[Note: Because of this posts length I decided to break this post up into three sections. This being part one.]

In two previous posts I discussed the importance for acquiring knowledge and considering technical limitation in regard to upgrading photography equipment.  In this section I will discuss the role of financial gains in conjunction with equipment purchases.

Financial Gain

During the photographic journey, the potential of profiting with a camera will linger in many of the photography minded. Some photographers will garner those thoughts into a career while others will hustle enough to purchase extra equipment. Either way, this monetary notion will invoke desires to upgrade or add equipment in which to appease the money hawking or grappling clients. So while financial gains on equipment upgrades may not be as romantic or eclectic compared to knowledge or technical limitations,  in my opinion it is the most important aspect when making upgrade decisions. Because of this importance, I recommend  asking  these three questions regarding upgrades:

1)  Will I gain at least 3x more then the original investment?

If you were to purchase this piece of equipment would you directly gain at least 3x more in it’s lifetime?  Remember 3x is the minimum. Ideally, purchasing a piece of equipment would yield much more capital then 3x. Asking this question will also help make critical decisions on what should be purchased first. It also helps justify what may be a need over a want.

Examples:

When to upgrade:
You find that your particular clients purchase bigger prints. Until now, you have resisted up-selling beyond a certain size to maintain print quality, sharpness, and clarity. But you know since customers have asked for it that they would buy bigger prints.  Profit margins on these prints are much higher, but you would need a higher full frame mega-pixel camera.   You upgrade and the additional profit margin with the larger prints will gain  3x more then the original investment.

When not to upgrade:
Wedding photography is your main gig.  Your current camera prints wonderful images for 12×12 albums and you never print above a 16×20.  Technical limitations are not a concern because your camera handles low lighting conditions well and you use several fast lenses .  Upgrading will not directly result in any additional margin and therefore would not gain 3x more capital.

[I will continue the next two questions in parts two and three]

Grace and Peace