We had a very impactful Instagram Live Session with Mr Tola Onayemi, a well-versed international lawyer who leads trade and investments negotiations for Nigeria.
As expected, we learnt so much and gained insight into the future of business post COVID 19 and how we can adapt these changes towards our finances.
During the session, we realized how the advent of the pandemic, COVID 19 showed how connected the whole world is and how countries depend on one another in the global economy. Likewise, the future of photography depends largely on the international trade of the world.
Mr Tola Onayemi threw one of his favourite quotes by Peter Drucker which states “The best way to predict the future is for us to create it”. Just by looking at the constant improvement of technology, internet connectivity, virtual reality and Artificial Intelligence, we can see that the future is being crafted already.
In view of this, the nature of photography will also change and it won’t matter much about the equipment one has. In the future, the best camera is the one you have in your hand. It doesn’t matter which DSLR you have. What matters most is what you can do with it.
Photojournalism will rise a lot in the future and people will depend a lot on photographers for their storytelling, creativity, and emotions that can be evoked from their images.
The future of photography post COVID-19 will require photographers to be flexible, ready to evolve, mobile, fast and agile, and learn how to deploy technology.
Three solid points were noted by Mr Tola while discussing the future of photography after the pandemic:
1. 1) Agility will become the currency of the future
2. 2) Ability to learn and flexibility will also become the currency of the future
3. 3) The best camera will be the camera in your hand. Whoever releases a picture first will also be a very important factor to consider.
Now is the Empire of the Creatives!
For the future of photography, photographers need to take photography as a business. They should be able to crack where the money is in photography. Finance would matter a whole lot and being aware of the times would matter too. New technology will come out so photographers need to be willing to learn and try out new things.
A number of questions were asked, the first being whether it’s advisable to make any investments right now, in view of the uncertainties caused by the COVID 19 pandemic.
Mr Tola advised us to ponder on and answer four major investment questions.
1. 1) How much do you have that is disposable?
2. 2) How much investment skill do you have?
3. 3) What’s your risk appetite?
4. 4) What is the intention of your investment?
He used the 40:20:20:20 investment ratio as an example to us of how we can invest. However, this ratio is not a strict rule as it depends solely on your current financial ability.
Mr Tola educated us on a number of investments apps that one can use to invest in stocks both in the United States and abroad, such as Tracker, Bamboo,etc. Traditional banks like UBA also offer investment opportunities. He advised that we could always employ the services of a stock broker if we have no experience in investments. Stocks are the easiest ways to make money but we should also make plans for it to be a long-term investment.
Another important question that was answered is this “What industry do you envisage would experience a lot of boom post COVID 19?
Mr Tola Onayemi mentioned a couple of industries such as:
* • Technology
* • Distribution and logistics companies
* • Healthcare companies
* • Insurance providers
* • Medical research
* • Tourism and hospitality
* • Government companies also allowing private individuals to buy equity in them, etc
He also advised photographers to learn from the movies and entertainment industry in the way they employ the use of contingency and distribution deals.
Photographers and business owners generally have to think of adding value to their services, in one of two ways. It’s either they unbundle their packages and services so that their prices can meet up with a wide range of customers and clients; or they find a way to add more value to their services, such as adding distribution services to your works, or offering storage facilities to your clients for their photos.
Finally, Mr Tola spoke on the importance of trademark and copyright of images, advising that in some situations, it will be ideal to register some photos we take.
Although the individual grows the brand, photographers must ensure that they always invest in the brand as that is what will enable their business grow.
We had such an amazing session and we’re sure you all learnt a lot too. Make sure to watch the IGTV video for more important points that were raised and share to anyone who is involved in business!
We’ll see you all at our next #SmoothieFriday!
Here is the full Video of our chat.
Please follow Tola Onayemi @adetolaov
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