1 00:00:00,200 --> 00:00:03,939 Matt Edmundson: Hello and welcome to the ecommerce Podcast with 2 00:00:03,969 --> 00:00:06,069 me, your host, Matt Edmundson. 3 00:00:06,079 --> 00:00:11,239 Now this is a show all about helping you deliver ecommerce wow. 4 00:00:11,279 --> 00:00:12,619 Oh yes, it is. 5 00:00:12,639 --> 00:00:18,249 And to help us do just that, today I'm chatting with the mesmerizing, 6 00:00:18,260 --> 00:00:19,519 no doubt, David Braithwaite. 7 00:00:19,540 --> 00:00:21,870 We're going to get into all things entrepreneurship, which 8 00:00:21,870 --> 00:00:23,529 I'm super looking forward to. 9 00:00:23,889 --> 00:00:26,559 We're just going to chat what it is to run a business, all those things. 10 00:00:27,379 --> 00:00:28,199 We're gonna get into them. 11 00:00:28,209 --> 00:00:29,009 Oh, yes, we are. 12 00:00:29,069 --> 00:00:32,359 Before we do, let me just say to you, if you haven't done so 13 00:00:32,359 --> 00:00:37,369 already, then why not head over to the website ecommerce-podcast.net 14 00:00:37,389 --> 00:00:38,379 sign up to the newsletter. 15 00:00:38,999 --> 00:00:40,179 We would love to connect with you. 16 00:00:40,399 --> 00:00:43,159 Basically all we do is we once a week, we just email you out 17 00:00:43,169 --> 00:00:45,339 the topics of the podcast. 18 00:00:45,369 --> 00:00:47,759 They come straight to your inbox. 19 00:00:48,169 --> 00:00:51,039 So you can get that for free at ecommerce-podcast.net. 20 00:00:51,269 --> 00:00:54,089 If this is your first time with us, a very warm welcome. 21 00:00:54,130 --> 00:00:56,620 Always exciting to welcome new listeners to the show. 22 00:00:57,160 --> 00:00:59,440 If you don't know me, like I say, my name is Matt Edmundson 23 00:00:59,470 --> 00:01:01,170 and I've been around ecommerce. 24 00:01:01,945 --> 00:01:07,135 Since about 2002, which in digital years, if you do digital years like dog years. 25 00:01:07,730 --> 00:01:09,440 is a really long time. 26 00:01:09,440 --> 00:01:13,920 So I say that I'm a bit of an ecommerce dinosaur but I still love to learn, still 27 00:01:13,920 --> 00:01:15,640 very much love to learn what's going on. 28 00:01:15,640 --> 00:01:18,860 So you're very welcome to join us here on the show. 29 00:01:18,899 --> 00:01:19,560 Great that you're with us. 30 00:01:19,560 --> 00:01:21,529 Make sure you subscribe, all that good stuff, because we 31 00:01:21,530 --> 00:01:22,339 just love talking about eCom. 32 00:01:22,635 --> 00:01:23,435 That's what we do. 33 00:01:23,935 --> 00:01:27,355 Now this show is brought to you by the ecommerce Cohort. 34 00:01:27,725 --> 00:01:30,295 If you haven't checked this out already, if you're new to the show, 35 00:01:30,295 --> 00:01:35,705 you're not sure what ecommerce Cohort is our monthly membership group. 36 00:01:35,854 --> 00:01:40,885 And in that group, we deliver workshops every month which are just awesome. 37 00:01:41,095 --> 00:01:45,715 At the time of recording, we've had workshops from all kinds of people. 38 00:01:45,795 --> 00:01:48,045 Claire Daniels did one recently, which was just. 39 00:01:48,700 --> 00:01:53,780 Brilliant, absolutely brilliant talking about, how to make yourself stand out 40 00:01:53,780 --> 00:01:55,250 in the marketplace, which was great. 41 00:01:55,260 --> 00:01:57,950 So yeah, we have these workshops every month delivered usually by 42 00:01:57,950 --> 00:02:01,320 people that have been past guests on the show and they deep dive into 43 00:02:01,320 --> 00:02:04,390 all the stuff that they talk about, which is just a beautiful thing. 44 00:02:04,770 --> 00:02:06,270 So do check it out at eCommerceCohort. 45 00:02:07,390 --> 00:02:07,770 com. 46 00:02:08,020 --> 00:02:10,970 If you would like to find out more about that, come join us in that group 47 00:02:10,970 --> 00:02:12,520 as we learn more about ecommerce. 48 00:02:12,950 --> 00:02:16,180 And one of the benefits of being in cohort is you get to watch these 49 00:02:16,180 --> 00:02:19,075 podcast recordings Live as we do them. 50 00:02:19,145 --> 00:02:21,385 Oh, yes, you can get to join in if you like, ask questions. 51 00:02:21,385 --> 00:02:22,425 Why not write them in the comments? 52 00:02:22,425 --> 00:02:25,015 Hopefully they'll come up on my screen and hopefully I can 53 00:02:25,015 --> 00:02:26,405 weave them into the show somehow. 54 00:02:27,315 --> 00:02:29,775 Anyway, let's talk about today's guest. 55 00:02:30,145 --> 00:02:30,705 Oh, sorry. 56 00:02:30,705 --> 00:02:33,835 I should say that's ecommerce-podcast.com/ecommerce-cohort 57 00:02:33,855 --> 00:02:35,375 plug the website one more time. 58 00:02:35,375 --> 00:02:37,015 ecommerce-podcast.com/ecommerce-cohort. 59 00:02:37,425 --> 00:02:39,205 Okay, let's talk about David. 60 00:02:39,505 --> 00:02:43,935 A leap of faith taker since 1994. 61 00:02:44,355 --> 00:02:48,965 And a business wizard with a zest for life's small movements, or small 62 00:02:48,965 --> 00:02:53,245 movements, should I say, get that one right owner of Citrus Financial Management 63 00:02:53,255 --> 00:02:55,845 and co owner of three other businesses. 64 00:02:55,855 --> 00:03:01,675 He is all about empathy, turning clients dreams into reality and grooving to the 65 00:03:01,675 --> 00:03:03,955 behind the scenes stories that shape us. 66 00:03:04,195 --> 00:03:09,615 He is a strategic coach, veteran and a believer in the power of story. 67 00:03:09,795 --> 00:03:10,465 Love that. 68 00:03:10,705 --> 00:03:15,845 David's just the guy to guide you and I to the best versions of ourselves 69 00:03:16,135 --> 00:03:20,925 all the while keeping it real and having a lot of fun in the process. 70 00:03:20,925 --> 00:03:22,475 David, great to have you on the show, man. 71 00:03:22,475 --> 00:03:23,765 How are we doing today? 72 00:03:24,385 --> 00:03:25,695 David Braithwaite: Very good, thank you. 73 00:03:25,695 --> 00:03:28,525 And I love the fact that you say it's all about fun as well, because 74 00:03:28,525 --> 00:03:31,635 business should be, if it's not fun, you're probably in the wrong business. 75 00:03:31,645 --> 00:03:32,685 So I love the intro. 76 00:03:32,685 --> 00:03:34,054 So thank you for being so kind. 77 00:03:34,375 --> 00:03:37,005 Matt Edmundson: Oh, no, great to have you all the way from Sevenoaks as well 78 00:03:37,055 --> 00:03:38,825 in the good old South of England there. 79 00:03:39,485 --> 00:03:42,995 David Braithwaite: yeah, yep, all the way down here, but it's handy for me. 80 00:03:43,035 --> 00:03:47,045 It's an easy commute into London to go and see people and for the coaching that I do. 81 00:03:47,865 --> 00:03:51,185 But equally, if I'm flying anywhere, everywhere is under an hour, the coast 82 00:03:51,205 --> 00:03:53,775 is under an hour, and it just works. 83 00:03:53,785 --> 00:03:55,035 So I haven't moved. 84 00:03:55,035 --> 00:03:57,835 I was born, bred, grown up and always lived here. 85 00:03:58,795 --> 00:04:01,765 So I'm very happy here and very proud to be a Kent boy. 86 00:04:02,120 --> 00:04:02,780 Matt Edmundson: Kent boy. 87 00:04:02,800 --> 00:04:03,520 Absolutely. 88 00:04:03,630 --> 00:04:04,580 And why would you not be? 89 00:04:04,650 --> 00:04:05,370 Why would you not be? 90 00:04:05,660 --> 00:04:08,550 I'm as we were talking before we hit the record button, I'm here 91 00:04:08,550 --> 00:04:12,850 in sunny Liverpool, actually very stinkingly windy Liverpool. 92 00:04:12,850 --> 00:04:15,030 The sky is clear, but the wind is going crazy. 93 00:04:15,030 --> 00:04:17,840 I don't know whether you've got this storm going on down in the South of England 94 00:04:17,840 --> 00:04:19,960 at the moment, but it is crazy here. 95 00:04:20,685 --> 00:04:23,355 David Braithwaite: Yeah, we had it all last night and at one point I thought. 96 00:04:23,455 --> 00:04:24,975 Was it the Film Wizard of Oz, isn't it? 97 00:04:24,985 --> 00:04:25,585 Dorothy? 98 00:04:25,965 --> 00:04:26,875 Matt Edmundson: She just takes off, 99 00:04:27,400 --> 00:04:30,400 David Braithwaite: exactly, so we could have been doing this podcast live from 100 00:04:30,440 --> 00:04:35,573 Kansas, maybe, I don't know, but it certainly was a bit blowy, it's fair 101 00:04:35,595 --> 00:04:36,135 Matt Edmundson: Yeah, 102 00:04:36,220 --> 00:04:38,540 David Braithwaite: was that was a windy day, but it's quite funny, isn't it? 103 00:04:38,540 --> 00:04:41,970 I always think that no matter what's going on in The weather always wins. 104 00:04:42,520 --> 00:04:46,200 It's always the boss, and it controls us more than we think a lot of the times, 105 00:04:46,250 --> 00:04:47,910 and it dictates what we can and can't do. 106 00:04:47,980 --> 00:04:50,590 But every now and again it just says, I'm the boss around here. 107 00:04:50,929 --> 00:04:54,449 So it's an interesting reminder, as I look out over my camera and I can see 108 00:04:54,879 --> 00:04:58,810 there's chairs from our little patio set and stuff have blown across the lawn. 109 00:04:59,350 --> 00:05:01,270 It looks like there's been a fight outside at the moment. 110 00:05:03,015 --> 00:05:06,245 Matt Edmundson: hopefully they don't disappear, if we have to just pause 111 00:05:06,245 --> 00:05:12,865 the show whilst you run out and collect them, do let me know, wow, great to have 112 00:05:12,865 --> 00:05:16,555 you with us, joining us, and we said there in the intro, David, that you've 113 00:05:16,555 --> 00:05:21,825 been a business, I think the phrase was a business wizard since 1994, is that? 114 00:05:22,030 --> 00:05:24,320 Is that when you started your own venture for the first time? 115 00:05:25,055 --> 00:05:26,105 David Braithwaite: Yeah, it was. 116 00:05:26,135 --> 00:05:30,585 I was always I was never very good at school, to start off with I didn't see 117 00:05:30,585 --> 00:05:33,025 the point of school being truthful. 118 00:05:33,435 --> 00:05:37,385 It's probably hard for people to explain, but I was there and I had 119 00:05:37,385 --> 00:05:40,525 lots of friends of mine all said I'm going to be, I don't know, a 120 00:05:40,525 --> 00:05:43,665 solicitor or a lawyer, so therefore I've got to do these qualifications, 121 00:05:43,665 --> 00:05:46,475 and then I've got to do this, and everything else, so they knew a path. 122 00:05:47,290 --> 00:05:47,660 Matt Edmundson: Yeah. 123 00:05:47,970 --> 00:05:51,860 David Braithwaite: I had no path, but I did quite fascinate myself with, 124 00:05:52,210 --> 00:05:56,160 if you want something doing, often do it yourself, or make it happen. 125 00:05:56,790 --> 00:05:59,570 So at one point, I was talking about this with somebody in the office the 126 00:05:59,570 --> 00:06:01,450 other day, I think I had four jobs. 127 00:06:01,970 --> 00:06:06,130 So I had a full time job during the week, I still had a paper round during 128 00:06:06,130 --> 00:06:10,260 the week, I had a Saturday early morning job in the kitchen, and a Saturday 129 00:06:10,400 --> 00:06:12,930 afternoon job in an electrical store. 130 00:06:13,460 --> 00:06:14,850 So I was all about trying. 131 00:06:15,080 --> 00:06:19,210 Yeah I was very busy, but I was all about trying to earn money because my 132 00:06:19,210 --> 00:06:23,780 most important thing when I was that sort of late teens was got to buy a car. 133 00:06:24,380 --> 00:06:30,490 And I was always under the, my parents were never ones to give it away, it 134 00:06:30,490 --> 00:06:33,740 was always if you want something, go out, work for it, earn it, and 135 00:06:33,740 --> 00:06:36,900 then A- you'll appreciate it more and B- you'll learn about life. 136 00:06:37,475 --> 00:06:41,124 Some people may have said it's child cruelty but I was really happy with that. 137 00:06:41,154 --> 00:06:45,504 I went off and earned the money that I could and also helped with other things 138 00:06:45,504 --> 00:06:50,174 along the way like my grandfather was a bit of a wheeler dealer, he worked for 139 00:06:50,174 --> 00:06:55,219 a car company down on the south coast and used to bring back these secondhand 140 00:06:55,219 --> 00:06:57,889 cars that I could then do up and sell. 141 00:06:58,159 --> 00:06:59,959 And we split the profit 50/ 50. 142 00:06:59,959 --> 00:07:04,319 So I was always one of these people that was geared around, forge 143 00:07:04,324 --> 00:07:06,089 your own path, do your own thing. 144 00:07:06,089 --> 00:07:10,859 So as soon as I could leave school, I did and had various employed positions, but 145 00:07:10,859 --> 00:07:16,194 never quite found my way in any of them and almost I think probably people that 146 00:07:16,194 --> 00:07:20,824 are self employed already know this you aren't, you're unemployable pretty much 147 00:07:21,174 --> 00:07:27,424 so I think that from my point of view I found my own path and fell into financial 148 00:07:27,424 --> 00:07:31,654 services really almost by accident so I like to say that I'm an entrepreneur 149 00:07:32,104 --> 00:07:35,839 first I just happen to specialize in financial services if that makes sense. 150 00:07:36,309 --> 00:07:40,439 So I never set out to be the best of everything in terms of financial 151 00:07:40,439 --> 00:07:41,979 planning and oh I'm running my business. 152 00:07:41,989 --> 00:07:43,719 It was always for me the other way around. 153 00:07:43,719 --> 00:07:49,079 It was having something and ultimately as well, it sounds a bit soppy, I wanted 154 00:07:49,109 --> 00:07:52,349 to do something because I was never that academic at school with exams 155 00:07:52,949 --> 00:07:54,339 that would make my mum and dad proud. 156 00:07:54,899 --> 00:07:58,079 So that I had something that I could say, but look, I wasn't good at school. 157 00:07:58,089 --> 00:08:01,579 I was a bit rubbish, but I've done this and now they do 158 00:08:01,579 --> 00:08:02,489 tell me that they're proud. 159 00:08:02,619 --> 00:08:05,089 It's taken 29 years maybe to get there, but it's good. 160 00:08:05,179 --> 00:08:07,229 Everyone's got their reasons, but that was one of mine. 161 00:08:07,759 --> 00:08:11,359 Matt Edmundson: fantastic, wow, it's interesting, it's a fascinating story 162 00:08:11,359 --> 00:08:15,489 because listening to you talk about that and, the work in the four jobs 163 00:08:15,489 --> 00:08:20,529 and the hustle and the growing, the ability to graft I think about the 164 00:08:20,529 --> 00:08:22,399 environment my kids are growing up in now. 165 00:08:23,599 --> 00:08:25,009 My eldest is 22. 166 00:08:25,039 --> 00:08:26,209 My youngest is 16. 167 00:08:26,209 --> 00:08:28,209 And Zach's in the middle of those ages. 168 00:08:28,209 --> 00:08:31,989 And I look at the timeframe that they've grown in and actually there's a lot said 169 00:08:31,989 --> 00:08:35,529 about Gen Z, which is what they would be or Gen Z to our American cousins, but 170 00:08:35,909 --> 00:08:37,629 there's a lot said about that generation. 171 00:08:37,629 --> 00:08:41,279 One of the things that I've noticed about that generation is it is 172 00:08:41,279 --> 00:08:43,379 incredibly entrepreneurial, right? 173 00:08:43,839 --> 00:08:51,029 And more so than ever, people are starting side hustles, these sort of businesses 174 00:08:51,029 --> 00:08:52,659 where they do things on the side. 175 00:08:52,999 --> 00:08:55,589 It's become the sort of the thing to do in the modern world. 176 00:08:56,149 --> 00:08:56,939 And we'll get into that. 177 00:08:56,939 --> 00:09:01,244 I think when I was younger, entrepreneur was almost seen as a bad word. 178 00:09:01,244 --> 00:09:04,564 I don't know anybody that would have called themselves an entrepreneur, quite 179 00:09:04,564 --> 00:09:08,354 often they would, the people that I know that were in business would try and would 180 00:09:08,354 --> 00:09:09,844 call themselves a managing director. 181 00:09:09,984 --> 00:09:12,014 How we dressed it up, call themselves a managing director. 182 00:09:12,504 --> 00:09:15,174 Yeah, which is really funny. 183 00:09:15,524 --> 00:09:17,174 Whereas now it's like a badge of honor. 184 00:09:17,174 --> 00:09:19,444 And I think it's interesting how times have changed. 185 00:09:19,574 --> 00:09:21,434 So when I was a kid like you had a lot of jobs. 186 00:09:22,174 --> 00:09:27,054 As my kids have grown up, I'm listening to you talk about your 187 00:09:27,054 --> 00:09:30,254 parents and saying they're brilliant because we've done that with our kids. 188 00:09:30,254 --> 00:09:32,334 We've, it's always easy to give them everything. 189 00:09:32,874 --> 00:09:35,644 It's harder not to when you've got the means to, I think. 190 00:09:35,654 --> 00:09:38,214 And actually just going, no, you've got to go earn some, I will pay 191 00:09:38,234 --> 00:09:40,564 half if I think it's worthwhile. 192 00:09:40,624 --> 00:09:42,694 Other than that, you've got to go figure it out. 193 00:09:43,384 --> 00:09:47,014 And I think it's taught them the value of a pound, for want of a better expression. 194 00:09:47,634 --> 00:09:48,664 David Braithwaite: It definitely has. 195 00:09:48,665 --> 00:09:51,085 I had an example literally this weekend. 196 00:09:51,095 --> 00:09:53,475 My son is quite, he loves his photography. 197 00:09:53,475 --> 00:09:55,094 He's 14. 198 00:09:55,375 --> 00:09:56,295 He loves photography. 199 00:09:56,845 --> 00:10:00,285 And he got a drone a couple of years ago that was quite 200 00:10:00,745 --> 00:10:02,515 a decent investment to make. 201 00:10:02,985 --> 00:10:04,385 And of course, now he wants a better one. 202 00:10:04,945 --> 00:10:08,135 He was talking to me and I was explaining to him, Look, actually you 203 00:10:08,135 --> 00:10:10,895 don't have to buy these things brand new, you can find them second hand on 204 00:10:10,895 --> 00:10:12,535 auction websites and things like this. 205 00:10:12,545 --> 00:10:14,805 So now, teaching him what's an auction. 206 00:10:15,085 --> 00:10:17,885 And then he came to me and he said, Oh, I'm really interested in this 207 00:10:17,885 --> 00:10:19,875 particular make and model of drone. 208 00:10:20,385 --> 00:10:22,645 I said, Yeah, but you've got your other one there, you need to sell that. 209 00:10:22,645 --> 00:10:23,685 He said, Yes, I'll sell that. 210 00:10:23,755 --> 00:10:24,715 I said are you going to do that? 211 00:10:24,715 --> 00:10:25,555 Yeah, I'm going to do that. 212 00:10:25,915 --> 00:10:29,245 Then, during the week, I've got a message from him saying, Dad, can you bid on 213 00:10:29,245 --> 00:10:31,115 this for me on this auction website? 214 00:10:31,575 --> 00:10:32,255 I said, yeah, I can. 215 00:10:32,255 --> 00:10:33,285 I said, who's paying for it though? 216 00:10:34,025 --> 00:10:38,625 And he said I'll do it when I sell that, and I'm willing to do jobs 217 00:10:38,625 --> 00:10:41,365 around the house to make up the difference, if you let me know. 218 00:10:41,725 --> 00:10:44,285 And that's the difference, is that it wasn't a gimme. 219 00:10:44,305 --> 00:10:47,725 It was look, I'll do it, but I recognise that there's work involved. 220 00:10:47,755 --> 00:10:49,705 I've got to give something of myself. 221 00:10:50,235 --> 00:10:53,875 Rather than just take and I think that he's also, he's grown up his whole 222 00:10:53,875 --> 00:10:55,805 life with me, running my own business. 223 00:10:55,805 --> 00:10:59,135 And I think it's become more natural, but as you say it's different now. 224 00:10:59,135 --> 00:11:01,865 And I'm thinking as you were saying, that when people had their own 225 00:11:01,865 --> 00:11:03,186 business before, maybe they were more. 226 00:11:03,935 --> 00:11:05,585 Tradespeople or they had a shop. 227 00:11:06,325 --> 00:11:10,095 And I think also what's changed is in here we are talking about 228 00:11:10,125 --> 00:11:13,425 e-commerce, and the word ecommerce wasn't probably even around. 229 00:11:13,425 --> 00:11:15,915 So 30 years ago it probably wasn't really invented. 230 00:11:16,465 --> 00:11:17,885 Certainly the internet wasn't really there. 231 00:11:18,585 --> 00:11:22,255 And the opportunities are there, but also the rate at which these kids, dare 232 00:11:22,255 --> 00:11:26,685 I call them that, can get information, and things like the TikTok and Instagram, 233 00:11:26,685 --> 00:11:31,065 all the, so they're seeing people earning money through different routes, off 234 00:11:31,085 --> 00:11:35,755 their own back, than what was available to us before, things like YouTubers 235 00:11:35,755 --> 00:11:38,575 that are making millions of pounds, it's like, what, even I don't understand 236 00:11:38,775 --> 00:11:42,205 that, but he gets all of that, and it's a different world now, but the 237 00:11:42,205 --> 00:11:44,410 speed at which you can get information, and you can find information, try 238 00:11:44,410 --> 00:11:46,460 something, if it doesn't work, so what? 239 00:11:46,470 --> 00:11:48,460 Move on to the next thing, because you've got a whole lifetime ahead. 240 00:11:48,830 --> 00:11:52,570 It isn't a one and done, whereas I think it used to be, a lot with 241 00:11:52,580 --> 00:11:55,650 my career originally, was what job are you going to go into? 242 00:11:56,260 --> 00:11:58,330 I always remember my parents saying, go into banking, because 243 00:11:58,330 --> 00:11:59,650 that's a secure job for life. 244 00:12:01,265 --> 00:12:01,865 Really? 245 00:12:02,475 --> 00:12:05,225 And you think now, you think, God, if I had taken that advice and got in 246 00:12:05,225 --> 00:12:09,555 for the safe, steady job, actually, A- it would have been quite boring, 247 00:12:09,675 --> 00:12:13,385 and B- probably actually not as secure as what they thought it would be. 248 00:12:13,845 --> 00:12:16,525 I'm glad that I've found my own path, really. 249 00:12:16,545 --> 00:12:20,375 But, yeah, but at the same time, it has to be a little bit of difficulty. 250 00:12:20,405 --> 00:12:23,475 Otherwise, everyone would do it, we still need the employed people to be employed. 251 00:12:23,995 --> 00:12:27,165 We still need the entrepreneurs out there trying things and pushing the boundaries. 252 00:12:27,165 --> 00:12:28,815 And that's, the joy of life. 253 00:12:29,540 --> 00:12:31,000 Matt Edmundson: No, absolutely. 254 00:12:31,030 --> 00:12:31,960 It's interesting, isn't it? 255 00:12:32,270 --> 00:12:35,840 When you, people ask a lot about, they ask, I get asked 256 00:12:35,840 --> 00:12:37,060 a lot about entrepreneurship. 257 00:12:37,060 --> 00:12:39,760 In fact, I've got, I'm on a podcast later talking about entrepreneurship. 258 00:12:39,810 --> 00:12:42,510 And it fascinates me. 259 00:12:43,045 --> 00:12:48,085 This idea that entrepreneurs basically see a problem and they work hard to solve that 260 00:12:48,085 --> 00:12:52,035 problem, and that's what entrepreneurs do. 261 00:12:52,035 --> 00:12:56,435 And I think you've got to have a bit of grit to follow that through because 262 00:12:56,435 --> 00:12:58,755 it's not a straightforward path, right? 263 00:12:58,795 --> 00:13:04,470 And if you can do it and do it well, then there's a chance you can make money at it. 264 00:13:04,470 --> 00:13:06,860 If you don't do it and you, or you do it badly, there's a chance you're 265 00:13:06,860 --> 00:13:07,890 not going to make money at it. 266 00:13:08,475 --> 00:13:12,975 And it, it strikes me as we are seeing like I get asked a lot, 267 00:13:12,975 --> 00:13:14,365 should I start an online store? 268 00:13:14,495 --> 00:13:15,495 I want to do a side hustle. 269 00:13:15,495 --> 00:13:16,355 I want to do this. 270 00:13:16,645 --> 00:13:18,285 I've had enough of my job over here. 271 00:13:18,285 --> 00:13:19,825 I want to start to build my own business. 272 00:13:19,825 --> 00:13:22,465 And so now it's very much a case of why I can do that online. 273 00:13:22,465 --> 00:13:25,095 And it enables me to sort of transition over a period of time. 274 00:13:25,695 --> 00:13:28,475 I'm curious from your point of view, with the coaching and the stuff, the 275 00:13:28,475 --> 00:13:33,385 work you do with entrepreneurs, what are some of the habits that you see? 276 00:13:34,010 --> 00:13:38,140 Entrepreneurs, generally, or you could talk specifically about onlIne. 277 00:13:38,240 --> 00:13:43,970 What are some of the habits maybe that we have, which are formed well and which are 278 00:13:43,970 --> 00:13:45,320 good and we should carry on with them? 279 00:13:45,320 --> 00:13:49,920 What are some of the habits maybe we need to go away and find and work on? 280 00:13:50,215 --> 00:13:50,275 Yeah. 281 00:13:51,335 --> 00:13:54,225 David Braithwaite: I I think that what we do as entrepreneurs is very 282 00:13:54,225 --> 00:13:55,545 good at solving people's problems. 283 00:13:55,605 --> 00:13:57,680 We find a niche, we find something that needs to be solved. 284 00:13:58,455 --> 00:14:01,955 And we're often very passionate about what it is that we do. 285 00:14:02,295 --> 00:14:06,105 We absolutely believe in the product, the service, whatever it 286 00:14:06,105 --> 00:14:08,285 is that we're doing, we get it. 287 00:14:08,665 --> 00:14:10,905 It's almost like we're over enthusiastic, we want everybody 288 00:14:10,905 --> 00:14:12,225 else to get it sometimes. 289 00:14:12,545 --> 00:14:15,285 And I think you're right, a lot of the time with entrepreneurs, 290 00:14:15,655 --> 00:14:17,305 we need a crisis to get excited. 291 00:14:17,665 --> 00:14:22,004 We need something, we always need something to go, ah, I've solved, because 292 00:14:22,004 --> 00:14:25,774 we love the fact that we came across this issue, and we've solved it, and 293 00:14:25,774 --> 00:14:29,664 actually that gives us a great deal of feedback, for want of a better word, but 294 00:14:29,664 --> 00:14:33,134 I would say one of the biggest problems, and this is where I started, because I 295 00:14:33,144 --> 00:14:37,694 actually attended Strategic Coach, as a client before I became a coach in 2009. 296 00:14:37,694 --> 00:14:42,269 And I took from my story I found that I was building the business, 297 00:14:42,509 --> 00:14:46,124 but it felt a little bit like one of those hamster wheels that you get on. 298 00:14:46,774 --> 00:14:49,379 And as I'm on it, it is turning faster and faster. 299 00:14:49,679 --> 00:14:52,409 And I knew I wanted to scale the business, but I didn't know how. 300 00:14:52,409 --> 00:14:54,529 Because going back to my school days. 301 00:14:54,989 --> 00:14:57,929 I was not that bright and they don't teach entrepreneurship at schools, which 302 00:14:57,929 --> 00:15:00,099 is a big thing that they should do. 303 00:15:00,139 --> 00:15:02,809 They should say, here's all these careers or actually 304 00:15:03,009 --> 00:15:04,409 entrepreneur is a career as well. 305 00:15:04,459 --> 00:15:06,589 It tends to be what you want to do. 306 00:15:07,069 --> 00:15:10,769 So I was going through I was actually due the first my son 307 00:15:10,769 --> 00:15:11,829 was going to be born then. 308 00:15:12,559 --> 00:15:16,709 And when you talk about scaling a business, it was like I wanted to do 309 00:15:16,709 --> 00:15:19,889 more with what I had, and if you're thinking if I wanted to double my 310 00:15:19,890 --> 00:15:23,499 turnover, you think I've got to double my hours, and that's crazy. 311 00:15:24,409 --> 00:15:27,819 You've got to find a way of working more efficiently and hiring in 312 00:15:27,819 --> 00:15:30,859 the right people, for example, to help you build the business. 313 00:15:31,659 --> 00:15:34,679 So I think the biggest victim entrepreneurs is 314 00:15:34,679 --> 00:15:36,089 that we are never finished. 315 00:15:37,209 --> 00:15:39,399 There's always something we can be doing. 316 00:15:39,669 --> 00:15:43,089 And I wanna make sure when my son came along that I didn't miss a 317 00:15:43,089 --> 00:15:45,729 sports day that I was with him. 318 00:15:45,734 --> 00:15:46,509 I needed to be with him. 319 00:15:46,509 --> 00:15:50,229 And I wasn't in here working from seven till seven, seven days a week. 320 00:15:50,279 --> 00:15:51,959 And you're permanently tired and worn out. 321 00:15:51,959 --> 00:15:55,859 And I think what I see a lot from entrepreneurs as well is that we feel. 322 00:15:56,414 --> 00:16:00,254 Often, when we need a break, it's almost like we've got to justify it. 323 00:16:01,354 --> 00:16:04,514 I've worked so hard, I have to have some time off now. 324 00:16:04,524 --> 00:16:06,564 We have to feel that we earn the time off. 325 00:16:07,479 --> 00:16:10,489 Whereas actually we should be thinking about it differently and taking that 326 00:16:10,489 --> 00:16:16,019 free time as a priority because actually, we've just come back off from an extended 327 00:16:16,029 --> 00:16:21,629 break during Christmas if lots of people have had that and I came back really 328 00:16:21,629 --> 00:16:26,039 excited about what the year was going to hold and you feel far more creative 329 00:16:26,039 --> 00:16:29,509 and freer rather than ground down tired. 330 00:16:30,099 --> 00:16:32,689 So Dan Sullivan that actually does a lot of the coaching 331 00:16:32,969 --> 00:16:34,529 and it's his coaching course. 332 00:16:35,129 --> 00:16:37,589 He says it says that you need a break when everybody around 333 00:16:37,589 --> 00:16:39,019 you seems to be more stupid 334 00:16:45,449 --> 00:16:46,169 Matt Edmundson: I love that. 335 00:16:46,499 --> 00:16:46,649 I 336 00:16:46,694 --> 00:16:50,074 David Braithwaite: And it's so true, when people, you get a bit, your views 337 00:16:50,074 --> 00:16:54,034 get shorter, we feel we have to earn this time off, but actually, if we book 338 00:16:54,034 --> 00:16:56,974 in the free time first, because we're, and the families and the loved ones are 339 00:16:56,974 --> 00:17:00,464 more important, and then work fits around that, often it's the other way around 340 00:17:00,464 --> 00:17:03,534 for entrepreneurs, is that you're always on, and especially when you're talking 341 00:17:03,564 --> 00:17:09,904 about ecommerce, which is, can be for a lot of people, 24 7, 365 days a week, 342 00:17:09,904 --> 00:17:13,439 because there's always something going on, and the internet never closes, does it? 343 00:17:13,439 --> 00:17:16,059 It's not a nine to five internet, it's always something you can do with 344 00:17:16,069 --> 00:17:19,859 different, especially if you're dealing with customers and clients globally, 345 00:17:20,679 --> 00:17:23,859 they're all over the place in terms of time, so it's always doing that, 346 00:17:23,879 --> 00:17:26,839 and especially I think if you're, particularly as, going back to the word 347 00:17:26,839 --> 00:17:30,399 proud of your business, you'll always try and do what you can for that extra 348 00:17:30,399 --> 00:17:33,439 mile to please a customer or client. 349 00:17:34,094 --> 00:17:37,274 And sometimes that can be at the detriment to you, if you're 350 00:17:37,394 --> 00:17:38,854 using that family time up. 351 00:17:38,874 --> 00:17:41,154 It's like the same when you go out for a meal and you're going out and 352 00:17:41,154 --> 00:17:43,204 you've got your phone and everyone puts their phones on the table. 353 00:17:43,974 --> 00:17:44,804 Are they really present? 354 00:17:45,074 --> 00:17:45,414 Meh. 355 00:17:45,419 --> 00:17:45,929 Matt Edmundson: Yeah. 356 00:17:46,394 --> 00:17:47,054 David Braithwaite: It's difficult. 357 00:17:47,074 --> 00:17:48,244 I know it's difficult to switch off. 358 00:17:48,254 --> 00:17:50,814 And these so called smartphones, they're there for our convenience, 359 00:17:50,814 --> 00:17:52,024 not the callers, I always say. 360 00:17:52,074 --> 00:17:52,524 Matt Edmundson: Yeah. 361 00:17:52,759 --> 00:17:54,809 David Braithwaite: so it's difficult because they can follow you around and 362 00:17:54,809 --> 00:17:56,339 you just get a ping, a notification. 363 00:17:56,339 --> 00:17:59,629 It's always demanding attention, whereas actually probably our 364 00:17:59,659 --> 00:18:01,969 attention should be better spent with the people that we're with. 365 00:18:02,129 --> 00:18:05,754 So that's what I see as the biggest negative side from being an entrepreneur. 366 00:18:05,754 --> 00:18:09,674 If you can get the hang of that and get the balance right, then I 367 00:18:09,694 --> 00:18:11,034 think you're in for a happier life. 368 00:18:11,714 --> 00:18:14,634 Matt Edmundson: It's interesting you talk about this David, because . One of 369 00:18:14,684 --> 00:18:22,914 the myths, that is prevalent in people wanting to start an online business is the 370 00:18:22,924 --> 00:18:28,064 belief that they can be a digital nomad. 371 00:18:28,574 --> 00:18:32,594 So I've seen the rise in people doing this and I've seen the rise, in countries 372 00:18:32,594 --> 00:18:36,014 accepting the, what they call now the digital nomad visa, which is genius. 373 00:18:36,014 --> 00:18:39,204 My kids are, when all my kids have gone, I am doing this, right? 374 00:18:40,689 --> 00:18:44,219 And this is where you can in effect get a visa to work in a country 375 00:18:44,629 --> 00:18:47,039 or to go live in a country for an extended period of time because 376 00:18:47,039 --> 00:18:48,739 you are doing your online business. 377 00:18:48,739 --> 00:18:52,239 My business, I do the podcast, I have my ecommerce businesses, 378 00:18:52,239 --> 00:18:53,469 I've got my coaching business. 379 00:18:53,709 --> 00:18:55,589 I can do that from anywhere in the world as long as I've 380 00:18:55,589 --> 00:18:56,499 got an internet connection. 381 00:18:56,569 --> 00:18:57,669 It's just the way it is, right? 382 00:18:58,109 --> 00:19:00,699 We've got a great team here in Liverpool, got a warehouse. 383 00:19:01,199 --> 00:19:02,339 I don't need to be here. 384 00:19:02,339 --> 00:19:03,199 I can move around. 385 00:19:04,519 --> 00:19:05,639 But I don't. 386 00:19:05,889 --> 00:19:07,069 And this is why I call it the myth. 387 00:19:07,069 --> 00:19:09,649 It's not that you can't, it's just that most people don't. 388 00:19:10,519 --> 00:19:14,219 I can start an online business and then I can go work on the beach in Tahiti. 389 00:19:16,179 --> 00:19:19,549 But I can count on one hand out of the thousands of people that I've spoken 390 00:19:19,549 --> 00:19:21,079 to that end up actually doing that. 391 00:19:21,079 --> 00:19:24,759 There's this sort of, this romantic notion when you start an online business that's 392 00:19:24,759 --> 00:19:28,539 what you could do, but the reality of it is you don't because the rest of life 393 00:19:28,539 --> 00:19:30,619 just happens around you and consumes you. 394 00:19:31,189 --> 00:19:35,219 And so I hear what you're saying and I definitely, the taking of the free 395 00:19:35,219 --> 00:19:38,249 time and just to find out I'm smiling because I still fall into that trap 396 00:19:38,269 --> 00:19:41,269 30 years later and I remember last, just last week, so we're recording 397 00:19:41,269 --> 00:19:42,669 this on a Monday, last Monday. 398 00:19:43,389 --> 00:19:48,099 I didn't have any recordings scheduled for the podcast and so I grabbed my 399 00:19:48,099 --> 00:19:53,469 notebook and I walked to the city center from my house and I walked the long way, 400 00:19:53,559 --> 00:19:55,349 I took a two hour walk down by the river. 401 00:19:55,349 --> 00:19:58,779 I, I sat in a coffee shop with nothing, I didn't take my computer, I just sat 402 00:19:58,779 --> 00:20:03,129 there with my journal and then walked back and the whole thing took 6-7 hours. 403 00:20:03,459 --> 00:20:05,259 I will tell you now, it was one of the most productive 404 00:20:05,259 --> 00:20:06,449 days I've had for a long time. 405 00:20:08,054 --> 00:20:08,534 David Braithwaite: There you go. 406 00:20:09,219 --> 00:20:09,469 Matt Edmundson: Yeah. 407 00:20:09,694 --> 00:20:11,904 David Braithwaite: And I have a saying that almost everything will 408 00:20:11,904 --> 00:20:13,854 work if you unplug it for a while. 409 00:20:15,839 --> 00:20:19,879 And it is, I do a lot of my planning not in the office here when 410 00:20:19,879 --> 00:20:21,469 you've got things to distract you. 411 00:20:22,179 --> 00:20:25,529 It is about getting out and doing something and doing the working in the 412 00:20:25,529 --> 00:20:29,269 coffee shop or taking away, like if people do goal setting for example, 413 00:20:29,359 --> 00:20:33,669 it's better to do it somewhere that's a nice inspiring place rather than 414 00:20:33,669 --> 00:20:36,309 the same four walls you're already in because that's all familiar. 415 00:20:37,069 --> 00:20:41,129 And it's distracting, so I completely get why you do that. 416 00:20:41,169 --> 00:20:45,779 I'm quite efficient working when I've had to write stuff for brochures and 417 00:20:45,779 --> 00:20:47,279 things that we've done for the office. 418 00:20:48,029 --> 00:20:51,909 I've done it out of the office because I just feel a bit more free. 419 00:20:51,909 --> 00:20:54,479 I'm sitting there, I'm looking around in the cafe, you get the people, 420 00:20:54,479 --> 00:20:58,369 the hubbub, the noise, and it feels like it's proper focus time, I would 421 00:20:58,369 --> 00:20:58,819 Matt Edmundson: Yeah. 422 00:20:59,019 --> 00:20:59,369 Yeah. 423 00:20:59,729 --> 00:21:01,179 David Braithwaite: the fact you're in somewhere where people 424 00:21:01,189 --> 00:21:02,429 might find that a bit alien. 425 00:21:03,134 --> 00:21:03,654 But I'm there. 426 00:21:03,664 --> 00:21:06,704 You can't just sit there and look at a wall, whereas you can in your own office. 427 00:21:07,254 --> 00:21:08,354 If you really wanted to. 428 00:21:08,674 --> 00:21:10,514 But in a coffee shop or something, it's really good. 429 00:21:10,524 --> 00:21:13,224 It just feels more inspiring to be somewhere a bit different. 430 00:21:13,264 --> 00:21:16,434 And if you had a walk down by the river, and it's, you've freed your 431 00:21:16,434 --> 00:21:19,124 mind, and you've got nothing else there, and put your phone in airplane 432 00:21:19,124 --> 00:21:21,194 mode, that's gonna be a good day. 433 00:21:21,204 --> 00:21:25,434 And you've remembered that for that fact that it's so simple to 434 00:21:25,434 --> 00:21:27,714 do, but not a lot of people do it. 435 00:21:28,054 --> 00:21:28,924 That's the difference. 436 00:21:28,924 --> 00:21:30,124 You don't have to do this stuff. 437 00:21:30,174 --> 00:21:33,314 It's not for everybody, but it really works if you try it and it's worth the go. 438 00:21:34,019 --> 00:21:34,889 Matt Edmundson: yeah absolutely. 439 00:21:35,239 --> 00:21:41,639 So how do you how would you advise someone who is working a full time 440 00:21:41,639 --> 00:21:45,579 job, they're probably not liking it really and they've decided they're 441 00:21:45,579 --> 00:21:48,679 going to start a side hustle and they're listening to this show, it's 442 00:21:48,689 --> 00:21:50,359 probably an ecommerce business, right? 443 00:21:50,359 --> 00:21:51,879 So they've set up an online business. 444 00:21:52,469 --> 00:21:55,519 They're either selling a digital product or a real product, they're maybe having 445 00:21:55,519 --> 00:21:58,499 it made, shipped over and they're trying to do, they're trying to do all 446 00:21:58,499 --> 00:22:01,799 the things they need to do to grow an ecommerce business, which is in reality 447 00:22:01,809 --> 00:22:04,329 used to be very simple and now it's becoming more and more complicated, 448 00:22:04,339 --> 00:22:05,589 such as a way of things, right? 449 00:22:05,589 --> 00:22:07,539 We take something simple and we mess it up. 450 00:22:08,139 --> 00:22:12,199 So on one hand, it's I've got to take time, quite a lot 451 00:22:12,219 --> 00:22:14,789 of the ancient religions have this Sabbath idea, don't they? 452 00:22:14,839 --> 00:22:17,109 Which, let's just be real, works very well. 453 00:22:17,259 --> 00:22:18,889 The idea of taking a day of rest. 454 00:22:20,304 --> 00:22:23,154 But at the same time, I'm working eight hours at work. 455 00:22:23,154 --> 00:22:25,584 I'm coming home working five, six hours of an evening. 456 00:22:26,144 --> 00:22:29,284 And I need to, on one hand, I need to put the time in to, to 457 00:22:29,284 --> 00:22:30,694 actually get the thing started. 458 00:22:31,074 --> 00:22:34,134 But at the other time, I'm at the other side, I'm like how do I do that? 459 00:22:34,144 --> 00:22:37,009 The whole resting, but how would you talk to someone like that, 460 00:22:37,009 --> 00:22:38,029 maybe, who's listening to the show? 461 00:22:38,934 --> 00:22:41,514 David Braithwaite: so I think you've got the right idea is that people would 462 00:22:41,514 --> 00:22:44,624 do that you keep your full time job you need to still keep your rent and 463 00:22:44,624 --> 00:22:47,874 everything over your head and the house that you've got or flat wherever you are. 464 00:22:48,394 --> 00:22:51,344 And then if you're working eight hours a day, there's 24 in a day. 465 00:22:51,694 --> 00:22:53,164 So how much sleep do we really need? 466 00:22:53,494 --> 00:22:56,694 So it's then coming back in the evening and working on your what they call the 467 00:22:56,694 --> 00:23:02,294 side hustle whatever it is e commerce and they work on that but also how much do 468 00:23:02,294 --> 00:23:05,994 they really need from a financial point of view, what else could they cut back on? 469 00:23:06,034 --> 00:23:10,054 How much are they actually needing that car they've got on the drive? 470 00:23:10,454 --> 00:23:13,054 Could they actually downsize and go and rent somewhere smaller? 471 00:23:13,614 --> 00:23:17,634 So they're not having to a lot of people buy it's something one knows 472 00:23:17,634 --> 00:23:18,964 from a financial planning point of view, 473 00:23:19,259 --> 00:23:19,659 Matt Edmundson: yeah, 474 00:23:20,094 --> 00:23:22,024 David Braithwaite: a lot of people spend a lot of time and money buying 475 00:23:22,024 --> 00:23:26,604 stuff that they don't necessarily need but it's sometimes there to 476 00:23:26,604 --> 00:23:29,264 impress other people, it's sometimes there to make themselves feel good. 477 00:23:29,659 --> 00:23:30,829 All put off the evil moment. 478 00:23:31,169 --> 00:23:34,569 So for some people if they actually condensed down their life and simplified 479 00:23:34,569 --> 00:23:39,189 it a little bit and said actually what can I get away with selling, what can I 480 00:23:39,209 --> 00:23:44,229 get away with downgrading in, do I really need that type of car, so that your income 481 00:23:44,229 --> 00:23:48,109 that you've got to bring in isn't quite as heavy as what it needs to be, you've 482 00:23:48,179 --> 00:23:49,109 got your full time job and your side 483 00:23:49,839 --> 00:23:50,139 Matt Edmundson: yeah, 484 00:23:50,479 --> 00:23:52,219 David Braithwaite: But actually, what is it you need to bring in? 485 00:23:52,469 --> 00:23:56,179 Is the fact that it's not working that six hours extra in the evening because 486 00:23:56,269 --> 00:23:57,779 of the fact your outgoings are so big. 487 00:23:58,249 --> 00:24:01,649 So it's looking at not just the income you're bringing in and the time, it's 488 00:24:01,649 --> 00:24:05,389 looking at minimising your outgoings as well, if you're serious about doing this. 489 00:24:05,999 --> 00:24:09,689 But unfortunately, I think a lot of, again, coming back to my son, there is an 490 00:24:09,689 --> 00:24:15,589 awful lot of stuff on TikTok and the like, where it almost makes it sound too simple. 491 00:24:15,899 --> 00:24:18,669 Oh, you just do this, you just do that, and look at all the money coming in. 492 00:24:18,899 --> 00:24:21,689 If it was that easy, everybody would do it, there has to be 493 00:24:21,689 --> 00:24:23,209 work involved in some of this. 494 00:24:23,609 --> 00:24:25,869 So don't be afraid to put the work in. 495 00:24:26,109 --> 00:24:28,179 If you're serious about making this work, it will. 496 00:24:28,429 --> 00:24:31,269 And at some point, hopefully, then the balance will tip and you 497 00:24:31,269 --> 00:24:33,839 can give up your full time job and then the world's your oyster. 498 00:24:34,299 --> 00:24:37,699 But it's about minimising your outgoings and looking at your lifestyle that you've 499 00:24:37,709 --> 00:24:42,389 got and cutting a cloth I hate to say it, and putting in as many hours as you can. 500 00:24:42,969 --> 00:24:44,639 But you've just, you've got to do it. 501 00:24:44,699 --> 00:24:47,069 That's what you've got to do if you can't afford to give up your full time job. 502 00:24:47,129 --> 00:24:47,559 Yet. 503 00:24:48,029 --> 00:24:49,609 Matt Edmundson: yeah I love this. 504 00:24:49,609 --> 00:24:52,579 You're talking about how, I'm going to use this phrase, 505 00:24:53,379 --> 00:24:55,649 downgrading your lifestyle, right? 506 00:24:55,709 --> 00:24:56,039 And it's. 507 00:24:56,964 --> 00:25:03,734 I think this is where a lot of people that I speak to are wanting to start a 508 00:25:03,734 --> 00:25:07,584 side hustle either to escape the drudgery of the 9 to 5 that they're working at, 509 00:25:08,154 --> 00:25:13,674 or they're doing it because their job is not creating the lifestyle that they 510 00:25:13,674 --> 00:25:17,404 want and so they set up another, they set up a business to try and create 511 00:25:17,414 --> 00:25:21,324 their lifestyle that they feel like they want and so whenever you talk to 512 00:25:21,324 --> 00:25:24,824 people in that situation and I don't know if you found this, David, I'd 513 00:25:24,824 --> 00:25:28,294 love to know if you have, but I would have said similar things to people. 514 00:25:28,414 --> 00:25:31,994 It's let's look at how we can cut back so you can go forward, right? 515 00:25:31,994 --> 00:25:35,934 So you can prune for want of a better expression, to produce 516 00:25:35,934 --> 00:25:37,144 the growth, to produce the fruit. 517 00:25:38,244 --> 00:25:39,284 How can you do that? 518 00:25:39,674 --> 00:25:44,804 And it's not a very popular question because people don't like the idea 519 00:25:45,114 --> 00:25:47,074 of going backwards to go forwards. 520 00:25:47,140 --> 00:25:50,280 David Braithwaite: Progress sometimes, no, but it's true, 521 00:25:50,390 --> 00:25:52,830 there's a saying, all progress starts with telling the truth, right? 522 00:25:53,280 --> 00:25:57,570 And I think also there is, there's a danger as well where, again, going on 523 00:25:57,610 --> 00:26:00,950 things like the social media, where people that have set up their own businesses and 524 00:26:00,960 --> 00:26:02,780 things are on there, it's like a showreel. 525 00:26:03,290 --> 00:26:06,630 And there's lots of criticism for some of these people posing by Lamborghinis. 526 00:26:06,630 --> 00:26:11,750 You can even hire the shell as a set of a private jet. 527 00:26:12,560 --> 00:26:13,210 Do you know this? 528 00:26:13,920 --> 00:26:17,640 You can hire this set that's a private jet to go in there for an hour. 529 00:26:17,900 --> 00:26:21,860 You have photographs taken and then you use the pictures of this 530 00:26:21,930 --> 00:26:24,590 lifestyle in your social media. 531 00:26:24,620 --> 00:26:26,280 So one thing you've got a private jet you've been on. 532 00:26:27,240 --> 00:26:28,040 It's all rubbish. 533 00:26:28,490 --> 00:26:29,740 A lot of it is all rubbish. 534 00:26:29,740 --> 00:26:33,670 It's not supported by anything concrete and what I find is certainly again 535 00:26:34,125 --> 00:26:38,595 from the financial planning side of things, the people that have got the 536 00:26:38,595 --> 00:26:41,945 real money, don't talk about it, the people that haven't are the ones that 537 00:26:42,015 --> 00:26:45,795 are more extrovert in showing you what they're the ones that wear the labels, 538 00:26:45,815 --> 00:26:49,605 that have the flash things, because they're almost trying to put a show on. 539 00:26:50,340 --> 00:26:53,720 Yeah, actually, the ones that, the most humble ones that we've come across 540 00:26:53,720 --> 00:26:54,820 are the ones that got the real money. 541 00:26:55,110 --> 00:26:57,000 Because they've got nothing to prove. 542 00:26:57,050 --> 00:26:59,490 They're just doing what they need to do for themselves, and it's not 543 00:26:59,490 --> 00:27:01,140 about anyone else, it's about them. 544 00:27:01,590 --> 00:27:05,640 Talking about it, recently we were driving through France last year, and I just 545 00:27:05,640 --> 00:27:09,040 noticed that most of this is probably a sweeping statement, but you drive 546 00:27:09,040 --> 00:27:12,620 through France, nobody there seems to be bothered about what car they're driving. 547 00:27:13,920 --> 00:27:14,780 They're all much of a muchness. 548 00:27:14,790 --> 00:27:18,430 You don't notice suddenly a Bentley Mulsanne going 549 00:27:18,430 --> 00:27:20,110 down the road, or a Ferrari. 550 00:27:20,110 --> 00:27:24,000 You just don't see it, because they don't seem to be hung up on that lifestyle. 551 00:27:24,000 --> 00:27:25,330 They're just happy doing what they do. 552 00:27:25,390 --> 00:27:30,980 A car that's a six litre whatever versus a one litre mini or whatever 553 00:27:31,050 --> 00:27:33,710 is probably broadly going to get you to the same place at the same time. 554 00:27:34,260 --> 00:27:38,250 Whereas here it seems to be a bit, that we sell in UK that the sales 555 00:27:38,250 --> 00:27:43,410 of big flat screen TVs go up just before a lot of international football 556 00:27:43,410 --> 00:27:46,600 matches because people are coming round to other people's houses. 557 00:27:47,310 --> 00:27:49,640 They're going to buy these things to show their friends. 558 00:27:49,640 --> 00:27:53,970 Oh, look at my TV, and it's just a bit of a plastic lifestyle I hate to say 559 00:27:53,970 --> 00:27:57,310 it, but yeah, if you're serious about doing it, cut your cloth and that's where 560 00:27:57,310 --> 00:27:58,960 you've got to start, and swallow it. 561 00:27:59,860 --> 00:28:03,160 Or you're not serious, really, you can't spend money you haven't got yet. 562 00:28:04,070 --> 00:28:07,460 Matt Edmundson: Yeah, it's, or get ready for burnout, trying to do it, right? 563 00:28:07,490 --> 00:28:10,240 It's or amass a lot of debt on a credit card, trying to 564 00:28:10,240 --> 00:28:11,540 live a lifestyle, it's one way 565 00:28:11,540 --> 00:28:13,750 David Braithwaite: Yeah, that's a road to ruin as well. 566 00:28:13,930 --> 00:28:16,340 Matt Edmundson: Have you ever read the book The Millionaire Next Door? 567 00:28:16,870 --> 00:28:19,100 David Braithwaite: I think I have got it on my bookshelf here, but 568 00:28:19,130 --> 00:28:22,650 full transparency, no, I've got it here though, I haven't read it yet. 569 00:28:23,220 --> 00:28:24,580 Matt Edmundson: It's a really fascinating book. 570 00:28:24,650 --> 00:28:28,840 It's an old book, I say an old book, it's probably 15-20 years old and I judge 571 00:28:28,840 --> 00:28:30,840 old now on the basis of my kids ages. 572 00:28:32,440 --> 00:28:33,580 That's good, that phase of 573 00:28:33,800 --> 00:28:35,380 David Braithwaite: So we're very similar, it's okay. 574 00:28:37,340 --> 00:28:39,680 Matt Edmundson: And The Millionaire Next Door is a fascinating book because 575 00:28:39,690 --> 00:28:42,170 it's these guys basically interviewing people who were millionaires. 576 00:28:42,785 --> 00:28:48,325 And what they discovered was that people who created their wealth, as in a lot 577 00:28:48,325 --> 00:28:51,035 of immigrants, for example, would come into the States, they'd work crazy 578 00:28:51,035 --> 00:28:55,105 hours, they'd save everything, they wouldn't spend it, they'd invest wisely. 579 00:28:55,665 --> 00:28:57,245 They'd created a lot of wealth. 580 00:28:57,255 --> 00:28:59,365 They weren't driving around in flat flash cars. 581 00:28:59,375 --> 00:29:02,895 They were wearing jeans and a t shirt, you know, they weren't wearing Hugo 582 00:29:02,925 --> 00:29:04,095 Boss and all that sort of stuff. 583 00:29:04,835 --> 00:29:06,015 You wouldn't really know. 584 00:29:06,065 --> 00:29:08,995 That's why the millionaire next door, what they discovered was the 585 00:29:08,995 --> 00:29:10,945 people that inherited the wealth. 586 00:29:11,415 --> 00:29:15,585 So somebody dies and therefore I have been given a large chunk 587 00:29:15,585 --> 00:29:18,165 of wealth or I've grown up in wealth and I've become used to it. 588 00:29:18,845 --> 00:29:20,985 They're the ones that drive the flash cars. 589 00:29:21,600 --> 00:29:26,940 Where the fancy clothes because this, having part, reading this book was 590 00:29:26,940 --> 00:29:30,760 part of the reason why I decided with my kids not to ever pay them pocket 591 00:29:30,790 --> 00:29:32,590 money when they were growing up. 592 00:29:32,610 --> 00:29:35,610 Now I give them an allowance now they're at uni, but I didn't ever 593 00:29:35,610 --> 00:29:37,420 want to create this entitlement thing. 594 00:29:37,900 --> 00:29:40,359 And so the premise of the book was if you create it. 595 00:29:40,510 --> 00:29:41,650 You know how to keep it. 596 00:29:41,670 --> 00:29:45,300 If you're given it, you know how to spend it and it's going to go quick. 597 00:29:45,350 --> 00:29:47,440 Within one or two generations, it tends to go. 598 00:29:48,050 --> 00:29:51,960 And I hope I'm doing the book some justice in paraphrasing it like that, 599 00:29:51,960 --> 00:29:55,330 but it's a fascinating book, very insightful book on the whole concept. 600 00:29:55,330 --> 00:29:56,929 Yeah. 601 00:29:56,955 --> 00:29:59,525 David Braithwaite: another, there were lots of the people, certainly 602 00:29:59,535 --> 00:30:02,905 here in the UK, and presumably other countries as well, that have 603 00:30:02,905 --> 00:30:05,535 come into unexpected wealth through things like winning the lottery. 604 00:30:06,445 --> 00:30:09,255 Actually, you go back to see them a few years later, and they're 605 00:30:09,265 --> 00:30:10,655 back to where they were before. 606 00:30:11,555 --> 00:30:14,185 It's because they've spent without the right mindset, they're not 607 00:30:14,185 --> 00:30:16,375 used to it, so therefore they've reached their own level again. 608 00:30:16,840 --> 00:30:20,740 Which just seems to me like an absolute crying shame and a waste of money but, 609 00:30:21,350 --> 00:30:25,500 they're back to where they started and it's a shame really, but yeah, I've got a 610 00:30:25,500 --> 00:30:28,870 friend of mine, he's a financial advisor, if there's there's a thing over here, 611 00:30:28,870 --> 00:30:32,250 Premium Bonds, where people can, it's like a lottery, isn't it, where you can put 612 00:30:32,250 --> 00:30:36,430 money in, and he's the advisor that goes in to see the people who've won a million 613 00:30:36,430 --> 00:30:41,010 pounds, and some of the stories that he hears from them is just fascinating, some 614 00:30:41,010 --> 00:30:42,280 people don't know what to do with it. 615 00:30:42,675 --> 00:30:45,945 And some people have spent it before he's even got there, and it's different. 616 00:30:45,955 --> 00:30:49,275 Whereas what he's trying to do is to make it last and last and give for 617 00:30:49,275 --> 00:30:51,905 generations, where some people are going it's my money, I'm going to spend 618 00:30:51,905 --> 00:30:53,335 it, it's totally different mindset. 619 00:30:53,415 --> 00:30:55,485 Matt Edmundson: let's talk about that a little while, because obviously the reason 620 00:30:55,485 --> 00:30:58,735 people want to set up side hustles, people want their own ecommerce businesses. 621 00:30:58,735 --> 00:31:02,225 And I appreciate we're not necessarily talking about ecommerce tactics today. 622 00:31:02,225 --> 00:31:05,335 We're talking more about the mindset, I think, of being the entrepreneur, the guy 623 00:31:05,335 --> 00:31:07,255 driving or the gal driving the business. 624 00:31:08,435 --> 00:31:10,125 You start to be successful, right? 625 00:31:10,125 --> 00:31:14,275 You start to make a few quid, excuse me, or a few dollars, a few bucks for 626 00:31:14,275 --> 00:31:21,565 our American cousins, And the temptation then is, I think you, it's very easy to 627 00:31:21,575 --> 00:31:24,625 live to the edge of your means, right? 628 00:31:24,625 --> 00:31:29,785 So if you can, if I can live on say, I don't know, $2000 a month now, and then 629 00:31:29,785 --> 00:31:33,795 next month I start paying myself $3000 a month because of business as well. 630 00:31:34,285 --> 00:31:37,985 I can quite easily live according to 3000 books and then not really 631 00:31:37,985 --> 00:31:39,485 have anything extra to show for it. 632 00:31:39,485 --> 00:31:41,695 And then it goes from 3000 to 6000. 633 00:31:42,055 --> 00:31:48,655 And again, so as people start to get successful, as we start to see the, 634 00:31:48,985 --> 00:31:52,765 the shekels rolling in, what sort of things should we be thinking about? 635 00:31:54,120 --> 00:31:56,170 David Braithwaite: So when you're getting more successful 636 00:31:56,170 --> 00:31:59,200 entrepreneur, there's four freedoms that we coach at Strategic Coaches. 637 00:31:59,210 --> 00:32:01,550 Time, money, relationship and purpose. 638 00:32:02,400 --> 00:32:03,760 So the first thing is your time. 639 00:32:03,760 --> 00:32:06,960 The reason why a lot of people want to set up their own business is because they want 640 00:32:06,970 --> 00:32:09,610 to have their own say over their own time. 641 00:32:09,970 --> 00:32:12,820 Take as much time as you want off without filling in a whole new 642 00:32:12,820 --> 00:32:14,100 form and all that sort of thing. 643 00:32:14,700 --> 00:32:17,170 Relationship is to be able to deal with people that you want to deal with 644 00:32:17,170 --> 00:32:18,740 and spend time with those be with. 645 00:32:19,100 --> 00:32:20,420 And your purpose is what's your why? 646 00:32:20,440 --> 00:32:21,080 What you're doing? 647 00:32:21,520 --> 00:32:24,610 But the money aspect of it there, money buys your freedoms. 648 00:32:25,160 --> 00:32:29,000 So from my point of view, what I've always done, certainly, and 649 00:32:29,000 --> 00:32:32,020 I coach this with people, is you don't spend what you've earned. 650 00:32:32,760 --> 00:32:36,710 You just take what you need and leave the rest of it in there because there's a 651 00:32:37,390 --> 00:32:41,710 It's a subtle difference of how you handle things, especially if you're growing a 652 00:32:41,710 --> 00:32:46,720 business when opportunities might present themselves to you, where you need money. 653 00:32:47,390 --> 00:32:50,130 You need to hire that person that's come across your desk that you think, 654 00:32:50,220 --> 00:32:53,770 crikey, that is a really good hire, I can't afford to miss him or her. 655 00:32:54,680 --> 00:32:56,530 If you've got the money, you're controlling it. 656 00:32:57,020 --> 00:33:00,040 The money shouldn't control you, it's a difference. 657 00:33:00,370 --> 00:33:04,840 From the freedom of money, it can massively help you grow a business. 658 00:33:05,240 --> 00:33:09,590 And I've always taken from the businesses I've got, exactly what I need. 659 00:33:09,700 --> 00:33:11,940 And in fact, three of them I've never taken a penny from. 660 00:33:12,590 --> 00:33:13,050 Because I don't. 661 00:33:13,950 --> 00:33:17,000 But why would I take money from a business and then effectively throttle it? 662 00:33:17,700 --> 00:33:20,860 Because there's no point having zero in the bank, and then worrying, 663 00:33:20,870 --> 00:33:22,285 because Things happen, right? 664 00:33:22,285 --> 00:33:27,015 We had a thing called a pandemic two years ago, so we as a business never 665 00:33:27,055 --> 00:33:30,975 furloughed anybody, because we had that emergency pot to make sure that 666 00:33:30,975 --> 00:33:34,995 we could still pay the people, and that's paid off, whilst a lot of people 667 00:33:35,255 --> 00:33:39,335 didn't do that, and are being, staff are disappearing because they're being poked 668 00:33:39,345 --> 00:33:40,825 from other companies all this stuff. 669 00:33:41,475 --> 00:33:42,655 We've never had that. 670 00:33:43,595 --> 00:33:46,195 Because we try and look after the people, but if we didn't have the 671 00:33:46,205 --> 00:33:50,405 money to do that, those choices and decisions where I've got the option 672 00:33:50,675 --> 00:33:51,775 is no longer an option for me. 673 00:33:52,255 --> 00:33:55,835 So I want to make sure I'm in control of the money, and I'm putting it to good use. 674 00:33:56,395 --> 00:33:57,985 So the money thing is a really important thing. 675 00:33:58,005 --> 00:33:59,175 Only take what you need. 676 00:33:59,815 --> 00:34:00,395 Yeah, okay. 677 00:34:00,405 --> 00:34:02,605 It's nice sometimes to treat yourself every now and again. 678 00:34:02,665 --> 00:34:07,875 So if I'm going to do a speaking something for a conference overseas, 679 00:34:08,265 --> 00:34:10,955 often when I'm there I'll buy myself something as a little reward. 680 00:34:10,975 --> 00:34:14,325 Pat On The Back type of thing, and it could be anything from a set of cufflinks 681 00:34:14,325 --> 00:34:17,945 or whatever you want, or sometimes nothing if you can't see anything that's 682 00:34:17,945 --> 00:34:22,385 fine, but actually just leaving the money in the business to leave yourself 683 00:34:22,385 --> 00:34:27,055 in control puts you in a much stronger position, both from a financial point 684 00:34:27,055 --> 00:34:31,435 of view, but mentally as well, because when things do happen, those curveballs, 685 00:34:32,195 --> 00:34:36,445 whenever people are struggling, you're in control still, not a lot of other people. 686 00:34:36,445 --> 00:34:39,115 It's like when you go and drive your car, if it's always got a full tank of gas. 687 00:34:39,665 --> 00:34:40,415 It's much easier. 688 00:34:40,415 --> 00:34:42,005 I'm going to worry about where I'm going to go. 689 00:34:42,455 --> 00:34:46,075 It just causes you less stress, I believe, to have the money 690 00:34:46,075 --> 00:34:48,865 there when you can, rather than just going out and spending it. 691 00:34:49,465 --> 00:34:51,535 Often, sometimes, to keep up with the Joneses. 692 00:34:51,965 --> 00:34:53,435 So it comes back to that again. 693 00:34:53,435 --> 00:34:55,195 So keep control of that money. 694 00:34:55,255 --> 00:34:56,785 Time, money, relationship purposes. 695 00:34:56,795 --> 00:34:57,745 Those are four freedoms. 696 00:34:57,745 --> 00:35:00,125 You want to make sure you concentrate on making sure that they are 697 00:35:00,125 --> 00:35:01,995 freedoms and not restrictions. 698 00:35:02,945 --> 00:35:07,285 Matt Edmundson: It's super powerful this idea that you spend half your life 699 00:35:07,795 --> 00:35:10,965 buying things you don't really need to impress people you don't really like. 700 00:35:11,365 --> 00:35:13,735 And it's that kind of, when you look at it, you go, yeah, okay. 701 00:35:14,195 --> 00:35:14,595 And I think, 702 00:35:14,655 --> 00:35:16,265 David Braithwaite: Always use the best crockery for yourself, 703 00:35:16,275 --> 00:35:17,065 that's what I always say. 704 00:35:19,915 --> 00:35:21,865 Don't save it up for somebody who comes around once in a 705 00:35:21,865 --> 00:35:23,075 blue moon, use it, that's what 706 00:35:23,180 --> 00:35:23,920 Matt Edmundson: Yeah, absolutely. 707 00:35:24,310 --> 00:35:29,070 And I think for me, listening to you talk, I think, take what you need, which I do. 708 00:35:29,070 --> 00:35:31,869 I don't, I was talking to the staff the other day about this. 709 00:35:32,444 --> 00:35:37,384 I personally haven't had a pay rise, I don't think in 12 years of running the 710 00:35:37,384 --> 00:35:43,584 business, not because I couldn't take a pay rise, but I live a life where 711 00:35:43,584 --> 00:35:46,984 actually I don't need it and I'd much rather the money stay in the business. 712 00:35:47,624 --> 00:35:51,564 When we grew Jersey, which was our beauty company our ecommerce beauty company. 713 00:35:51,775 --> 00:35:55,685 We bootstrapped it and we scaled it with the money that we had. 714 00:35:55,905 --> 00:36:00,075 So whenever we purchased stock Andy, my business partner in Jersey, who's 715 00:36:00,075 --> 00:36:04,685 an absolute legend his whole premise was we never buy stock on credit. 716 00:36:05,155 --> 00:36:07,125 We always buy stock with the money that we've got. 717 00:36:07,125 --> 00:36:09,045 We sell it, we keep that cash. 718 00:36:09,255 --> 00:36:12,255 We don't take any out and then we buy more stock with it until you're 719 00:36:12,255 --> 00:36:15,085 buying, hundreds of thousands, if not millions of pounds worth of stock. 720 00:36:15,705 --> 00:36:17,725 And it meant that when business. 721 00:36:18,215 --> 00:36:23,095 inevitably had its setbacks, its trials, its tribulations. 722 00:36:23,185 --> 00:36:24,385 We owned the stock. 723 00:36:24,415 --> 00:36:28,165 I wasn't then scrambling around to try and find money to pay the supplies for 724 00:36:28,165 --> 00:36:29,755 the stuff that I had on the shelves. 725 00:36:30,225 --> 00:36:31,925 My invoices were always paid. 726 00:36:32,705 --> 00:36:34,875 I always, it's one of those things, isn't it, with supplies. 727 00:36:34,875 --> 00:36:36,985 If you say no, I'll pay you when I order. 728 00:36:37,105 --> 00:36:38,365 I don't want credit. 729 00:36:39,075 --> 00:36:41,475 Amazing how much of a nicer service you get out of them, 730 00:36:41,575 --> 00:36:42,235 David Braithwaite: 100%. 731 00:36:42,635 --> 00:36:46,425 Just had something, so I'm having the side thing here, I'm having some 732 00:36:46,435 --> 00:36:49,525 bookshelves put in here to take all the books that I've got round this room. 733 00:36:50,315 --> 00:36:52,995 And the guy I should deposit, I'll pay it on the day. 734 00:36:53,305 --> 00:36:56,855 You saw that was quick, because guess what, if there's a queue of people that 735 00:36:56,855 --> 00:37:00,135 are wanting these things put in, he's probably going to give me a bit more 736 00:37:00,420 --> 00:37:00,630 Matt Edmundson: one. 737 00:37:00,930 --> 00:37:01,160 Yeah, 738 00:37:01,555 --> 00:37:03,565 David Braithwaite: I've given him attention, and again, 739 00:37:03,565 --> 00:37:04,345 it comes down to cash flow. 740 00:37:04,345 --> 00:37:05,745 If you've got the money, I'm in control of it. 741 00:37:05,795 --> 00:37:06,755 I can pay it. 742 00:37:07,285 --> 00:37:08,805 So I'll always pay my tax bill on time. 743 00:37:08,885 --> 00:37:10,625 Everything's always done on time. 744 00:37:11,365 --> 00:37:12,825 It just makes your life easier. 745 00:37:12,855 --> 00:37:16,975 But as you said earlier on, by having that cash flow there, to decide, you 746 00:37:16,975 --> 00:37:20,585 could decide actually, I'm gonna buy this stock and put it there, and then 747 00:37:20,585 --> 00:37:22,545 that security it buys you is huge. 748 00:37:22,705 --> 00:37:26,225 And your mental state of mind and how you feel about the 749 00:37:26,225 --> 00:37:27,955 business, you're not desperate. 750 00:37:28,425 --> 00:37:31,665 You're controlling it and you're driving it forward through making choices. 751 00:37:31,985 --> 00:37:35,335 Yes, you could do it, but sometimes the harder route is actually the 752 00:37:35,335 --> 00:37:36,865 far easier route in the long run. 753 00:37:37,145 --> 00:37:39,165 Rather than just getting a line of credit and having a load of 754 00:37:39,165 --> 00:37:43,055 stuff there that If it went wrong, that's not a good place to be. 755 00:37:43,700 --> 00:37:44,430 Matt Edmundson: Yeah, I'm with you. 756 00:37:44,430 --> 00:37:46,610 And I appreciate people listening to the podcast might 757 00:37:46,610 --> 00:37:47,670 go there's no way I can do that. 758 00:37:47,670 --> 00:37:49,570 And that's, I'm not saying you should do what I did. 759 00:37:49,570 --> 00:37:50,810 I'm just saying this is what we did. 760 00:37:50,810 --> 00:37:52,040 And it worked very well for us. 761 00:37:52,510 --> 00:37:53,270 It's another way. 762 00:37:53,270 --> 00:37:54,380 And I'm glad that we did it. 763 00:37:54,380 --> 00:37:56,090 It was very hard at first. 764 00:37:56,660 --> 00:37:57,590 But you know what? 765 00:38:00,420 --> 00:38:02,010 It's stayed with me the whole time. 766 00:38:02,010 --> 00:38:04,220 So whenever we've done ecommerce businesses since, we're just 767 00:38:04,220 --> 00:38:05,310 about to launch a new one. 768 00:38:05,830 --> 00:38:07,170 Buy the stock up front with the cash. 769 00:38:07,170 --> 00:38:08,280 Have we got the cash to do this? 770 00:38:08,280 --> 00:38:08,630 Yes. 771 00:38:08,660 --> 00:38:08,920 Good. 772 00:38:08,920 --> 00:38:09,840 If we haven't, no. 773 00:38:10,410 --> 00:38:13,420 And it's not that, I think I learned this in my early twenties. 774 00:38:13,420 --> 00:38:17,960 I had a lot of credit card debt and once I'd managed to pay it off, I'm like, I'm 775 00:38:17,960 --> 00:38:19,190 never getting into credit card debt again. 776 00:38:19,450 --> 00:38:23,330 The only debt that I have it's the Mortgage on my house. 777 00:38:23,330 --> 00:38:25,300 Whenever I've bought cars, whenever I've bought anything, it's always 778 00:38:25,300 --> 00:38:29,080 been out of the money that I had. 779 00:38:29,150 --> 00:38:32,020 And it's just been a principle that's followed me around really, and I don't 780 00:38:32,030 --> 00:38:37,010 necessarily think it's easier, I think it can be trickier at first, but I think 781 00:38:37,010 --> 00:38:40,670 it's easier in the long run, because, I've got friends that went on ski trips, 782 00:38:40,670 --> 00:38:43,340 but they've got 12 grand on the credit card they've now got to pay off, and 783 00:38:43,340 --> 00:38:45,560 it's okay, I don't have to do that. 784 00:38:46,000 --> 00:38:46,380 David Braithwaite: No. 785 00:38:46,940 --> 00:38:49,670 And also you think we're so used to doing things like shopping around for 786 00:38:49,670 --> 00:38:53,760 things, so they have spent 12 grand in your example on a ski trip, and they've 787 00:38:53,760 --> 00:38:56,780 put the flights there, they've got the place they're staying there, they shop 788 00:38:56,790 --> 00:38:59,750 around for all these bits, but what they haven't banked on is how much 789 00:38:59,760 --> 00:39:01,020 interest that's going to cost them. 790 00:39:01,415 --> 00:39:04,525 So the actual holidays cost is actually far higher than what they thought it 791 00:39:04,525 --> 00:39:08,415 was going to be and it restricts you in what you're actually looking to do and 792 00:39:08,415 --> 00:39:14,405 certainly thinking about my situation one of the businesses that I started was 793 00:39:14,425 --> 00:39:18,275 because we had the cash to invest in it and get it going from the get go and leave 794 00:39:18,365 --> 00:39:24,895 it funded for a year before it was able to earn its own but if I if that opportunity 795 00:39:24,895 --> 00:39:28,555 had come up and I hadn't got the money It would have been wasted, and I'd probably 796 00:39:28,555 --> 00:39:31,805 always be kicking myself thinking, Oh, if only, what if, as it is, I'm not. 797 00:39:31,835 --> 00:39:33,105 I'm like, I'm glad we've done that. 798 00:39:34,135 --> 00:39:38,355 It was having the cash that created that decision that I could make 799 00:39:38,385 --> 00:39:39,765 rather than having it made for me. 800 00:39:40,040 --> 00:39:41,160 Matt Edmundson: No, totally agree. 801 00:39:41,650 --> 00:39:45,640 I'm very aware of time, David, that has just gone by at a million miles an hour. 802 00:39:45,870 --> 00:39:47,840 It's just unbelievable how quickly it goes. 803 00:39:47,840 --> 00:39:52,335 No I've thoroughly enjoyed talking about this topic of entrepreneurship and it's 804 00:39:52,335 --> 00:39:56,130 okay it's nice I think on EP, every now and again, just to take a step back 805 00:39:56,130 --> 00:39:57,500 and think about ourselves and our own. 806 00:39:57,950 --> 00:40:02,680 State of being and where we're at is just talk to me briefly and in the last 807 00:40:02,680 --> 00:40:08,810 few moments if you can about Maybe why as an entrepreneur who is either doing 808 00:40:08,810 --> 00:40:12,550 the side hustle full time like me, ecommerce entrepreneur, why I should 809 00:40:12,560 --> 00:40:18,650 think about something like a coach to help me with the whole process? 810 00:40:20,135 --> 00:40:21,185 David Braithwaite: You dunno what you don't know. 811 00:40:22,025 --> 00:40:25,780 So I would say that for a lot of people you think about it in other contexts. 812 00:40:25,780 --> 00:40:28,870 If you were going to go down to using me as example, first of all 813 00:40:29,120 --> 00:40:32,085 I was never taught how you hire people at school or anything. 814 00:40:32,090 --> 00:40:35,475 So having a coach for me, and I still get coached. 815 00:40:35,960 --> 00:40:38,970 is giving me all the bits that I should have been taught at school but don't. 816 00:40:39,480 --> 00:40:43,500 But also, probably more importantly, it's very easy, as we said at the beginning 817 00:40:43,500 --> 00:40:47,840 of this conversation, to get caught up in the day to day and you just keep going. 818 00:40:48,410 --> 00:40:53,050 There was a, there is a Netflix series on called Drive To Survive, if you've ever 819 00:40:53,130 --> 00:40:54,550 Matt Edmundson: Oh, yeah the formula one thing. 820 00:40:54,560 --> 00:40:54,840 Yeah 821 00:40:55,380 --> 00:40:55,730 David Braithwaite: That's it. 822 00:40:55,810 --> 00:40:59,050 Brilliant, exciting series to watch, but what I learned from that is that 823 00:40:59,070 --> 00:41:02,990 the race isn't won on the track, it's actually won in the pits. 824 00:41:03,300 --> 00:41:07,150 It's the crew that you've got there, it's all the fine tuning that you do, it's 825 00:41:07,150 --> 00:41:11,090 the testing, it's everything that you do, then you send the car out on the tracks. 826 00:41:11,640 --> 00:41:16,550 And us as entrepreneurs, we're similar to that, that while we're doing the hustle, 827 00:41:16,550 --> 00:41:20,930 the business side of it, we also need that moment to pause, like you did when you 828 00:41:20,930 --> 00:41:22,820 went for that walk and you took a journal. 829 00:41:23,460 --> 00:41:24,970 It's how do you actually unplug? 830 00:41:24,970 --> 00:41:30,405 So Strategic Coach for me It's a chance for me to, and I was there last week doing 831 00:41:30,405 --> 00:41:36,135 it, is a day for me where you've got a group of entrepreneurs in the room that 832 00:41:36,145 --> 00:41:38,705 all think like you, where you can be you. 833 00:41:38,765 --> 00:41:41,465 So if you have got staff, for example, all my staff can come 834 00:41:41,465 --> 00:41:42,575 to me with all their problems. 835 00:41:43,110 --> 00:41:44,200 Who does the owner go to? 836 00:41:45,620 --> 00:41:47,300 Because you can actually end up bottling it up. 837 00:41:47,300 --> 00:41:50,700 So in that group, it's a place where you could be yourself and discuss 838 00:41:50,790 --> 00:41:54,230 everything you want to talk about, but it gives you that moment to stop, pause 839 00:41:54,230 --> 00:41:58,810 and think, but also give you tools and strategies to work through during 840 00:41:58,810 --> 00:42:01,380 the day so that you get that downtime. 841 00:42:01,690 --> 00:42:03,980 You come back to your business and you're raring to go. 842 00:42:04,280 --> 00:42:07,430 So every quarter I'm planning my next quarter, my next year, my 843 00:42:07,430 --> 00:42:08,940 three years, five years, lifetime. 844 00:42:09,590 --> 00:42:13,970 And just having that moment of just pausing, sometimes you've 845 00:42:13,970 --> 00:42:17,090 got to slow down to go faster, and that's what it does for me. 846 00:42:17,330 --> 00:42:20,060 And likening it to if you're going to go to the gym and get fit. 847 00:42:20,435 --> 00:42:22,925 You're probably going to get fitter or get better results with a 848 00:42:22,925 --> 00:42:25,935 personal trainer than you are just going down there and pulling a few 849 00:42:25,935 --> 00:42:27,145 weights and hoping you get it right. 850 00:42:27,565 --> 00:42:27,855 Okay? 851 00:42:28,185 --> 00:42:30,735 So that is why I think everybody should have a coach. 852 00:42:31,195 --> 00:42:34,495 Just so you get the down time, the thinking time around the tools and 853 00:42:34,495 --> 00:42:37,845 things that they give you to do, but you've got that time for you as 854 00:42:37,845 --> 00:42:41,305 well and to be around a room full of other people that are like you. 855 00:42:41,325 --> 00:42:43,925 Because we're a bit of a rare breed, us entrepreneurs. 856 00:42:44,545 --> 00:42:46,195 It's good to find a few more of us out there in the 857 00:42:46,360 --> 00:42:50,830 Matt Edmundson: yeah, Lunatics, I think is the is the official diagnosis. 858 00:42:50,860 --> 00:42:53,330 David, listen, it's been a wonderful chatting to you. 859 00:42:53,330 --> 00:42:55,670 If people want to reach out to you, if they want to connect 860 00:42:55,720 --> 00:42:57,770 find out more about what you do, what's the best way to do that? 861 00:42:57,970 --> 00:42:59,860 David Braithwaite: If they want to do that, they can just Google my name, 862 00:42:59,860 --> 00:43:01,510 they'll find me in various places. 863 00:43:01,510 --> 00:43:04,390 But I've got a landing page, so Strategic Coach, I've built for 864 00:43:04,410 --> 00:43:11,030 anybody listening to this, which is davidbpodcast.com, that's davidbpodcast. 865 00:43:11,070 --> 00:43:11,360 com. 866 00:43:11,730 --> 00:43:15,490 What they've got on there is, there's an eBook, and there's a couple of 867 00:43:15,490 --> 00:43:17,000 tools that you can just sit down. 868 00:43:17,000 --> 00:43:20,160 So if you are thinking, perhaps I need a bit of that downtime. 869 00:43:20,510 --> 00:43:24,560 Go down there, you can download some tools and do some thinking about your business 870 00:43:24,770 --> 00:43:27,750 using some free things that's already there for people to help them out a 871 00:43:27,750 --> 00:43:30,360 little bit and give them a little insight as to what coaching might look like. 872 00:43:30,865 --> 00:43:31,545 Matt Edmundson: Fantastic. 873 00:43:31,985 --> 00:43:32,305 Yeah. 874 00:43:32,305 --> 00:43:32,735 Brilliant. 875 00:43:32,775 --> 00:43:34,485 We'll put the link into the show notes, of course. 876 00:43:34,485 --> 00:43:39,085 And I, just from a personal point of view, I've been in business for a while 877 00:43:39,085 --> 00:43:44,815 now and you don't have to wait until you become successful to get a coach. 878 00:43:44,875 --> 00:43:48,385 I think if I'm honest with you, getting a coach was what helped me be successful. 879 00:43:48,385 --> 00:43:49,545 I think it's the other way around. 880 00:43:50,165 --> 00:43:51,215 And I've 881 00:43:51,400 --> 00:43:54,320 David Braithwaite: too late and I had a lot more stuff to unravel. 882 00:43:54,320 --> 00:43:55,930 The knot gets more complicated. 883 00:43:56,480 --> 00:43:57,350 That's what I would say. 884 00:43:57,670 --> 00:44:00,280 So don't let your knot get too tight. 885 00:44:01,000 --> 00:44:01,890 Get it sorted out. 886 00:44:02,330 --> 00:44:03,440 Matt Edmundson: don't get you, not get too tight. 887 00:44:04,270 --> 00:44:06,680 And on that bombshell, ladies and gentlemen, David, thank 888 00:44:06,680 --> 00:44:08,050 you so much for joining us. 889 00:44:08,410 --> 00:44:09,110 Super stoked, man. 890 00:44:09,310 --> 00:44:09,510 David Braithwaite: Matt. 891 00:44:09,520 --> 00:44:10,380 It's been a pleasure. 892 00:44:10,545 --> 00:44:11,275 Matt Edmundson: Ah, it's been great. 893 00:44:11,275 --> 00:44:12,155 Love the conversation. 894 00:44:12,165 --> 00:44:14,165 Like I say, always nice to talk about these kind of things. 895 00:44:14,555 --> 00:44:16,135 So yeah, great conversation. 896 00:44:16,135 --> 00:44:16,725 Thanks again. 897 00:44:17,075 --> 00:44:21,785 Now, of course, a big shout out to today's show's sponsor, the eCcommerce Cohort. 898 00:44:21,795 --> 00:44:22,935 Remember to check them out at ecommercecohort. 899 00:44:22,935 --> 00:44:23,299 com. 900 00:44:23,299 --> 00:44:25,120 Come join us in there. 901 00:44:25,160 --> 00:44:25,520 Why not? 902 00:44:25,570 --> 00:44:26,650 Let's have a laugh, see what it goes. 903 00:44:27,060 --> 00:44:27,750 We like to have fun. 904 00:44:28,080 --> 00:44:31,050 Now be sure to follow the eCommerce Podcast wherever you get your podcasts 905 00:44:31,060 --> 00:44:34,800 from, because we have yet more great conversations lined up and I 906 00:44:34,810 --> 00:44:36,430 don't want you to miss any of them. 907 00:44:36,720 --> 00:44:39,290 And in case no one has told you yet today, let me be the first 908 00:44:39,320 --> 00:44:41,560 to tell you, you are awesome. 909 00:44:41,600 --> 00:44:42,120 Yes, you are. 910 00:44:42,120 --> 00:44:43,190 Created awesome. 911 00:44:43,360 --> 00:44:44,510 It's just a burden. 912 00:44:44,660 --> 00:44:45,430 You've got to bear. 913 00:44:45,680 --> 00:44:46,620 David has to bear it. 914 00:44:46,940 --> 00:44:47,670 I've got to bear it. 915 00:44:48,100 --> 00:44:49,120 You've got to bear it as well. 916 00:44:49,480 --> 00:44:52,710 Now, the eCommerce Podcast is produced by Aurion Media. 917 00:44:52,710 --> 00:44:56,390 You can find our entire archive of episodes on your favorite podcast app, 918 00:44:56,440 --> 00:44:58,250 the team that makes this show possible. 919 00:44:58,260 --> 00:45:00,980 The wonderful, amazing team that makes this show possible. 920 00:45:00,990 --> 00:45:02,460 Sadaf Beynon, Tanya Hutsuliak. 921 00:45:02,870 --> 00:45:05,080 Our theme song was written by Josh Edmundson. 922 00:45:05,380 --> 00:45:08,040 And as I mentioned, if you would like to know more, head 923 00:45:08,040 --> 00:45:09,710 over to the website, ecommerce. 924 00:45:10,020 --> 00:45:10,570 podcast. 925 00:45:10,590 --> 00:45:13,100 net, where incidentally, you can also sign up to the newsletter. 926 00:45:13,620 --> 00:45:15,050 It'd be great to see you over there. 927 00:45:15,320 --> 00:45:17,010 So that's it from me. 928 00:45:17,040 --> 00:45:18,040 That's it from David. 929 00:45:18,040 --> 00:45:19,510 Thank you so much for joining us. 930 00:45:19,690 --> 00:45:22,170 Have a fantastic week, wherever you are in the world. 931 00:45:22,510 --> 00:45:23,420 I'll see you next time. 932 00:45:23,620 --> 00:45:24,130 Bye for now.