Too young to be your own boss? 27-year-old Dubai entrepreneur proves age isn’t a barrier


Too young to be your own boss? 27-year-old Dubai entrepreneur Injeel Moti proves age isn’t a barrier
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Dubai: Growing up with a value for money mindset, UAE resident Injeel Moti was trained at a young age to manage money. Moti, a longtime NRI, grew up in Saudi Arabia before moving to Dubai 11 years ago.

“My parents often told me that just because money is available in abundance doesn’t mean you necessarily have to spend,” said Moti, who founded public relations consultancy Catch Communications at the age of. 27 years old.

My parents often told me that just because money is available in abundance doesn’t necessarily mean you have to spend it.

– Injeel Moti

Here, she further explains how the money management skills she developed during her growing years have helped her develop her GCC-focused business and manage its day-to-day operations.

So how was the business funded? What were your initial costs?

She had put her savings of around 100,000 Dh to finance her consulting activity. She had set aside 30 percent of her income each month throughout her four and a half years in the communications industry, where she worked at four different Dubai-based companies.

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Injeel Moti had set aside 30% of her income each month throughout her four and a half years in the communications industry, where she worked at four different Dubai-based companies.

“Having worked with companies of different sizes and operating structures, I gained sufficient knowledge of how they conduct their operations. This came in handy when I designed the business model and planned my business.

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

“The main costs were digital marketing, awareness, building a website and running social media advertising campaigns. My initial savings were also spent on renting office space, supporting IT infrastructure, and transportation costs for all introductory meetings. “

“I spent around 30,000 Dh for installation, obtaining a license, a visa and other legal formalities, while I spent an additional 20,000 Dh for the expenses of infrastructure, technology , rental and travel. “

Tip # 1: Set yourself a standard salary up front and only cover your personal expenses from that designated amount.

Moti receives a fixed amount as salary, which is credited to his account each month by the company. “I make sure that my personal expenses do not exceed this, because the profits of the company must also be reinvested in the company to promote growth. “

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Injeel Moti: “It was a very competitive market when I started. So investing in marketing was a big expense for me from the start. ”

This business acumen stems from managing money and staying on a budget while growing up. “My parents always gave an amount for me, which had to last for the entire month. How I chose to spend it was entirely up to me. Budgeting for money to meet my needs began when I was seven years old. I use these skills to this day to manage my personal and professional financial needs.

However, Moti’s entrepreneurial journey was not without its fair share of mistakes early on.

“Although I now prefer to keep my personal and business expenses independent of each other, I made a mistake early in my working years when I dipped into the company account without counting my salary etc. ., and I learned that it only does things. complicated. In six months, I lost sight of everything, and that’s when I restructured the way things worked.

That is why Moti recommended that entrepreneurs distribute all expenses well and have complete clarity on their expenses and the expenses of the company.

Although I now prefer to keep my personal and business expenses independent of each other, I made a mistake early in my working years.

– Injeel Moti

Tip # 2: Always make sure you reinvest a certain percentage of the profits back into your business.

Moti ensures that 30 percent of all company profits are reinvested in the company. The rest is used for operating expenses, staff salaries and the rainy day savings reserve.

“This structure helps a lot to plan for the future and gives me a clear vision. When you want to grow and welcome investments into the business, your finances will be the first thing potential investors ask for. “

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Moti ensures that 30 percent of all company profits are reinvested in the company.

She further said that small businesses with limited resources tend to get caught up in the operational side of the business, serving clients and clients, with finances in the background. “It doesn’t serve well in the long run. “

“Every business expense must be accounted for; every dirham spent on the business, whether on entry or exit, should be accounted for and reviewed monthly so that you can keep track. “

“If money isn’t your strong suit, then hire an accountant who can help you with that function, keep expense sheets and perform annual audits, so that everything is accounted for. “

All business expenses should be accounted for – every dirham spent on the business.

– Injeel Moti

Tip # 3: Have a good business maintenance strategy. Consider a specified cash flow for the survival of the business from the start.

While setting up a business might seem relatively straightforward at first glance, Moti realized that in reality it was not. She said that it takes a lot of things to train him from a financial standpoint and from a knowledge standpoint.

“Once the set-up phase is complete, making sure the business is running smoothly and making enough money to cover the costs and, of course, being a profitable business if not immediately, at least down the line, is the ultimate goal for all. “

Injeel

Moti explains how the money management skills she developed during her growing years have helped her develop her GCC-focused business and manage its day-to-day operations.

She added that the cash flow issue is the biggest challenge for a consulting business because you aren’t dealing with anything tangible. “As you start to grow, your overhead costs go up. Finding and developing the right talent to support your business has also presented itself as a challenge from time to time.

“Plus, investing in, developing and training people to help grow your business is a process that takes both time and money. Thus, having a stipulated cash flow is essential for the survival of the business. Grow as you go and always have a reserve of funds to lean on.

“Running a business means unforeseen expenses, because there will always be something that you didn’t consider. It is therefore vital to have a substantial amount to fall back on. It provides business security, peace of mind and is perhaps the most critical thing needed to run a business effectively. “

“We saw a lot of businesses shut down in 2020, which basically happened when there was no livelihood strategy.”

Running a business means unforeseen expenses because there will always be something that you might not have considered.

– Injeel Moti

Tip # 4: Don’t have a scarcity mentality when it comes to money; instead, make smart investments.

She firmly believes that money attracts money. She insisted on never getting into a scarcity mindset about money. Don’t let your money sit alone in the bank. Invest starting with low risk options and increase your risk appetite as your funds grow, Moti added.

“I invest in designer clothes, handbags and limited edition shoes that increase in value every year. This is a good way to make money by doing absolutely nothing; I managed to sell a Louis Vuitton handbag at almost double its original value this year.

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Don’t have a scarcity mentality about money; instead, make smart investments.

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