Developing trust in the market takes time

Money & me: Designer sent his family home to India to save on costs.

Gopikrishnan Menon, the owner of Art Desk Media,says confidence and research are essential when starting a business.

I am a commerce graduate. And commerce is all about business.

However, I also have an interest in drawing and painting, and soon after graduation I decided to learn graphic design. After spending about three years studying in Gujarat, I returned to my home in Kerala to join a regional newspaper as a magazine and newspaper designer. That was also the beginning of my career in the publishing industry. There has been no looking back since.

After spending about six years in India, I got a break in Oman where I worked for about three years with a magazine. My income was modest - about 350 rials (Dh3,300) a month. Since I had no financial responsibilities, I could set aside some money and invest in my own project. The desire to break into business was always there with me.

It was this drive that brought me to Dubai. Just to get a foothold here, I worked with a newspaper for about four years while keeping my business plan in view.

The break came when a publishing house offered me a job to manage its custom publishing division. Over time, I realised that if I used the same time, knowledge and resources, I could establish my project. I was caught in a cross-current of suggestions. A few people gave me encouragement, while others warned me against going ahead knowing that the times were not conducive to business.

This was in 2009 when the recession had really set in.

But then you need to put things in perspective. I saw this time as an opportunity. Most companies were cutting costs on advertising and big-time spending. At the same time, they could not stop spending on business necessities such as advertising and marketing promotions. Therefore, I saw a clear opportunity for newcomers.

With Dh40,000 in my kitty, I took the plunge. I did not have the full amount, so I had to borrow.

The sum got me a modest office in Sharjah at Dh28,000 a year. The rest I spent on setting up my establishment, which is registered under the name of Art Desk Media. I had only a trusted friend by my side and my wife as moral support.

There were a couple of freelance designers I could rely on at this time of need. Basically, they did work for meagre remunerations. That was a great help.

The start was difficult. Although I met several potential clients, the results were not quite fruitful.

But business is all about developing trust in the market and that takes time. Initially, I devoted a large portion of my time to gain this trust. After three or four months, things slowly started changing for the better. I started to get small orders for digital and offset printing, graphic designs and some below-the-line work.

I started building my client base. Now, about one year later, it's easier because I can show my portfolio of work to potential clients.

As I started earning money, I found a better office in Hyatt Regency in Deira, which is now the corporate headquarters. The production unit is close by.

In the beginning, however, I needed to sacrifice quite a lot. Since I was not able to devote enough time at home, I decided to send my family back home to India. The decision relieved some financial strain. Business dynamics in Dubai have changed. You need to understand that if you want to do business here.

Initially, there was a lot of hype about Dubai and there was over-spending in many sectors.

The recession has changed all of that. People are doing business but they are more realistic now and will not spend easily.

In such an environment, keeping your profit margin low really works. Before, customers did not bother much about this as money was flowing in and out. Now money is more valuable. Clients are not just looking for quality anymore. Instead, price is the most important factor. You cannot afford to charge an unrealistic amount for a quality product.

I have recently tied up with local business groups. That's safer in many ways as your funds are more secure. Now I have five full-time employees and have enough funds to recruit a few more.

My experience, however, has taught me to control finances and budget expenses. Also, if you need to expand your business, you will have to rely on your own funds because not many people will be ready to lend you money, especially in such uncertain financial times. For newcomers, my advice is this - be confident enough to pursue whatever you want, but don't forget to do research.

You will need to understand your client base and study everything carefully before you enter into any financial commitment.

As far as my dreams are concerned, I would like to set up a media house here in the UAE. My plans are long term. This is what my limited success in businesses has taught me.

At 37, I can hope and dream.

* As told to Soumik Mukherjee