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Your Money Community Tips

Too young to be your own boss? 27-year-old Dubai entrepreneur proves age is not a barrier

Saving 30pct of her pay over 4.5 years helped young Indian expat become an entrepreneur



Too young to be your own boss? 27-year-old Dubai entrepreneur Injeel Moti proves age is not a barrier
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Dubai: Growing up with a mindset to value money, UAE resident Injeel Moti was trained to handle money very young. Moti, a long-time NRI, was brought up in Saudi Arabia before she made Dubai her home 11 years ago.

“My parents often told me that just because money is available in abundance does not necessarily mean that you have to be spending,” said Moti, who founded Dubai-based PR consultancy Catch Communications at the age of 27.

My parents often told me that just because money is available in abundance does not necessarily mean that you have to be spending.

- Injeel Moti

Here she further explains how the money managing skills she developed in her growing years helped her build her GCC-focused business and manage its operations on a daily basis.

So, how was the business funded? What were your starting costs?

She had put her savings of around Dh100,000 to fund her consultancy business. She had set aside 30 per cent of income each month throughout her four-and-a-half year stint in the communication industry, where she worked in four different Dubai-based companies.

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Injeel Moti had set aside 30 per cent of income each month throughout her four-and-a-half year stint in the communication industry, where she worked in four different Dubai-based companies.
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“Having worked with companies across different sizes and operational structures, I acquired sufficient exposure to how they ran their operations. It came in handy when I devised the business model and planned my business.”

“It was a very competitive market when I started. So investing in marketing was an essential expense for me from the start."

“The main costs were digital marketing, creating awareness, establishing a website, and running social advertisement campaigns. My initial savings was also spent on renting an office space, supporting an IT infrastructure, and transport costs for all introductory meetings."

“I spent about Dh30,000 setting up, obtaining a license, visa, and other legal formalities, while I spent another Dh20,000 on infrastructure, technology, rental and travel expenses.”

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Tip #1: Set a standard salary for yourself right from the start, and meet your personal expenses only from that designated amount.

Moti gets a fixed amount as salary, which is credited to her account each month from the business. “I ensure my personal expenses do not exceed that as the firm’s profits have to also be invested back into the business to aid further growth.”

Injeel Moti: “It was a very competitive market when I started. So investing in marketing was an essential expense for me from the start."
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This business sense stemmed from managing money and staying within a budget while growing up. “My parents always gave an amount for me, which was to last through the month. How I chose to spend that depended entirely on me. Budgeting money to meet my needs started when I was seven years old. I employ those skills to date to manage my personal and business financial needs.”

However, Moti’s entrepreneurial journey was not without making her fair share of mistakes at the onset.

“Although I now prefer to keep my personal and professional expenses independent of one another, I did make a mistake early on in my business years when I dipped into the company account without accounting for my salary etc., and learnt that it only made things complicated. In six months, I lost track of it all, and that is when I restructured the way things were running.”

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This is why Moti recommended that entrepreneurs must have all expenses well divided and have complete clarity on their spending and the business spending.

Although I now prefer to keep my personal and professional expenses independent of one another, I did make a mistake early on in my business years.

- Injeel Moti

Tip #2: Always ensure you reinvest some percentage of profits back into your business.

Moti ensures that 30 per cent of all business profits are reinvested back into the business. The rest is used toward operational expenses, staff salaries and the savings pool for rainy days.

“This structure helps a lot with planning for the future and gives me a clear outlook. When you want to expand and welcome investment into the business, your financials will be the first thing potential investors will ask for.”

Moti ensures that 30 per cent of all business profits are reinvested back into the business.
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She further stated that small businesses with limited resources tend to get caught up in the company’s operational side, servicing clients and customers, keeping the financials on the back end. “This does not serve well in the long run."

“Every business expenses need to be accounted for; every single dirham spent towards the business, whether entering or leaving, must be accounted for and reviewed each month so you can keep track."

“If money isn’t your forte, then hire an accountant that can support with this function, maintain expense sheets and exercise annual audits, so everything is accounted for.”

Every business expenses need to be accounted for - every single dirham spent towards the business.

- Injeel Moti

Tip #3: Have a sound business upkeep strategy. Account for a specified cash flow for the business’s survival right from the start.

Although setting up a business may seem relatively straightforward on the surface, Moti realised that in reality, things were not so. She said a lot has to go into forming it from a financial standpoint and the knowledge front.

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“Once the set-up phase is complete, ensuring the business runs smoothly and makes enough money to cover costs and, of course, be a profitable venture if not immediately, at least down the line, is the ultimate goal for all.”

Moti explains how the money managing skills she developed in her growing years helped her build her GCC-focused business and manage its operations on a daily basis.
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She added that the cash flow problem is the main challenge with a consultancy business as you aren’t dealing with anything tangible. “As you begin to grow in size, your overheads increase. Finding and developing the right talent to support your business too has presented itself as a challenge from to time.”

“Moreover, investing in employees, developing and training to help them contribute to the growth of your business is both time and money consuming process. Thus, having a stipulated cash flow is essential for the business’s survival. Grow as you go and always have a pool of funds to fall back on.”

“Running a business means unexpected expenses as there will always be something you would not have accounted for. So, having a substantial amount to fall back on is vital. It provides security for the business, peace of mind and perhaps is the most critical thing needed to run a business efficiently."

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“We saw many companies close down during 2020, which essentially happened when there was no sustenance strategy.”

Running a business means unexpected expenses as there will always be something you would not have accounted for.

- Injeel Moti

Tip #4: Do not have a scarcity mindset regarding money; instead, make sound investments.

She firmly believes that money attracts money. She urged that one should never get into a scarcity mindset regarding money. Do not let your money sit alone in the bank. Invest by starting with low-risk options and increase your appetite for risk up as your funds grow, Moti added.

“I invest in designer wear, limited edition handbags and footwear that increase in value each year. It is a good way to make money whilst doing absolutely nothing; I have managed to sell a Louis Vuitton handbag for nearly twice its original value this year.”

Do not have a scarcity mindset regarding money; instead, make sound investments.
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