‘There’s no such thing as easy money’: It is the first financial lesson UAE-based Russian expat Dayana Tertyshanya learned from her mother when she was only 13 years old.
Tertyshanya participated at idea showcase ‘TEDx Talk’ in Dubai this month, where she shed light on the plight of female business owners, the importance of trusting one’s instincts and the power of implementing discipline into all areas of one’s life to attain success.
Tertyshanya’s mother single-handedly provided her with everything she needed – a roof over the head, education, and a home as a child. But at age 13, she recalls her mum telling her; “If you want something beyond basic needs, know that money is something that needs to be earned.”
“Naturally, as a teenager, when some of my friends were showing off their branded goods, I would get jealous, but my mum always said; ‘You want something branded – go and earn money to buy it.’ She did not want to spoil me, giving me everything I demanded so quickly,” shared Tertyshanya.
“Since I wasn’t too good with house chores, my mum had said, ‘either you clean your house yourself or earn money to have someone do it for you. I was always good in school, so, I used this knowledge effectively. I would do schoolwork of my well-off classmates and charge them for it. This way I utilised my knowledge and used the money on a housekeeper.”
Tertyshanya’s passion for photography began in her teens, but she turned it into a Dubai-based business in 2016.
“I discovered my love for photography in my teens when I would take profile pictures of friends for social media networks. I also developed an acumen or savviness for business at a young age of 17,” Tertyshanya added.
Tertyshanya’s mother was a business owner. She decided I needed practical knowledge of working and put me in charge of a business she had just opened, Tertyshanya added.
“As a project manager, I had to deal with everything (or at least learn on my feet), like staff employment and sanitary inspections were amongst those things. My mother would also talk to me as an investor and not as a parent, which helped me focus on the job instead of treating it as something frivolous.”
“Since my mother was a business owner and an investor in my business, I learned a lot from her growing up, especially on business setup skills, dealing with people and understanding the value of a team.”
So, how did the whole idea of starting the business come to your mind?
At age 17, she developed a deeper understanding of the technical aspects of running a business or working within one. Before starting my own business, I moved to Dubai in 2015 and started working in real estate.
3 entrepreneurial lessons Tertyshanya learnt from her career experiences:
Business Lesson #1: Never overpromise and under deliver.
Selling a property of the finest quality to clients that trusted her taught her the importance of honesty and integrity in business.
“You don’t get a salary in the real estate business in Dubai but earn commission from your sales. When your work is high quality, you’ll always have clients or customers ready to invest in your services. The experience immensely helped me build my sales skills; I think I can sell sand in the desert now.”
How did you start and fund your photography business?
“I took a loan from my mother of Dh30,000 and started ‘Dialight Production’, a luxury photography and videography business in Dubai. I successfully paid off the loan in one year of launching the business.
Tertyshanya opted for the ‘baby business’ category registered in the free zone that allowed hiring six people. The start-up is a photography and videography business, so the cameras and equipment cost around Dh40,000, while licenses and visas cost another Dh40,000.
“Today entrepreneurs will find that the paperwork and costs associated with starting a business in the UAE have significantly decreased. The freelance license options now available cost Dh12,000 a year. Freelance option was not available when I started.”
“The government encourages the growth of start-ups and initiatives, whether locally or expat-driven. I was impressed and delighted by how hassle-free it was for an expat to set up a business in Dubai. Setting up a business was relatively easy in terms of the paperwork.”
What were the challenges you faced when first starting your photography business?
In the first two years, the only difficulties Tertyshanya faced were with the banking institutions because there were so many start-ups opening and closing in Dubai back when she started.
“I had sourced a bank that was asking for the lowest possible account capital, as I was just starting her business. So entrepreneurs need to do intensive background checks and have a minimum amount in the accounts until they review the company’s turnover,” she explained.
Aside from that, everything was straightforward as several pro services function swiftly and efficiently. The paperwork and licenses took Tertyshanya less than a month.
Business Lesson #2: When you consider where to start a business, you need to think about the market opportunities and the legalities.
“Although the UAE is a perfect destination for businesses and aspiring entrepreneurs in these instances, I believe one must always do independent research. Ask yourself how safe and protected is your money and how accounting works in your business?”
Tertyshanya was forced to work aggressively when entering the competitive photography business market. At that time, very few companies focused solely on wedding photography. There was competition but not as much of it as there is now, she explained.
“Moreover, what helped me succeed is my persistence and hard work paired with sales skills gained from my childhood work experience, practical work for an employer in the same field and education in business administration.”
Business Lesson #3: Always have a financial backup plan.
Tertyshanya feels passionately that her savings helped her business get through the pandemic.
“As a company in the events sector, the pandemic greatly affected how our industry does business, and it was a time of great challenge and growth. If I didn’t have savings, my team and company would have suffered greatly.”
“Everyone was looking out for themselves. I expected more support from the people I was renting the office from, but they were also looking to get their money. Since then, I have put up a backup for at least a half year of salaries if there’s any change or loss of income,” Tertyshanya added.
Saving in crucial for this budding serial entrepreneur
She added that a bit of financial planning would take you far. You need to understand and ask ‘what if your business stops bringing you money?’, ‘How will you survive, feed your team and yourself?’
“I believe money should work for you – never the other way around. Therefore, savings are vital, and you shouldn’t be spending whatever you earn. I now religiously put 10 per cent of the business’s monthly earnings into a savings account that is not to be touched. It ensures smooth sailing in the event of any form of unprecedented crisis.”
She strongly advocates entrepreneurs to enjoy the fruits of their labour, not compromise on the way of life, and invest in what makes them happy but always be mindful.
“I’m currently focusing on the growth of my new business Fleur du Desert, a luxury flower boutique. Once I’ve achieved this, I might consider investing in real estate. I currently don’t have any retirement plans aside from investing in real estate. The UAE truly helped me build on my niche industry and make a living.”