In business, is the best wealth asset anyone can have but knowing how to generate exponential profits and funnel that into wealth creation is a skillset.
Dominique Mullally helps women in business grow their profits and strategize their way to sustainable wealth. Working on the mindset and the skillset she helps identify any roadblocks to allow for exponential growth.
Using her experience as a Financial Adviser and a business owner, she creates a Financial Vision and a Financial Strategy to help you make more, keep more, eliminate debt, maximize tax strategies and grow personal wealth.
In this episode, we chat about ways to increase your profitability, how you can automate tasks to free up your time and how to adjust your money mindset.
Katie (00:00):
Hi everyone. Thank you for tuning into the Hustlenomics Podcast. I’m your host Katie, and today I am so excited to be talking with Dominique Mullally. She is a business wealth strategist and I am so excited to learn about everything that you do, Dominique. So thank you so much for coming on the show.
Dominique (00:15):
Thank you for having me. I’m glad to be here.
Katie (00:17):
So do you mind just telling us a little bit more about who you are and everything that you do?
Dominique (00:21):
Yeah, no problem. So yeah, as you mentioned, I help female entrepreneurs build across whole sustainable businesses. And the way that I do that is I’ve got a method called assets and wealth methods and I look to empower them with the mindset and the structures to be able to increase cashflow, grow profits, and build wealth.
Katie (00:41):
Very cool. So where are you based?
Dominique (00:44):
Oh, actually based in the UK and a town called Liverpool, which some people may know because it’s famous school I would have Eagles came from. Yeah, that’s very cool. Very cool. Yeah.
Katie (00:54):
So this is such an interesting niche that you’re in. How did you get started with coaching and financial coaching?
Dominique (01:01):
So I’ve been a financial advisor for some number of years and so I’d always seen in a capacity, in a coaching capacity role and it was just a natural evolution and I was working with both men and women at the time and loving what I was doing, but there was a lot of paperwork behind it and, and I just kind of found that there was a lot of limitations in the role that I was working in that time. And I wanted to explore more of a holistic approach to actually working with people who have not even the businesses, but also wants to combine the personal finances as well. I’m just waiting for someone else as well. I just decided, you know, well that’s kind of how to know of being in the industry and decided it was time to break away from it. There was a lot that was changing at that time. So I just took the step to move away and I say be more holistic in, in the, the advice that I was giving oats with a lot less red tape around it. So I don’t give personal financial advice anymore. What I do is look holistically at someone’s business and look how we can maximize the profitability within the business and leverage that to really create some memes, some significant, well,
Katie (02:09):
Okay. Fantastic. Well, I would love to kind of talk about that journey from going to a corporate position to being your own boss and having your own business. So was that something that you had had in your mind before owning your own business, or was it something that kind of came to you after you felt a little dissatisfaction in the job you are in currently?
Dominique (02:27):
Yeah, it was kind of like a natural evolution. So I’d been in Cobra for many, many years, stops as an advisory role, working with a bank then went into an independent advisory role on those many reasons behind that. Just flexibility where I can from home, being your own boss, et cetera, et cetera. I think, you know, most entrepreneurs, it’s a development of scale, but also I think a lot of people is born a, a phone is entrepreneurs. It’s that drive to want to do things differently, to want to work on your own terms and not be dictated to. So what was the appeal of just basically being my own boss that was tripping. It was driving me to kind of push that forward. And as I said, I was always awaking for myself in that capacity in some respect. And so, so for me it was more around leaving a particular industry and have more, having more creativity around what it was that I was doing.
Katie (03:19):
Yeah. That’s awesome. So was the transition difficult for you? Was it a little bit more natural than you expected? What was that like?
Dominique (03:26):
I think initially it was difficult because obviously you’re building a business from scratch. The industry that, you know, the, I obviously had a lot of connections at that time so there was a lot of failed that came through initially when I was in a coach, sorry, when I was in a financial advise we were all, and then when I went into the coaching business it was like starting all over again. Plus I moved countries, I was an advisor in Australia and I moved back to the UK. So I almost had to start my business all over again. So it presented itself with a whole new rounds of challenges.
Katie (03:56):
Yeah, absolutely. So like you people who are starting over maybe to new country or new industry or people who are just starting off period in general, where did you start? Like did you start with your website, your brand? What was that first foundational step that you took?
Dominique (04:11):
Really understanding what, what, what is that I was trying to achieve? What, what was I going to do in tans and what was the business going to look like? And then understanding, okay, bit by bit how do I actually start to build bond piece that together. So obviously looking at, you know, putting together a website connections, making connections with people, putting myself side by side with those who are more experienced than me as well, which is really important. I think that’s probably the best bit of advice I could give to someone who’s just starting out is at a mental or a coach or someone who is a lot more diverse than you, that can help you leverage the things that you don’t know. Because you get to where you need to be a lot quicker than sometimes trying to figure it all out and piece it all together yourself. And so getting help in the beginning is really, really important.
Katie (04:58):
Yeah, I absolutely agree. Investing in your education and finding those mentors 100% that’s fantastic advice. So for people who are listening, who have heard, you know, a business coaches or things like that, but they don’t really know what a financial coach is, can you kind of explain what you do and how you help people?
Dominique (05:17):
So what I do is basically I get into the hood of your business and when we look at, we start to really analyze the numbers in the business. So we want to look at, well what’s your profit margins? What’s your revenue watch most profitable assets. And by assets I mean products or the service within your business that is making you the most money. And then we want to utilize that and leverage it in such a way that we can skyrocket the revenue that comes from that. And then on the back of that, once we’ve still not, we will, will we make sure all the foundations are in place and all the systems are set up. So your business is basically financially is automating itself, especially when you’re going, I know we’re talking to people who are early stages, but it’s really, really important to get your financial foundations in place for what they want.
Dominique (06:02):
Because quite often what happens is people go gung ho and they get really creative and you know, they’ve got all these amazing ideas and the money starts coming in and they grow in and all of a sudden they’ve got this money coming in. They don’t know what to do with it. So getting your financial foundations in place is really, really important because that’s going to set you up and set you in the best set to have a really strong business foundation moving forward. And then once you, once you’ve got, once you’ve got that and you can start to understand, okay, well you know what, what can I actually do now with this morning that’s coming in? How can I leverage this in a way that I’m not just my business? Because again, what if a launch, a lot of entrepreneurs and business owners find is that again, they get the really IGA, they get sauces, and then all of a sudden they become their business and they don’t know how touch themselves from it.
Dominique (06:52):
So if you’re sick or you know something goes, something happens in your business, what happens to you if you don’t have systems or strategies in place to be able to support you, not being in the business and your income and your revenue takes us a steep decline. So it’s making sure that all of those foundations are set up and then we can start to utilize any profit that you making that business in a wealth building capacity. And that’s where we look at buying assets outside of your business to actually diversify to that diversify your income as well.
Katie (07:25):
Wow, that’s so interesting. I know I’m going to be learning a lot just talking to you because this is something that when I started my business I was exactly like the person you described. I was so eager and so ready and I just jumped, you know, both feet in and I did become my business. And this past year I’ve been kind of working on doing some of that automation and all that stuff that you were talking about, which is so important. So when you talk about automation, there’s so many different things you can do, right? So if somebody is thinking they haven’t done any automations at all, what’s a good place to start for them?
Dominique (07:56):
Yeah, so I mean it’s the first thing is really understanding what your truest revenue target, right? Cause one a lot of people do is they go in thinking that again, the business is them and it’s not. Your business is a separate and CTU. So you need to remember that the revenue that comes into that business is not exclusively yours. You need to understand how much do I need to set aside for operating costs? How much do I need to set aside for taxes? How much do I want to take home in salary each and every month? And do I have a safety net in place to allow for expenses for X amount of months. So making sure that you really understand your numbers and that you’re working towards the correct target. So when we think about revenue targets, you should always be waking backwards because quite often what people do is they underestimate how much money they actually need to generate in order to cover all of those costs that I’ve just described.
Dominique (08:47):
So some people might think their revenue target is, say for example, on an I will software business, we’ll go say 50,000. Okay. But actually when you look at your take home salary, which is you need to get paid, you know, you need to have your bread and pasta. So in terms of take home pay taxes and operating expenses, it could actually be 65,000 or 70,000. So really understanding what the business costs you each and every month to run and then putting your take home pay on top of that is the bare minimum that you need to be cheesing each and every month to actually just break even. Okay, great. Nevermind. Just make a profit.
Katie (09:23):
Yeah, absolutely. And so when you’re looking at all of these costs and tracking all of these things, it can get a little crazy. Do you have tools or things that you use to kind of keep things organized? I mean, I just use an Excel spreadsheet. I know that’s kind of basic, but you probably had some more efficient ways of going about it.
Dominique (09:41):
Yeah. So I mean there’s, you know, there’s a counseling software such as Xerox and QuickBooks. Obviously there’s a cost to those. So again, it was from what styles of businesses. Excel is fine, you know, you just need to looking at, okay, what your incoming, so what’s the sales that you’re making and you saucing out where the revenue is maybe not as great and you’d definitely be looking at on a weekly basis. And what is the outcome things? It’s pretty simple. You want to be making sure that your incomings are always more generating more than your outgoings. So a simple Excel, Excel spreadsheet is fine. But as I said, for more advanced, you want to be looking at accounting software such as Xerox or QuickBooks. And if you can get a bookkeeper or an accountant to do that for you, even better. It depends on what stage of the business that you’re at. For anyone who is ending, you know, a decent revenue you want to outsource so far and just help someone keep you a counselor, which would be able to keep up.
Katie (10:34):
Yes, I’m all for outsourcing. I think that’s fantastic. And you know, on top of all this practical stuff, do you also work with people’s mindset around money and generating wealth?
Dominique (10:45):
A hundred percent, hundred percent because that’s, that’s really where it starts. That’s how the end crux of the conversation will start, is around the mindset and because the business income has plateaued and they’ve hit an upper income ceiling limits or there’s something going on in their business that they may not be aware of. And usually when we Lincoln park, sometimes it will be around the systems and the strategies and the foundational stuff, the Shashi stuff. Or quite often it’s around the mindset and building wealth, familial, understanding how to leverage your business as an asset. It starts with understanding that begins with the minds and knowing really what’s possible for you. So when I work one-to-one with people or in groups and whatever it may be, a lot of events, that’s always in my discussion. That’s always something to talk about because I said a lot of it, it’s, you know, it’s 85% if not more. It’s actually of what we do is around how we think of thoughts, our beliefs, all of that is we’re really important in supporting us in building a business and having the lifestyle that we desire.
Katie (11:48):
Yeah, this is such an interesting topic that I’ve been delving into recently and I’ve hearing, you know, of course the term limiting beliefs around money over and over and over again. And since you were with such a specific niche be modge burners, do you see kind of a trend or the same limiting beliefs around money and generating wealth that keeps coming up again and again?
Dominique (12:08):
Oh my God, absolutely. So it’s usually like I don’t deserve it or I’m not good enough. They the two, two biggest beliefs I see over and over and over and over again. And let me tell you as well, it doesn’t just affect people every stage in the business. I’m talking people who are at seven figures as well. These beliefs affect every single level of income, every single level of revenue, and just understanding and becoming aware of that and knowing how that presents itself for you in the business. So it might be that you can never seem to break to a certain revenue target or personal income target. It might be that you spend a lot of money or it might be that you’re actually afraid to spend money. So it’s understanding phase. Okay, what do those, one of those beliefs that are holding you back and then how are they presenting themselves and showing up for you in your life or in your business.
Katie (12:59):
Okay, very interesting. So for somebody who might be listening who it kind of clicked in their head and they’re like, Oh yeah, that’s what I believe. Like that’s one issue that I have. Do you have any kind of practical exercises or tools that they can do maybe on a daily basis that can kind of help them break through some of those beliefs that they’re dealing with?
Dominique (13:17):
Yeah. So the first one is obviously awareness. It’s really understanding how is that showing what, what’s presenting itself and is that, is that belief really true for you? And the way that we do that is sitting at your thoughts and journaling and really okay. Asking yourself prompting questions. Like how do I feel about money? What’s my relationship with money? What’s the first thought that comes to my head when I think about money on this funding? What was your parents or your family’s relationship with money? And then starting to connect the dots. So it really starts would be coming away. And then the second part of that is, okay, what sets you need to then take to move forward from that? So for a long time I had a belief that by aiming more income than the person that I was with, that would mean a loss.
Dominique (14:00):
It meant that I couldn’t be in a successful relationship because that was a muscular thing to him. Now I had to really spend some time on deciding, okay, is that actually true? And that meant having a conversation with this person and exploring that because sometimes what we believe is actually not the truth. It’s just an experience or it’s a past experience we’ve been taught. So it was really the sounding I what is the belief, the how’s it presenting itself in your life and see is that belief really, really true for you? And if it is, what can you do to actually change that? And if you need to change it, then that’s when you seek help if needed. You know, you work with a coach, you do a call, she reads a book, whatever it is. But I said it really starts famously with on the Psalms and what it looks like and how it’s presenting itself. Very cool. Yeah.
Katie (14:49):
I read on your bio that you work something called EFT emotional freedom techniques that totally caught my eye and I was just, I wanted to ask you what that means and how it plays into what you do.
Dominique (15:00):
Yes. So it’s funny because I’m very strategical. I’m very analytical but I’m also a little bit weird as well. So you know, money is very emotive, especially for women. It really, really represents something for us. And this is where the I’m not good enough or I don’t deserve it really attaches itself and lends itself to money. So with emotional freedom techniques, what it is, is understanding again what’s presenting itself in terms of a belief and then using set and techniques to actually shift the energy around that belief. Because if you have a past experience that is supercharged, whether it be money or otherwise, what happens is your body actually souls as an emotion. And that can be, it sounds a bit crazy, but it can present itself in many, many ways. So then every time that experience comes up for you, it’s almost like you’re having an emotive response each and every time. So you Baldy what your mind wants to present, prevent that experience from happening over and over again. So by using EFT, what we cannot do is actually discharge the emotional energy behind.
Katie (16:05):
Oh, so interesting. I love that. I’m going to have to do some more research into that because that sounds right up my alley. So yeah, definitely. And it looks like on your website there’s many different ways that you work with people from one on one coaching to masterminds. So do you mind just letting the listeners know if they’re interested in working with you or or financial coach, what are the different ways that that might work for them?
Dominique (16:28):
Yes, I mean it really depends on personal preference and obviously it depends on what stage you’re at in your business and what you can afford as well. I mean, to get the best results, you’re waking one-to-one with any, any coach. To me is the best, is the best advice I can give. Because especially if you’re dealing with some mindset walks, we can get really, really specific with what’s holding you back. If it’s just you need help with
[inaudible]and you can do that through group, through coaching or whatever that may be, or if you just need a bit of out top support and accountability and memberships or group coaching is really, really great. It just depends on what you need in your business, what stage you’re at and what your personal preference is really
Katie (17:08):
Awesome when it comes to female entrepreneurs who are looking to really make smart financial decisions at the beginning of their business. If you had one piece of advice that you could give them, and I know boiling it down to like one piece of advice, it’s so hard, but one piece of advice that that would really steer them in the right direction to get them off on a good path.
Dominique (17:28):
Absolutely. It’d be big shop. So boot shop your business. So basically don’t invest money where you don’t need to invest, that you don’t need this big fancy website or this big fancy branding or whatever it may be. That’s not how you make money. It’s sharpening your business and really understanding. So way to leverage your money to get the best return on that investment. So I’d be smart with your marketing and be smart with where you’re investing your money and just making sure that you’re actually getting that pertain back from, what be it, sales conversions, whatever it may be. So just even really smart with how you invest your money in the beginning because you don’t have change to spare. So every penny or piles within accounts.
Katie (18:10):
Yeah, that’s fantastic advice. And I think people are so shocked at how much you can do for free and how much education free. Yeah, like even podcasts as an example. I mean, I have gotten so much great, great knowledge from podcasts and it’s completely free.
Dominique (18:25):
Absolutely. That’s a thing, you know, utilize the free software you can and invest where you need. So, as I said, if you, if you can find a good business coach investing in that person can take your business from, you know, I don’t know, let’s, I’m just gonna use this as an example from zero to a hundred thousand in potentially a year because they will have the skillsets and the knowledge to be able to bunch you fans and trying to figure out for yourself. And that’s great if you’ve got the money to do that. But just be smart about where you’re investing the money. And as I said, everything else you can put shop being small is the most important thing.
Katie (18:59):
Absolutely. Well speaking of that, are there any recommendations that you have for free or products or courses or anything like that that costs money that would be helpful to people that you would recommend personally?
Dominique (19:09):
Yeah. So I always say saw it was like, well if you really boot strap and start with box hooks chipping off and it’s amazing what you can find in terms of knowledge and a book that I always recommend to my clients, somebody needs, and this goes hand in hand with the wig that I do as well is a book called profit space by Mike McCloskey. I think it is. Thanks. I pronounce it, it’s a really, really good book. It’s a good resource for anyone who starts saucing out to really understand how to lay some the financial foundations that I spoke box say as well.
Katie (19:39):
Oh fantastic. And I’ll definitely link to that in the show notes so everybody can find it and check it out. And I always like to ask this question because you know, as business owners we all kind of get in our head all the time and we’re thinking about business all the time. But it’s really good to have something that helps you keep your mind off business and just relax. So are there any TV shows or music or podcast, anything out there that’s kind of helping you get out of business mode and just relax and revive a little bit?
Dominique (20:05):
I don’t watch much TV if I’m honest. My, my favorite way to relax is like spending time with friends, cooking. Like I love to cook, I love to travel, I love to do anything that doesn’t require me thinking because running a business is you’re always in fault mood, you’re always in creation mode. And I think running your own business as well, again you can be calm sort of guilty in terms of just constantly working in the business rather than working on the business. So it is important to separate and have that sound time because as a creative, that’s when the best ideas come. So yeah, I loved Coke, I loved to travel. I look to meet new people, I just use like to do anything that takes me outside of a couple going to basically
Katie (20:47):
Love that. And of course I know everyone’s gonna want to check out everything you’re doing and keep an eye on stuff you have going on in the future. So can you tell everybody how they can find you online?
Dominique (20:56):
Yeah, absolutely. So you can visit my website, which is www.dominiquemalali.com and I’m sure you’re going to put the my name in there in the notes below. Casa spelled out might be a bit of a mouthful.
Katie (21:10):
Yes, absolutely. And do you have any social media profiles that you don’t mind sharing?
Dominique (21:14):
Yeah, so yeah, it’s so the Instagram hums was asked how many Kalali. And then I also have a Facebook page as well, which is dominate Molly and that it’s financially phase females. That’s my bronze to the face of females.
Katie (21:27):
Fantastic. Well, Dominique, thank you so much for coming on the show today. I know people are going to get such amazing advice and insights from you and I really appreciate you taking the time to do this.
Dominique (21:37):
No problems. Thank you very much for having me.
