Well, time is money so if you could you make more productive use of that time (and how that will increase your revenue), then an upgrade might be worth it!
Reminder
The most financially successful photographers are often not the best.
Although it’s great to always strive for improvement, if you are “needing” new gear because you think it will make your images “SO. MUCH. BETTER.” I want you to keep two things in mind.
New gear most of the time won’t make your images instantly better, and
Your work is highly likely already good enough!
If you’re guilty of justifying yet another purchase for this reason, I encourage you to share your work with others for feedback.
So you’ve decided that it is a good business decision to upgrade your camera, lens or computer. That brings us to the second question.
b.) Is there an alternate option that would result in the same increased sales (or saved time), but with a lower purchase price?
Solution 1. You camera body
So you’ve decided not to upgrade to mirrorless just yet. But actually you’re having this one particular issue with your camera? Find a local repairer and have them service your camera, and/or ask them what it needs. Something I’ve been seeing a lot lately is miss-focusing issues that aren’t related to user error. Lens calibration will often solve that issue!
Tips for switching to mirrorless
Consider staying with the same brand and grabbing an adapter so that you don’t need all new lenses, or alternatively, consider purchasing a body which has compatible third-party lenses like Sigma or Tamron.
And don’t forget- you don’t have to pick the newest model. You’ll save significantly by purchasing an older (used) model, and/or, selling/trading in your current camera body.
Solution 2. - A new lens
Sometimes we do convince ourselves that “the problem” that is leading to low sales is a quick fix like buying new gear. If you think that could be you, consider borrowing or hiring the lens for a short period to confirm that it does actually increase your sales or if there might be a missing step in your system or another problem with your foundations.
Tips for purchasing lenses
You’ve worked out that the new lens you’re eyeing off would in fact make you money. So what’s the most economical option to do that? Buying used of course.
I’m a huge fan of purchasing used gear. It’s better for the environment, for my bottom line, and if you’re smart about it, its low-to-no-risk these days thanks to the online stores who specialise in selling used gear.
Lenses hold their value very well, so buying used, means that when you sell them again, you often don’t lose to much, if anything! I recently sold a lens in Australia for MORE than I purchased it for (used) two years prior, thanks to the fluctuating exchange rate. Winning!
Solution 3. - Computer upgrade
I get it. Your computer really is just too slow. I’m all about efficiency so I’m not going to tell you that it’s a waste of money to fix that! But I will suggest you investigate the repair options before jumping straight to replacement.
My first step would be to check the available memory (RAM) when it is slow and do some research around how to free it up if needed. I’d then call a repairer/tech-knowledgeable friend to discuss the option of purchasing and adding RAM if possible, or if there is another solution.
Only as a last option would I replace. Mostly because- what does one even do with an old computer?! (Side note- If you know how to avoid it going to landfill, other than giving it to someone who could use it, please let me know!)
I know it’s tempting to keep up to date with the latest and greatest gear, but ask yourself those two simple questions each time you click “add to cart”. And that works not just for gear but any business expense- new software, more coaching and so on! If you do decide another kit purchase is necessary, consider safely buying used through a reputable store to lower your impact on the environment while also reducing your business expenses and increasing your profit margins.
Members continue the discussion in the Mastermind Facebook Group, otherwise shoot me an email with your thoughts: kirstie@thepetphotographersclub.com
Author
Kirstie McConnell |
Founder
The Pet Photographers Club
When Kirstie launched her pet photography business in Australia in 2012, the genre was barely a thing. She spent the next years at the forefront of this niche, marketing not just her own business, but the concept of pet photography. Each year she photographed around 100 dogs, cats and horses per year to create wall art and albums for pet-parents.
Now based in Italy, she continues to offer pet photography to her clients back in Australia on return trips, but otherwise spends her energy helping other pet photographers build a business which will allow them to follow their dreams.
Internationally recognized as a leader in the industry, she hosts the podcast, workshops, courses and business events for The Pet Photographers Club which she co-founded.