Put bluntly, if we creatives want to make a real livelihood with our work – we need to realize that the business end of the stick if we’re holding. And while you know I’m always up for the occasional rant on this topic, I today decided to save myself a few blood vessels and some hot air, and instead passed the baton over to my homie, best-selling business/finance author and master of psychology, Ramit Sethi. I’ve said this before in public – Ramit taught me more about the business side of art in 30 minutes than I’d learned in the previous 5 years. As such, if you listen to one person about this shiz, I suggest you listen to Ramit. – Chase
Let me start by asking you a couple questions.
Do you need the latest camera or software? Will it help grow your business?
Or is it more likely that the latest shiny equipment is distracting you from finding clients who will pay what you’re worth?
Today, as in right now, creating a framework to think about whether buying the latest equipment will actually help you grow your creative business and earn more money. Here’s how this came up: I was in San Francisco, shooting a day of video, and on a break I overheard my crew talking about whether they should buy a $70,000 camera to grow their business.
My ears perked up. I asked them why they would buy it. Their answers were wishy-washy and vague: “Well…it’ll help us get exposure…” So on the spot I suggested a framework to use when deciding whether to purchase new equipment for your creative business.
You might be surprised to hear what I suggested.
1) There’s a time and a place when buying the right equipment will help grow your business
2) But surprisingly, most clients don’t care about your equipment
3) If you can figure out what they value, you can save tens of thousands of dollars on equipment and actually make your clients happier — at the same time.
Put another way: I’ve hired many photographers, videographers, writers, and designers in the last 3 years. Can you guess how many times I’ve asked what camera or software they use? Answer: Zero. I’ve spoken to Chase about this as well. How many times do you think he’s been asked about his equipment unless it’s a super elite, over the top shoot. His answer is the same: zero. Put simply… buyers simply don’t care about that. And usually that equipment won’t help you make the thing you need to make.
Now, there is a time and a place to invest in the right equipment. You can become the ‘specialty guy or gal’ at this or that, but I bet dollars to donuts that we’re not talking about what you need NOW. When you’re growing your creative business, here’s a little video to guidance how to know whether you should invest in new equipment…or decide to first focus on other areas of your business….
By the way, in the video I mention deeply understanding your clients to figure out what they value. (This is how you can find better clients, charge more, and work with the people you want to.) If you’re curious how I study my own clients, here’s the actual survey I’ve used to generate over $100,000. Feel free to use it for your own business.
I now return you to your regular programming. [Thanks Ramit! – chase]