Podcast 16: How to Change a Scarcity Mindset
Jun 04, 2020
We’re still in the middle of a global pandemic and there’s a lot of fear around. People are worried about their family, their income, their job, their future and their health. Confidence is wavering and spending is down as we wait for some sort of ‘normality’ to return.
Personally, I’ve noticed some old beliefs around scarcity resurfacing again. As a child, I watched my parents work long hours and money was always tight. I grew to believe you had to work hard, life was a struggle, and money was scarce. I’ve done the work to change it to an abundance mindset, but it’s interesting how it wobbled recently.
I’ve noticed a scarcity mindset popping up with many holistic health practitioners too. Some fell through funding support gaps. Others are concerned about how they’ll be able to help clients and what their business will be like on the other side of lockdown.
Working from a place of scarcity won’t help our businesses, clients or the economy. So, I’ve had to address my scarcity mindset (again) and look at what I can influence. I thought I’d share what I’ve been doing with you.
What’s a scarcity mindset?
It’s when you focus on what you don’t have, rather than what you do. Scarcity can be about anything you’re not feeling good about including your health, time, money, or love.
Scarcity creates stress and anxiety and can creep into all areas of your life and work. When you believe something is scarce, you’ll completely miss the opportunities that present, and it’ll leave you feeling defeated.
Even if you’re doing really well and have a scarcity mindset – it will never be enough.
Scarcity in your business
Operating from a place of scarcity leaves you feeling fragile and like every new client has the potential to make or break your business. It’ll feel like a constant struggle and every decision you make to spend money matters.
Discover what stories you’re telling yourself
Become aware of the stories you’re telling yourself about your business, clients, income, your future etc. Are they filled with fear and worry?
Every time you repeat these stories, your brain’s automatically looking for evidence to support it. This creates stronger beliefs around scarcity which will help keep you stuck in this destructive cycle.
Notice the stories you say regularly and write them down. Do this over a day and you’ll soon discover the internal dialogue you’re having with yourself.
What stories do you repeat a lot? Reflect on each story and recognise what you believe about the situation. Is this belief useful for you? I’m assuming not – so it’s time to change it.
Creating your new belief
Think about what you would like to believe instead. What new belief will support you to create the business you want? Write this down as an affirmation for example: “I will be successful and help 10 clients a week”, or “I deserve to earn more money than I need.”
Get creative and make them into quote images, put them as your screen saver or add them to your vision board. Then look for evidence to reinforce the new belief. Think about what you’ve achieved in the past, or what you’ve seen others do. So, for example, if your new belief is “people are confidently spending money”, examples could be people spending more on food shopping, home gym equipment or subscriptions to Netflix.
Change the story
The next time you hear yourself repeating the story, literally say “no” to yourself and repeat your affirmation with your new belief with conviction.
You may have to keep reminding your brain of your new story, consistently keep reinforcing it until it becomes your default story.
If you have a preferred personal development tool, use that –there’s definitely no “one-size fits all” when it comes to working on your mindset.
Change your focus to flexible and abundant
Nature has amazing examples of flexibility and abundance – in the few weeks of lockdown nature has adapted and thrived.
The more you can adopt an abundant mindset, the more your habits and behaviours will positively attract those things. Spend time appreciating and being grateful for what you have, and your awareness will grow.
Allow yourself to dream and create a vision for your new practice. Be curious about how it will feel to have a thriving practice. What do you do and how do you live your life?
Once you move from a scarcity mindset, you’ll start to see the opportunities available. People will always spend on the things that add quality to their lives – this is where your marketing comes in to support you and your clients.
Taking clients on the journey with you
Lockdown has provided an opportunity to re-evaluate how you work with and communicate with your clients. There is a genuine need for your services and products – you may just have to be more creative in how you deliver them.
Even if you can’t work, this is a time to communicate with clients and continue to nurture your relationships. Sharing your own journey and stories will help people get to know you. People remember experiences and how you make them feel. You need to connect on an emotional level and help them understand the value you provide and see a brighter future. Showing up consistently will help you to become a part of someone’s routine.
Be interested
Be interested in how your clients are doing. Ask them in your emails or social media posts:
- What are they struggling with right now?
- How can you make their life easier with what you offer?
- What can you share to inspire and motivate them?
Changing your mindset from one of scarcity to one of abundance will help you to ride this rather bumpy time. You’ll open yourself up to opportunities while maintaining relationships with your clients. So when we’re ready to go back to our ‘new normal’, your clients are ready to work with you.
If you’re struggling with a scarcity mindset, book a discovery call and find out how I can help you.
Podcast 16 show notes:
- What’s a scarcity mindset? (2:40)
- Scarcity in your business (3:28)
- Discover what stories you’re telling yourself (4:04)
- Creating your new belief (5:30)
- Change the story (7:30)
- Change your focus to flexible and abundant (8:30)
- Taking clients on the journey with you (10:42)
- Be interested (11:38)
