How Women Can Emulate Susan Mcgalla’s Success in Business
Recent years have seen an increased number of women joining the business world. They have established a number of businesses and are also charged with the running of many businesses. Succeeding as a businesswoman is not easy. An aspiring businesswoman must be well prepared before venturing into the area. The tips below will help aspiring businesswomen to boost their performance in this competitive field.
1) Follow your passion
The business field has many opportunities. One should look around for an area she likes before investing time and money. This will enable her to deliver her best. Never worry about how small your business is at the start; focus on delivering quality products to attract more clients which will help you grow. Going into untapped business fields will also improve your chances of success.
Susan McGalla managed to start a successful consultancy firm by focusing on her passion. As a consultant, other businesses get to enjoy the in-depth knowledge she has in business management. McGalla has previously worked in a number of firms including American Eagle Outfitters and Wet Seal Inc. She is currently a Strategic Planning and Growth director at the Pittsburgh Steelers.
2) Don’t be a victim of bureaucracy
A number of women are afraid to venture into business because of the bureaucracy in the field. Aspiring businesswomen should ensure they visit local offices to register their business and obtain permits before they start running a business. You can register your business as a sole proprietorship or as a partnership. You can also register a limited company. Registering a limited company provides you with the protection from business debts. It is illegal to operate a business without all documents.
3) Get adequate capital
Adequate capital is needed to effectively establish a business. Startup expenditures are usually on equipment, insurance, utility bills, business stock, and rent. Undercapitalization is dangerous as it may leave you in a position whereby you cannot adequately fund the operations of your business. Always remember to raise adequate cash that can finance your business’ operations for two or three months before the business can pick up.
Networking is critical for the success of a business. A businesswoman should network with clients, vendors, investors, community leaders, and other businesses. By creating a good network, one is able to benefit from customer loyalties and business advice. With a good network, you will also be sure that your business will not only reach those people you are in contact with, but also their friends and other businesses they associate with. This will help your business to expand much faster.
Aspiring businesswomen are encouraged to do adequate research before setting up a business. As much as the success of a business will depend on your inputs after starting the business, the quality of your preparation remains critical. Remember to venture into an area you love.