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Hello everybody and welcome to 
another Tuesday tea break talks.

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And today I've been absolutely 
spoilt, which is good because I 

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haven't done one of these last 
week and I missed a few weeks 

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before that. 
I had every intention. 

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I even went away and took my 
camera microphone, this 

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microphone with me to record 
some fun things going on. 

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But we've done a double week 
this week with a double things. 

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But I've been absolutely spoilt 
in this cup here. 

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And then we can see it doesn't 
even look like tea, but it's 

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smells delicious. 
It looks, I actually think it 

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looks like granola, but it 
smells wonderful. 

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It is blue pomegranate tea. 
It's been brewing in there for 

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about 5 or 10 minutes now. 
Boiled the kettle to 80, which 

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apparently is the best thing. 
So grab a cup of tea and I'm 

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going to tell you some health 
benefits of this and then we'll 

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talk about e-commerce, shall we?
Just to just to top things off, 

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as this is a Winning with 
Shopify podcast, it's not this 

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is amazing. 
Sorry, I'll show you for anyone 

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watching if you're listening to 
this, you just have to use your 

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imagination. 
But look at the colour of this 

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tea. 
It doesn't even I don't know if 

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I can't really angle the camera 
anymore that's spilling tea 

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everywhere, but it's like a 
pinky colour, which is 

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absolutely delicious. 
So we're going to enjoy a nice 

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cup of blue pomegranate tea. 
It is rich in goodness, my 

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notes, rich in antioxidants and 
has several potential health 

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benefits, including supporting 
heart health, reducing 

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inflammation and boosting the 
immune system. 

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All the above I need right now 
because of the reasons I 

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couldn't record last week is I 
wasn't very well and I was 

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supposed to be on holiday and 
things were turned upside down. 

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But we're back now and we are 
very happy. 

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We being me, myself and I and my
family, but we're all good. 

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We're going to go through a few 
things today. 

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We've got quote of the week. 
We've got some shop if we've got

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loads of Shopify news because we
obviously missed last week. 

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It was my birthday on the 29th 
of October. 

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Thanks for the presents everyone
sent. 

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That's a joke. 
This is English sarcasm. 

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I didn't get any presents. 
Well, I actually don't have to 

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get 2 presents from work, one 
being this delicious tea from 

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the bean shop. 
Lorna, I don't know if you 

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intended this to be a birthday 
present, but I've taken it as 

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one. 
See we've got loads of Shopify 

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news to go through. 
We're not going to have any 

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partner news this week so don't 
have to go on too long and we've

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got some agency learnings. 
We've got four things going on 

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the agency we're going to share 
about BBC SEO. 

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We've got an incredible Quivia. 
It's actually a myth. 

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I'm busting A myth this week 
using some stats from the 

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Telegraph. 
And then we'll all say a sweet, 

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sweet sorrow and goodbye. 
Sorrow as in a sorrow filled 

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goodbye. 
Maybe. 

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Sorry, I've been away for a week
and my inbox is carnage. 

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So I'm just I've literally gone 
and locked myself in the what 

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used to be a cupboard. 
It is now the the podcasting 

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room. 
But anyway, I've got 3 quotes. 

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We've got some quotes sent in. 
Thank you very much guys. 

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John has sent in. 
The best discount is a great 

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experience. 
The best discount is a great 

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experience. 
So rather than just discounting,

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come at the best discount. 
There's no name on this one. 

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Everyone's offering deals, so 
have a think about what will 

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make yours stand out. 
Sorry, what will make yours 

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stand out? 
Very different grammar. 

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What will make your stand out is
how you deliver that deal. 

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So you think about the 
positioning of things and 

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sometimes you'll even what I 
love about this quote is 

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sometimes I think about things 
and go, do you know what? 

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I really enjoyed that buying 
experience from that company or 

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that shop or whatever it might 
be. 

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And then when I thought I was 
like, they didn't actually even 

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offer me anything extra. 
It was like the person at the 

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till just smiled a lot. 
Or actually they said, you know,

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if you buy 1000 products, you 
get one for free and the free 

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one just I wasn't expecting it. 
Didn't even know I was getting 

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it. 
Just a random act of kindness as

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far as I was concerned. 
Then you think like one in 1000 

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or one in 10 orders or whatever.
It's not actually a great deal. 

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But again, it's is how you 
deliver the deal is really, 

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really key. 
So get good at that in your, in 

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your businesses. 
And then final one is action and

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audit your post purchase flow 
this week. 

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We've been doing loads of 
testing on this recently where 

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once you've bought something 
from a website, actually say, 

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well, do you want to add 
something else to the order? 

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You've got one hour to do so and
there'll be no additional 

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delivery charge. 
Some companies here in the UK 

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like delivery do it. 
I don't know if you have 

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delivery in the US, in Australia
where are lots of our others 

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listeners are based, but you 
basically go on delivery and you

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can just scroll through tons of 
different takeaways shops and 

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order all sorts. 
You have pizza delivered and all

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that kind of stuff through 
delivery, but delivery did it 

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really well. 
Once you've ordered something, 

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it says for no extra cost, you 
got 10 minutes to add something 

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from a local supermarket and 
there'll be no additional fee or

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cost to add something from the 
supermarket. 

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Try and encourage more people to
use that supermarket journey. 

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So look at your post purchase 
flows. 

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Add a thank you e-mail if you 
haven't got a decent one 

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already. 
Optimize it. 

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Add a how to guide so the 
product they've just bought now.

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Tell them how to use it before 
it arrives. 

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Keep them engaged while they're 
waiting for the postman to 

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deliver it. 
Especially if you're in a 

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country like America where it 
takes quite a while often for 

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delivery to happen. 
We are so spoiled in the UK. 

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We get next day delivery almost 
all the time. 

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If it's not next day, I actually
will reconsider whether I'm 

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buying it. 
That's how much our buying 

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habits have changed and what 
else? 

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We got a personalized note and 
just remember, especially 

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through Black Friday, Cyber 
Monday, that actually this isn't

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just about getting the 
transactions and the revenue 

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over that period. 
You really need to be thinking 

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in advance what we're going to 
do over Black Friday, Cyber 

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Monday to get people engaged and
get them buying from us multiple

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times into next year. 
It's really, really important. 

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Otherwise you might find your RO
is up, but your margins are also

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tighter because you put a 
discount on the products. 

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So you can end up spending a lot
more money and actually not 

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making much more anyway. 
So some really good quotes 

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there. 
Keep those coming. 

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I think the tea is drinkable. 
We're going to try it. 

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So I love pomegranate, and this 
is blue pomegranate. 

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I feel like, not saying it's 
delicious just because that's 

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what you're probably expecting 
me to say, but it is really, 

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really nice. 
It's very fruity and the best 

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thing about loose leaf tea in a 
thing you can actually, you can 

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put water back in it two or 
three times and it still tastes 

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delicious. 
So you get several cups of tea 

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out of 1 little pot, which is 
lovely. 

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Anyway, I love free stuff. 
You want to send me some free 

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stuff, ping it over as long as 
it's of good quality. 

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Some of the things we've been 
sent I, I not not consumed. 

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But anyway, let's go through 
some of the Shopify updates and 

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some of the stuff that Shopify 
have been doing the last few 

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weeks. 
So first one is reporting will 

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now give you insights in 
cross-border sale profitability.

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I spoke about some cross-border 
stuff a few weeks ago. 

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I'm just checking back on my 
notes. 

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No, we definitely haven't 
covered this. 

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All the notes will be all the 
updates will be older than that.

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Yeah, you can now get the 
probability reports across 

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border, which is really, really 
key, especially if you sell in 

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multiple countries or they're 
often called markets now because

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it's not always a country. 
Like sometimes it's like we're 

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selling there, but that's not 
actually a separate country, but

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it's a separate place and has 
separate rules and shipping and 

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import, export tax. 
But it's not into a country. 

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So they couldn't markets to be 
nice and nice and politically 

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correct, I guess. 
We've introduced 2 new reports 

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in Shopify that will help you 
understand your original order 

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profitability across the various
markets as well. 

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So again, quite a bit reporting 
stuff released in 20 seconds. 

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There's a another one on here, 
unlisted product status. 

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This one's new use the new 
unlisted product status to make 

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products only accessible via a 
direct URLI guess the unlisted 

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it's the same as ways YouTube 
videos work, if anyone has ever 

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used that. 
So you can send people to a 

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product, but they'll only get 
there if they have the link to 

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it. 
They won't find it in your 

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collections, won't be indexed on
Google. 

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I assume again, I'm I'm learning
all this news today because that

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that one especially happens 
after I after I went away. 

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So that that's quite powerful. 
I think especially if you're 

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running like a specific campaign
just to your e-mail customers. 

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You can only access that product
via a link, which means you have

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50 versions of the same product 
for 50 different campaigns 

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you're running and actually the 
public one available. 

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Just be the full price or 
whatever. 

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You have some more tea. 
That is really nice, really 

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nice. 
Thank you, Lorna. 

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You can control search engine 
indexing for your Shop app 

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storefront. 
OK, so Shop app pages are now 

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indexed by search engines by 
default, helping customers 

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discover your store through 
organic search. 

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We have had some issues with 
this where some of our clients 

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have got loads of indexing 
through the shop app, but it's 

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almost duplicated content of the
actual same content they've got 

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in the Shopify store as well. 
So be able to control the two to

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say I don't mind you coming 
through the shop app or actually

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I don't want you coming through 
the shop app, I just want you 

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coming straight to my main 
store. 

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Please, if you don't know what 
the shop app is or how it works,

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Oh my gosh, do some Googling. 
Pause. 

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Now do some Googling. 
You are missing out another one 

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on 29th of October which is my 
birthday. 

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Thank you very much. 
I probably read my date of birth

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in the podcast. 
I'm sure it's fine, but Shopify 

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duties and import taxes US 
section 232 tariff customization

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is now available. 
I don't know what that means at 

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00:08:03,360 --> 00:08:04,920
all. 
There's nothing to do with my 

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00:08:04,920 --> 00:08:08,280
world, but but yeah, US Section 
232, I'm assuming it's been in 

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the news a lot. 
Not something I've heard about. 

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Duties and import taxes now 
support customizing the 

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00:08:13,360 --> 00:08:17,080
percentage of the value of your 
products that Section 232 steal 

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00:08:17,080 --> 00:08:19,800
an aluminium tariffs are prior 
to as well. 

200
00:08:20,120 --> 00:08:22,280
So there's been a lot going on 
with tariffs and it seems to 

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00:08:22,280 --> 00:08:24,160
have calmed down at the moment, 
but we'll see. 

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Never know what he's going to 
say next, do we? 

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It's kind of exciting but also 
terrifying at the same time. 

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Legacy custom apps will be can't
be created after the 1st of 

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January 2026. 
You won't be able to create 

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00:08:36,679 --> 00:08:39,320
custom apps in admin. 
Users can instead use the dev 

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dashboards to create apps. 
So slightly different way if 

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you've got customized apps, 
customized apps, sorry on your 

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00:08:44,880 --> 00:08:47,080
store and we don't. 
We were hoping to have a really 

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big announcements of partner 
news this week and we don't and 

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00:08:49,880 --> 00:08:51,600
there's plenty of Shopify stuff 
and we're already heading 

212
00:08:51,600 --> 00:08:53,400
towards 10 minutes and we try 
and keep this a bit short and 

213
00:08:53,400 --> 00:08:54,800
snappy. 
The only thing I say on partner 

214
00:08:54,800 --> 00:08:56,920
news quickly that's just come to
mind as well is and again, I was

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00:08:56,920 --> 00:08:59,000
away last week, but if you 
missed our episode on Friday, we

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had Shopify themselves on 
talking about built for Shopify.

217
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There was quite a lot. 
I sort of thought, come on, the 

218
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badge is quite obvious. 
But we'll, the more we got into 

219
00:09:06,080 --> 00:09:08,480
the conversation with them and 
also Chris, who's the CEO at 

220
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Saguno, the more we got into the
conversation with, with, with 

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00:09:11,080 --> 00:09:13,120
them both, the more we started 
to realise actually, there's 

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00:09:13,120 --> 00:09:15,240
loads in this. 
And you guys just click in 

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install, install, install, 
install on apps on your Shopify 

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store and ruining SEO page speed
and making life for me and my 

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00:09:20,800 --> 00:09:23,520
team hell. 
And there was quite a lot in 

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00:09:23,520 --> 00:09:25,280
that episode that was quite 
useful, I think. 

227
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So if you're running a Shopify 
store, you will be using apps. 

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I highly recommend going to 
listen to that and stay tuned. 

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00:09:30,720 --> 00:09:32,200
I think we might get them back 
at some point as well. 

230
00:09:32,200 --> 00:09:35,720
But watch this space, some 
updates from the agency, then 

231
00:09:35,720 --> 00:09:38,040
this is quite cool. 
And then I thought some of these

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were getting a bit too 
technical. 

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00:09:39,320 --> 00:09:41,000
And some of you guys have 
reached out and said, can we get

234
00:09:41,000 --> 00:09:42,000
more on this? 
This is great. 

235
00:09:42,280 --> 00:09:45,160
Someone said, sent us a note. 
Just, well, more than one person

236
00:09:45,160 --> 00:09:47,240
have asked us. 
Can you tell me more standard 

237
00:09:47,240 --> 00:09:51,480
shopping versus P Max campaign 
tests you're running? 

238
00:09:51,480 --> 00:09:53,960
So here's one for you guys, 
testing standard shopping 

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00:09:53,960 --> 00:09:58,480
campaigns and setting a target 
row as to see if this 

240
00:09:58,560 --> 00:10:02,200
outperforms performance Max 
using target row as within 

241
00:10:02,360 --> 00:10:05,040
standard shopping. 
And it has in a few instances, 

242
00:10:05,240 --> 00:10:07,000
it's quite hard to clear cut 
that. 

243
00:10:07,000 --> 00:10:09,640
You can't run what's called an 
experiment and just say every 

244
00:10:09,640 --> 00:10:14,120
other person that triggers one 
of my ads give like person A the

245
00:10:14,120 --> 00:10:16,280
standard shopping campaign, 
person B performance Max and 

246
00:10:16,280 --> 00:10:18,360
just keep alternating. 
You can't quite do that. 

247
00:10:18,600 --> 00:10:20,520
So you have to sort of take a 
range out and go, right? 

248
00:10:20,520 --> 00:10:22,720
That's the benchmark for that 
range over the last year, two 

249
00:10:22,720 --> 00:10:25,240
years or a few months, whatever 
data set you've got available, 

250
00:10:25,600 --> 00:10:27,680
make a change and then see how 
the new one does versus what you

251
00:10:27,680 --> 00:10:29,960
had previously. 
But in quite a few instances, it

252
00:10:29,960 --> 00:10:32,480
has worked better, but not all 
of them, which means more 

253
00:10:32,480 --> 00:10:35,280
complicated campaign set up, but
better performance, which is 

254
00:10:35,280 --> 00:10:37,360
good. 
This one, one of my team, I 

255
00:10:37,360 --> 00:10:38,320
don't know who's written this 
one. 

256
00:10:38,320 --> 00:10:40,760
I've just been given the notes, 
which is liberating. 

257
00:10:40,800 --> 00:10:43,520
But also, yeah, so whoever this 
was, I love the fact they've 

258
00:10:43,520 --> 00:10:46,440
started saying this one. 
Might sound silly, but hear me 

259
00:10:46,440 --> 00:10:49,600
out. 
If you have a gift set or a gift

260
00:10:49,600 --> 00:10:53,280
bag with the product, mention it
in the product title. 

261
00:10:53,280 --> 00:10:55,880
And Google Shopping. 
We've had an increase in ROI on 

262
00:10:55,880 --> 00:10:59,880
almost every single product that
has gift wrapping or is part of 

263
00:10:59,880 --> 00:11:03,280
a gift set. 
We've had ROI increase in almost

264
00:11:03,280 --> 00:11:06,200
all of them where we've where 
we've actually included that at 

265
00:11:06,200 --> 00:11:08,080
the beginning of the title. 
So there you go. 

266
00:11:08,160 --> 00:11:10,080
There's a quick win. 
It's a bit of our secret sauce 

267
00:11:10,080 --> 00:11:12,760
that we, we do do little things 
like that quite a lot, but we 

268
00:11:12,760 --> 00:11:14,440
don't always talk about them 
until we're until we start 

269
00:11:14,440 --> 00:11:15,520
working with people. 
But there we are. 

270
00:11:15,840 --> 00:11:18,880
There's one of our bits of 
secret sauce SEO. 

271
00:11:19,080 --> 00:11:22,520
The sooner you add content on a 
new product, ideally before, 

272
00:11:22,640 --> 00:11:26,400
this is the key here, before the
product launches, the more 

273
00:11:26,400 --> 00:11:29,080
traffic you will receive when 
the product is live. 

274
00:11:29,480 --> 00:11:31,400
With SEO, there is a what we 
call a lag. 

275
00:11:31,480 --> 00:11:34,280
We use the word lag across PC 
and SEO, but on SEO you launch 

276
00:11:34,280 --> 00:11:35,800
something. 
It takes a while for Google to 

277
00:11:35,800 --> 00:11:37,800
see what you've done for you to 
build some credibility and that 

278
00:11:37,800 --> 00:11:39,480
kind of thing. 
It's a lot smarter to say, 

279
00:11:39,480 --> 00:11:40,800
right? 
We're launching a product on the

280
00:11:40,800 --> 00:11:42,960
1st of June. 
So actually January, February, 

281
00:11:42,960 --> 00:11:45,480
we're going to do a teaser on 
e-mail and socials and other 

282
00:11:45,480 --> 00:11:47,360
stuff. 
We're going to create a waiting 

283
00:11:47,360 --> 00:11:50,000
list so people can so we say 
like there's a new product 

284
00:11:50,000 --> 00:11:53,320
coming or this is our main. 
Let's say there's teapot. 

285
00:11:53,440 --> 00:11:55,120
There's loose leaf teapot. 
Delicious. 

286
00:11:55,120 --> 00:11:58,360
Think about it's on Amazon or 
eBay a few years ago, this 

287
00:11:58,360 --> 00:12:00,920
little teapot say we're 
launching a new version which 

288
00:12:00,920 --> 00:12:02,600
doesn't spill as much when you 
pour it. 

289
00:12:02,600 --> 00:12:06,520
It is better instiated, keeps 
the tea warmer, which I think I 

290
00:12:06,520 --> 00:12:09,160
think people miss sell stuff. 
I was thinking about this, this 

291
00:12:09,160 --> 00:12:12,360
whole thermal flasks thing the 
other day because I put a load 

292
00:12:12,360 --> 00:12:14,840
of green tea in a thermal flask 
and I went out quite a long walk

293
00:12:14,840 --> 00:12:16,040
on a very cold day with my 
mates. 

294
00:12:16,280 --> 00:12:18,880
And 2-3 hours later I thought, 
Oh my gosh, I didn't drink the 

295
00:12:18,880 --> 00:12:20,960
tea, open it and it was still 
scorching and I burnt my mouth. 

296
00:12:21,400 --> 00:12:25,240
So actually saying it's like 
super insulated for me was not a

297
00:12:25,240 --> 00:12:27,320
good thing. 
I'm like, I almost wanted to be 

298
00:12:27,320 --> 00:12:29,960
like just insulated to a point 
where it holds the right 

299
00:12:29,960 --> 00:12:32,160
temperature for a while. 
I even saw you can get a 

300
00:12:32,160 --> 00:12:34,400
portable espresso makers 
recently. 

301
00:12:34,640 --> 00:12:35,600
So I might be buying one of 
them. 

302
00:12:35,760 --> 00:12:38,000
But the point being is say we 
were launching a new version of 

303
00:12:38,000 --> 00:12:40,320
this teapot. 
So we've got this is the this is

304
00:12:40,320 --> 00:12:44,080
the version 1 and we're 
launching the version 2 of this 

305
00:12:44,080 --> 00:12:45,880
teapot. 
What we do is you tease like a 

306
00:12:45,880 --> 00:12:48,440
small picture with one little 
bit, maybe just like the spouts 

307
00:12:48,520 --> 00:12:51,640
of the teapot and say, actually 
this bit here, we've changed the

308
00:12:51,640 --> 00:12:53,840
design of it and it's going to 
be amazing. 

309
00:12:53,840 --> 00:12:56,280
You know, a very dark room with 
one little bit lit on the front,

310
00:12:56,360 --> 00:12:57,760
almost like a new car being 
shake. 

311
00:12:58,040 --> 00:12:59,800
Do that and like, you know, be 
the first to hear about this new

312
00:12:59,800 --> 00:13:01,880
product that gets launched to 
all the people that bought 

313
00:13:01,880 --> 00:13:04,400
version one of the product. 
You start to build this 

314
00:13:04,400 --> 00:13:07,200
awareness and get this waiting 
list and Google watches all this

315
00:13:07,200 --> 00:13:09,680
activity start to happen and 
start to unfold, especially on 

316
00:13:09,680 --> 00:13:11,960
your socials and goes, this is 
really popular. 

317
00:13:11,960 --> 00:13:14,200
And then when the product is 
available, people are swarming 

318
00:13:14,200 --> 00:13:15,760
to that product because you've, 
I've already told them it 

319
00:13:15,760 --> 00:13:17,040
exists. 
We do it a lot when we're 

320
00:13:17,040 --> 00:13:19,480
launching a new business, when 
it's the first time that 

321
00:13:19,480 --> 00:13:22,040
business has ever been 
available, been heard of, it's 

322
00:13:22,040 --> 00:13:23,160
like, let's build a waiting 
list. 

323
00:13:23,160 --> 00:13:26,600
So especially if we've got a 
quite a pioneering and quite a, 

324
00:13:26,640 --> 00:13:29,080
if you're pioneering or quite 
disruptive products in that, in 

325
00:13:29,080 --> 00:13:30,760
that market, it's going to make 
quite a big change. 

326
00:13:30,760 --> 00:13:32,920
It's like, let's talk about some
of the stuff and be the first to

327
00:13:32,920 --> 00:13:35,120
hear about it. 
We did it years ago with a 

328
00:13:35,120 --> 00:13:37,960
electric bike of the electric 
cars coming out. 

329
00:13:38,080 --> 00:13:40,640
Problem with electric bikes is 
batteries are quite heavy and 

330
00:13:40,640 --> 00:13:43,560
you're only on two wheels and 
you've got a sly, not sly, 

331
00:13:43,560 --> 00:13:45,120
sorry. 
You're slanting left and right 

332
00:13:45,120 --> 00:13:47,440
as you go around corners. 
I'm not a biker, but we did this

333
00:13:47,440 --> 00:13:50,440
whole marketing campaign around 
launching this thing across 

334
00:13:50,440 --> 00:13:53,480
certain states in the, in the US
and so many people going 

335
00:13:53,520 --> 00:13:57,000
absolutely crazy for this thing.
And before launch, we even 

336
00:13:57,000 --> 00:14:01,080
managed to start a big debate on
Facebook groups, Reddit, Quora, 

337
00:14:01,080 --> 00:14:03,040
some of the big forums. 
And we started this big debate 

338
00:14:03,040 --> 00:14:05,280
going on that we, we kind of 
leveraged and told some of the 

339
00:14:05,280 --> 00:14:08,000
staff like go and drop a thing. 
And they're saying like, would 

340
00:14:08,000 --> 00:14:10,800
an electric bike be as good as a
Harley-Davidson or something 

341
00:14:10,800 --> 00:14:13,200
with a big engine or a big loud 
engine as bikes normally 

342
00:14:13,600 --> 00:14:16,040
normally renowned for? 
And actually we find the whole 

343
00:14:16,040 --> 00:14:18,760
market of people that love bikes
and actually they feel slightly 

344
00:14:18,760 --> 00:14:20,960
self-conscious and embarrassed 
when the bike is too loud, 

345
00:14:21,120 --> 00:14:23,400
especially late at night. 
And so actually the electric 

346
00:14:23,400 --> 00:14:26,840
bike was perfect. 
Plus it got nought to 70 miles 

347
00:14:26,840 --> 00:14:29,680
an hour in next to no time 
because it's got no way and you 

348
00:14:29,680 --> 00:14:31,400
don't have to wait for the 
engine to Rev up and stuff. 

349
00:14:31,400 --> 00:14:32,680
So it's actually incredibly 
fast. 

350
00:14:33,160 --> 00:14:36,680
So again, look do some stuff 
around product launches before 

351
00:14:36,680 --> 00:14:39,320
they launch, build that 
awareness and your SEO rankings 

352
00:14:39,320 --> 00:14:41,840
are going to be higher as a 
result of dinner this activity. 

353
00:14:42,480 --> 00:14:44,760
And then last one on the SEO 
team as well, product 

354
00:14:44,760 --> 00:14:47,320
recommendations in the basket 
need to be accurate. 

355
00:14:47,520 --> 00:14:50,400
We've done some tests where 
we've deliberately put sort of 

356
00:14:50,400 --> 00:14:53,840
what seem seemingly disconnected
products and some of them have 

357
00:14:53,840 --> 00:14:56,000
done well. 
So it's always accurate to the 

358
00:14:56,000 --> 00:14:58,240
user. 
They need to be related somehow 

359
00:14:58,240 --> 00:15:01,040
to that person that's shopping. 
So if you're if you're manually 

360
00:15:01,040 --> 00:15:03,840
controlling what is available in
the car and you're upsells in 

361
00:15:03,840 --> 00:15:06,160
the basket, etcetera, you're 
probably trying to shift old 

362
00:15:06,160 --> 00:15:08,720
stock and that's not the not the
best approach for these things. 

363
00:15:09,360 --> 00:15:13,240
Anyway, time for our weekly 
Quivia. 

364
00:15:13,520 --> 00:15:15,240
This one. 
I did a big digging for this 

365
00:15:15,240 --> 00:15:16,240
one. 
I'm quite proud of this. 

366
00:15:17,440 --> 00:15:23,760
The Telegraph shared some stats 
during the start up boom of 2019

367
00:15:23,760 --> 00:15:26,640
to pre COVID. 
So they shared some statistics 

368
00:15:26,760 --> 00:15:32,200
on how many businesses fail in 
year 1 and year 3. 

369
00:15:32,960 --> 00:15:35,320
So I want you to have a quick 
think, how many, what percentage

370
00:15:35,320 --> 00:15:36,640
of businesses do you think fail 
in year 1? 

371
00:15:36,640 --> 00:15:39,360
And what percentage? 
Same, same data set. 

372
00:15:39,680 --> 00:15:43,680
So you're expecting to say, say 
you think 90% of businesses fail

373
00:15:43,680 --> 00:15:46,160
in year 1, then you can't be 
higher than 10% in the second 

374
00:15:46,160 --> 00:15:47,760
one. 
And spoiler alert, not every 

375
00:15:47,760 --> 00:15:48,600
business fails. 
So can't. 

376
00:15:48,600 --> 00:15:50,960
Also, if it adds up to 100, 
you're definitely not going to 

377
00:15:50,960 --> 00:15:51,960
win. 
But yeah, what percentage of 

378
00:15:51,960 --> 00:15:53,960
businesses fail in year 1 and 
what percentage of businesses 

379
00:15:53,960 --> 00:15:56,360
fail in year 3? 
Just going to sympathy. 

380
00:15:59,400 --> 00:16:03,080
Well, counter to myths I I 
found, I found over one and a 

381
00:16:03,080 --> 00:16:07,320
half million quotes and 
instances across the Internet 

382
00:16:07,320 --> 00:16:11,840
that quoted 90% or higher 
businesses fail in year 1. 

383
00:16:11,840 --> 00:16:15,800
And according to this data from 
the Telegraph, it is not true, 

384
00:16:15,800 --> 00:16:19,960
not even close. 
In year 1, only 20% of companies

385
00:16:19,960 --> 00:16:25,080
registered globally fail. 
Only 20% fail in year 1. 

386
00:16:25,320 --> 00:16:27,120
So this whole most businesses 
fail. 

387
00:16:27,960 --> 00:16:29,720
Let's go onto the second 
standard set, but they do not 

388
00:16:29,720 --> 00:16:33,680
fail in year 120% year three. 
Would you guys put for that? 

389
00:16:34,080 --> 00:16:35,520
I don't know, I'm asking. 
I'm sitting in a cupboard on my 

390
00:16:35,560 --> 00:16:40,760
own with a camera. 
Year 360% of businesses fell by 

391
00:16:40,760 --> 00:16:43,440
year 3. 
So it is it's high, but it's not

392
00:16:43,440 --> 00:16:46,760
90% fail in the first year. 
And the more I thought about 

393
00:16:46,760 --> 00:16:49,200
this over the last few hours, 
the more I thought, actually, do

394
00:16:49,200 --> 00:16:51,760
you know what? 
That kind of makes sense to me 

395
00:16:52,080 --> 00:16:55,080
because at the end of year one, 
you've not even submitted any 

396
00:16:55,080 --> 00:16:57,560
accounts yet. 
A lot of businesses don't even, 

397
00:16:57,560 --> 00:16:59,840
they get registered, but then 
they don't even really get going

398
00:16:59,840 --> 00:17:02,440
for, you know, you register the 
company and then start building 

399
00:17:02,440 --> 00:17:04,640
the site, the product or service
or whatever. 

400
00:17:04,920 --> 00:17:07,040
There's very few businesses that
start kind of like I did, which 

401
00:17:07,040 --> 00:17:10,560
was literally I already had work
as a self-employed person and 

402
00:17:10,560 --> 00:17:12,560
then registered a company. 
Most businesses are like you 

403
00:17:12,560 --> 00:17:13,880
guys, you've got to order 
products and stuff. 

404
00:17:13,880 --> 00:17:16,760
So the quicker you register that
company shell, the quicker you 

405
00:17:16,760 --> 00:17:19,280
can offset some of your tax and 
other stuff, which I'm not an 

406
00:17:19,280 --> 00:17:20,680
accountant so I'm not going to 
get into today. 

407
00:17:20,800 --> 00:17:22,720
But quick, you start to offset 
some of those numbers and it's a

408
00:17:22,720 --> 00:17:26,359
lot safer to do it under a, we 
call them limited companies in 

409
00:17:26,359 --> 00:17:27,839
the UK. 
So it's limited liability for 

410
00:17:27,839 --> 00:17:29,320
the directors. 
So if it all goes wrong, it's 

411
00:17:29,320 --> 00:17:31,000
like the company's its own 
entity. 

412
00:17:31,000 --> 00:17:34,600
And I think LLCLLP some of that 
in the US and same same kind of 

413
00:17:34,600 --> 00:17:36,160
thing, same thing. 
But anyway, I was quite a stake 

414
00:17:36,160 --> 00:17:38,360
about 20% in year 1 and 60% in 
year 3. 

415
00:17:38,640 --> 00:17:39,800
Anyway, thank you so much for 
listening, guys. 

416
00:17:39,800 --> 00:17:40,920
I hope you can join us again on 
Friday. 

417
00:17:41,080 --> 00:17:42,960
I've got an amazing episode 
coming out this Friday as well. 

418
00:17:42,960 --> 00:17:44,840
A very tasty episode's gonna be 
very, very hungry. 

419
00:17:45,080 --> 00:17:46,600
And yeah, stay tuned. 
We've got loads of other 

420
00:17:46,600 --> 00:17:47,920
episodes being recorded at the 
moment. 

421
00:17:47,920 --> 00:17:49,880
Got some amazing guests. 
My inbox is stacked for the 

422
00:17:49,880 --> 00:17:50,840
people that want to come on the 
show. 

423
00:17:51,000 --> 00:17:53,120
If you want to sponsor the show,
get in touch with my colleague 

424
00:17:53,120 --> 00:17:54,720
Byron about some of the sponship
opportunities. 

425
00:17:54,960 --> 00:17:57,280
And I cannot wait. 
I think it's going to be January

426
00:17:57,280 --> 00:17:58,200
now. 
We're going to announce the 

427
00:17:58,200 --> 00:18:00,000
biggest thing we've ever done. 
And it's absolutely huge. 

428
00:18:00,240 --> 00:18:02,920
And I've been guilty of 
exaggerating over the years, but

429
00:18:02,920 --> 00:18:04,880
it's statistically the biggest 
thing we've ever done as we're 

430
00:18:04,880 --> 00:18:06,760
way bigger than what we've done 
on the podcast as well. 

431
00:18:06,760 --> 00:18:08,320
So super excited for that. 
You'll be the first to hear 

432
00:18:08,320 --> 00:18:08,760
about it. 
Guys. 

433
00:18:08,880 --> 00:18:10,920
Haven't already checked out on 
social Santa on newsletter. 

434
00:18:10,920 --> 00:18:14,120
And I hope to have you listening
in on Friday and many, many 

435
00:18:14,120 --> 00:18:16,320
weeks after that as well. 
Thanks for joining in and enjoy 

436
00:18:16,320 --> 00:18:17,040
your loose leaf tea.
