Money & Me: 'Financial security allows me to thrive'

Alyssa Mariano co-founded marketplace app Bazaara to help people sell unwanted clothes and accessories or find potential bargains. The business thrived during coronavirus restrictions as residents sought budget-friendly, thrift store-style shopping online while reducing their environmental impact. Ms Mariano, now 32, worked in fashion and technology with various New York companies before relocating to Dubai in 2017. The American lives in Jumeirah with dogs Winston and Hudson, and donates time to mentoring high school pupils and volunteering with stray animal organisations . I come from quite humble beginnings in a suburb of Buffalo, upstate New York. My father was a police officer while mum was doing fashion merchandising for a local mall. They separated when I was young and my mother raised myself and three brothers. Money was definitely tighter. She was working hard at her full-time job and would have to pick and choose where to spend. We learnt the value of money from her, and budgeting. My parents made me do chores to receive an allowance, to learn that you have to work for your money. I was in charge of cleaning bathrooms. I took my first job when legally allowed at 16, as a customer service person at the mall where my mum worked. I was making minimum wage, $5 an hour. I wanted extra cash to spend with friends, but also enjoyed working, seeing the outcome. When I graduated from university in 2013, I took my first position in New York City, an events sales associate, before moving into the marketing profession. Travelling is my number one hobby and I wanted to get out of the US for a while. I was looking for a position in London, Dubai or Singapore. An engineering B2B company (here) found my CV on a job board. We had Skype interviews and they sent me a job offer as assistant marketing manager, and a plane ticket. I have always wanted my own business. I had this passion for fashion and sustainability and in the US was using thrift apps, especially Poshmark. When I moved here, I realised there was a huge gap for this. There were general marketplaces where you could sell just about anything, but nothing dedicated to fashion that is peer-to-peer, truly online. By 2020, I was ready to jump headfirst, left my corporate career, took my savings and started. It was not huge but having savings allowed me to start the business at the right time and do initial development. If I did not have savings, I would not have been able to leave my job. I am passionate about sustainability; another reason I started Bazaara was because the fashion industry is a huge polluter, and a secondary reason I have gone down this path is the financial independence you gain if you build a successful business. It gives people opportunity, if they have a tonne of stuff in their wardrobe, to sell and earn extra cash. Buying and selling second-hand can be good for the environment, your wallet or your home. There is a statistic … about 80 per cent of a wardrobe is sitting unused. We are mainly targeting the mainstream resale fashion market. People, no matter how much they are earning, can declutter their homes. For people who have to downsize homes, especially recently, closets technically get smaller, so a lot will come on and sell. We take a 12 per cent fee on each transaction. It worked both ways for us. Our app gave people a way to earn extra, if, for example, they lost their job. In the first week, 2,500 users registered on the platform. It allowed people to do buying and selling without having to meet someone, so that allowed us to grow as well. At the same time, there were no networking events happening; meeting other founders, investors and getting mentorship was not available the first year. That led to a slight delay in securing outside funding. Coming from the US, you learn from the beginning to save for retirement, so I do. But I also spend, mostly on travel. I have emergency savings as well. I put a little into the US stock market, exchange-traded funds, and try to diversify. As part of my portfolio, I bought Moderna (biotech company) stock right when the pandemic was happening … probably my best performer. I also like to collect luxury items, especially gold jewellery, because they retain value and they are nice to wear. I will treat myself once in a while, a birthday gift to myself. My dogs, both toy poodles. The first, Winston, was a purchase. Now I understand why you shouldn’t buy dogs, so my second dog, Hudson, I adopted. They bring so much joy. Once I learnt how many stray animals there were, I volunteered with organisations. A couple of times a year, we will find stray dogs and ensure they are adopted overseas. A lot of times people do not anticipate how much it will cost to bring their dog with them when they move back home. It is good and bad, something to be respected in a way. It does make the world go round; you need to have money to do things in your life, to live, survive and thrive. I definitely place importance on it, but it is not the main passion that fuels me. It is not the main motivation, but it is definitely up there. Last week, I was in New York, and Miami working on a beach, so it gives you more independence to work where you want, and live how you want to. Definitely, I make a point to save but also to enjoy it. If you are making money, you should be able to. It is hard not to spend, but I also love to save. I have become much better at it. Shortly after graduating from university, saving was not in my vocabulary, especially living in New York where rent was super high, it was paycheque to paycheque. Obviously, it is exciting to have it coming through your business, looking at cash flow, balance sheets, matching it to key performance indicators you need to hit, business goals and coming up with plans and strategies. Other than the annual gift … travels. You have to take the time to rest, relax and recharge. Then maybe fashion here and there. I will always look at Bazaara first because I love shopping second-hand, you find cool things that you would not find anywhere else. I am a big foodie as well. I enjoy dinners with friends every weekend. We are launching a new version of the app, which will include an Arabic version that will allow us to launch in Saudi Arabia and Egypt. I will not be retiring early, even if this business is acquired. I will always be an entrepreneur and start companies. I have not set milestones, but probably what is to come is buying real estate.

Money & Me: 'Financial security allows me to thrive'

Alyssa Mariano, co-founder of marketplace app Bazaara, invests in stocks, ETFs, luxury jewellery and an emergency fund