My Abu Dhabi Salary: ‘I earn Dh1,000 a month as a small business owner’

Tasneem Barad, a macrame and candle-making artist, quit a career in wholesale banking to pursue her passion

Tasneem Barad invests in gold annually and uses it to pay for emergencies. Victor Besa / The National

Tasneem Barad is a macrame and candle-making artist who runs two businesses called The Boho Madness and Wicks and Bubbles. She quit her banking career to take a leap of faith and launch her businesses.

Ms Barad, 33, an Indian from the city of Surat in the western state of Gujarat, creates several items using the macrame technique, such as earrings, wall hangings, curtains and handbags.

She also crafts different candles with soy wax, including jar candles, whipped candles, cupcake candles and other culinary candles.

Additionally, she organises workshops on candle-making, macrame, punch needle, hand embroidery, Palestinian tatreez embroidery and finger knitting.

However, Ms Barad does not currently earn much as her businesses are still in the start-up phase and she reinvests profits back into her ventures.

The entrepreneur lives with her family in Mohamed bin Zayed City, Abu Dhabi, and has been in the UAE for 12 years.

She previously worked in wholesale banking with Abu Dhabi Commercial Bank and First Abu Dhabi Bank for seven years.

She holds a bachelor’s degree in education, with a specialisation in English and social science, as well as another degree in human development from Surat.

What was your first job and how much did it pay?

My first job was as a pre-primary teacher in 2011 in India where I earned a salary of 9,000 Indian rupees ($107.6). I worked there for one year.

I moved to the UAE at the end of 2012. My first job in the UAE was also as a teacher. I worked there for about a year and earned Dh3,000 ($816).

In 2013, I received a job offer from ADCB. I was randomly applying for jobs to get a flavour of the UAE employment market. I wanted to try something new although I enjoyed being a teacher.

ADCB hired me for a corporate call centre role on a monthly salary of Dh5,000, which later increased to Dh9,000 when I joined FAB.

Why did you become an entrepreneur?

During Covid, I was not getting leave and I had some personal commitments. That’s why I left the job with FAB.

If I hadn’t taken the leap of faith, I wouldn’t have become the person I currently am. I’ve moulded myself in these two years and gained experience meeting other entrepreneurs and studying how the customer segment works.

I have come a long way and learnt many things, which probably I wouldn't have if I were still in a nine-to-five corporate job.

How much do you earn currently?

About Dh1,000. My husband is the family’s main breadwinner. I started this as a side hustle, but now I'm into it full-time.

I am a small-business owner, and everything depends on the number of orders I get. It’s hard to get orders in bulk.

You can’t run this business sitting in the comfort of your home, you need to go out and market your products.

I participate in exhibitions, but if an event is not well-marketed, there may not be much footfall and we sometimes pay as high as Dh750 to take a stall. Last month, I incurred a loss of Dh1,000 because I participated in two exhibitions and had zero sales at both of them.

Small business owners manage everything, from social media and marketing to finances, inventory management, and product creation. Because of the unique art forms I'm into, I cannot seek help from others.

The most I’ve made would be about Dh2,000 during a high season, such as Christmas, Diwali or Eid when I get bulk orders.

My target customers are those looking for home decor and interior designers. My Instagram page has a boho vibe and I specialise in creating wall hangings and curtains. If someone is looking to give a boho or minimalistic look to their home, they can approach me.

Previously, I contributed equally to support the family, but now everything I do comes from my savings. I used to save from my corporate job, allowing me to sustain the businesses without making significant profits.

But I’ve stopped looking for jobs because if I dedicate more time and effort to my businesses, they might flourish. Success doesn't happen overnight; you have to be in the market for a long time to understand what works for you and what doesn't.

Do you have savings?

I am unable to save at the moment, but I manage to break even. I need to spend money on social media advertisements, marketing, networking groups and exhibition participation.

If I pay a table fee of Dh500 for an exhibition, I must make sales worth Dh1,500 or more in a single day to be profitable.

I need to earn at least three to four times the table cost to make a profit, but this has only happened only once or twice since I started my businesses.

What asset classes have you invested in?

Currently, I'm only investing in my businesses. I keep buying and learning new things.

It takes time to understand the market. Unless you do not go and test the market, you will not know what’s the right fit for you. That’s why I keep participating in exhibitions to know what the crowd likes.

We haven’t invested in anything else yet because we live with our entire family here. We always try to make some investment, but somehow that has not been possible because of the financial constraints.

Do you have any debt?

I do not take on debt and have never owned a credit card. I am very scared to use credit cards because I will always forget to make the payment.

Growing up, were you taught how to handle your finances?

Yes. My parents never taught me, but I grew up seeing their money habits.

You save not just in financial terms, but also when it comes to buying food or clothes. They were very careful with their finances and budgeting.

What are your major monthly expenses?

The highest allocation goes towards our house rent, my child’s school fees and then comes other expenses such as electricity and groceries.

Have you started saving for retirement?

I have not started saving for retirement yet. As long as the UAE treats me well, we plan to be here and haven't decided on any retirement plans.

Do you have an emergency fund?

No. But we have a habit of buying gold. It's an investment you can liquidate if an emergency happens.

We buy gold once a year on a special occasion. It could be a small ring or a bracelet.

Do you have any financial goals?

My main financial goal is to make my business more profitable.

Do you have any strategies to beat inflation?

Only buy things you need. There was a time when I was shopping for everything. Now I have stopped it and only buy the necessary things.

I don’t buy stuff just because it is available at a discount or part of a ‘buy one, get one free’ offer.

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