This week as a business coach, I learned about the power within the law of scarcity. Or maybe it was simply brought to light more so this week. People want what they can’t have. We all know this to be true. In fact, Business Insider talks about the psychology of this and how our primal desire makes certain people seem more valuable than they are if they are “too busy for us”. The same applies to products and services if it is out of our grasp. Andy Warhol, the late leader of pop art said, “As soon as you stop wanting something, you’ll get it.” There is power in the law of scarcity. But how does this relate to a business owner, a business coaching client or a Thrivetime Show podcast listener? Simple. Once you implement the proven systems taught by Clay Clark and Dr. Zoellner, the demand is there and then you can truly practice the law of scarcity in a way that benefits you.
Someone right now is thinking, “Why would I want to do this?”. You’re thinking, “Why wouldn’t I want to be booked out all of the time?” Having only limited products or services available may not seem like a good idea to most, but if you are far enough in this phase of business, sometimes it’s not a bad thing. In fact, sometimes this gives you the true power and the ability to allow your business to run the way it should; to serve you, the business owner.
How Can the Law of Scarcity Work?
I’ll give you an example of my daily duties. Not as a business coach, of course, but in the other aspect of my job doubling as the client on-boarding strategist for the Thrivetime Show. You see, we only take on 160 one-on-one business coaching clients at a time. Clay is very intentional about this specific number. So why do we still invest in marketing? Why do I call for many hours every week to book new assessments? The reason links back to the law of scarcity. This allows us to handpick and select those who are a better fit for our program.
Once you are at a point where you don’t NEED someone’s business, the power dynamic has turned. Then all of a sudden, everyone wants your product or service because they know it doesn’t come to just anyone, and in some cases, they have to earn it. When you are able to take the power back in your business, you are able to choose the clientele or customer type you want to work with.
Clay Clark and Jonathan Kelly, our business coaching mentors will never put us in a situation where we feel held captive by a client. We never have to work with people that we don’t want to. If we have a client that never gets anything done, we are free to explain to them that it is simply not a good fit. We have the ability to do that because Clay has achieved a level of success in which hundreds of people reach out every week to work with us so we are able to assess if it is the right timing or not.
When is it Time to Implement the Law of Scarcity?
First, you have to decide what your goal is. Determine your goal. Do you want 160 clients or do you want unlimited clients? Do you want to sell millions of units of your product or would you rather sell a limited edition and charge more for these products? Next, you must assess if you have met your goal. If you have, it’s safe to say you can now implement the law of scarcity. If you haven’t, it’s still time to do whatever you can to build value before you are at a point when you can do that. Once you’re there, enjoy the flexibility and power you have in determining who you want to be around, who you want to sell to and who you don’t.