How to Finance Camera Equipment to Get Your Photography Business Running

What if your dream business became a waking nightmare?

Those trying to start a photography business dream of providing customers with timeless memories. However, the cost of the equipment is a harsh “wake up call” when it comes to this dream.

The big question then: “how can I finance camera equipment to start my business?”

Don’t worry. We’ve got you covered with our comprehensive guide to finding funding!

Emergency Fund

Our first solution happens to be the simplest. However, it’s not a solution that works for everyone.

Many people have an emergency fund that they put money into each year. As the name implies, such a fund is typically used for unexpected emergencies ranging from sudden injury to home repair.

If you have an emergency fund, you may want to dip into it to help pay for your camera equipment. This plan ultimately has distinct pros and cons.

The biggest “pro” is that you get the equipment you need without owing any money or paying any interest. The big “con” is that you are gambling that you will not need your emergency money anytime soon.

Credit Cards

A more traditional way to finance camera equipment is to use a credit card. However, not all cards are created equally, so you should formulate a solid plan ahead of time.

For instance, you may not want to use your existing credit cards. It’s possible to open a new line of credit somewhere for a lower interest rate (and sometimes even zero interest for a few months).

Depending on where you buy your camera equipment, you may want to get a special retail credit card. Such cards occasionally have special terms that allow you to pay a purchase off within six or twelve months at no interest.

Without those special deals, though, you’ll be stuck paying interest. If you’re not careful, you’ll effectively end up paying way more for your equipment than what it is worth.

Loans Without Collateral

If you have good credit, then your best bet is to seek out loans without collateral. These are typically referred to as “unsecured loans.”

“Unsecured” simply means that the bank will not ask for any form of collateral. Instead, based on your credit alone, they will be willing to offer a certain amount of funding.

This is a good way to get money because the interest rates are typically lower than they are with credit cards. However, not everyone has credit high enough to get these kinds of loans.

Loans With Collateral

If you’re getting funding through a bank, the other major option is a loan with collateral. These are typically referred to as “secured” loans.

In this case, “secured” means that the bank will want some form of collateral to secure the loan. Collateral can range from your vehicle to your home.

Secured loans can feel a bit dangerous because you are putting major holdings (such as your home) in danger if you cannot pay the loan back. On the upside, the collateral typically allows you to borrow more money at a relatively low-interest price.

If it is not possible to secure the financing you need based on your credit, then there are several funding alternatives that are worth exploring.

Friends and Family

One of the absolute best ways of getting the money that you need has been right in front of you all along. The catch? You’ll need to swallow your pride to really take advantage of this opportunity.

Depending on how much money you need, you may be able to get your funding by borrowing money from friends and family. And this plan has a number of benefits you may find appealing.

First, your friends and family are likelier to loan you money because of their preexisting relationship with you. You will not have to persuade them like you have to with business investors (more on them in a minute).

Second, friends and family are likely to loan you money with no interest or other terms attached. And even if there is interest, the amount is likely to be low compared to credit cards or traditional loans.

Finally, getting your family and peer group interested in your business may be a good way of finding future employees. In this way, they can help you earn back the money you owe to them as you start getting paid for pics.

Business Investors

If money from friends and family isn’t an option, then you might need to find traditional investors. The good news is that it is easier than ever to do so.

The traditional investor is an “angel investor.” These are investors who will fund your startup business, and you can find them online, through local colleges, or as part of your professional networks.

You may also be able to secure the money you need through crowdfunding. This is preferable in some cases because it allows many contributors to pay small amounts instead of one contributor paying a large amount.

In today’s thriving startup culture, you may have an easier time finding investors. If not, there is a surefire alternative you can use.

Payday Loan

Most of the funding options we’ve mentioned have the possibility of falling through or otherwise failing. However, one method is foolproof: the payday loan.

Payday loans are short-term loans that must typically be paid back within a month. They get their “payday” name because many people have used them as a kind of cash advance on their next paycheck.

If you simply need money quickly and without a credit check, the payday loan is your best option. And there are companies like Bonsai Finance that make it easy to apply for these loans completely online.

Get all the money you need and none of the hassle you hate with payday loans.

Finance Camera Equipment: The Bottom Line

Once you finance camera equipment, then you need to become just as good at editing as shooting. And that’s where we come in.

At TextureX, we provide the textures and high-quality stock images you need for your photography and editing needs. If you’re ready to take your editing to the next level, let us teach you how to use textures in Photoshop.

Published by

Jonathan Mookes

Matt is a long-time graphics and design professional, his current research is 3D imaging and video development using bleeding edge technology!

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