In our How I Manage My Money series we aim to find out how people in the UK are spending, saving and investing money to meet their costs and achieve their goals.
This week, we speak to Karishma Vijay, 29, founder of skincare brand Kishkin and the latest winner of The Apprentice. She tells The i Paper about growing up in poverty, why Lord Sugar’s £250,000 investment is “not a lot” in business terms, and her plan to buy her father a home this year.
What was money like growing up?
A lot of people don’t know this about me, but in the first 10 years of my life, I grew up in extreme poverty – something I think needs to be put into context in the UK.
We have the benefit system, free education and so many perks of being in this country. However, when the bills are due and you need to keep the roof over your head, it is very much about making ends meet.
At nine years old, I wasn’t stupid. I understood what was going on. You realise money isn’t as fluid for your family as it is for others.
What was your smartest business move before The Apprentice?
At 24, I got approached for an opportunity to make a piece of social media content for £500 for an agency. I remember thinking: “How do I turn this £500 into a lot more money?”
I sat down with the CEO and said I could make the content, but it wouldn’t make any sales because his social media presence with young people was completely absent. Social media is the future.
He asked what I would do. I gave him ideas around building up and promoting his business online and then said: “I would hire me.”
I said it confidently and looked him in the eyes. He laughed. I told him social media was the future of sales, and his business plan was dying without it.
He hired me. We settled on £80,000 to start with and I worked three days a week on my own hours. When I left that job after five years, I was on six figures.
I saved around £100,000 during that time and that money fed into Kishkin – my luxury organic skincare brand.
How has winning The Apprentice changed your finances?
The show gave me a platform where now millions of eyes are watching. That expedited sales and brought traction.
People showed me love and supported my business, but my product being good is what brings them back. That’s on me.
I always knew what I was looking for was not the £250,000 investment from Lord Sugar. I was looking for a very powerful man over my shoulder, because I can’t navigate everything myself. It’s my first business.
I don’t wish to sound ungrateful here, but in the grand scheme of things, what is £250,000?
It’s life-changing money, for sure. But in business, £250,000 goes quickly. I’ve probably spent about £40,000 in the last couple of days on stock and staff. Money leaves and it never stays.
Has the biggest benefit been the investment or the exposure?
The opportunity was what I needed. Since being on The Apprentice, we’ve probably done over £400,000 in sales since the final five [filmed a year ago].
I remembered whether or not I got through to the final, I needed to advocate for my skincare brand. Any opportunity I got to talk about Kishkin, I did.
Ultimately, Lord Sugar’s investment will go nowhere if I don’t have the public support.
What’s the best purchase you’ve ever made?
My current car is a Vauxhall Insignia. I’ve had this car since I was 19.
It may not be fancy, but I’m so proud of it. That car got my business off the ground. I put bottles of oil in there, drove to exhibitions, drove to interviews, drove everywhere.
It was about £15,000 at the time and already had 100,000 miles on it.
I never want to be defined by a car. It’s a humble car that took me from humble beginnings to where I am now.
What financial mistake taught you the most?
Trust.
I trusted some very wrong people in business. I thought they were friends and helping me.
It taught me that not everyone smiling at you is helping you.
Do you feel pressure to look successful now?
No, I really, really, really couldn’t care less about looking successful.
People care about the car you drive and the money you have, and it’s so sickening to me. Even right now, I’m sitting on a mattress on the floor. I’m not speaking to you in a fancy office.
How are you saving for retirement?
I haven’t thought about retirement. I don’t know what that world is about.
I came out of school not knowing how to pay a water bill. I know what trigonometry is, but I don’t know a thing about retirement.
I’ve learned more in the last nine months of business than I have learned my entire life.
What’s your approach to wealth now?
Any money I make, Kishkin makes. The business is my bread and butter.
People would rather have assets than liquid money sitting in a bank collecting dust. Money that is sitting there is money that’s wasted, in my opinion.
Buy properties. Buy things that make you more money.
What was the first thing you did after winning?
Me and my sister jumped in the car and screamed.
We’d just been delivered a life-changing piece of information. All of our lives are going to change now.
If I’m up, they’re up [her family]. If I’m rich, they’re rich. If I’m poor, they’re poor. We’re still together.
What are you working towards now?
I need to buy a property. I need to buy two.
I need to buy one for my dad, where he can live happily ever after and never stress about rent again.
By the end of this year, he should have a property. Then I’ll think about my own next move.
I’m not chasing millions – I’m really chasing the sense of security.