Dubai: At age 32, Tamara Bigaeva got to prove her mettle as an entrepreneur by starting not one, but two profitable cosmetic clinics in Russia and the UAE – all in the span of four years. Before becoming her own boss, Bigaeva had to don different hats in her work career.
“My journey to entrepreneurship was fuelled by a passion for helping people enhance their confidence and well-being through aesthetic treatments,” said the UAE-based Russian expat who recently relocated to Dubai to start her second clinic.
“I've resided in Dubai for two years now. The economy, opportunities, and strategic location attracted me to the UAE. Being in Dubai has provided a conducive environment for professional growth, networking, and access to global markets.”
Eight years in cosmetology and counting
Starting out as a journalist at 16 years old, she went on became a spokesperson for a state-owned company, where she spent six years arranging press coverage of a Russian infrastructural project. After a second degree in marketing, she became the marketing director at a healthcare business.
“I entered cosmetology medical field eight years ago, by supplying equipment for cosmetology at clinics while also arranging training for doctors across Russia. My career spans over a decade in marketing, from a marketing manager in a cosmetology equipment supplying firm,” she added.
“My first clinic opened 4 years ago in Russia for advanced cosmetic procedures and services. As of now, our revenue is steadily growing, and we're seeing positive profitability. Operations in Dubai started a year and two months ago. In the first year, we got $1.7 million (Dh6.24 million) revenue.”
I entered cosmetology medical field eight years ago, by supplying equipment for cosmetology at clinics while also arranging training for doctors across Russia
How did you fund your start-up costs?
Bigaeva detailed how her start-up expenses varied widely, including rent, licencing, buying equipment, setting up the clinic and renovating it, staff salaries, training costs, marketing, and other operational expenses that are ongoing.
“I funded the [Dubai] business through investments from business partners who are familiar with this kind of business, I’ve promised to return their investments in two years. The same model I’ve had with my first clinic,” said Bigaeva, without disclosing how much went into the initial funding.
“Currently, we have 1,500 clients, up from 1,100 in the first year. We've reached break-even point from the first month. But a business in this field presented challenges such as competition, regulatory hurdles, and staying updated with technological and scientific advancements.”
Financial lessons learnt from challenges?
When asked what she learnt from industry-related challenges, she said: “Financially, I’ve learned the importance of prudent budgeting, strategic investment, and diversification. These principles guided both my professional and personal financial decisions as well, ensuring stability and growth.”
Bigaeva recalled how it was long before she became a business owner when she learnt to have a disciplined approach to saving and investing. “I was instilled lessons to manage money early on, being taught how to save, invest, and live within means,” she added.
“In my growing years, my parents provided me with a modest allowance, encouraging me to learn the importance of budgeting and spending responsibly. Till today, I prioritise setting aside a portion of earnings for savings and emergency funds, adhering to a budget, and regularly reviewing it.”
Currently, we have 1,500 clients, up from 1,100 in the first year. We've reached break-even point from the first month
Important takeaways as an entrepreneur?
These lessons helped Bigaeva build financial discipline, while preparing her to manage her money as an entrepreneur later on in life. “My lessons proved invaluable in navigating challenges of entrepreneurship and building a successful business,” added Bigaeva.
“I also adjust investment portfolios based on financial goals and market conditions. Initially, I focused on low-risk investment vehicles, gradually diversifying into stocks, bonds, and alternative assets. Over the years, I've learnt diversification, risk management, and long-term financial planning.
“I've also realised the significance of staying informed, seeking professional advice when needed, and being adaptable to changing economic conditions. Mistakes have been valuable learning experiences. While I maintain a disciplined approach to budgeting, I believe in occasional indulgences to reward myself for hard work and accomplishments.”
