I’m starting up the monthly featured Mompowerment mama series again with Kathy Galloway. With so many women leaving the workforce in 2020 because of the challenges of managing all the things, many moms might be considering starting a business. She’s got some spot-on advice for working mothers in general and specific thoughts for those wanting to start a business based on her own experience of moving into entrepreneurship. I loved Kathy’s advice during our interview to, “Get your financial ducks in a row before starting a business.”
Kathy is the CEO of kgalloway consulting, a strategy and innovation boutique consultancy that helps organizations drive growth through design-thinking and agile innovation techniques. She is an amazing woman with loads of strategic knowledge and a focus on working motherhood where she can succeed and help her amazing daughters do the same. Very selfishly I’m excited to talk to you about Kathy and all she does because she’s a friend. We’ve known each other since 2002 when we were assigned to the same small group as we started the MBA program at The University of Texas at Austin.
Twists and Turns
Kathy started her career after undergrad in the telecommunications industry, working for large well-known companies like AT&T, Nextel, and Boost. At the latter, she was in operations but was exposed to marketing as she helped launch the Boost Mobile brand. She realized marketing was what she wanted to do.
With a desire to change her specialty, Kathy went back to get her MBA (as I mentioned that is where we met). She took off like a rocket post MBA with a role at Pepsico. While she was there, she had her first child. After almost 6 years, she left the company to focus on a small, local business she and her husband had purchased. And then she got pregnant with her younger daughter. At that point, they sold the business as the economy was declining and it wasn’t the best environment for a pregnant woman.
She went back to the corporate world, working on smaller brands at Dean Foods. After a layoff at Dean Foods and a second one at a smaller company, she realized he wanted more ownership and control of her path and time. And consulting seemed like the right answer. Her first client was someone she had worked with while still in the corporate world.
Entrepreneurship is a Blessing
I have shared before that entrepreneurship isn’t for everyone. It’s definitely the right fit for this marketing powerhouse. When Kathy shifted to the role of a strategy & innovation consultant, she found her niche. She admits it was something she didn’t take lightly. “It was the scariest professional decision I’d ever made. Eight years later, I can’t imagine my life any other way.” Whether she’s helping a client identify a growth opportunity with innovation or facilitating a remote workshop to aid in strategic alignment, she is in her groove.
Kathy also appreciates that she can make dinner for her family and be an active, engaged mom. She commented that “everyone is happier and there is less pressure on her family.” With greater control over her time, especially as it relates to work, she feels more in control of the relationship with her girls. She gets to be the mom she wants to be.
Kathy’s Schedule
Kathy tries to limit her workweek schedule to 30ish hours and ends her day by 5, even if there are ebbs and flows to the number of hours she puts into a given week. She tries to not work when her girls are out of school (e.g., federal holidays, teacher in-service day, etc.). And she makes it a point for summer and holidays to be “flexible and light.” This enables her to be actively engaged with her girls, ages 13 and 11, and to be present.
Starting New Things
On top of her consulting business, Kathy has started other businesses. As a passionate supporter of bilingual education, Kathy launched a travel and events company that helps families with kids in Spanish immersion programs take their language further with real-world experiences. The pandemic forced the company to halt operations for now, but she hopes to bring it back to life soon.
In the meantime, she has been focusing on the creation of a new podcast, Fork in the Road, which features stories, like hers, of women faced with choosing between a corporate job and some other new venture. It will be launching soon.
Challenges of Entrepreneurship
While Kathy is a huge proponent of female entrepreneurship, she admits there are pros and cons. Ultimately, you don’t have the same security as a corporate job. Part of what I loved about interviewing Kathy is her no-nonsense approach to entrepreneurship, especially the financial side of starting a business. Projects can dry up without notice. For her, the focus is on continuing to make progress as an outside consultant. Part of that is remembering that you’re giving advice – not making decisions. That can be hard if you were a decision-maker previously, but critical to finding the wins that build a strong client base.
And Kathy shares that there are big risks, especially in the first six months. In fact, she used the word “brutal” when she talks about this period. You have “pressure and uncertainty because there is no history initially, even with an amazing background and experience from more than a decade in the corporate world.” (More on advice to deal with this below.) The financial side of starting a business can bring a level of uncertainty that is more than some can handle. This is why she shares this aspect with those showing interest in entrepreneurship.
Advice for Those who want to Start a Business
- Get your financial ducks in a row before starting a business. Kathy cautions entrepreneur wannabes about the financial side of starting a business. Get finances in order well before you start your business to set yourself up for success financially. You need the financial reserves as you get started but also for the times you struggle with finding new clients. For her family, that meant at least 6 months equivalent of her own wages. You don’t want to be desperate for business on day 1.
- Understand the long-term impact of owning a business. If you’ve been successful in the corporate world, it doesn’t mean you’ll be successful in the entrepreneurial world. This goes back to why it’s important to have those financial ducks in a row before starting a business. Long term, there are no promotions; there are no bonuses. You must recognize growth won’t come unless you go find it.
- Network. Her largest source of business, by far, is referrals. She is often working with those she worked with during her corporate days. Or someone she worked with recommends her to a new client. That network of people who know you, your skills, and your strengths really matters.
- Find your go-to people. Have a network of supportive people, women especially, to help you think through decisions. You want unbiased people who can be straight with you, in addition to your husband and family members who are likely going to be biased (and rightfully so!).
- Know your value. Really think hard about the value you are bringing to your clients or customers so that you can command a price that is worth your efforts, knowledge, and results. When you are starting out, it can help to first come up with your ideal annual salary and work backward into a revenue plan – how many clients/customers and at what price would I need to hit that target? It can help you be more realistic as well as build more aggressive plans to achieve your financial goals.
So, what advice do you wish you heard as you started your business? What advice do you have for working moms, whether entrepreneurs or moms in the corporate world?
Want to read more from moms like Kathy? Grab your copy of the latest Mompowerment book, available on Amazon (affiliate link).
