Freelance finance


Peter Savage 2 TV-Bay Magazine
Read ezine online

As a freelance cameraman working on varied productions, you need to be sure you always have the right kit for the job. Acquiring the latest equipment is a necessity, not a luxury; the difficulty is being certain you will be able to manage the cost. How can a freelancer be sure he can finance his equipment?

First, before discussing the financing options, there are important preliminary points to consider to put you in the strongest position possible for financing your equipment:

  1. Financial stability: Does your freelance work allow you to maintain an appropriate level of financial stability to cover the cost of new equipment?
  2. Cash flow: Will you need to accept non-industry related work to maintain cash flow during quieter times? If so, do you have connections that will bring in that other work?
  3. Business plan: Do you have a business plan that shows how you plan to progress within the industry and the steps you will take to achieve it?
  4. Risk assessment: Have you assessed the implications of financing your equipment and prepared a budget for making payments if you take out finance? If you are considering a business loan, be brutally honest about how you will repay the loan over a long term.

There are four types of finance available to freelancers: family and friends, bank loans, asset finance and crowdfunding.

Family and friends financing is probably the easiest and most flexible route, as the loan can often be arranged by discussion. There are, however, two points to keep in mind. First, be prepared for, and don't be offended by, a "no". Secondly, this is the most embarrassing form of borrowing if you can't pay it back. Trust me, a family member is unlikely to let you forget about it until it is paid back - and often for long after.

Bank loans were the traditional form of lending however, as widely reported in the press and as anyone who has tried will know, loans have almost completely dried up for small independent businesses and freelancers. Long gone are the days of personal service from managers who had an underwriting limit. Now banks almost always require additional security, making it difficult for start-ups and independents to get any affordable funding.

Asset finance is often the best route for freelance cameramen seeking camera finance. Several manufacturers run finance promotions; and a couple of specialist companies focus only on funding broadcast and photography freelancers and businesses. For example, up to September 30th, Azule is offering a Canon camera finance deal with 24 months at 0% interest. Azule says it is one of the fastest finance companies to turn deals around (including camera finance, no deposit) and that there are many no-nonsense deals to buy or hire equipment from top brands. Its finance people are not scared off by the seasonality of a cameraman's business - a refreshing approach in these cautious days.

Crowdfunding is the new kid on the block. Otherwise known as peer-to-peer lending, crowdfunding has proved to be a very useful way to obtain finance. Originally devised to fund films, it is available for equipment finance but the broadcast industry is not its strength. Crowdfunding is like an unsecured loan, and it can take time to put the finance in place, but it is a good third choice with the banks coming in last.


Tags: iss115 | freelance | finance | Peter Savage 2
Contributing Author Peter Savage 2

Read this article in the tv-bay digital magazine
Article Copyright tv-bay limited. All trademarks recognised.
Reproduction of the content strictly prohibited without written consent.

Related Interviews
  • Azule Finance at BVE 2016

    Azule Finance at BVE 2016

  • Five Arrows Media Finance at IBC 2015

    Five Arrows Media Finance at IBC 2015

  • Azule Finance at BVE 2013

    Azule Finance at BVE 2013

  • Kit Financing with Medialease at NAB 2017

    Kit Financing with Medialease at NAB 2017


Related Shows
  • Paragon Bank Technology Finance at BVE 2016

    Paragon Bank Technology Finance at BVE 2016


Articles
Connect A Broadcast-Quality Miniature Camera To Your Computer!
Spencer Doran Upgrade any home working or live streaming setup with a broadcast-quality professional webcam
Tags: webcam | marshall | CV503 | USB | ZOOM | Streaming | Spencer Doran
Contributing Author Spencer Doran Click to read
An Argument for the Z Cam
Jake Ratcliffe Z Cam first dipped their toes into the cinema camera market back at NAB 2018 with the release of the E2 and since then they have proven themselves as one of the go-to camera manufacturers for affordable and unique camera solutions. Their family of cinema cameras has since evolved into a set of 6.
Tags: iss142 | cvp | cvpgroup | micro four thirds | e2c | zcam | full frame 6k | tilta | smallrig | 8sinn | zacuto | rvlvr | Jake Ratcliffe
Contributing Author Jake Ratcliffe Click to read or download PDF
Five Rules for Creating a YouTube Business
KitPlus Ever dream of creating entertaining, impactful videos for a living? YouTube sensation Cherry Wallis and her technical consultant Chris Pearless tell us what they’ve learned throughout her channel’s rise to fame.
Tags: iss142 | cherry wallis | youtube | channel | blackmagic | adsense | google revenue | KitPlus
Contributing Author KitPlus Click to read or download PDF
Working with Remote Workflows
Alex Macleod At the time of me writing this article there is literally no other subject of conversation going on at the moment. The creative industries are on the verge of a complete shutdown, and it’s a seriously scary prospect. The fear & uncertainty is very real.
Tags: iss142 | mediacity training | premier pro | nle | editing | motion templates | Alex Macleod
Contributing Author Alex Macleod Click to read or download PDF
The Importance of Audio Production Systems
Tom Knowles Large-scale entertainment programming presents a unique set of challenges for broadcasters. Often extremely high-profile keystones of a broadcaster’s schedule and increasingly billed as live ‘event television’, as well as delivering the very best audio quality they demand a huge degree of flexibility and agility in terms of their production. With music being such a core component of their appeal to growing audiences, in both linear broadcast and online, nowhere is that more important than their audio production systems.
Tags: iss142 | ssl | solid state logic | system T | tempest engine | binaural encoder | Tom Knowles
Contributing Author Tom Knowles Click to read or download PDF