SNM007: The Scarcity Mindset is Killing Your Business

At the start of every project, the scarcity mindset will destroy your perceived value.  Will you loan a dollar to a businessman or a bum?  There is a part of us that thinks poverty is contagious.  We want to flee from people who are desperate.

If you are broke, people know they can get away with paying you nearly nothing.  People see weakness and they think about the money they can save.  If you project that you are busy and successful, the same client will pay you more.

In the small things, act like you are busy and sought after.

You can read the story of getting fired from the university in my book, Serve No Master.  You can use the mindset of abundance to get promotions and raises.

Project abundance and people will be begging to hire you.  They will pay anything you ask because you have that confidence.  The abundance mentality can turn a $500 job into something that pays tens of even hundreds of thousands of dollars.

The scarcity mindset is repellant.  It affects you in relationships as well as in business.

Beliefs control thoughts which control decisions.

When you are desperate, you can lock yourself into a lower price.  You can take on clients that will help you pay a bill today, but cause problems for you in the long run.  They often cost you far more in lost opportunity and time wasted.

When you are talking to a potential client, listen to that bad feeling inside you.  That is a warning you should listen to.  The lowest paying clients often have the scarcity mindset as well.  They will call and stress you out the most.  They want to get as much of your time as possible for every penny they spend.

Don’t use the Abundance Mindset as an excuse to be pretentious.

If nobody is willing to pay your rate. maybe your rate really is too high.  Don’t go without work for years waiting for that perfect paycheck.  Sometimes when you are a c-level executive, that is the right move, but it can be really tough.

One of the big dangers of quitting your job before you have proper revenue streams in place is creating the scarcity mindset.  You are filled with the motivation that you have to make money.  You will work a lot harder, but that intensity can quickly turn to desperation.

You can be motivated by fear behind you or passion in front of you.

The scarcity mindset will infect you while you work.  You can become so distracted that the quality of your work suffers and that fear becomes a self-fulfilling prophecy.  This ties into yesterday’s episode about networking.  The scarcity mindset can create a disastrous first impression.  You can permanently lock yourself into being a “fan.”  The low person is the one who creates the relationship.  It doesn’t come from the teacher or leader.

People are more likely to help you and send work your way if they think you’re already successful.

What do you do when there is an obstacle in front of you?

You either see a chance to overcome or an excuse to quit.

Key Points:

1. The scarcity mindset can lead to real scarcity
2. Nobody wants to save your business, don’t project that need
3. Your mindset will affect you success with networking

Resources Mentioned:

SEO Agency (helping small business in your area)

You should have set Phase 1 and Phase 2 goals with Episode 3 – Start with the End in Mind

The Amazing Bob Interview will be in Episode 25 🙂

You can learn how I write so fast and get paid so much in Episode 4 – Turn Writing into Dollars

Serve No Master on Amazon

Send in your questions to podcast [at] servenomaster [dot] com

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