New camera body or new lens?

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Hi all! I'm 16 years old and am just starting my business as a portrait photographer. I'm unsure about my next equipment purchase. I currently own a Canon Rebel XS camera body and I shoot with a 50mm 1.4 lens. I'm considering purchasing a Canon 70D, although the cost is out of my current budget. I'm wondering if it would be best to stick with the Rebel XS and purchase a new lens or if I should invest in the new body? If I go the lens route first, should I go with a 35mm or an 85 mm prime lens next? Any and all recommendations/feedback will be appreciated. Thanks!
 
The 50mm f/1.4 is already a very good match to your camera and gives you an 80mm FF equivalent FOV.

If I had to choose though I would say the 85mm lens next (135mm equivalent) would be a pretty good purchase.

And then, a speedlite. Learning how to use that, will help the quality of your images more than any lens or body ever will. To me, a speedlite is the difference between taking photos and making photos.
 
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I would choose the 85mm f1.8 as my next purchase. Combined with your current 50mm f1.4 you would then have a nice ~80/~130 range of very sharp lenses. If you get afflicted with GAS - gear acquisition syndrome - and
absolutely have to have a new body, but have a limited budget, consider a used 5D. There are a number of
advantages with the full frame for portrait work - depth of field primarily - but a 5D shouldn't break the bank.
Also, you'll need to get some lighting - not only for more effective portraits but for skill building. Several vendors
offer two light kits complete with stands etc. for less than $250 and even those are often on sale. For studio
portraits, still life art shorts and other uses, the lights are indespensible. I'd check at school, some of this equipment is often available there and sometimes can be checked out over weekends. Check photography classes, the student newspaper, yearbook etc. Good luck.
 
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Good luck with your buddy interesting.

I agree go for the glass - the best glass you can afford. though this will spoil you. Photography can quickly become an expensive hobby.
 
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I don't know about the Rebel XS. Not sure how old or good it is. But, I have a Rebel T5i and it compares pretty well (for the low cost) to my 6D and 7Dii.
I am also an owner of several business, and, like you, had no money at your age.
So... as a businessman and a photographer, I would suggest you not spend money on more equipment that mostly just upgrades what you've got. That's a fatal decision for a lot of businesses. If you can't make money with what you've got, you're not gonna make it with a few more megapixels on your sensor, or bokeh in your background. BUT, a LOT of businesses have gone belly up because they didn't have enough working capital to get past the start up phase.
If there is stuff you really, really need (Lightroom, back drops, flash) that you don't have, maybe cautiously invest there, but only cautiously.
Economy is on a razor's edge right now. And a lot of great shots have been shot with iPhones and shot 100 years ago with crap equipment (by today's standards). You can take great, creative, awe inspiring photos with what you've got. But, not if you're working at McDonald's because you're broke.
Just my $0.02.
 
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You need to describe your lighting. Lighting is a huge part of portrait photography, your equipment will be fine, If you already have good lighting, do you have back drops?

Just what equipment do you have, and how are your portraits done? For outdoor use a 85mm will be your next best lens.
 
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