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EP64 – Female Financial Independence: What it takes to make money in business?

In today’s episode, Dominique and I will be talking about what it takes to make money in business. Let me first start with a short introduction about Dominique Mulally. She ​​helps ambitious solopreneurs, entrepreneurs with the mindset & strategies to market  & sell with conviction and ease but without the sleaze. With over 20+ years in financial services and 13+ years in business as a consultant for corporates and SME’s, Dominique empowers female entrepreneurs with strategies to maximise sales, increase cash flow, grow profits and build real wealth. She uses her expertise in Financial Advising and qualifications NLP, EFT and Hypnotherapy to help empower women in how to use their business to generate and accelerate their way to wealth giving them true time, emotional and financial freedom.

A lot of business owners go to a particular coach, whether that’s a marketing coach, an online coach, or a business coach and they get told that they should do things a certain way to find success. The coach then gives them their concept of ideas which most of the time doesn’t work for them or is not aligned with their skill set. This approach is called cookie cutter approach. This is about people thinking that there is only one way to build a business, where in fact there are so many facets that go into building a profitable, sustainable business. People try to take a silo approach when it comes to building a business.

Everyone has a different set of values. Everyone has a different definition of what success is. And everyone has different personality traits so it’s understanding that what works for one person doesn’t work for another.

Once you start making the money in your business, the first thing that you should be doing is understanding what your revenue-generating activities and tasks are and focus on them. You have the option to outsource all the things that you’re not good at or don’t like. It frees up not only your time, but your creative energy, which then allows you to focus more on the revenue-generating tasks and the activities that you do enjoy.

There’s two types of businesses, there’s a lifestyle business and there’s a legacy business. And from a wealth perspective, a lifestyle business don’t have a board of directors or anything like that. All of the profits that businesses are making are being paid out to the shareholder, which is usually a solopreneur, to actually build their wealth and start building their assets. With a legacy based business, the intention is different. What the business owners are looking to do is potentially sell that business at some point in the future to actually release the equity and to build wealth using the business.

Whatever type your business is, there are only three core components you should be focused on. And that is that mindset, sales and marketing. So your mindset will affect what business model you have, and how that evolves in the future. As your business model grows, and your confidence grows, so are your sales and your marketing. But there is a real understanding to be really clear on what it is you want and what you want to achieve. If you’re not clear on your direction then how can you know the person you’re going to go and work with is going to be right for you.

Your ability to make money comes from the conversations that you’re having and the visibility that you have in your presence. It’s being able to confidently then close those conversations to make the sale. The core skill of building a successful business all comes back to one thing and that is having the ability to sell. So your job as a business owner is to always be top of mind to nurture those relationships.

We need to remember that we’re business owners, and we’re in the business to make money. We as women have to stop making apologies for making money in our business. Business is not glamorous, it is hard work.

Listen to the full podcast here

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