Money and Me: British yoga teacher made investment in herself

Retail business owner and yoga enthusiast says saving is a mindset programmed into her by her parents. But that goes out of the window when you bring high heels into the equation.

Hannah Swales wants to use her leftover funds to help other women succeed. Jeffrey E Biteng / The National

Hannah Swales is a yoga teacher and the co-founder and owner of TheHotBoxKit.com, the UAE’s largest independent activewear company, which she launched in 2013. The Briton, 33, has lived in the UAE for seven years.

Describe your financial journey so far?

I started my journey by planning classes, doing dance jobs and freelancing to save for my yoga training in California. My real turning point was deciding to go from being a salary earner to starting my own business. Running a business requires a completely different mindset, and although it has its own challenges it has helped me grow tremendously.

Are you a spender or saver?

Even when I was earning very little at the beginning of my yoga career, I was a saver. It’s a habit I’ve observed and learnt from my parents. Everyone needs a little rainy day fund in case of unforeseen emergencies and expenses.

What is your philosophy towards money?

It has changed over the years and is something I had a lot of difficulty with in my youth. I used to think financial success and independence were out of reach and unattainable. I also used to think about money as a scary hindrance that could make or break my life. Now I see money as a tool that allows you freedom to pursue true passions and interests in life. I also used to think about businesses as vehicles existing for the sole purpose of financial gain. But as soon as I started my business I realised money was secondary.

Have you made any financial mistakes along the way?

Everyone does. I used to not keep track of expenses and not budget. I used to underestimate how much money I needed for each month, made purchases I regretted and sometimes didn’t save enough. Even at TheHotBoxKit.com, my partner and I have made miscalculations on profitability, expenses and investments. But the thing to remember is as long as you do not pile on unsustainable debt and manage your cash flows all mistakes are fixable.

If you won Dh1 million, what would you do with it?

I would immediately buy my parents a very nice holiday, spoil my newborn nephew rotten and put a down payment on a very nice little cosy villa for my dogs and myself. I might also buy a couple of pairs of high heels.

What has been your best investment?

My business, by far. The investment is more than just financial gain from selling activewear. It forced me to learn so many things in so many areas, from accounting, sales and marketing to technology, online retail strategies and business in general. It has changed me as a woman and continues to challenge and educate me along the way. It has been an investment financially, but really it has been an investment in my personal education and growth.

Do you plan for the future?

Of course, but as my business partner says, planning is educated estimation, and humans are awful at estimation. I try to have a plan of how to grow the business in the next one, three and five years – what sales targets we need to hit, which markets we need to look at, how to increase our client base and how to keep our costs manageable while we grow. This is my first vehicle towards complete financial independence and I hope to reach this goal within the next decade.

What do you enjoy spending money on?

I love, love, love a pair of good shoes. I love heels as well as designer sneakers. I also love eating great food, and you can find my business partner and I going over our plans in one of Dubai’s many beautiful cafes while eating organic food and drinking nice tea.

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