eCommerce Lifestyle
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Procrastination Tax

$10,000/Month Procrastination Tax??

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​What motivates you? What keeps you lazy and procrastinating?

During this episode of The eCommerce Lifestyle Podcast, ​​Anton talks about using both gain and loss for motivation when you're feeling stuck and not doing the work!


Listen in to hear ​practical advice​ that will help ​you the next time you're lacking motivation! 


​What You'll Learn​:

  • ​Practical tips for keeping motivated.
  • How to use your loss as a motivator.
  •  The heavy, costly burden of the  "Procrastination Tax".
If you liked today’s show, please subscribe on iTunes to The eCommerce Lifestyle Podcast! The podcast is also available on all major podcast players including, Stitcher and Spotify.

Links From This Episode:

Transcript

Hey, what's up, everybody? Anton Kraly here and welcome back to the eCommerce Lifestyle Podcast. Today I wanted to do an episode and share a thought I randomly had that came about because of last night. At the time I'm recording this, it's Thursday morning on, I think, November 7th.

Last night I went to an Elton John show here in Charlotte. So crazy, right? Like this guy is doing his Farewell Tour that, I think, is three years long or longer. He's literally playing like every major city there is and even some cities that aren't major cities. And I'd never got to see him live so I wanted to see him while there was a chance. So that's beside the point.

But my wife got me tickets for my birthday. We went to the show and he was amazing. Like he can't walk that well anymore because think he's just been abusing his body for 72 years. But he can sing, he can play the piano like no one I've ever seen. So just amazing show, amazing experience.

But what it got me thinking about was, why is he here? Why is he doing this? Literally, I think it's a three-year tour. It's at least two years, his Farewell Tour. And he plays as hard as he can. The guy is singing as strong as he can. He's just giving the best show he possibly can. And he has a net worth of, I think, almost half a billion dollars. He has a charity that helps people with HIV, I think, with almost half a billion dollars. So it's not for money.

So I was just thinking like what motivates this guy to be out here and to be performing? I don't know, I didn't have a chance to ask him. But it got me thinking about with me and what motivates me and sometimes why I do things and sometimes why I won't do things. And it got me thinking honestly about a lot of our community at Drop Ship Lifestyle where I see sometimes that people do the work, they get great results, and then I see some people that struggle to get things done.

And people ask me on our coaching calls, they'll say, "Yeah, you know, I didn't call suppliers yet," or "I've been putting my website together for the past couple months, and it's delaying things. And I know I'm not putting enough time into it because if you put enough time into it, it can get done a lot sooner."

And then, in my head, I'm thinking, "Okay, why sometimes am I procrastinating on things and being lazy. And we have some of our students sometimes that do the same, and then you have people like Elton John that have no reason to have the motivation that's out there just performing at top level and continuing to do it." Somebody like that, that's in a situation that gets in a bus every night, or maybe on his jet, whatever. Probably not, because the next location is like two hours away and then does it again and again and again.

Why can someone like that perform like that where other people, myself included sometimes, and some of our members won't call suppliers and put that off for two weeks. You got to do things if you want to succeed. So I just wanted to share a practical tip that I use sometimes for motivation that might help you. It's, sometimes we do things where the motivation is what we're gaining and sometimes that's enough to actually do and to perform.

Again, whether that's setting up a new traffic source, or getting a new supplier, or building a new store, sometimes the gain is enough for us, but sometimes it's not. And also, at a certain level gain doesn't motivate people as much. So that's when sometimes you want to look at loss as a motivation. And if you're the type of person that is more motivated by loss, or at a point right now in your business where you're already successful, then maybe this tip I'm about to give you will help you to use loss as a motivation to perform, and to be the best, and to get to the top of your industry and to do better.

So here's what I mean by that. Let's just say hypothetically, you already are running a store. You've been running your eCommerce store for a year now. Let's say, it's doing 100 thousand dollars every month in sales consistently. And your net profit right now is 20%. So every month you're bringing in 100 thousand in revenue. After all expenses, you make 20 thousand dollars, and that's where you are. And maybe you're comfortable with that and maybe you're thinking like, "Yeah, you know, I'd really like to make 25 thousand dollars a month, or I'd really like to make 30 thousand dollars a month."

And even if you don't need it, you just think like, "Oh, it'd be nice to have more." And that's thinking about gain, right? But maybe you don't have that extra motivation for that gain because your budget, or the amount of money you spend, is five thousand a month and you already have well more than you need. And maybe that gain that extra five or 10 thousand dollars a month in actual net profit, it's not enough to excite you. It's not enough to get you to do the thing.

So this is where I want to talk about loss. If you struggle, if gain's not enough for you to keep doing things. And by the way, why you should even want to grow and why you shouldn't just be comfortable, even if you were at 20 thousand a month, is because if you're not growing, your business will flatten out. It will start to decline. I don't care if you're growing slightly or if you're skyrocketing up, but you should always be growing, okay? But again, let's say the gain part isn't enough for you. Then what I want you to do is think about what you're already losing and think about it in a way that you're already actually paying a penalty for being lazy and for not putting in the work.

So let's take the same situation. You're doing 100 thousand dollars a month in revenue. You're making 20 thousand dollars a month net profit. Now, if you're doing that, I would tell you, "Hey, your margins should be higher. You should be at at least 25, you should be at least 30 thousand a month."

And then if I worked with you and said like, "Okay, where are you missing the extra five to 10K a month profit," it might be that your site just isn't optimized enough. It might be that there are a few conversion tweaks that we could put on that will get the conversion rate bumped up to bring up your conversion rate based on your traffic to make you more profitable. It might be that you can negotiate better deals with your suppliers. It might be that we're going to optimize your ads so that you're getting a better return on investment, and you have more profit and your ad costs aren't as high.

So different ways that we can shift around numbers a little bit to get that profit up. And what you'll see, if we did that together, is that the money actually is there. You could easily every month have that extra five to 10 thousand dollars in profit, but the reason you don't have it now is because you are not doing the work, because you're being lazy. Think of it this way, this is the shift. Think of it that you're actually losing that every month, like that extra five to 10 thousand dollars profit. Think about it as if you were actually handing that to somebody at the end of every month, going to the bank, taking out the deposit saying, "Here's my money that I'm giving you for being lazy," because you could have that if you just did the work.

So same situation, right? One person's making 100 thousand dollars a month in sales, 20 thousand profit, other person's doing the same. One of them is thinking like, "Oh you know, I wish I can get another five to 10 thousand dollars a month profit because that would be great." And the other is thinking, "You know what, I'm paying five to 10 thousand dollars a month extra in expenses because I'm not doing what I need to do to get my margins up. So I'm paying basically this tax as a loss for not doing the work." So just something that I use, it definitely can work if that gain's not motivating you.

Hope you found that helpful, guys. Either way, whatever motivates you, figure it out. And if you ever get a chance to see the Elton John show, I know, again, he's still going around for a while. I would highly recommend it. It was an awesome time. Great date night, a lot of fun, really good music and just a great experience. So with that being said, I got my motivation up right now, so I'm going to work on some of our Q4 stuff. Hope you do the same. And I will talk to you all in the next episode of the eCommerce Lifestyle Podcast. See you.

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