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I enjoy shooting with small flashes because it's just easier to travel with and set up. I can practically pull a three piece lighting kit out of a backpack. The problem you'll run into with small flashes is trying to diffuse it with light modifiers. Softboxes are a popular choice for portrait and beauty photographers, but normally you need to decide on the proper speedring - Broncolor, Elinchrom, Bowens, Calumet, Alien Bees? The list goes on and on. The Westcott Apollo Orb octagon softbox (above) is perfect for portable flashes (speedlites), but can also be used with larger studio strobes without speedring adapters. The umbrella-like design sets up quick and is easier for Photographers who travel and need to shoot on location. A slit in the bottom of the softbox allows the stand to be placed through the center covering the entire flash unit. Unfortunately besides being too big at 43" inches, the $130 dollar softbox is also out of stock.
Searching around for the equivalent, I happened upon one company making a smaller (similar) design at about 32" and obviously only runs for one quarter of the Apollo price. Needless to say, i'm already all over it and ordered myself a few pieces. (light stand and flash bracket not included). Remember that once you have your flashes tucked away, in order to fire them off, you'll need at least a good cheap set of wireless triggers like the Yongnuo RF-603s (found here). There are also rectangular versions of this speedlite softbox, that also opens up just as easy as an umbrella.
If you've been experimenting with Flash photography, you might start to gain interest in light modifiers. With different types of modifiers you can shape the light and target exactly where you want it to be. I know some guys who carry between 4-8 speedlite flashes (or more) when on assignment. My favorite modifiers for small speedlites are honeycomb grids or snoots. These create a somewhat spotlight effect perfect for hair, rim lighting, or background seperation.
If you're running around at an event, the most common modifier is the large diffuser. So that you aren't casting harsh shadows, you'll need a Stofen, Light Sphere, or Globe. Here's a great kit for a great price and even comes with a set of colored diffusing panels. We often use colored Gels over speedlites, but these colored diffusers seem to work in the same way allowing you to add different colors to the background without having to change out the whole roll. The video seems outdated with the $100 dollar price tag, as they can be found much cheaper now.