How to Start Your Own Business with Gail Gadd

This month we spoke to financial planner Gail Gadd about starting your own business. Gail established her own business in 2002, and with so many years of experience, she has a lot of insight to offer. Read Gail's interview for helpful tips on how to start your own business, and have it lead to success. 

I am really interested in news (political, financial, medical) because of the effect it can have on my day. I love being in my garden even if its only to read a book! I enjoy movies and ballet; live or on film. I dabble in silk painting and etching on glass. Most of all, I love spending time with my family.

I went to school in Zimbabwe and moved to South Africa for tertiary education. Zimbabwean culture is highly entrepreneurial which is one of the reasons that I have been in my own business for so long. In South Africa, I found my love of share trading and experienced the excitement of the 1987 crash where emotions sent the market into a tailspin.

The most confronting day was walking on to the trading floor of 400 people and being one of only 4 women able to trade. I had to find my voice and personality which was a bit of a challenge at only 21 years of age. The crash of 1987 was 2 weeks of high-volume trade and very long hours because the Johannesburg Stock Exchange computers were overwhelmed. Not only did we trade but we had to help our settlement team processing trades. Of course, the 1980’s the culture was very different with alcohol being a part of business lunches and briefings, so I had to learn to appear as though I was drinking as much as everyone else. I remember one night, most of the trading floor were celebrating and my boss kept ordering rounds of sambuca. I kept on throwing the shots over my shoulder into the planter box behind!

Life is a learning experience and I learn something new every day from listening to market commentators and various industry experts. Formal learning is important to keep up with new trends and initiatives. I am about to embark on the Graduate Diploma in Financial Planning and several other courses required to retain my license to practice financial planning.

The most difficult aspect is also the most positive: flexibility. I enjoy being able to define my role and the type of work I do. Whilst I generally maintain the usual working hours, I often take time out to attend school events such as swimming and athletics carnivals. However, it means that I sometimes work over the weekend. Getting the balance right is the aim.

Juggling all my hats of mother, wife, daughter, sister, student, friend, financial adviser, and colleague, is a very important accomplishment.

I started my own business in September 2002 with very conservative goals. I put systems and protocols in place to maximise efficiencies. I was conscious that the business was (and still is) dependent on my ability. In the early days, I would have appreciated a business partner so that we could discuss direction, goals, systems and strategy.

8. What are 5 tips you would give a business owner who is in their first year of starting out?
a) Define your motivation for starting a business
b) Define how that business is different from others; your unique selling point
c) Set a budget for start-up and ongoing costs
d) Ensure that you have all the legal and financial obligations covered
e) Give it all that you can and really commit to making it a success.

9. What do you think it takes for a business to thrive?

Passion! You must love what you’re doing because, as a business owner, you will work longer than an employee. You have greater responsibility to clients/customers and suppliers who rely on your service. Make a long-term game plan, a business is not a whimsical flight of fantasy. Plan for success and then make sure that you deliver.