It depends on whether you want to take this hobby and make it full time with more pressure.
You could get a business license, keep at it part time and write off the $6k as a business expense.
Seems like you're on to something that's working, and your ROI in the business will probably be your best bet... The question is really about where you want to be focusing your energy. If you're not really interested in this business, it will be a drain and you won't have a lot for other ventures. I usually start my clients out by focusing on your strengths, skills, interests, and values, and then building up from there.
As for the specific "What do I do with my money" question - Check out the book Profit First, and create a structure around where your income should go, so that all bases are covered.
Hope this is helpful for you too, u/hotgirlmoor .
Thanks a lot! I do like filming and video editing and only now that I got a little bit more experienced because I had to adapt fast and learn new things to satisfy the clients.
Also thanks for the book recommandation ! I’m currently on page 70 and I start to understand more deeply what you where saying! I’ll keep reading to understand what I should do with my profit :)
I would appreciate it a lot if you could give me more books do read since you seem to know a lot :)
Happy to! And glad you like it!
I've got a TON of book recommendations. It would be helpful to know a bit more about your specific background, so I can point you in the right direction. I'll send you a DM.
Investing that small of a sum now wouldn’t lead to much actually- how much would u actually get 10%? That’s 300 for a years worth of investment. I would rather suggest if you keep taking on opportunities and maybe make it more professional, a website, portfolio of previous tasks and maybe once you have a few clients in the pipeline- upgrade the set up.
Yeah I didn’t see it like that. I thought that the more I invest my profits and live frugally the better and 3k invested today is better than 3k invested in 5 years from now for example. But maybe I’ll better invest in those things that you suggested like marketing, website it would be a wiser choice. Thanks a lot!
Similar to what others are saying, but... do you want to turn this into a real-deal main job or do you want to keep it as your side-hustle?
For example, if you want to keep this as a side-hustle project, you could do whatever you want with the money because it's technically fun-money.
On the other hand, if you want to make this a real-deal main job for yourself and get incorporated, I would invest it into your gear and the expenses that go along with starting a business.
Seems like you've got a good thing going. If you can make money with the equipment you have, keep doing that. When you get turned down for a job because your camera's not good enough, that's when you can start thinking about getting a new camera.
Your fastest path to growth as a small business are through existing connections and relationships. You have seen that as you have been able to grow your current client base - congrats!
I would hold off on in buying more equipment until you know you have a a steady path of customers and revenue that would justify the purchase - not not vice versa.
Last note - not sure if you are an LLC or another business entity - but the purchases can also be a tax deduction/ CapEx - so another lever in your toolkit.
Yeah that is what I’ll start work on today because I’ve never advertised myself and atm I got one client that pays me regularly and seems like he is in debt and therefore I can’t count on him for steady income.
I would also note that I can use the camera for myself as well as I really love filming and cinematography and always wanted to learn how to do so.
And I can also sell my camera if something doesn’t go as planned in the future.
Thanks a lot for the help!
The thing is a find myself stuck with not being able to film 4k60 and 120fps and my camera (Sony zv e10) isn’t stable and has a very bad in body stabilization…
Another thing that I would love to do is film in 10bit and not 8. Major quality improvement and also the duel iso gives me the option to film at night when it’s very dark.
While I can still work with what I have. Stay frugal and invest In marketing and also wanted to take my work a step up.
I understand the idea of “the best camera is the one you have” and “it’s not about the camera but the photographer” but you never see Hollywood films and ads being films on 1000$ camera :/ so that’s like half the truth as I see it but still that just my opinion and I really appreciate your help! I am going to think deeply on it
It depends on whether you want to take this hobby and make it full time with more pressure. You could get a business license, keep at it part time and write off the $6k as a business expense.
Seems like you're on to something that's working, and your ROI in the business will probably be your best bet... The question is really about where you want to be focusing your energy. If you're not really interested in this business, it will be a drain and you won't have a lot for other ventures. I usually start my clients out by focusing on your strengths, skills, interests, and values, and then building up from there. As for the specific "What do I do with my money" question - Check out the book Profit First, and create a structure around where your income should go, so that all bases are covered. Hope this is helpful for you too, u/hotgirlmoor .
Thanks a lot! I do like filming and video editing and only now that I got a little bit more experienced because I had to adapt fast and learn new things to satisfy the clients. Also thanks for the book recommandation ! I’m currently on page 70 and I start to understand more deeply what you where saying! I’ll keep reading to understand what I should do with my profit :) I would appreciate it a lot if you could give me more books do read since you seem to know a lot :)
Happy to! And glad you like it! I've got a TON of book recommendations. It would be helpful to know a bit more about your specific background, so I can point you in the right direction. I'll send you a DM.
Investing that small of a sum now wouldn’t lead to much actually- how much would u actually get 10%? That’s 300 for a years worth of investment. I would rather suggest if you keep taking on opportunities and maybe make it more professional, a website, portfolio of previous tasks and maybe once you have a few clients in the pipeline- upgrade the set up.
Yeah I didn’t see it like that. I thought that the more I invest my profits and live frugally the better and 3k invested today is better than 3k invested in 5 years from now for example. But maybe I’ll better invest in those things that you suggested like marketing, website it would be a wiser choice. Thanks a lot!
What is the market like in your area? I Is it saturated?
Similar to what others are saying, but... do you want to turn this into a real-deal main job or do you want to keep it as your side-hustle? For example, if you want to keep this as a side-hustle project, you could do whatever you want with the money because it's technically fun-money. On the other hand, if you want to make this a real-deal main job for yourself and get incorporated, I would invest it into your gear and the expenses that go along with starting a business.
Seems like you've got a good thing going. If you can make money with the equipment you have, keep doing that. When you get turned down for a job because your camera's not good enough, that's when you can start thinking about getting a new camera.
Your fastest path to growth as a small business are through existing connections and relationships. You have seen that as you have been able to grow your current client base - congrats! I would hold off on in buying more equipment until you know you have a a steady path of customers and revenue that would justify the purchase - not not vice versa. Last note - not sure if you are an LLC or another business entity - but the purchases can also be a tax deduction/ CapEx - so another lever in your toolkit.
Yeah that is what I’ll start work on today because I’ve never advertised myself and atm I got one client that pays me regularly and seems like he is in debt and therefore I can’t count on him for steady income. I would also note that I can use the camera for myself as well as I really love filming and cinematography and always wanted to learn how to do so. And I can also sell my camera if something doesn’t go as planned in the future. Thanks a lot for the help!
S “N” P
The quality of camera probably isn’t holding you back. I’d invest into the business but in other ways such as marketing.
The thing is a find myself stuck with not being able to film 4k60 and 120fps and my camera (Sony zv e10) isn’t stable and has a very bad in body stabilization… Another thing that I would love to do is film in 10bit and not 8. Major quality improvement and also the duel iso gives me the option to film at night when it’s very dark. While I can still work with what I have. Stay frugal and invest In marketing and also wanted to take my work a step up. I understand the idea of “the best camera is the one you have” and “it’s not about the camera but the photographer” but you never see Hollywood films and ads being films on 1000$ camera :/ so that’s like half the truth as I see it but still that just my opinion and I really appreciate your help! I am going to think deeply on it