Meet Business Baron Monica Doyle!
Jun 11, 2019
This week I've had the opportunity to chat with Monica Doyle, whose not only a business building genius both offline and online, but someone who understands how to put her money to work for her! Today, she shares her wisdom.
From Monica
I'm a Business Mentor & Success coach for driven serviced-based entrepreneurs who want to build and grow a profitable business that creates freedom for a purpose-filled life! With 10 years of business experience, the founder & CEO of multiple companies, one generating over 1.5 million in revenue, I am passionate about playing the long game in business. I am also a real estate investor & have secured my retirement by age 29 with income properties.
I strive to help all my clients achieve the level of success they suits their life & dreams. I'm a big believer in creating your wildest dreams through dedication, smart strategy and good old law of attraction.
The following is our interview. My questions in bold and her answers follow.
What kind of work do you do?
I do 1:1 business coaching with my clients to help them start or scale their business to create the profit they desire with a business that can run on repeat. Providing them the freedom to do other things they love, too! It's all about balance and we work together to make sure their business is sustainable while being profitable and not one that consumes all their time.
What inspired you to get started as an entrepreneur?
I got started when I was 19, I was stuck in a job I hated when the Rich Dad Poor Dad book was dropped on my lap. Instantly I knew I would be an entrepreneur, although I wasn't sure how. The inspiration was driven by freedom, a wealthy lifestyle that would allow me to be generous and help support my family, pass my wealth down for generations and live the life I wanted at any given moment. I truly was about the passive income lifestyle from day 1.
You’ve Built both a physical business and an online business; having done both, what differences have you noticed? Was one easier than the other?
I have to say when I was younger with less bills and responsibilities (no family!) it felt easier because I needed less, there was less of an expectation for anything since I was so new at it all. That felt easier. However, looking back it took YEARS to reach the success I had, and so it's like they both have different pros and cons.
I feel like the online world is all about instant gratification and successes, which can seem defeating if you aren't getting them. But I remember where I started and how long it took me to build other sustainable businesses that could operate without me, and this is what I am after; a long-term sustainable online business. Sometimes that doesn't fit in with what's going around on the online space but I know my values and have patience.
Differences I noticed is that it's a whole new ball game being faced with competitors 24/7. For instance in my physical business I never focused on them unless we were doing market research, it was just our own game at that point, and you never really see them or hear about them. In my real estate investing business, I've never even thought about a 'competitor'. So the online space of constantly having everyone in your industry all sitting together is different. You are forced to see what is going on, whether you want to or not.
Another difference is that in my physical business, it took years to build up the reputation I had. It was word of mouth, referrals, and then small and steady growth. We did become rated top 3 in our city for the final 4 consecutive years of my company before it sold. This was something that couldn't be bought with ads, our service had to prove it and get us there, and that takes time.
And in the online space you do need to hold up your end of the deal and be good at what you do (like any business to be sustainable!), but it's a lot easier to throw money at ads, be loud and show up 24/7 to build that platform, along with many other things. If that makes sense.
You not only build your business but are a keen real estate investor. What got you started?
I read the Rich Dad Poor Dad book by Robert Kiyosaki when I was working a 9-5 for $13/hr. This planted the seed for real estate investing as passive income and getting there by having a profitable business. At the time I didn't even know being an entrepreneur was possible, but I kept the dream alive and made sure it was always on my mind. Within 1 year I had started my first business that went on to generate multiple 6 figures per year and got me my first properties through saving the profit.
I really owe to that book for lighting that spark in my life, as well as continuing my education on my own through books from people like Robert Kiyosaki, no matter how far away this dream felt.
What advise do you have for people who are brand new to investing?
The biggest advice I can offer is to play the long game. And trust me, I know how slow this can feel! But time truly goes by fast. All great investments take time to learn, understand and perfect, and this isn't an area that should be rushed. Aside from that, I would love to share this piece of advice someone told me in my first year of business that went on to help me make amazing decisions; "It's not your money, it's your companies money."
By learning that at such an early stage in my business, I was able to operate my business as a smart business owner, separate myself from my company before I had a corporation and I learned to save profit for investing by being so aware of that.
What was your biggest struggle to get things going for your online business?
My biggest struggle was my mindset, hands down.
This was an area I never struggled with before in the 10 years of business experience I have. Assuming online and physical business were so different, I felt like I had to keep learning more (and never started implementing!). Turns out it's so similar and this was an excuse of mine that kept me standing still.
Was there a time you thought about giving up? What kept you from quitting?
There were SO MANY times I wanted to throw in the towel, in all my businesses. I think this is something an entrepreneur is faced with.
What always kept me from quitting was my goals and dreams for the future.
What have you learned since beginning?
I've learned:
1) Good business decisions/investments shouldn't be rushed. If someone is rushing you, it's a bad investment and count that as a red flag.
2) It feels so slow while you're in it, but time truly does go by fast. You can make it through any obstacle or 'failure' you're feeling. Keep going, keep that dream alive.
3) That everyone will have advice for you when you are starting out, be kind and then accept/listen to the advice from those who are in a position in life/business where you want to be. You can't please everyone.
4) Never stop dreaming! If you can dream it, you can create it. 100%
What’s the best advice you’ve received?
"It's not your money, it's the companies money." This taught me a valuable lesson of not spending all my money.
Get an accountant! I started my business knowing I was going to grow something amazing. I surrounded myself with a professional team right away to take care of me: a lawyer, bookkeeper and accountant are SO IMPORTANT.
What advice would you give someone just starting out?
- Keep dreaming, and keep those visions in front of you.
- It will most definitely be hard, it's not easy. But you CAN do it, so don't give up!
- Save your profit!! Don't spend it all. And invest that saved profit in a passive income stream.
What’s the professional win you’re most proud of?
The professional win I am most proud of would have to be creating a team of amazing women who ran my business and got us rated top 3 in our industry for 4 consecutive years. During this time I was mostly an absent boss, and was able to create a company that was incredible that could operate without me.
Is there a book you’d recommend to help with success and personal development?
There's so many!
Do you have a routine that you attest to your success? If yes, what is it?
I really don't. My life has evolved so much over the years that it has always changed with me. There were times where I would clean all day & night including weekends, to start up my first business. There were times where I was in the office for 4 hours a day and then went to show my rental suites, now there are times where I'm working from home in the morning and being the chauffeur for my daughter in between that.
I've always been able to organize my day to get the priorities for my business done as soon as it's 'time to work,' all else can wait. Now that I am a Mom, my daughter comes first and my businesses are arranged around that time with her. By being flexible with my days and not over planning has really helped. Otherwise you always feel like you're not doing enough or crossing everything off your list.
The one thing I can say is that you can create your business to operate around your life and this will create your success. Anything is possible!
How has social media played a factor in your success?
Not really, and I say that lightly because always been someone who has kept my life private up until starting my online business and was never really 'into' social media. So in the last few months I've opened up this avenue so much more and have really just started sharing that on social media. But by being on the LITerally podcast, it has definitely created a new level of 'awareness' that I never had before.
What are the biggest social media mistakes you see commonly made?
For me it's integrity and quite frankly..bull shit.
I don't know if it's because I've been in business so long, but I can see right through the bullshit.
I have values that I hold true no matter what, and to see others show up and say things that are 100% exaggerated or untrue, just to position themselves in a better way, and it blows my mind.
But, as I always say, it's about the long game and there truly are these type of people in any industry.
What is the business tool that’s been most helpful?
For me, I would say my Kindle & Audible, I know that sounds strange. But you really are only as good as you allow yourself to be and continuing my education has 100% been the thing that has kept me so successful. 99% of that is from books I read or listen to. So hands down, my kindle or audible are now considered a business tool in my mind.
Is there something you wish everyone knew?
I wish everyone knew it will be okay.
That we evolve, our businesses change, our desires adjust, and dreams shift.
That it's okay to pivot, start over, re-start or give yourself a break for a bit.
It's not a race, and you truly can make this work if you give yourself the grace to run its course.
Business takes time.
What’s coming up for you in the next few months?
I will be changing my 1:1 business coaching program from a 3 month to a 6 month program.
I will also be talking a lot more about Passive Income and how to save your profit.
You will also be seeing a course coming in the future as I team up with an incredible female entrepreneur group to bring this to life!
What has being successful taught you?
That you can do so much good in the world and for others with the flexibility of having money and freedom of your time.
Success has taught me that I am always the same person and money will never change me, in fact it makes me better of a person because I can be more generous.
It has also taught me that anyone can be successful. If I can do it, anyone can do it.
What are some fun facts about you?
I love to scuba dive!! I love sharks & anything to do with the ocean, although I'm highly allergic to jelly fish stings.
I love the show Survivor & one day want to be on it!
My Mom is from Costa Rica and all of our family still lives here.
Connect with Monica Through Her Facebook Group:
NOT a One Hit Wonder Entrepreneur
*Some clickable media, usually the book recommendations, are affiliate links, and should you choose to buy through using those links then The Infinite Power of You Inc. may earn an affiliate payout commission. This is at no additional expense to you, and helps keep this blog going.
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