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How a Scarcity Mindset Keeps Your Profits Low

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We live in a world of MORE MORE MORE.

Yep: it’s buy more, have more, do more, be more. Billboards everywhere telling us we’re not good enough as we are… we should get liposuction (seriously, there are so many liposuction billboards where I live!), buy a fancier car, and a faster phone on a faster network so you can be faster at answering emails and do more f-ing work!

BLAH. I friggin’ hate it.

And what I learned a long time ago from one of my favorite teachers, Lynne Twist, is that in a society that constantly tells us to do more…

We always feel like there’s not enough.

Not enough time. Money. Stuff. Happiness. Even that WE’RE not good enough.

We feel scarcity. Are you familiar with this feeling? Do you have it sometimes even when you physically, actually have enough?

As Lynne teaches, scarcity is a myth created by a society that is obsessed with having more.

(It is also true that some people truly don’t have enough to live on. That is not what I’m talking about here).

So many of us are trapped in this false belief that there is not enough. And then we put pressure ourselves to do/have/be more. This is exhausting and at least half the reason why women entrepreneurs (actually, most people) get so burnt out.

So what are the impacts of a scarcity mindset on your business? And what can you do about it?

A scarcity mindset can cause you to earn LESS money in your business, even though you actually want to earn MORE:

  • When you constantly add more programs, marketing strategies and chase other shiny business objects in an effort to earn more money, you are actually sabotaging yourself. While it might feel better in the moment to do more, ultimately, this behavior will drain you, leave you feeling spread too thin, and unable to focus on the most strategic actions in your business.
  • Another way scarcity mindset can hurt your profits is on sales calls. If you are desperate for the sale because you feel that you need to earn more money stat, I can tell you 100% your potential client will feel that. They will experience it as neediness, and they will feel pressure. These are not good buying conditions.

So what are some simple ways you can counter these feelings of scarcity?

First, read Lynne’s book, The Soul of Money (or listen to the audio).

And here are some more tips:

  1. Keep a baseline amount of money in your bank account. If you let your bank account get close to zero, that’s a sure recipe for stress. If you have savings, transfer a thousand bucks over to that checking account and don’t let yourself go below it. If you find yourself dipping into it, start putting just a small amount away monthly that can live in that account, simply residing there, reminding you that there is always money available.
  2. Do little things that make you feel as though you have plenty. Make a list of 5 things you can do that feel luxurious and abundant but don’t cost you a lot of (or any) money. A bath? A bouquet of flowers? A slice of lemon in your sparkling water? A soak in a friend’s hot tub? A delightful warm beverage from the coffee shop or a sweet treat? Perhaps it’s simply the act of drinking it alone outside while taking a work and tech break. Treat yourself regularly to these things that have you feeling satiated.
  3. If you’re not earning enough in your business to support your basic needs, get a part time job. People think it’s like a sacrilege or something to have to work a regular job while getting your business going. It’s not. It’s smart! It’s practical! Don’t put all that pressure on your little business to support you when it’s not quite ready to.
  4. Know what’s truly enough for you. Do some visioning, goal-setting and planning. What do you want? What does that cost? What’s your budget? What do you already have? What is your partner bringing in if you have one? Use real numbers! Just KNOWING what you need to earn can feel extremely grounding.
  5. Get centered before sales calls. Even if it would be really frickin’ awesome if this person signed up, get into a mindset beforehand where you are not attached to the outcome of the call. Take a deep breath and repeat any or all of the following: I am here to find a good fit. I only want to work with the perfect folks. I do not NEED this person to work with me. If it’s meant to be, it’s meant to be. If not this person, then someone better. (Oh, and then, go out and do some more marketing, because honestly, it’s a numbers game!).
  6. And finally, DO LESS. It’s a myth that we have to do more and work harder to earn more money. When we let go of doing a million things and focus on the strategic thing, we earn more money with more ease. This is the hardest one… most of us have engrained beliefs that we have to continuously be productive to be valuable and successful. This is simply not true. And we must support each other on the pathway to being successful by doing less.

If you’re someone who tends to add more to her plate but is actually yearning for less to do, I’d love to talk to you about joining the new Nourished cohort this spring. We’ll get clear on what’s truly needed for your sustained success. Just fill out this form and we’ll talk.