THREE MONEY RULES BOU RACHED LIVES BY

▮ Rule #1: Spend what you need and save everything else.

This approach has helped him self-fund the business and get it off the ground. “I am not suggesting that people should forgo fun and entertainment. After all, social interactions and fun are fundamental needs of humans, but there should be a proper balance.” However, Bou Rached avoids social traditions that hurt financially, such as big expensive social gatherings, lavish weddings, a car, or similar activities. He said, “If I were going to spend a lot of money or dip into my savings, it would have to give me a ‘return on investment’ or ROI.”

▮ Rule #2: Learn to expect to adapt when undertaking an innovative idea for a business.

Bou Rached said, “When we were looking to set up the business, this type of business classification didn’t exist. We had to acquire special permits and change our trade licenses multiple times in the first years to keep up with changes in the regulations.”

Changing licences even cost him extra money, but he had expected it to happen, as the regulation for this industry hadn’t established when he started. “The main takeaway from starting and running such a new kind of business is that you don’t have to learn things the hard way. From the beginning, focus on high quality- everything from your operations to your bookkeeping and interactions.”

▮ Rule #3: Ensure proper budget planning, get the number and double it.

“In budget planning, get professional assistance, ask your friends, crunch the numbers and triple-check everything. Then when you have the correct number, double it,” added Bou Rached.

“I set the initial budget myself, but we brought in professionals within a year of operations. We leveraged their experience and expertise to catch mistakes early on and rectify them before longterm issues could manifest.”