4 Easy steps to choosing your best business idea
You’re finally ready to start something big! You have the money, you have the drive to be in full control of your professional life – now all you need is that good idea to make reality. But you have so many ideas! It sure is difficult to choose the right one, but you have to because a few dozens ideas put in practice would take a few lifetimes.
How to make sure you’re making the right choice? Well nobody can predict the future, but there are 4 steps you can take to make the choice more obvious and minimize the risks or picking the wrong thing.
Lack ideas? Don’t worry, the first step will help with that too.
1. Brainstorm and write down all the business ideas you can think of
Write down every business idea you’ve ever thought of and think of related ideas and put them all on paper – don’t worry if they seem silly or preposterous or you don’t see yourself doing it, just write them all down. There’s a creativity technique called Free write that says you should take 15 minutes and just write every idea that pops into your head – no judging, no critiquing, just writing (or doodling, just as effective).
When it seems that the ideas have dried out, look over what you’ve written and judge everything with a clear head. Those awful or silly ideas can turn into real gold if modified and polished.
2. Shortlist the top 5 that give you the most satisfaction
“You are the master of your destiny. You can influence, direct and control your own environment. You can make your life what you want it to be.” – Napoleon Hill
You’ve heard conflicting advice, I’m sure – “follow your passion”, “don’t follow your passion because you’ll starve”, you know the drill.
What’s clear though is that you need drive. Motivation. Something that can give you the push you need to keep going even when it gets difficult. It can be money, a passion, the wish to prove yourself, the desire to be your own boss (the master of your destiny!) – figure out what your most powerful motivator is and pick 5 ideas from your list that play into your motivation.
3. Make sure you can do it and it could turn out successful
Passion and talent are not always enough, unfortunately. Your idea has to be practical – you want to be successful and make a living, don’t you? First things come first – make sure you can actually do it.
There are 2 kinds of people who have the most trouble with starting a business:
- idea people with no technical skills – they’re people who get very excited about an amazing idea, until they actually have to build it and realize their own skills don’t cover it. If you’re one of them, don’t fret, just be sure you can hire or partner with a professional just as excited as you are who can turn your idea into reality.
- technical people with no business skills – they’re very passionate about a project and know exactly how to build it, but have no plans or ideas on what to do with it once it’s finished. “Build it and they will come”. Nothing further from reality – wouldn’t that be great though? If you’re such a person, make sure you either take some business classes or partner with/hire someone who can tell you how to market your project and build the business to be successful.
Don’t forget to do some market research and take care of your marketing and sales strategies. Some products or services sell themselves, others (most) need a push – well, any business can do with a push.
4. Focus on a few things to be excellent at
Famous management consultant Peter Drucker noticed that the principle of concentration, focusing your resources in just one direction, helped make several retail department stores successful, like Marks and Spencer in England and Sears Roebuck in the US. “Whenever we find a business that is outstandingly successful, we will find that it has thought through the concentration alternatives and has made a concentration decision”, he said.
So did Google. For years they strived to improve their search engine and once it was the best and most used worldwide, they expanded their services.
This means you shouldn’t offer too many services, too many products, too many anything – at first. As a new business it’s important to focus on a small number of things so you can become an expert, an authority in your domain – and it’s much simpler and more effective to market to a set of people with specific interests.
You know the saying, Jack of all trades, master of none. You yourself can be a Jack and do amazing things in your office and that’s fantastic, but don’t let your business lose focus.
Now you’re ready to choose an idea!
- brainstorm as many ideas as possible
- pick 5 that you love the most
- figure out which ones have the most potential for success
- concentrate your efforts on just a few services/products
One extra yet very important thing to do once you’ve chosen your idea:
5. Take action and don’t overthink things
Of course you should make an excellent plan, never go into anything blindly or without planning your finances to the T – just don’t put the most emphasis on it. Once you have the plan laid out, leave it be and start taking action.
The smartest people are not always the most successful. Many just create things in their heads and don’t act – while others less intelligent actually take action, build things, get their hands dirty and reach success. The only thing worse than doing something wrong is not doing anything at all. It’s a problem that especially introverts stumble upon, while extroverts take the opposite road and tend to do things just to do something and lose focus of what’s important. Figure out what you’re more inclined to do and strike a balance.
Once you’ve set the wheels in motion, think about having a website built to suit your business and drive more clients to your door. We’d love to help, so shoot us a message!
Is there anything else you’ve found to help you choose your business idea?
About the Author
Copywriter and graphic designer with a creative spirit and a good disposition. Just don't take her Kindle and comic books away.