Episode 57: Matt Edmundson
Entrepreneur Conundrum Podcast
Matt Edmundson helps businesses turn from an idea into a successful thriving company.
EC 01 | 4min
About The Guest
Matt is the CEO of the Jersey company, a group of health, wellness, and beauty companies that deliver products and services to over 120,000 loyal customers in the UK and Europe.
The group includes the e-commerce business Jersey beauty company, which went online in 2006. And since then they have achieved global sales of $75 million. That’s over 7 million products ship.
Matt is a real-world e-commerce entrepreneur and coach and creator of the jam jar course. And the e-commerce masterclass.
His goal is to show aspiring entrepreneurs sure and simple steps to getting a digital business off the ground and seasoned entrepreneurs on how to take their business to the next level.
Virginia: [00:00:00] Welcome to entrepreneur conundrum with Virginia Purnell, where growing entrepreneurs share how they get visible online. Everyone. Today, I’m talking with Matt Edmundson about how he helps businesses turn from idea into a successful thriving company. Matt is the CEO of the Jersey company, a group of health, wellness, and beauty companies that deliver products and services to over 120,000 loyal customers in the UK and Europe.
[00:00:28] The group includes the e-commerce business Jersey beauty company, which went online in 2006. And since then they have achieved global sales of $75 million. That’s over 7 million products ship. Matt is a real world. E-commerce entrepreneur and coach and creator of the jam jar course. And the e-commerce masterclass.
[00:00:50] His goal is to show aspiring entrepreneurs sure and. Simple steps to getting a digital business off the ground and seasoned entrepreneurs on how to take their business to the next level. Welcome Matt.
[00:01:03] Matt: [00:01:03] Hey, how you doing Virginia? Thanks for having me on the show. It’s great to be here.
[00:01:07] Virginia: [00:01:07] Good. I’m glad you’re here.
[00:01:09] We haven’t had anyone in this niche before, so it’s really
[00:01:14]Matt: [00:01:14] okay. So you’re talking about the e-commerce niche for the, from the other side of the pond niche.
[00:01:20] Virginia: [00:01:20] That in the beauty product. Nice. And just, it fascinates me how you were able to grow at all. Cause I had a small skincare and products company that I made from hand this with natural skincare products and stuff, but it didn’t work out that well, so I’m really excited.
[00:01:41] Matt: [00:01:41] Yeah. We were one of the lucky ones. Right.
[00:01:43] Virginia: [00:01:43] So how did you start your entrepreneurial journey?
[00:01:46]Matt: [00:01:46] I think I, it depends how far back you want me to go. Right? Because I think I’ve always been entrepreneurial ever since I was at school. I remember when I was at school and a kid I’d always find something to sell, to make a few extra pounds, I mean or a few extra bucks.
[00:02:02] So I’d always be hustling something somehow. And I don’t know where I picked that up from. I don’t know. I don’t know really where that came from. My dad had his own business when I was younger, but not for a long, brief stint in business, but I think I’ve always had that. And I remember when I was sort of fresh out of university, I always, and people said to me, what did you want to do?
[00:02:24] I kind of thought, yeah, I just want to run my own business. I want to work for myself. And so a friend of mine offered me a job actually at the time. When I was at a university and he was an entrepreneur and I really admired him. He was a few years older than me. And I thought, actually, I could go work for him for a few years, get mentored in this whole entrepreneurial thing.
[00:02:45] And then that’s what I did. And so in 2001, I went, full-time on my own businesses and here I am, what’s that 20, some years later. I kind of ages me a little bit. Doesn’t it? But yeah. Yeah. I’ll stop. I’ll stop using years now.
[00:03:01] Virginia: [00:03:01] Well, that’s cool. So I can just envision you like being the kid that’s like selling his lunch.
[00:03:07] Matt: [00:03:07] To be honest with you. I used to sell my asthma medication. I often say this to people that I used to. I started out life as a drug dealer because I used to have asthma as a kid. Right. I was your quintessential kid that would get bullied in school. I had ginger hair. I had. What we call in the UK national health glasses, which were free glasses, which were given to you by the government.
[00:03:28] So they weren’t the most tastefully designed things back in the sort of seventies, early eighties. And I be at school and I had asked him, I wasn’t very sporty, but one thing that those. Tablets did do, which I quickly realized was they caused, well, what should we call it? Flatulence gas in men. Let’s just call it that.
[00:03:47] And so of course, to a seven year old or eight year old kid, four tablets are quite an impressive thing. And so I remember selling those to the guys in the gym. And the no, and the gym and the changing rooms at school, I’d go around the change rooms and sell them. And I keep going back to the doctors every couple of days.
[00:04:03] And it’s like, what are you doing with these tablets? I’ve lost them or. I know I, wasn’t very truthful as a kid and I’m not advocating lying obviously, if any children are listening, but I kind of would take these tablets, which the government would give me for free and I’d sell them to the kids in the changing rooms and school, which was until I got caught by a teacher.
[00:04:21] And then that was the end of my drug dealing career.
[00:04:24] Virginia: [00:04:24] And it’s interesting, cause it’s all about the marketing, right? Like all in how you presented it.
[00:04:30] Matt: [00:04:30] Yeah. It was all about me realizing that actually what this did and what appealed to the seven year olds and the eight year olds in my school or maybe the, no, actually it was more like 12.
[00:04:39] We were 12 years old at the time. It was just what appealed to them. do you know what I mean. And 12 year olds, some boys, 12 years old, he wants to fart. That’s what he wants to do. So I had a tablet which enabled that.
[00:04:52] Virginia: [00:04:52] So. Going back to the, let’s say current
[00:04:57] Matt: [00:04:57] real business. Yeah, yeah, yeah. Legal businesses.
[00:05:03] Virginia: [00:05:03] So who, I guess I’m trying to, I have two questions. So who are kind of like your ideal client and then how do you get in front of them?
[00:05:14] Matt: [00:05:14] Sure. So we have multiple ideal clients because we have multiple businesses. Okay.
[00:05:20] And I think it’s really important right off the bat. As soon as we launched something new, as soon as we have an idea or something that we’re going to launch or another e-commerce business or another agency or whatever it is, we spend a lot of time figuring out who our ideal clients are. Who are we aiming this at?
[00:05:36] Right? Who’s the niche. Who’s the target market. Are they male? Are they female? How old are they? What do they like, or do they not like, what are their, what’s their, their age, their marital status, what’s their religious beliefs. I mean, there’s all these questions that we have inside and inside my head that we kind of go through and we iron them out.
[00:05:53] And so we have a core group of key customers. So if you take the beauty business, for example the one you mentioned Jersey. Well, our ideal client is no surprise is going to be female, right? 95% of our customers are female. 5% of male, the male target, the male side is growing, but we heavily focused on female.
[00:06:11] They’re typically in their thirties and forties cause we sell professional skincare. So you’ve got to have a few quitting your pocket. To be able to buy the products. Right? Our average order value is around 70 pounds, which is about what 105 hundred and 10 us dollars somewhere around there.
[00:06:28] So that you’ve got to have disposable cash to spend that money on moisturizer. You have, it’s just the way it’s got to be. So we know predominantly where they live, what kind of disposable income they’ve got, and we can break that down even further. So we can then say, well, some of these people, they know exactly what it is they want.
[00:06:47] Right. So when people come to our website, they know what product they want, exactly what product is they want. And they just want to get that product quickly. They want to be able to buy it. But I think over the recent years, one of the things that we’ve noticed is actually more and more people are coming to our site and they don’t know what they want.
[00:07:03] They actually want some help in figuring that out. So we would then break that down in terms of knowledge. Do you see what I mean? How much does the customer know versus how much do they not know? And so when we understand our ideal client, we break it down into a quadrant. If you can picture a quadrant in your mind.
[00:07:18] And so on the horizontal axis, we would track knowledge. How much does the customer know from very little to a lot, but on the vertical axis we would track trust. And this is how we always break our customers down. So we measure trust and we measure knowledge. So trust is how much do they trust us? How much does that visitor trust as if it’s the first time it’s the website, it’s not going to be high.
[00:07:40] Right. So how do we increase trust? And so we looked at it in these four quadrants, then we develop our content around those four ideas. Right? So you take it, someone coming to your website, low trust, low knowledge. Well, they’re not going to probably buy right now. Do you know what I mean? Versus someone who has high trust and high knowledge.
[00:08:00] And when we set up Jersey beach company, we noticed very quickly that a lot of people that were buying from us were high knowledge people. And so we had to work hard at increasing trust because that was what would keep them coming back. Does that make sense? So, yeah, so that was how we broke down our ideal client.
[00:08:18] And I can’t I’m sorry, I can’t remember what the second question was. I’ve rambled on so long about that one.
[00:08:24] Virginia: [00:08:24] That’s okay. How do you get in front of them? How do we get in front of them?
[00:08:28] Matt: [00:08:28] Yeah. And again, There’s not one set way, I think, but there is probably one or two simple principles that we have principle.
[00:08:36] Number one would be where once we’ve understood who our ideal client is, let’s figure out where they’re hanging out and let’s be in that same place. Right. So for women who are. In the age range of probably mid thirties up to sort of early forties, mid forties, that kind of demographic. Perfect. Well, they hang out on Facebook and more and more so on Instagram.
[00:08:59] Okay. So let’s be on Instagram and Facebook and we can use paid media and we can use Google shopping and we can use Google ads, but we also know that they’re on forums. Like there’s a form in the UK called Mumsnet Mumsnet is quite a popular thing. And so a lot of our clients are referred to it. The amount of clicked through.
[00:09:18] So we get, because people have been talking about as on the memes net form. So we’re like, well, let’s just go hang out on the mum’s net forum and see what we can find out and see what we can learn. So, first principle is figuring out where our customers are and let’s go be in the same place. So with Jersey, we don’t do Snapchat.
[00:09:32] Because our customers just aren’t on Snapchat, their kids, they may be on Snapchat, but they’re not on Snapchat. So we just avoid those kinds of social media platforms. But then if you take something like an agency where we want to get in front of ideal clients for them, we kind of have to think a little bit differently.
[00:09:49] And so things like podcasts, I think are brilliant. Do, if you’re an agency do a podcast to get in front of your clients, it. Works super well. We were talking today, me Jen, who heads up our marketing about some new product ideas we’ve got for an online business and these whole ideas, we will go straight to YouTube for that particular product.
[00:10:09] For that particular idea, for that particular customer, we’re going to head straight to YouTube. So, yeah, I think the principle is be where your customers are be creative in that space. Don’t try and spend a shed load of cash, like a skincare business. We launched a skincare brand. So Jersey grew because we were selling professional skincare, well-known professional skincare ranges, like Dermalogica and and all these sort of.
[00:10:32] Names that people in the UK knew, and we started our own skincare range. And what we did was we were like, well, how do we, how can we do something when we spend very little money, but just go and get clients, how do we get in front of these people? And this was, when was this? This was 2012. 2013, somewhere around there, but back a few years ago, you really, you had Facebook and Twitter.
[00:10:54] They were the two main do you know what I mean. Instagram was just starting to take off a little bit, but it was mainly Facebook and Twitter. So what we did, we just went on Twitter because every man and woman and child didn’t care what they shared on Twitter, they would just put it on Twitter. Do you know what I mean?
[00:11:07] It was back in that day. It’s like, I’m feeding the dog. Let’s put that on Twitter. No one cares, but it was interesting for them. Then they put it on. So we to set an alert on our Twitter feed, which just basically search Twitter constantly to find out people who are talking about their skin. So we put in keywords like skin, dry skin, oily skin, acne, breakouts, I mean all those kinds of things.
[00:11:28] And so when someone says, Oh, my skin is just feeling rubbish today, or my skin’s dry, or I’ve had a few breakouts what’s going on, we would just connect with those people on Twitter. And just go, Hey, can I send you some free samples? We think our product is going to really, really help you just try out, let me know what you think.
[00:11:46] And so we create a mechanism whereby we could do that. And we just would sit on Twitter and send hundreds of people to our website every day. It was great, really, really good and simple way to do it.
[00:11:56] Virginia: [00:11:56] And I think retargeting is key. Cause I know you had touched on that, like with the Amazon ads and then you would go ads and stuff, and that would really catch the people with the retargeting too.
[00:12:05] Matt: [00:12:05] Yeah, I think, I mean, by definition to retarget somebody, they’ve got to have connected with you in the first place. Right? And so I think retargeting is very, very powerful because I was speaking at a conference last week about this. If you think about a hundred people that come to your website out of every a hundred people, or even a hundred people sort of searching online that your particular product or service would help, there’s only about 3% of those people are ready to buy right now.
[00:12:31] So three out of a hundred, and that is the most fiercely competitive arena that there is, everyone’s buying that traffic with Google ads or whatever. Everyone’s, after that 3%, it’s so expensive and so fierce and so competitive, but then you kind of, you’ve got to look at well, how can I engage the other 97%?
[00:12:51] Cause that’s a lot cheaper. And there are a lot easier to reach. And so if I can engage the people that say that are on the website and they go, or they’re on the internet and they’re going, you know what? I’ve got really bad poorsin my skin. I’ve got really big open poors. How do I deal with that? So rather than trying to.
[00:13:09] Sell them a product straight away because only 3% of people that type that in are looking for products. Maybe I can help them to understand the problem. Maybe I can help them to diagnose the problem. And in the midst of that, I can onboard them. I can build the trust. I can build the knowledge they need.
[00:13:25] And the more I do that, the more likely they are to buy products from me. So that’s what we did. We focused heavily in on the 90%. 97% that weren’t ready to buy. It was cheaper. It was easier. It’s just more of , a medium term strategy. You don’t get that instant purchase out of that group, but you do get raging loyal fans.
[00:13:43] Virginia: [00:13:43] And is there like seven touch points with that person typically before they buy as well?
[00:13:49] Matt: [00:13:49] Yeah, I think that’s seven. I’ve heard that a lot actually. And I wouldn’t say it’s true for Jersey, but I would say that it is, there are a search for your industry, for your product, for your niche. There’s going to be a certain number of touch points that, that person’s going to need.
[00:14:03] Sometimes it will be as few as five or seven. Sometimes there’ll be as much as 20 or 30. You’ve got to understand. That particular client, that particular person, what is it they need? And how much can I hold their hands through that whole process? The more you can break that down. I think the easier it is to sort of try and manage that do you know what I mean, and to try and help that.
[00:14:23] So we’ve had people, it would take. Probably 20, 30 interactions before they buy products. They’ve got so many questions, especially like when it comes to their own skin, it’s a very precious thing. Isn’t it skin. And you want to be sure of what you’re doing before you spend money to put stuff on it. So, yeah, but not every client.
[00:14:43] Or potential client has 25 interactions with us. There are peculiar subset of people. And so we have to deal with that particular client, that particular persona and a very different ways to like say somebody who comes along the site knows exactly what they want. Can I get it tomorrow? Yes or no.
[00:14:58] Is it a fair price? Yes or no? Have you got good company reviews? Yes or no? Brilliant. Here’s my money. Give it to me now. It’s that kind of, there’s a real spectrum.
[00:15:07]Virginia: [00:15:07] Yeah. So just to change it up just a little bit, like with all the things that you’re doing and stuff, what do you like most about what you’re doing?
[00:15:15] Matt: [00:15:15] Honestly, I still get a buzz out of it 20 odd years later. And I think that is because I love being an entrepreneur. I love creating business and I just love being around the team. We’ve got such a fab team and I think if I’m honest, they’re the reason why we’re, we’re still here 2000 years later. I don’t think it’s down to me and my abilities at all.
[00:15:35] I think it’s more down to those guys. And so I just love hanging out with those guys. I love the team. I love their ideas. I love the input. And I just love making crazy suggestions and somebody somewhere goes, sure, I’ll make that happen. I think it’s that magic of it. That just thrills me still all these years later.
[00:15:53] It’s what drives me being involved in something.
[00:15:56] Virginia: [00:15:56] So what are a couple of goals that you have? Like big goals for the next year or two?
[00:16:05]Matt: [00:16:05] We have recently changed our company. We’ve done some big internal changes in the light of COVID and the pandemic and everything that is related to that. Like many people have, we’ve had to pivot and understand life a little bit better.
[00:16:17] And so for us, I would say over the next three to five years, I want to set up and start at least probably another a hundred online companies. I think digital is such an important thing. I think it’s such an, it’s such a big part of our lives now. And the, I mean, one of the reasons I love e-commerce going back to your original question, Virginia.
[00:16:37] I like the fact that I wake up richer than when I went to sleep, that somebody somewhere throughout the night would have bought something off the website. And so. I really liked that. And so we are building out now multiple e-commerce companies. So not just in beauty, but in other industries as well, we’re taking what we’ve learned and we’re building it out.
[00:16:56] Not every business is going to work. I appreciate that for every 10 websites we set up, maybe two or three of them will take off and do, and we’ll keep them. We’ll do well. But that’s our aim now that’s our goal is to go, right? How many, what do we need to do to accelerate this. Into more and more businesses.
[00:17:12] And so that’s what we’re focused on right now. That’s a really big goal to set up a hundred e-commerce
[00:17:17] Virginia: [00:17:17] and that’s where your team is really critical.
[00:17:20] Matt: [00:17:20] Oh, I wouldn’t be able to do it without them. So having a great team, great people is essential, especially if you’ve got crazy ideas. It’s just, it’s just one of those things where I spend so much of my energy coming up with crazy ideas that if I didn’t have a great team, none of it would happen because I, do you know what I mean and I’d always be thinking of the next one.
[00:17:40] So, no, I’m super grateful, super, super grateful for those guys.
[00:17:43] Virginia: [00:17:43] How would that goal change your business? Like obviously it would generate more revenue and stuff, but do you feel like starting those next hundred businesses were companies with that? How would that affect your business?
[00:17:56] Matt: [00:17:56] I think it just takes what we do now.
[00:17:58] It makes it bigger. I think we’ve got a good warehouse system. We’ve got good distribution setup. We do worldwide distribution for ourselves, for the companies we manage other people’s e-commerce businesses as well as our own. And so what it does as you grow that out, it just increases your knowledge.
[00:18:16] and your understanding of e-commerce, it stops you having all your eggs in one basket in some respects. So I like that it sort of diversifies risk out, but probably the most exciting thing for me is that it builds opportunity for other people. So to build that many websites, you’re going to need people to help you.
[00:18:36] You’re going to need. People to work with you. And so you create employment, you create possibilities. We were talking yesterday with a doctor, a medical doctor here in the UK. He wants to do some things, some online courses around a specific type of trauma, which is not right. Really catered for really exciting stuff.
[00:18:55] But she’s a doctor bless her and she knows doctor stuff really well. But outside of that, it becomes a real big black hole for her. So we can work with her. We’re going to take what she’s going to do. Hopefully we’re going to put it all online. We’re going to help her market that, and we’re going to help see a lot of people get the help that they need, which is fantastic.
[00:19:16] So that for me is the big thing in terms of the businesses, it creates employment and it creates opportunities for lives to be really, really helped.
[00:19:23] Virginia: [00:19:23] I like that it’s like pay it forward type of aspect.
[00:19:27] Matt: [00:19:27] Yeah. I think it gives opportunities to people who wouldn’t ordinarily have the opportunity to do something.
[00:19:32] And I think oftentimes entrepreneurs, people who wouldn’t call themselves entrepreneurs, who I would think are entrepreneurs. If that makes sense. Often it’s a confidence thing. It’s a belief which says I can’t do that. Or I don’t know how to do that. And so, so many people overstock to lady it’s like so much of the conversation was I don’t know how to do dot, dot, dot.
[00:19:54] And I’m like, in my head, I’m thinking you’ve gone to medical school. Right. You have learned how to do this, that and the other. This is an absolute piece of cake. Trust me. Do you know what I mean? This is not rocket science. And so often I think we disqualify ourselves because we compare and we look at other people and we look at what we think needs to happen.
[00:20:14] I remember a few years ago, a lovely young lady came to see me. She said, Matt, can I come and talk to you? I want to start my own business. I’m just not sure about a few things. I really need some help. Can you help me? And I was like, sure, why not? Come on round, let’s have a conversation. How do we set it in my building?
[00:20:31] And we have this conference table and this table was a good two meters long. So what’s that about seven foot long, right? So it’s a pretty sizable table. And what she proceeded to do was this layout on the table, multiple pieces of paper filled the whole table, just different stacks of paper, which was getting out of a bag.
[00:20:50] And I just watched a. Get everything out. And one was an application for a bank account. Another one was formed to register your company with the tax office. And another one was this. And another one was that. And another one was this format and it was just all forms. And she sat down and she just went, I genuinely don’t know where to start and she’s paralyzed because she thinks she’s read on the internet somewhere that you’ve got to fill this in.
[00:21:14] And you’ve got to fill that in and see what I mean, all this sort of stuff. And so she’s like, where do I start? How can you help me? I said, wait here just a minute. I went downstairs. I got the biggest bin trash can that we had, I bought it back upstairs and I scooped all of those pieces of paper in the bed.
[00:21:29] And I said, there you go. I’ve helped you. And it was just that side of, yeah, just that sigh of relief, which says, I said to her, I said, listen, go out there, try right. See if it works. If it does come back in three months time, and we’ll talk about some of this paperwork, but just have a go to mean don’t let all of this.
[00:21:49] Stop you, it’s not like she needed a specialist insurance or anything like that. Just have a go. And I think so often we disqualify ourselves because of our own limitations in our mind. And I think Ken, because we’re comparing or because we feel like we’ve got to fill out a table full of forms to remain, just to get going.
[00:22:08] And so I think people just need the opportunity and I think the more people we can give opportunities to the better,
[00:22:13] Virginia: [00:22:13] do you feel
[00:22:14] like there’s any road blocks stopping you from. Achieving your, that goal of like all those companies?
[00:22:22] Matt: [00:22:22] I’m the biggest roadblock. So, and what I mean by that is I think entrepreneurs always have similar sorts of fears and anxieties don’t they, or they have similar sort of imposter syndrome sometimes going on.
[00:22:33] And I think for me, one of the things that I do quite often is I changed my mind. I think, let’s start this company doing this, so we’re here. And then two weeks later, I’m like, now let’s start this company doing this over here and blessing the team. They’re kind of like, hang on a minute. We’ve not done this one yet.
[00:22:51] What are you talking about? And so I think I’m the biggest. Saboteur to the goal was, I mean, and not giving the team, the space and the resource and capacity, they need to carry on with what we’ve been doing to actually build something that is of substance and value, rather than just a, sort of a flash in the pan.
[00:23:11] And yeah, I, I always have to remind myself. Listen Matt these guys, they don’t live inside your head. They don’t know what you know, they don’t know what you believe. They don’t know what you think is possible. It’s going to take them a little bit of time to figure that out. Right. And to get confident with that.
[00:23:27] So give them a break, give them some grace. And that’s been one of those lessons I’ve learned over the last 20 years. That’s for sure. I’m the biggest obstacle.
[00:23:36] Virginia: [00:23:36] It’s almost like you have shiny object syndrome.
[00:23:38] Matt: [00:23:38] That’s exactly what it is. I remember we had a lady she no longer works for this. Cause she left to have, she got pregnant, has two beautiful kids.
[00:23:45] One’s literally born like three days ago. Loved her to bits. She’s just a wonderful, wonderful young lady. And I remember when she was working for us, she was heading up the marketing and she came in, Beth was a name. She just came in and said, Matt, we need to have a conversation. Okay. What do we need to talk about Beth?
[00:24:01] She said, we need to stop the random acts of marketing. This is what she called it. The Rams, the random acts of marketing. I said, what are you talking about? Just let me just show you what I’m talking about. And she wrote it out, like all the things that I just come in and go, this’ll be a great idea. And let’s market like this and let’s market like that.
[00:24:17] She’s like, I can’t build anything because every two weeks you come in with another idea. And so she just basically said to me, I am banning you from these random acts of marketing, at least for the next four or five months. And so every time I sit in a meeting and go, great guys, listen, what about, and she’d just go Matt, you just need to be quiet right now.
[00:24:40] And then to me first, she was fair.
[00:24:42] Virginia: [00:24:42] Yeah. And kudos to her for, let’s say having the courage to do that. Cause would everybody have that courage? Tell their boss, like, Nope.
[00:24:50] Matt: [00:24:50] I say to the team all the time, I really want them to have that courage. I don’t like people that. I don’t, it’s not that I don’t like people, let me rephrase that.
[00:24:57] I don’t like it when people don’t feel like they have the ability to say no to me or to the boss or whatever. I’m like, the world’s too short. We’ve moved on you Beth know a lot more about marketing than I did. So I need to listen to her, right. And I’m going to have input and I’m going to have ideas, but if I don’t employ, or if I don’t bring into the team, people that are smarter than me, I’ve got a real problem.
[00:25:20] And so I really need to listen to them.
[00:25:23] Virginia: [00:25:23] And it really helps with your, like your team dynamics too, where everyone feels that, it’s like an open, open place.
[00:25:31] Matt: [00:25:31] Yeah, it does. And I’ll tell you what it does build Virginia, is it builds loyalty. So a lot of our guys have been with us for a long time. And I quite like that, I know in the modern world, everybody moves on in like every three to four years.
[00:25:42] And people say, this is a good thing because it brings new ideas and new talent and so on and so forth. And I get that, but there’s something quite amazing about people that are loyal to the value and the culture of the company for the long-term and build in something long term, I think is the most remarkable thing.
[00:25:59] And I love that. I love that people come and when they come. They stick around unless like Beth she’s like, nah, I’ve had enough from having the kids.
[00:26:08] Virginia: [00:26:08] You might come back to, you might be like, I need a mom break. Can I come back for a little bit?
[00:26:13] Matt: [00:26:13] Right. You jest right. But I had this revelation a few years ago that the best people to employ by far I’ve discovered are mums who wants returned back to the workforce.
[00:26:24] They are like the untapped power. For me of the workforce. And , I realized this quite quickly, we employed a friend of mine. She wanted to get back into it. And I said, Oh, come work with us. And she was amazing before she had kids, the stuff that she was, and of course she took, I don’t know what it was six, seven years out to remain.
[00:26:44] And in six to seven years you lose a lot of confidence. This is what I, my observations, right? As mums, a lot of confidence is lost about the workforce, but the skill set gained is unbelievable. Just think about the whole idea of managing kids, the ability to multitask, the ability to persuade and to confront and do you know what I mean and just.
[00:27:08] Cope with all kinds of stresses and just get on with it. I think it’s amazing because I no offense to your listeners in your early twenties, they don’t know how to do that. Right. They just don’t know how to do that. And so yeah, some of the best hires I’ve done, I’ve been moms returning back to the workforce.
[00:27:25] In fact, I mean, we’re a beauty company, quite a few people we employ are women. Just, we love the moms going back to work as long as I can be flexible and understand that kids are going to want school, holidays, and they’re going to be sick and have runny nose every now and again, we have a winning combination.
[00:27:40] So if Beth wants to come back, she’d be more than welcomed.
[00:27:44] Virginia: [00:27:44] We’ll make sure she hears that
[00:27:46]Matt: [00:27:46] I’ve told her 20,000 times. Yeah. Yeah.
[00:27:49] Virginia: [00:27:49] Okay. So just to change it up. Pet what’s the best advice that you’ve ever received?
[00:27:56]Matt: [00:27:56] That’s a really, really good question. What’s the best advice I’ve ever received when it comes to let’s talk about entrepreneurial-ism right?
[00:28:04] Cause there’s 20 different ways. You can ask that question. What’s the best advice I’ve ever received in the gym. You know what I mean? Or something like that. But when it comes to work years ago, I used to hang out a lot with a chap called Albert Dube. And Albert dubé was a remarkable character in the sense that he was a multimillionaire, possibly a billionaire.
[00:28:23] He passed away a few years ago. It was a real shame, but AG, it became like a bit of a mentor to me. He was much older. And he took me under his wing a little bit and it was really kind of him and I got to hang out with him and it’s always nice when you hang out with incredibly successful people.
[00:28:41] And just the job that I had at the time, I got to hang out with these guys and I remember hanging out with AG and I said to AG, once we were, I think we’re on the streets of Germany, somewhere walking around, we were just having a conversation. I said to AG, can I ask you a question? He said, what’s that?
[00:28:55] I said, if you had to start again, What would you do? What would you do today? And it fascinated me this question, and I remember him saying to me, I would set up a supermarket. And that’s initially how he made his money. It was in the sixties and seventies in the UK set up a supermarket chain. He went over to the States, Germany and expanded incredibly.
[00:29:17] And I said to him, you’d set up a supermarket, what, even today, even because it, in my head, it was like an incredibly, the very competitive market. And there are some very well established supermarket chains and said, that’s what I do in a heartbeat. And I said why? He said, well, two reasons. One, because people need food and two, because I know how to sell them food.
[00:29:38] Right. And it was this, this real simple thing in his head. And it was just like, I thought that was quite incredible when it came to just deciding what business to do, what do people need? And what do I know about. Well, that was genius. Know what I mean? And so ironically, when we set up the beauty company, I didn’t know anything about beauty, but I knew people needed it.
[00:29:59] And I knew how to set up an e-commerce website. And I thought I could probably learn the rest. It can’t be rocket science. That’s what we did. But no, that was great. I asked him once I said AG, I said, would you ever write a book? An autobiography of your life? And he said, no, I won’t tell you the reasons why he said no, because that’s confidential.
[00:30:15] But he said, no. I said, well, if you did, what would you call it? And he said, I’d call it. This, everything costs nothing. And it’s like, so really interesting title. Why would you call it? Everything costs nothing. And he just said to me, he said, because literally everything does cost nothing. He said, whatever you take, you said we were in one of his gyms at the time.
[00:30:36] And he said, look at that steel over there. But that steel that comes from the ground. Well, that steel is in the ground. It’s free. The cost has taken it out of the ground, shaping it to the size and shape that we need and then installing it in the right location. So his whole premise was, if everything costs nothing, then he needs to keep that cost to a minimum do you see what I mean.
[00:30:58] And so. I remember sitting in his office one day, I had a chain of gyms in the UK and he was, he just had this idea and he’s, I’ll never forget. He just had this idea. He said, hang on a minute, Matt, let me just make a phone call picked up the phone called one of his engineers. And he said, if we do this, this and this, what would the net cost saving be?
[00:31:17] And his engineers said, give me 10 minutes, call him back. 10 minutes later said, we’ll save about half a million quid a year. That was like, he was so obsessed. With this whole idea of monitoring costs. So obsessed with it. I mean, to the point where it was a little bit ridiculous, but he was obsessed with it and that was his life’s principle keeping the cost down.
[00:31:36] So again, I’ve heard that,
[00:31:38] Virginia: [00:31:38] which is key too, right. Because if we operate at high costs, then we don’t really get that return back. Like we would want either, right.
[00:31:46] Matt: [00:31:46] Yeah. Again, the analogy is simple. Isn’t it it’s like a bathtub businesses like a bathtub. I was told, you’ve got money coming in. That’s the taps and you’ve got money going out.
[00:31:53] That’s the drain. And if you’ve got money going out, quicker then, you’ve got money coming in. You’ve got a real problem. And so you have to control the money coming in, but you also have to control the money going out and be really, really tight on costs and monitor what’s being spent.
[00:32:07] Yeah, I
[00:32:08] Virginia: [00:32:08] like your advice.
[00:32:09] Thank you.
[00:32:10] Matt: [00:32:10] I wish I could say it was mine, Virginia, but it clearly wasn’t.
[00:32:14] Virginia: [00:32:14] Well then what advice would you given?
[00:32:17] Matt: [00:32:17] a good question to a, an entrepreneur. I would say to them, find a mentor very quickly, or find someone that you can ask questions of, find someone that will inspire you. Find someone that will challenge you.
[00:32:31] Find someone that will slap you upside the head when you need it. Find someone that will lift you up when your spirit is low and you feel like the whole world is caving in against you. That mentor, that person that you can trust like that I think is the difference between success and failure. And I’ve been super blessed and super fortunate to have a fair few good mentors in my life.
[00:32:52] Let me tell you, AG was one of them, all kinds of people over the time. And so get yourself a mentor without a doubt.
[00:32:59] Okay. Thank you. Is there anything that you would like to share that you haven’t shared with us yet? Ooh. Did I get a question? I think we, I mean, what we’ve not talked a lot about is the digital side of life, digital entrepreneurship.
[00:33:15] And I think it’s one of the lessons of COVID the pandemic is actually digital, has the whole concept of digital is accelerated in every sphere of life. We’re doing work with a medical practice on the other side of the world, trying to understand how digital is going to accelerate medical treatment.
[00:33:32] We’re building more e-commerce businesses over here. And I think with digital accelerating at a pace that it has, I think if you’re not yet doing digital, As a side, not as part of your business. I think your, there needs to be a really good reason why you’re not doing it now. I think you can’t wait around anymore for a really good reason to do it.
[00:33:53] I think you need to wait around for a reason not to do it. And it’s that kind of, if there is no good reason why I should not be doing this, how I get on it now, what can you do? Whether you’re a corner shop or a restaurant, whatever it is. People have come out of this differently and you can really take advantage of that and you can really catapult your business and take it to another level when you mix in digital, really, really well take the learnings of COVID and go with it.
[00:34:18] Virginia: [00:34:18] I like that
[00:34:19] too. Cause I was just thinking take the lessons from the hardship and learn to learn from it is kind of like how my brain interpreted, like your last phrase. And so it’s in that. Applies to can carry over to everything too. But thank you.
[00:34:32] Matt: [00:34:32] That’s a good life lesson. Yeah. Never waste a good trial, right?
[00:34:35] Just have you read the book. What’s that book called black box thinking by a guy called Matt. I can’t remember his name. Have you read it? You know the one, I mean,
[00:34:45] Virginia: [00:34:45] no, I haven’t.
[00:34:47] Matt: [00:34:47] Yeah. Black books thinking it’s fascinating book talking about how to deal with failure. And he contrasts the learning of the airline industry versus the medical industry in the States and how the airline industry was much more willing to deal with failure because the medical industry is so litigious, it’s very difficult to admit failure, whereas you can, in the airline industry, it’s a safe place to do it as they learn from it.
[00:35:12] And that learning means now the airline industry has become, is turned it around from being very unsafe, to being obviously very safe. We all jump at what we did. Jump on planes all the time. And I think it’s that kind of principle that you’re talking about. It’s never waste a good trial, never waste a good failure.
[00:35:27]What can you learn from that? So that when you do it next time, you don’t make that mistake. It’s that kind of thing. Isn’t it. And I think that introspection, that learning that’s just fantastic. Learn from the hardships, like say Pesco is a good way of putting it
[00:35:41] Virginia: [00:35:41] Fail forward
[00:35:43] Matt: [00:35:43] all
[00:35:43] these popular phrases at the moment.
[00:35:46] Virginia: [00:35:46] Sorry I’ll stop, thank you,
[00:35:48] Matt. For joining us today. Where can people learn more about you and what you do?
[00:35:55] Matt: [00:35:55] Well, if you want to connect with Megan, head on over to the website, Matt edmondson.com. You can connect with him in there, all the links to social media there. If you go onto Facebook or Instagram or LinkedIn and search Matt Edmundson, you’ll either get me or a TV presenter in the UK.
[00:36:11] I’m slightly older than he is. But, you’ll, you’ll figure it out. You’ll figure it out, but no, be great to connect with you. I’m on all the social media platforms, just like, say head on over to Matt, edmondson.com every single day. You need to know.
[00:36:21] Virginia: [00:36:21] Awesome, well thank you so much.
[00:36:24] Matt: [00:36:24] It’s been my pleasure. I’ve enjoyed it. It’s been fun.
[00:36:26] Actually, Virginia, just talking about entrepreneurship a little bit more. Cause normally. We just talk about all the digital side of it or the e-commerce side. So it’s been fun just to reminisce and think about Agee and drug dealing and all that sort of stuff. So thank you.
[00:36:40] Virginia: [00:36:40] Memory lane.
[00:36:44] Matt: [00:36:44] It’s been, it’s been lovely.
[00:36:46] Virginia: [00:36:46] Okay. So, but we’ll keep in touch and have a great day.
[00:36:50] Matt: [00:36:50] Thank you so much.
[00:36:52] Virginia: [00:36:52] Thank you so much for joining us today. Be sure to subscribe and leave some love through a review and I’ll catch you on the next episode.
Funnel & Visibility Specialist
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Virginia lives in Northern Alberta on a small farm with her husband and three children.
Virginia is a master funnel builder having been certified as an FG Society Master Marketer, Funnelytics, and ClickFunnels Certified Partner.
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