If you’ve been around the TAS community for very long, you know that Scott loves to share his thoughts and viewpoints on life and to build a business. Lately, he’s been having these “Real Talk” sessions where he explains his perspective in a very matter of fact way. Good news! It’s time for another Real Talk session with Scott! On this episode, you’ll hear Scott stress the value of creating your own goals and avoiding the comparison trap. Have pen and paper ready; you don’t want to miss a minute of this helpful episode!
Chunk it down.
Do you ever find yourself wondering if you’ll ever really make it to the level of success you’ve been dreaming about? Does it seem like all the stars would have to align for your business to get off of the ground? While it’s no small feat to start a business from scratch, the truth is, it can be done! If you find yourself overwhelmed by the big goal, do what Scott teaches – chunk it down! Break up the steps you need to succeed in small tangible goals that you can measure along the way. To hear more about setting goals and achieving them, make sure to catch this episode!
Watch out for the comparison trap!
Did you know that one of the biggest enemies of success is getting stuck in the comparison trap? It’s true! Time and time again good business leaders get sidetracked from their ultimate goal because they were too busy paying attention to the grass on the other side of the fence. By all means, learn from successful leaders like Scott but don’t measure your progress based on what they’ve achieved. Tune into this episode of The Amazing Seller as Scott expands on this important lesson!
TAS tools to help you succeed.
It can be so frustrating to have all the drive and desire to build a business, but you don’t have access to the tools you need to succeed. Years ago when Scott first got started in the ecommerce industry he didn’t have a community like TAS that he could learn from so he started documenting the process and invited people like you along for the ride. Now, Scott has the resources and the experience to help sellers reach the level of success he’s enjoyed. If you are ready to put in the time and learn what you need to do for your business to thrive – make sure to check out Scott’s, “Ecommerce Business Formula” ebook and the Brand Accelerator Live event. These tools were created with you in mind – you can find more details by visiting the links in the resources section at the end of this post.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [7:00] Scott breaks down some success numbers.
- [12:00] How passive income and external traffic can help sustain your business.
- [16:00] There is no one size fits all solution.
- [18:00] Closing thoughts from Scott.
TRANSCRIPT TAS 665
TAS 665: (REAL TALK) STOP COMPARING and Create YOUR OWN GOALS or You Will FAIL[INTRODUCTION]
[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 665 and today I’ve got a little bit more real talk for you because…Click Here to Download Transcript <<
…this has happened to me and it’s also happening to other people. I know that for a fact. I’ve talked to a lot of people and they wonder a lot of times why they are not as successful as other people. Why can’t I hit those numbers? Why can’t I have that fancy car? Why can’t I have that lifestyle? And here is the deal, you are comparing yourself to someone else as far as what success looks like and if you do that you will most likely fail because you may not hit those numbers or you may not hit exactly what they are portraying.
And I don’t think people are doing it on purpose out there. I think we are thinking that we have to go out there and we have to achieve certain things in order to be successful. What does success mean? What does it mean for you? What does it mean for me? I think it’s different for everyone across the board and what I really wanted to do here in this episode, not a tactic, there is no tactic here although I will be reverse engineering what you can do to be successful in your own world because we all have different reasons we are doing this.
Or we are creating a business or we are launching on Amazon or we are building our external traffic. There is all different reasons why we do it. I think you do need to become very clear on why you are doing what you are doing but what you need to do is you need to come up with your own goals, your own plan and then execute it. Go after it because you may be thinking that you’ve got to go out there and build a business that’s doing seven figures or eight figures as some of those numbers have been posted online.
[00:02:01] Scott: And you start to think that that’s what you need to do in order to make the money that is going to provide you the lifestyle that you want. Here is something I want you to think about as I go through this. It may not be as big as you think. It might not be the target that you are shooting in order to get you to where you want to go. And I see this all the time. There’s tons of gurus out there showing their fancy cars or their lifestyle and their bling, and the big numbers.
You guys know that’s not who I am. Actually though, let me back up a little bit. I just did have someone on social media, someone that’s been listening to the podcast for a very long time. And I don’t want to call this person out because I have no problems with the person coming out and giving me honesty. That’s what I want but they were like, “Scott, recently I’ve been noticing you’ve been posting stuff about you at your lake house at the beach, an Airbnb with your mastermind, and you’re sharing yourself on your golf cart.” Different things that I’m doing.
Here is reality, I’m not doing that to show you that this is what I got and you can have it too. That’s not it at all. If anything, I’m sharing my lake house with you because it’s another way that I have grown and that I am going to be using this as another asset in my life, in my portfolio to bring in income to support my family. That’s what it’s there for so not there to show you like, “Oh look at me.” Never about that, not for me, never.
What I’m doing is I’m showing you that these are… I didn’t think about doing this Airbnb thing up until, not even a year ago, now it’s been six months. I had no idea that I would even think about doing that, no way at all. It just happened because I started going down the road of looking for a rental for my inner circle which by the way my inner circle people that are in that group that wasn’t thought of until a year ago.
[00:04:12] Scott: That was something I never had thought that I might be doing and that’s exactly what I want you guys to understand. Don’t think where you are today is where you are necessarily going to be tomorrow. You are growing, you are learning, you are sharing so what I’m doing right here is I’m just sharing my experiences. When I was at the beach at an Airbnb, I was at Pat Flynn’s what he calls the Accelerator Group, the accelerator program that he has where he has… At first I think we had 12 or 15 people in the group that we were connecting with and so we met there.
I paid to attend that and I was just sharing the experience on what I was taking away so you didn’t pay the price of admission there but I want to take the information that I’m gathering and more or less give it to you for free. That’s what I was doing. No way I’m I sitting here, “Oh look at me, look at my stuff, oh look at my watch, oh look at the emblem on my car.” I’m not doing that and I don’t think you should be following people that are doing that unless that’s what you want.
If that’s what you want is a big fancy car or any of that stuff, if you want that stuff, then yeah go follow those people. I don’t think that’s the best thing personally because those are materialistic things. To me it’s all about lifestyle, it’s all about me being able to get down with this right now and then go have lunch with my wife and my daughter. That’s important to me. It’s important to me to be able to drive my daughter to school every day. It’s important to drive them to practice, all those different things.
That’s important to me. But you can’t compare yourself to other people that you think are what you want to be. I’m getting a little passionate about this as you can tell because it’s really important. I’ve fallen into that myself trust me even when I’m in this space of now people are following what I’m doing.
[00:06:08] Scott: I have to be careful with that because I don’t want you thinking you have to be like me. Do I want you to learn from me and if you want to take bits and pieces of it? Yes. Do I want to attract the people to me that I would want to hang out with, that I would be talking to at the local coffee shop just because I’m there and we are hanging out? Yes. But I’m not attracting the people that want the bling. I’m not attracting the people that want the big fancy cars or the big fancy houses.
That’s not what I’m doing and you shouldn’t be either. And so if you are finding yourself being like, “Man I’m never going to hit a $1M, seven figures in my business. I’m just never going to do it.” Number one you shouldn’t have that attitude but number two, is that really the number that you need to hit? So let’s do some quick math here. I’ve got a little Spreadsheet here I put together so I can be organized in this.
So the question looks like this, “What does success look like to you as far as money goes?” Now here is an interesting fact for you and this is a fact because I did some math. $340,000 per year gross revenue at 30%margin is $102,000 per year profit. Now, people would say, “But Scott, you’ve got to pay taxes on that.” Yes, but if you make six figures in your business right now or not even in your business, if you make six figures in your job, let’s say that you are a CPA that work for a CPA firm and they pay you $102,000 per year. Yes, you have to pay taxes on that. It’s like anything but that’s what you are earning, let’s not go there.
You are generating for your family that you will be taxed on yes, but you would be at any job, $102,000. If you were to generate $340,000 per year at a 30% margin, that’s just under 30%. What if you go and get a 40% margin because you worked towards that or you get a 50% margin?
[00:08:08] Scott: That goes up, that increases. We are talking at a low end here. So doesn’t it feel like you can sit here now and say to yourself, “That feels better. I don’t have to worry about going out there and hitting $1M in gross revenue my first year in order to be successful.” When in your head you might be thinking that because you see other people posting their screenshots or posting the things that they are accomplishing and you are saying, “Oh my God, in order to do that I have to do this to be successful.”
You do not have to be that. So doesn’t it feel better to say, “Man, $340,000 yeah that’s a lot of money to generate but that seems more achievable than saying I’ve got to go hit $1M in my first year.” $340,000 gross revenue is pretty easy in today’s world and I say easy lightly because nothing’s easy. It’s going to take work and there’s different business models that you can get there. But understand if you do the math and you look at it and you say, “What is that number?” you may be listening and go, “Scott my number is $75,000.” Well then, you don’t even need to make $340,000. You could generate $300,000 and be okay.
See! So you need to know your number, your target, what is your goal not someone else’s, yours. What does it mean to be successful to where you want to be in the next 12 months? Where is that? And you may be listening to this after this airs maybe in January like, “Oh this is all about the first of the year.” No, this is about now. This is airing in May, I think it’s in May, it should be, I’m batching here a little bit because I’m going to be going away so I’m batch recording here a little bit and I wanted this message to get out to you guys.
But let’s just say its May, 2019. You can still get onboard with planning, you can still get onboard with setting goals so you might need to go back to the drawing board and go, “Let me see here, what does success look like to me? Where do I need to be? Where do I want to be?”
[00:10:13] Scott: And then you can reverse engineer the numbers. So in this case $340,000 a year at thirty percent margin would net you $102,000 per year in your pocket that yes you would pay taxes on but that would be your income for the year. Now let’s break that down a little bit further. What does that look like weekly? $6,538.46 is what you would need to generate on a weekly basis in your business. That’s $931.50 per day. That’s what we are looking at. Let’s do a little bit more math.
Let’s say that you are selling a product only on Amazon, which I’m not a fan of only selling on one platform and I’ll get to that here in a minute, $25 products. Let’s say you are retailing that at $25 and you sell 37 units per day. 37 units. Maybe that’s three different products and they are all selling for $25 and one sells 12, another one sells 12 and another sells like 10/12. So you are selling 12 of one, 12 of another and 13 of another. You are going to get to around 37 to 40 units per day, let’s call it. $25 selling price at 30% margin, boom, there we go.
So all I did was I took $340,000, I broke that down for yearly or weekly and then from there, daily. What does that look like? Here is another scenario, let’s say for example you are saying like, “Yeah Scott that’s all on one channel. I’ve got to get sales up and running on that channel and get to that.” But here is what I like to do, and this is happening right now internally in our own brand. It’s where now we have external traffic and external money, revenue coming into the business.
[00:12:08] Scott: Pretty much autopilot too by the way which is somewhat passive and here is what I mean. Right now we are generating, and depending on when you are listening to this, our last payout for ads on our blog which is getting traffic from Google and from Pinterest, from any other traffic sources that we are driving it over to our blog, our home base as we call it in EBF. Our last payout was $2,749. I think this month, and I’ve already looked at the numbers, we are going to probably hit $3,000.
So let’s just call it $3000, keep math simple, not from selling one product on Amazon as of yet. Now, secondary revenue stream, we have a digital guide that is on our blog. We are selling about $2,000 per month with that. Not a product, doesn’t cost us anything. It’s a digital item. We have the traffic on the ad traffic that we are making money and then the third way is $1,000 in affiliate sales on average. Some months might be $750, some months might be $1,250, $1,300 it’s going to vary.
But if we just did that math, that’s $6,000 per month, 12 months that’s $72,000 profit. Because remember, ad traffic, they are paying us for impressions. Digital guide we are just digital download and then affiliate sales, that’s 4% to 6% from Amazon stuff that we are selling through our blog. $72,000 profit, that’s part of our take home. Now if we do math and we reverse it back we go, “Okay $100,000 minus the $72,000 we are at $28,000 roughly. So all we need to do is make up the difference.
[00:14:03] Scott: So if we have $72,000 if we make up the $28,000 on physical products now, now all you’ve got to do is figure out how are you going to sell $28,000, not worth actually, netting. So you are 30% at that, that’s all you have to do is figure out how do I sell instead of 37 units now maybe all I have to sell is 20 units, 25 units per day? Now that came down. You see what’s happening here? It’s pretty simple if you reverse engineer where you want to be.
And there is so many different ways you can do it. This is just one business model. If you want to go out and be a freelancer because you are good at taking photos and you want to do that one the side, you can do it. There’s all different ways we can do it. This is just the business model that we’ve been talking about here on the podcast and I know that people that you are probably following, some good, some maybe not so good, are giving you this vision that… And you are comparing yourself to what success looks like.
What I can tell you is the basic co-principles are the same for any size business that is a real business. And what I mean by that is we have our market, we know what they want, what they need, we build out content, we build attention through that content, we build an email list to get attention, we drive traffic, we learn how to drive more traffic and then everything else starts to blow up. That’s it, that’s the core principals and I probably should give you the resource for that now, my called action here is ecommbizbook.com.
That’s where everything is laid out. That’s what we’ve done and I’ve reverse engineered everything inside of that book so this way here you have the play by play, the play book as I like to call it. Ecombizbook.com, check it out. Yes, you will buy me a cup of coffee and I will appreciate that but it’s going to be so valuable for you to be able to see exactly what it takes and how to really put all the pieces together and build your plan.
[00:16:08] Scott: But I wanted to go over this with you because I know so many people get stuck with comparing themselves and thinking that they have to do it one way. There is no one way. The way that I’m talking about has multiple ways that can still feed the business and also bring in revenue to the business. So just understand that there is not one size fits all but the one thing I will say is if you have a great market that you can get attention in, and then you can show up on a regular basis, you will start to get traffic and you will start to get sales.
That’s just from personal experience in a variety of businesses so just understand that. Ecombizbook.com is my little shameless plug because I know it will help you. Check it out if you haven’t done so already.
The other thing I want to remind you of if you have not heard about it, maybe you are new to the podcast. If you are by the way nice to meet you, thanks for showing up. I appreciate you. And what I wanted to do is remind you guys about Brand Accelerator Live.
This is our event, our first ever live conference where we are going to be taking your business from wherever it is and taking it to the next level. And we are going to help you through myself but also other speakers that I’m inviting here to speak and be able to teach. It’s not just about a ra, ra story like, “Me, rags to riches.” No not that, it’s what is something that you can help people that are trying to build a brand and build external traffic, external revenue and then also dominate Amazon?
Because that’s what it will ultimately help you all the way around if you put all these pieces together and that’s what we are talking about at Brand Accelerator Live. So if you have not grabbed your ticket yet, head on over to brandacceleratorlive.com, you get all the details there, grab your ticket and also depending on when you are listening to this, hopefully there is not a wait list yet because I’m sure that this is going to fill up.
[00:18:10] Scott: We are going to keep this event small, under 300 people. We are doing that on purpose because we want it to be intimate and we want you also to be able to network with other people and get the most out of an event like this. So brandacceleratorlive.com.
And then the last thing, show notes to this episode can be found at theamazingseller.com/665. Alright guys, real talk for you here today, stop comparing yourselves and start creating your goals and this way here you will succeed at what you are trying to do because it will be crystal clear. Do not get distracted with shiny objects.
Guys that’s it, that’s going to wrap it up. As always remember, I am here for you, I believe in you and I am rooting for you. But you have to, you have to… Come on say it with me, say it loud, say it proud, “Take action.” Have an awesome, amazing day and I’ll see you right back here on the next episode.[END]
Click Here to Download Transcript <<