‘I aim to get my company into corporate tax bracket’
▶ The tough times of Covid-19 convinced journalist Sherry Gupta to follow her own path in PR, writes Deepthi Nair
Sherry Gupta, an Indian entrepreneur in Dubai, launched a public relations company during the pandemic in 2021, after her employer stopped paying her salary for five months.
The founder of Excel Comms, Ms Gupta, 35, worked as a journalist for eight years with The Times of India and NDTV in India, the Qatar Tribune in Doha and Connector magazine in Dubai. She started her career as a PR executive in Mumbai in 2011.
She lives in Jumeirah Lakes Towers with her husband, who works in finance at the Dubai International Financial Centre. They bought their apartment in 2018.
Ms Gupta, who has been in Dubai for seven years, is from Ludhiana, in the northern Indian state of Punjab.
Q
What role did money play in your childhood?
A
I grew up in a family where money was not an issue. If I needed something, I would get double, but I never made unreasonable demands.
We thought anybody could earn money because we grew up in such an environment. My dad had his own glass business. My mum was a home maker.
Although I come from a conservative family, I always wanted to have my own identity.
I was very good in my studies. If I got a fair grade, my father would give me 50 Indian rupees (60 US cents), while a good grade earned me 100 rupees and a star yielded 500 rupees.
This would be saved and once it hit the 10,000 rupee mark, it was put in a bank where I would earn interest.
My father would discourage me from counting my savings every day; just keep working hard with your goal in sight.
Why did you venture into journalism?
I was inspired by my eldest sister who did an internship with English language daily Hindustan Times in Ludhiana.
I got fascinated with media and journalism. I followed my heart and went to Mumbai to do a diploma in public relations and advertising. I did my bachelor’s degree in commerce.
How did you first earn?
My first job was in PR in Mumbai. My salary was about 19,000 rupees a month in 2011.
But I was curious to learn about journalism. So, I got an editing job at Indian news channel NDTV. Later, I was a reporter for The Times of India.
Those years helped shape my personality. I received a fixed salary to pay my rent, transport and food. I was able to manage as I am not a spender. When I got my first job, I stopped taking money from my parents.
Why did you decide to become an entrepreneur?
I grew up in a very conservative environment where you are not supposed to work after you get married. My parents did not appreciate the idea of working for others. My father encouraged me to be my own boss.
I always knew that I wanted to have something of my own. But entrepreneurship is not easy. Once you draw a good salary and then you are out of a job, it is hard to know how to start.
During the Covid-19 pandemic, my employer was not able to pay my salary for five months.
I was tired of being stuck in a loop, working for different employers, and wanted to try entrepreneurship.
I decided I would not update my CV or send it to any employer. I was determined – or maybe the right time had come.
Is this when you launched a PR agency?
I took baby steps. When I was working as a journalist in Dubai, I had made a list of PR companies. I had a fair idea of how the industry works.
I told my husband that I wanted to get into the industry and he suggested I find a PR job. But I was very determined to be my own boss.
I found my first client on Instagram – a new restaurant in Dubai. I offered my services for a small amount. This gave me confidence I could pull it off.
I started to build my contacts and realised word of mouth works wonders in Dubai. All the work I have received is through word of mouth.
Did you invest a lot of money to launch your company?
When I started getting inquiries for work, I registered myself as a freelancer with the Department of Economic Development in Dubai.
I went through different licensing portals. The best option was the DED because I could work from home and did not need employees on board.
They had listed public relations as a category and the fee was about Dh1,500 to Dh1,600. I opened a corporate bank account and registered my company in April 2021. Today, we are a team of six and have an office in JLT. We offer our services mostly to food and beverage companies, followed by consumer-orientated businesses and start-ups.
How do you grow your wealth?
If I earn a certain amount, I distribute it among different assets, but mainly gold. This is for diversifying my portfolio and as a safe haven asset.
We have also invested in equities and mutual funds in India and in property in Dubai.
When we moved to Dubai, we had decided it would be wise to invest in property.
I have realised that money loses value but assets appreciate and can be passed over generations. The warehouses, offices, houses and plots my father purchased still hold value.
Are you a spender or a saver?
I am a saver. If I want to spend, I like to go out and eat at fancy places. But I have never felt the need to impress others. I do not mind spending Dh500 on a good experience. Or if I want to buy a bag, I will do it. But it does not happen too often. When I spend, I usually buy the highest version.
I never saw my parents overspend. Though we had privileges, we exercised control.
Have you been wise with money?
When I was a salaried employee, I would always allocate about 1 per cent of my earnings for eating out and splurging. When I would save a big amount, I would put it into gold or a fixed deposit.
When I started my business, I put my money knowledge to test. I had to pay for my licence, a co-working space and build my team and pay salaries.
You can take care of all these expenses only if you manage your inflow and outflow well.
I am also saving because we want to move to a villa.
What has been your best investment so far?
Our house in Dubai because property prices have gone up. We have repaid our mortgage.
What is your most cherished purchase?
I recently purchased a Rolex. I consider such watches as assets, not expenses. In 2019, I bought an Omega watch because I thought it was an investment. But I was wrong. When buying my second watch, I wanted to be sure that it was an appreciating asset.
How do you feel about money?
Money is confidence. When you are doing good work, it brings money and confidence.
Business is always uncertain. But you always have confidence you can earn money and not be dependent on others.
What are your key financial milestones?
I wanted my sales to touch Dh1 million. We did it last year.
Any financial advice for your younger self?
Stay consistent, do not leave a job the moment you are not happy. There is no alternative to discipline and persistence.
What are your financial goals?
I aim to get my company into the corporate tax bracket [9 per cent on profits over Dh375,000].