When I get hold of video equipment, I don't have any intentions of taking it away. I want to keep things as long as I can. I still believe that there are a lot of video production owners who have the same attitude when it comes to buying gear.
The disadvantage is getting to use only a minimal percentage of the items I have while the remaining ones depreciate every day.
I observed how my wife sells her dresses and accessories on eBay while I was trying to think of solutions to my video production budget. That's when I finally understood that I had to put all these equipment up for sale as soon as I can.
Why must I sell these gears?
Video equipment assets depreciate over time. If I decided to sell my computer last year rather than this year, I would have been able to sell it at $300 to $500 higher. I have cameras, software, video and audio cables, speakers and a lot more that can sustain three to four studios. That's how much excess equipment I have.
If you want to increase your cash when you don't have any video production services to do, check your studio for things that you can keep and sell the stuffs that you don't use anymore. Stuffs that have accumulated for years need to be taken out.
I will make $30000 more if I sell all of these things. However, I don't think I have the time to put these in order and post them on eBay or Craigslist. This may be the right time to find an intern to do the task.
Although there's a benefit in this strategy, be cautious not to sell something that is being used as collateral on your current bank loan. If you don't know, take the advice of your accountant. Ask for your options. Depreciated assets listed in your records also have different tax computations. Make sure that you talk to your accountant about this too.
The disadvantage is getting to use only a minimal percentage of the items I have while the remaining ones depreciate every day.
I observed how my wife sells her dresses and accessories on eBay while I was trying to think of solutions to my video production budget. That's when I finally understood that I had to put all these equipment up for sale as soon as I can.
Why must I sell these gears?
Video equipment assets depreciate over time. If I decided to sell my computer last year rather than this year, I would have been able to sell it at $300 to $500 higher. I have cameras, software, video and audio cables, speakers and a lot more that can sustain three to four studios. That's how much excess equipment I have.
If you want to increase your cash when you don't have any video production services to do, check your studio for things that you can keep and sell the stuffs that you don't use anymore. Stuffs that have accumulated for years need to be taken out.
I will make $30000 more if I sell all of these things. However, I don't think I have the time to put these in order and post them on eBay or Craigslist. This may be the right time to find an intern to do the task.
Although there's a benefit in this strategy, be cautious not to sell something that is being used as collateral on your current bank loan. If you don't know, take the advice of your accountant. Ask for your options. Depreciated assets listed in your records also have different tax computations. Make sure that you talk to your accountant about this too.
About the Author:
Looking to find the best resource for running a successful video production company, then visit Kris Simmons' website to find the best advice on how to use your filmmaking skills to generate a six-figure income.
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