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How Scarcity Mindset Can Sabotage Your Business

I launched my first law firm with a friend early in my career. It was a bold move. I had put so much effort, time, and money into creating it, and I was excited about the potential for the firm to succeed. Unlike most starting firms, we already have loyal clients who believed in us, even if my friend and I just passed the bar exams.

The first months were bliss! Well, until I started to feel the fear of scarcity creeping in.

What if I don’t get to sustain our clients? What if my competition is doing better than me? What if I don’t make enough money to cover my expenses? I don’t know so much! There are a lot of other lawyers out there; I don’t feel as good!

These thoughts consumed me. I also kept comparing myself to more seasoned lawyers.

The firm was moderately successful. But I was so focused on what I didn’t achieve that I completely overlooked what I did achieve. I had signed up several clients, helped them build their own businesses from the ground up, and got a lot of great feedback. But I couldn’t see any of that because I was stuck in scarcity mode.

Looking back on that experience, I can see how my scarcity mindset held me back. It kept me from being confident in my abilities and celebrating my successes.

Does this sound familiar to you?

As a coach, consultant, or expert, you may be having difficulty with setting fair prices for your services, which can limit your earning potential. You may undervalue your expertise and experience, leading to lower fees and fewer clients.

Additionally, you may find investing in your education and development challenging. You may view training and professional development opportunities as expenses rather than investments in your growth and success.

You may have experienced the same fear and self-doubt that I did. Maybe you’re afraid to invest in your business because you’re worried you won’t get any clients or see a return. All of these manifest that you are holding onto a scarcity mindset that keeps you in your comfort zone.

Overall, this mindset can be a significant barrier to your success. You need to be more aware when you are operating from a place of scarcity and work to shift your mindset towards one of abundance and growth.

Scarcity is just an illusion.

There is enough success, enough clients, and enough abundance to go around for everyone. We have to believe in it and embrace it.

So, I challenge you to take a step back and examine your own scarcity mindset. Are you holding onto limiting beliefs that are keeping you stuck? Are you afraid to take risks and invest in your business?

Abundance is all around us. You need to believe in yourself and take that leap! Want to know your next step? Watch the Three Steps on How to Stay Protected, Compliant, and Ensure Data Security.

Scarcity Mindset
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