When to Invest in That Shiny New Videography Gear: 3 Rules to Guide Your Decision
Welcome back to the Videography University blog! If you’re a passionate videographer dreaming of turning your side hustle into a full-time, six-figure business, you’re in the right place. I’m Grant Burks, the host of the Videography University podcast and the author of Film to Freedom, the book that teaches you all of the tools, strategies, and tactics to turn your passion for videography into a 6-figure income and full time career. With my own video production business in Columbus, Ohio, I’ve grown to average around $40,000 per month in revenue. But today, let’s talk about one of the most debated topics in the videography community: When should you purchase that shiny new piece of gear you’ve been obsessing over?
We’ve all been there: late nights spent watching endless YouTube reviews, reading up on specs, and imagining all the cool shots we could get. But before you click “Buy Now,” there are three critical rules to consider.
Rule #1: Will Not Purchasing This Gear Lose You Money?
One of the best ways to determine whether you should invest in new gear is to ask yourself if not having it will cost you money. I’ll share a quick story.
A while back, I got a project inquiry for a brand video for a steel processing company. They wanted a video to attract new recruits, showcasing the scope and scale of their massive plant. During pre-production, we decided that capturing the plant’s size with interior drone footage was essential.
However, my current drones weren’t built for indoor use and had exposed propellers, which posed a safety risk. Enter the DJI Avata, a newly released drone with protected props. It cost around $1,000, but the project budget was $4,500, and getting the shot was crucial. After careful consideration, I decided it was worth the investment. The footage turned out great, the project was a success, and the drone has since paid for itself on other jobs.
In that case, not buying the gear could have cost me the project. So, if the equipment is essential to complete a gig and will bring in more revenue, it’s probably a smart purchase.
Rule #2: Will This Gear Unlock New Opportunities?
Next, consider whether the gear will open up new, profitable opportunities. Maybe you’re eyeing a piece of equipment that will help you break into a new niche, like real estate videography or high-end commercials. If you’ve done your research and know this niche is profitable, it might be worth the investment.
But beware: it’s easy to fall into the trap of convincing yourself that you “need” gear when, in reality, you just want it. Be brutally honest with yourself. Is this genuinely a business move, or are you experiencing shiny-object syndrome? Only make the purchase if you’re confident it will expand your client base or project types in a significant way.
Rule #3: Do You Have a Six-Month Financial Buffer?
This rule is was a non-negotiable for me. Before you invest in expensive gear, ensure you have at least six months’ worth of savings set aside for your business expenses and personal salary. This buffer gives you peace of mind and flexibility, especially if you’re transitioning into full-time videography.
Before I went full-time, I diligently saved six months’ worth of income from my day job and videography gigs. This cushion allowed me to confidently focus on growing my business without the constant stress of making ends meet. If buying that piece of gear would put a dent in your savings and jeopardize your financial security, hold off.
A Lesson Learned the Hard Way
Let me share a story of almost making a financial mistake. Early in my career, I was obsessed with the Laowa probe lens. It’s a fascinating piece of equipment that produces stunning, unique shots, like moving inside bottles or across book pages. I had my credit card ready to make the $1,500 purchase, but thankfully, a moment of clarity hit me: I didn’t have any projects lined up that required it.
At that stage, $1,500 was a significant amount, and buying the lens would have set me back financially. I resisted the urge, and in hindsight, it was the right call. Today, my business can handle fun, non-essential purchases, but back then, it would have been a mistake.
Final Thoughts: Follow These Rules to Make Smart Investments
So, before buying your next piece of gear, ask yourself:
1. Will not buying this lose me money?
2. Will this unlock a new, profitable opportunity?
3. Do I have a six-month financial buffer?
If you answer “no” to all of these questions, it’s best to hold off. But if the purchase makes sense and aligns with your business goals, go for it!
Want More Business Growth Tips?
If you’re ready to scale your videography business and need guidance, grab a free copy of my book Film to Freedom. It’s packed with strategies to help you make videography your full-time, six-figure career.
Have questions or want me to cover a specific topic in future posts? Email me at grantburks@videography-university.com. Until next time, keep creating and good luck with your projects!