Doug Gaul turned a hardship into a success story when he launched his own Farmers Insurance agency. Providing all types of insurance and financial services to individuals, families and businesses across the greater Hutto area, the Doug Gaul Agency has been serving the local community for over 20 years.
Gaul had been working for a manufacturing company in Round Rock for two decades when the business abruptly closed its plant, laying off the entire workforce. At that point, he knew it was a sign to make the leap into entrepreneurship.
“I had always wanted to run my own business,” he said, “With my previous employer closing the plant and laying me off, it was the right time to make the change and step out in faith to build a business.”
Gaul set three main goals for himself when launching his agency – build a business that could provide the financial resources to spend time with his family, build a business that could be passed down to future generations and build a business that would help people. With a clear destination in mind, Gaul went to work putting his plan into action.
“The biggest challenge was starting out with nothing, building a reputation and getting customers. With no customers, there was no income,” Gaul said. “At the beginning, finances were tight and it took awhile to build a good customer base and steady revenue flow. We put everything we had into building a business, made many sacrifices and took some risks.”
Perhaps the biggest risk he took was cashing in his 401K and putting everything he had into building his business. Two decades later, his risk continues to pay off as the Doug Gaul Agency is thriving and still growing. When it comes to advice for new entrepreneurs who are considering going out on their own, Gaul believes research and planning should be top of mind.
“Know who your customers are and what your market is, and know who your competition is,” he recommends. “Have a three- to five-year business plan and a financial cushion to sustain yourself in the beginning. Keep pushing even when things are tough. Each day, strive to take one or two action steps to move toward your targets.”
Located at 112 Hwy 79, Suite D, the Doug Gaul Agency provides insurance and financial services for individuals, families and businesses. For more information, visit the company’s Facebook and Instagram pages.
As part of National Small Business Week, the City of Hutto is excited to shine a spotlight on local small businesses. The nationwide theme for #SmallBusinessWeek 2022 is the resiliency and tenacity of America’s entrepreneurs, who are doing their part to power our nation’s historic economic comeback. For the next couple of weeks, we’ll make daily posts on the City’s Official Instagram page to celebrate the local entrepreneurs whose businesses help make Hutto such a special place to live and shop. Follow along by visiting @cityofhutto on Instagram.