Today, I am on track to triple my last year’s revenue. Yet I’m the product of a humble immigrant household who used to be champion coupon clippers (my Mom had the coupon holder purse thingy) and Olympic caliber Sale Hunters. I even remember going into a supermarket that had a limited sale offering per customer on eggs with my sister and entering the store separately so that we could each be considered a separate customer.
I recognized some time in my mid 30’s that I was living my life with the kind of Scarcity Mentality (the belief that there isn’t ever enough of something) that I was taught by my parents who did the best with what they had. They valued security over following your passion. Safety over adventure. Particularly with money. It’s probably what they were taught since they grew up in a developing country during the 60’s.
So if you were raised like I was or experienced similar hardships in your childhood, you may also be a victim of Scarcity Mentality and I guarantee you– it’s hurting your business like it used to hurt mine.
Here are the signs that your scarcity mentality is strangling your business.
1. You Aren’t Charging Enough
The first thing I became aware of was the guilt that I felt when I thought of charging higher than the market for my services as a coach. Then I explored the reason why I felt that way. After all, I provided more value than any of my peers or competitors. I was helping clients double and triple their business within a matter of months. Yet still, I felt unworthy of the premium I should’ve been charging. It all came from the fear that there weren’t enough PEOPLE with enough money in the world. How wrong I was! Changing my pricing structure has been the number one reason for my triple growth over the past year.
2. You Can’t Pick A Narrow Marketing Focus (Niche)
Niche-Phobia is when you’re worried that by picking let’s say women as your target client, that you’ll be alienating half the population which will hurt your business. When the prospect of focusing your business on one group of people or focusing your offering to one topic of expertise paralyses you and fills you with dread, you can be sure that you’re experiencing Scarcity Mentality. After all, what if there aren’t enough clients or money in the narrow focus that you picked? Isn’t it better NOT to pick a niche?
Studies show that we live in a society that values experts. When you decisively pick a very narrow topic to be an authority on and a very specific group of people who need you the most to market to, you will experience unprecedented growth in your business.
3. You Are Worried About Competition
When there isn’t enough money or clients or speaking opportunities or whatever you can think of in the world for everyone, Scarcity Mentality dictates that we must STEAL it away from the competition. In my experience, I’ve been promoting and working WITH my so called competitors and it’s helped my business tremendously. A wise coach of mine once said ‘there is no true competition for any of us because there is no other exact you.’ I couldn’t agree more.
4. You Won’t Invest in Your Business Development
If you’re waiting to be rolling in the dough before you’ll spend serious bucks on developing your business, then your Scarcity Mentality is literally strangling your business growth. If you’ve found yourself rejecting to pay for a solution to a problem you have in your business, think about the fact that it’s that thinking that has you where you’re at in the first place.
As a reformed Scarcity Mentalist (made up my own word) I can vouch that it’s possible to let go of the fear around lack and embrace an abundant thinking around your business. I wish the same triple growth success for you.
Need more chicken soup for your biz? Follow me on Twitter, friend me on Facebook, watch me on YouTube or connect with me on LinkedIn –and let’s talk
- Recognizing Value or You Get What You Pay For! (13degreez.wordpress.com)
- Scarcity Changes How We Think (nickhistoryblog.wordpress.com)
9 comments on “4 Signs Your Scarcity Mentality Is Strangling Your Biz”
A great piece, Chala. All start-ups need to hear this.
Thanks Dominik, how are you?
Excellent advice that relates to more than just “scarcity mentalists” – but I guess that is a niche!
Thanks Charles! That’s funny, it is a niche