Got a lot of business ideas spinning around in your head right now and not sure what business to start? When I was starting my business and narrowing down my business idea, every day it seemed like I had a new business idea. It’s called bright shiny object syndrome and entrepreneurs get it the worst. It means it is hard to focus and you can all of a sudden find yourself pulled in a million different directions without succeeding in just one.
This podcast will help you narrow down all of your ideas and pick the one that is best for you.
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How to Narrow Down Your Business Idea
1.Write down all of your interests.
Your interests are the things in your life that you have enjoyed since you were a child. They don’t go away. For me, when I was a child and a teenager I loved helping and mentoring people. I was the go-to person that my friends would come ask me questions about dating or getting into college. Do this self-reflection and know what you are interested in before you take the next step forward picking your business idea.
[RELATED: How to Determine Your Passion and Purpose]
2. Cross out interests you don’t love enough to start a business in.
Maybe you are an artist but that is more like a hobby and you might not want to start a business with it. You have to determine if your passion is something you love enough to do all day or if it’s something you want to keep as just a hobby. When you are starting a business, it’s not always fun. You have to have passion to pull you through the tough times and keep you going.
3. Talk with other people.
Even though you aren’t doing networking to find a job, networking needs to be on the forefront of your tasks as a soon-to-be entrepreneur. Having a supportive network is so important for your future success. I have a mastermind group, a business coach and networking group I am very active in. It’s so important to surround yourself with people who are like-minded and supporting you. Get feedback from others about your ideas. Other people can help you get even further clarity about what business to start.
4. Create a Pros and Cons List
Take all of your ideas so far for your businesses from the above steps. You should have now narrowed them down and crossed them off after talking to so many people. Now it’s time to create a list of pros and cons for the business ideas that are still remaining. This will help you see the positives and the negatives of each remaining idea.
5. Pick a Problem and Solve it.
It’s not enough just to have a passion for it and be excited about starting a business. You also have to find a problem associated with that passion to solve. I had a strong passion for helping people with their careers so I was able to find the problem of women stuck in their careers and then actually figure out how to solve it. That is what has made my business thrive and get results for the women that are in my membership sites. It’s proven and it works.
What problem can you solve?
We are going to be diving WAY deeper in our Freedom Workshop starting on December 29th! I really hope you’ll join us for the free workshop to develop your strategy to start or grow your business in 2017. You don’t want to miss this event! Sign up here.
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