Finding the right business idea for you is always a challenge. In the business world, brainstorming is often used to generate ideas. But even for individuals, brainstorming can be one way to generate ideas in the process of finding the right business idea for you.
A well-executed brainstorming session can offer up lots of different business ideas to pursue. Often, so many that you it’s tough to act on any one of them because there are so many good ideas.
This can often result in the classic paralysis-by-analysis where you are faced with so many great choices, it’s difficult to choose the best one. It’s like looking at the awesome shows in HBO Go app and after an hour, you still can’t decide on what to watch. This can make finding the right business idea for you tough.
When you are faced with too many choices, you need to make a checklist of the things you really care about to narrow down the choices in finding the right business idea for you.
- Follow your passion. When faced with many choices of great ideas, the best way is to follow what you love most. If you want to help the environment, then an environmentally-friendly business is the way to go for you. If you do what you love and believe in, you will have more traction and more energy to pursue success.
- Is there a market for the idea you are passionate about? If you have an idea you are passionate about, you need to make sure that your target market is willing to pay for your product or service. There are many passion projects out there today that are just hobbies because they can’t generate income. Remember, a successful business must generate income and profit. So your idea should target a market that is able and willing to pay.
- What is your Single Motivating Purpose and Unique Selling Proposition. Sounds like big words, but they are not. It’s simply writing down what drives you (single motivating purpose) and what makes your product useful (unique selling proposition). For the unique selling proposition, you can write an about page for your product or service and distill it down to the very essence of what makes it special and useful.
- Is there competition? If there is existing competition in the market, you might want to take a closer look at your business. You also need to look at the competition and analyze it. When you have competition in the market you are in, it means there are people looking at the same ideas you are. This could be the first step to find the right business idea.
- Validate your idea whether you have competition or not: When you have competition then your idea is already validated somewhat. If your competition is doing great then there is a chance you can too, assuming that your offering is better than the competition’s. That depends on how competitive the market is though. To validate your idea, you can split test or send out surveys. Prototyping your idea by creating a minimum viable product is also a great way to judge market reaction.
Finding the right business idea for you is rarely easy. Sometimes you have a tough time coming up with any ideas at all. But other times, you may have so many ideas to choose from that it’s difficult to pick just one.
Following your passion, defining your motivation, and analyzing your market are great ways to know if your idea is financially viable. Following these steps can make finding the right business idea for you a little easier.
If you’ve found the right business idea and want to learn more about ways in which you can fund it, contact me today and let’s talk.