This episode is brought to you by Shopify.

That's what I hear when I make another sale on Shopify.

The all-in-one commerce platform that allows you to start, run and grow your business.

Shopify is revolutionising millions of businesses worldwide.

So sign up for a £1 per month trial period at Shopify.co.uk

podcast 23 all lowercase and take your business to the next level today.

Gene, the mortgage rates are very high.

7.2% is what I saw this morning, whether you can get that or not is up to your leverage.

But that is discouraging for the formation of families, which is the driver for the economy.

That has to be showing up somewhere in the confidence of small business, is it?

It is. We're really hits the most are those businesses that service the residential real estate market.

And think about all those people that do that if you're a mortgage broker in any great time.

If you are in the business of selling real estate, it's not so good.

And if you're in the business of refurbishing real estate doing whatever you buy at home,

you buy furniture, you buy your house painted, you have different fixing up things that you do.

That all involves small contractors and smaller construction firms.

When there's less of those homes being sold because mortgage rates are all putting that impacts those small businesses.

So, I think we talked about this like weeks ago about my advice for businesses that are in these industries

is to try and pivot to the extent that you can and try and serve as commercial real estate.

Because that actually has been doing much better and new construction, if you can.

Again, that depends on the nature of your business.

A residential real estate right now because of these high mortgage rates really having its challenges

...