Money & Me: ‘Starting a company helped me attain financial independence'

The National

2 days ago

Deepika Nahata became an entrepreneur when she identified a pain point for many working households: doing the laundry.
Partnering with a close relative, she launched WashOn Laundry as a family business in Dubai just before the Covid-19 pandemic. The company caters to individuals and businesses such as hotels, salons and gyms, and offers additional services such as shoe cleaning, bag restoration, cleaning of carpets, curtains and sofas.
She credits running the business for five years with giving her financial independence and more autonomy in taking decisions on money matters.
'We initially thought we had taken the wrong decision, but consistency and attention to customers' requirements are the only secret to success,' says Ms Nahata, 36, who is from the north-eastern Indian state of Assam.
WashOn, which is based in Dubai Investment Park, has now grown to 100 employees.
Ms Nahata has been living in Dubai for the past 10 years and currently lives in Murooj Al Furjan with her husband, who is a software engineer, two sons aged 10 and 2, and her in-laws.
She is a commerce graduate and holds a chartered accountant internship.
Did wealth feature in your childhood? What did you learn from it?
I was raised as a saver. Whenever I asked for pocket money, my mother would advise me to separate my needs from my wants. I didn't realise it then, but that simple lesson has changed the way I think about money. The habit of saving has helped me tide over emergencies.
Saving and reinvesting our profits back into the laundry business have helped us to enhance our way of working by updating equipment and expanding our service offering. I only choose to spend on things that add value and offer me something in return.
How did you first earn?
The first income I earned was for my CA internship, making 5,000 Indian rupees ($57.8) per month in 2012. Following the internship, my employer shifted me to a full-time role on a monthly pay of 20,000 rupees.
Any early financial jolts?
I remember one time when I had started working in India and my parents travelled out of town. The washing machine in my house broke down and I had no money to pay the technician. I had to borrow money from my neighbour. That was a wake-up call because I had no savings and was spending all my income going out with friends.
How do you grow your wealth?
Through reinvesting profits back into my business. I am a smart spender and only invest in things that add value. I don't spend lavishly on parties or luxuries, instead I'm focused on doing things that add value to my working life.
Have you been wise with money?
Yes, it's been five years since we founded WashOn. The time, care and effort we have put into growing it are paying us back, not just in terms of revenue but also in terms of the experience and lessons from running the business.
What has been your best investment?
Building our business. We started the venture from scratch. But now we are able to provide employment to 100 people and sustain their livelihoods. That gives us pride and joy.
Any cherished purchases?
Only the new equipment that we have purchased to improve efficiencies and add value to our laundry business.
Any financial advice for your younger self?
Don't wait to be financially ready. Whenever you feel like starting a business or doing something on your own, start small but at least make a start.
When my co-founder and I decided to start the business, we had a lot of doubts, but we didn't want to be financially dependent on someone else. There were many financial challenges as well and the prospect of taking risk. I am quite risk averse. But we decided to take the plunge. As it's a family business and we didn't want to take on loans, we tapped into family savings.
We started with five to six employees and today we have more than 100 workers and there's been a huge increase in our business revenue.
Any key financial milestones?
Running the business has helped us gain financial independence and also given us decision-making powers. Earlier, we had to take our husbands' consent on important financial matters. Now, my co-founder and I are financially savvy and take crucial decisions ourselves.
What luxuries are important to you?
Spending quality time with family.
What are your financial goals?
I want to grow WashOn to a level where we can provide our services all over the UAE. Currently, we are focused on Dubai only.