Saturday, July 28, 2012
Get Rid Of Video Equipment Clutter to Make Money
By Kris Simmons
This is not an unusual case but I know that there are other video business owners who are like me when it comes to getting video equipment. Every time I buy these things, I always want to preserve them.
The disadvantage is getting to use only a minimal percentage of the items I have while the remaining ones depreciate every day.
While figuring out how to eliminate expenses on my studio, I saw that my wife kept on selling her old clothing, precious jewelry and other items on eBay. That was my realization point. I knew that I had to sell video equipment that I don't normally use.
Why?
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 are trying to think of ideas to make money while there are no video projects to do, take a look at your studio, find things that you want to keep and consider selling the rest. Furniture and fixtures, old cameras and other video stuffs that have been lying in your studio for a couple of years have to be sold.
I figure I can put about $30,000 in my pocket once I get rid of all my junk. Now, finding the time to get everything cleaned up and listed on eBay or Craigslist is another story. This might be a great job for an intern.
Take precaution when selling things that may be considered collateral to your bank loan. Ask your accountant if you are unsure about this. They will tell you the best option to make. If your accounting records show these items as depreciated, you will have to pay a different type of tax. It is important to contact your account to learn more about this.
The disadvantage is getting to use only a minimal percentage of the items I have while the remaining ones depreciate every day.
While figuring out how to eliminate expenses on my studio, I saw that my wife kept on selling her old clothing, precious jewelry and other items on eBay. That was my realization point. I knew that I had to sell video equipment that I don't normally use.
Why?
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 are trying to think of ideas to make money while there are no video projects to do, take a look at your studio, find things that you want to keep and consider selling the rest. Furniture and fixtures, old cameras and other video stuffs that have been lying in your studio for a couple of years have to be sold.
I figure I can put about $30,000 in my pocket once I get rid of all my junk. Now, finding the time to get everything cleaned up and listed on eBay or Craigslist is another story. This might be a great job for an intern.
Take precaution when selling things that may be considered collateral to your bank loan. Ask your accountant if you are unsure about this. They will tell you the best option to make. If your accounting records show these items as depreciated, you will have to pay a different type of tax. It is important to contact your account to learn more about this.
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.
Posted by AppleFanatic at 1:22 AM
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