Money Matters: restaurateur, Yael Shochat
Auckland restaurateur and founder of Ima Cuisine, Yael Shochat, shares her thoughts on saving and spending.
What inspired you to launch Ima?
I am a foodie. When I arrived in New Zealand the food around me was not great. It was very limited and especially lacking in form in my cuisine.
Is having financial independence part of the appeal of running your own business?
Of course. And the ability to be creative. It's not all about money.
How have you managed the ups and downs of the last couple of years?
It's been brutally hard. Restaurants in Auckland’s CBD suffered most – but with a lot of effort to stay in touch with my customers and with help from the Government, I've survived. However, I'm now carrying a lot of debt.
Have you had to pivot, contract or expand parts of the business in order to meet the challenges?
During the Level 3 lockdown we did a lot of takeaway and we still do some of that. Also, I’m expanding my bakery; that's still in progress.
Does money matter to you?
I need to make enough to keep my staff and my suppliers paid. Make no mistake, this is not a cash cow. It's a very hard business and profit margins are very low.
How would you describe your relationship with money – are you a saver, or a spender?
I suppose I'm a spender. I always have things to do for the improvement of the restaurant.
How do you treat yourself?
I eat out and now, finally, I can travel.
What is the best financial advice or words of wisdom you’ve received?
Look after the cents and the dollars will look after themselves.
Reported by Kathryn Webster for our Spring 2022 issue