Dubai: For 37-year-old UAE-based Indian expatriate Nithin Mathew Thombil, being an entrepreneur has personally been all about turning his bitter experiences – both life and entrepreneurial – into revenue-generating lessons.
For instance, before Thombil started his latest brainchild, a Dubai-based food truck manufacturing business that made close to Dh500,000 in sales in its first year of operation, in 2017, he recalled a time when he had to take on various odd jobs, while attempting to start several businesses that failed.
“I always knew I wanted to be an entrepreneur but didn’t know what’s what. I was 30 years old when I began the custom-made food truck and modular unit manufacturing business. But before launching it in the UAE, I was heavily in debt due to failure of my prior businesses,” the eldest of two siblings said.
Debt struggles from age 21
Looking back, Thombil further recalled how their family relocated to different cities depending on his parents’ postings when working for an Indian national bank. “While my childhood had limited access to finances, the experiences gained from residing in different cities from an early age guided me since.
“My first job, as an Operations Analyst at American Express Bank in Gurgaon, Delhi, India, at age 21, led me to a habit of careless spending and debt accumulation. We all learn from our mistakes and experiences, and I did the same,” Thombil said.
“The sudden influx of money and a free credit card tempted me to make many impulse purchases in the initial months. I would splurge on clothes, shoes, and nights out. That lifestyle got me into debt. While I came to my senses eventually, the truth is no one prepares you for money management when young.”
Disciplined use of finances
When Thombil came to study abroad three years later in the UK before moving to Dubai, he decided it was time to start being very strict with money. In the UK, he worked part-time on the weekends and worked as a marketing executive for a car wash firm, which eventually helped him save for his ventures.
“It was in my 30s that I eventually realised the importance of money. It’s not about having more but having enough and being content with it. Often, entrepreneurs cannot take time off from work. I like to spend money on experiences. Much of my money is spent travelling and investing in new businesses.”
Thombil, a voracious reader and padel enthusiast, is now actively involved in several networking communities. He launched the ‘Dubai Business Book Club’ in 2023, cultivating a network of business book enthusiasts and encouraging them to embark on their entrepreneurial journeys.
Bootstrapping start-up funds
In 2017, he bootstrapped the business, initially funding the licence cost of nearly Dh30,000. "The cost of setting up a website and email IDs, printing business cards, and Google Ads came from our pockets. We are four partners in the business, and each of us brought a specific skill to the venture,” he explained.
“Since then, we have reinvested profits into the company to expand our business, create new divisions, and enter new markets. In 2023, we launched a modular building construction business without external investments or bank financing, nor a factory in the first year.
“We operated by outsourcing our production work to third-party companies and leasing a friend’s yard for production. We achieved close to Dh500,000 in sales in the first year. The following year, in 2018, we signed a lease for our first 10,000 square feet production facility in Umm Ramool, Dubai.”
Humble business beginnings
Currently, the business has over 50 regular clients for whom we manufacture food trucks, drive-throughs, and cloud kitchens, he detailed, while adding that the business ships to Saudi Arabia and other GCC countries, Europe, and Africa.
“In contrast, when we started in the first year, we had only one client, a prominent real estate developer. This helped our initial growth, and we signed up a few home-grown brands to build their food trucks,” he added.
Thombil approached landlords and event companies to deploy food trucks in their locations or events. This helped build revenue, and customers started making more food trucks. “We were able to solve the gaps in the market when it came to doing business with food trucks and modular units,” he added.
“Additionally, we produced the food truck carriers locally, which reduced costs and allowed us to build units per GCC standards.”
Thombil’s two tips for newbie entrepreneurs starting out:
Tip#1: Be very stringent on costs, know where and how to spend
"It’s a good thing we did not have a lot of it to begin with. We had to cut costs wherever possible and save money. I would always tell myself, 'All your struggles are material for your future Ted Talks!’ That kept me moving even on the darkest days," he said.
Tip#2: Start your business within your means, not by taking on debt
"I don’t have a car in my name. I drive a pickup truck, which we bought for the company, and my second car is a sedan. My wardrobe consists entirely of black T-shirts, which saves me time when deciding what to wear daily."
● Always keep an eye out for opportunities to invest.
● Find new avenues for money to grow.
● Save for a rainy day.
"Regarding investing, I highly recommend everyone read Andrew Hallam’s Millionaire Expat book. You are never too old to start investing. You can start today and small. I hold a portfolio with a combination of exchange-traded funds, stock markets, and real estate,” he said.
“I also have a few one-bedroom apartments and studios listed on Airbnb, which generate regular monthly revenue. I also invest in business ventures where I believe in the founder."
