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Question: “I have so many interests and markets I want to start a business in. How do I pick? Do I have to narrow it down?” -Jennifer
How to Narrow Down Your Business Ideas
It’s not uncommon to have a gazillion ideas running through your brain. We need to get you to what the most important one for you to start on is.
When I started my business, I just started with helping one market, job searchers. Then, as I continued to do more work and take more ACTION, I realized I wanted to work with women who wanted to become leaders and start a business. I realized this because I was getting a ton of questions from these women and I was enjoying answering their questions. This is a great way to know if you can help someone.
If you had to make an income tomorrow and sell something, what would someone pay you for?
Later on I added more markets but it is complicated to have multiple markets in your business. I actually had to let go of one of the markets, female leadership, so that I could focus on my two main markets, job searchers and new female entrepreneurs.
The more markets you have, the harder it will be to grow your business since you will not be able to focus. If you do start with two ideas, it will be more complicated to get started because you’ll have to wrap your brain around the fears, frustrations, desires and end results of both markets.
It’s possible (I am doing it!) but it will just be a little more work. I actually enjoy having two different markets because I am unique and offer even more value to both of my markets because of it. I also see that many of my clients move from one market to another so it’s nice to be able to work with them through job searching and then growing a business! It’s also diversified so if one isn’t going well, I have another one to back me up.
Questions to Ask Yourself:
1. What is the most important to you right now?
2. What could make the most money the fastest?
I know, we have a big difference to make in this world but when you are starting a business, it’s important to think about how you will be making an income and what you will charge. You have to know how many clients you need to be able to pay your bills, right?
3. Of all ideas, what are you the most passionate about?
There are a lot of things I could make money with but there are only so many hours of the day. Know what you are passionate about and use that in your business for the most success.
But, here’s the most important part….
Get out there. Go make an offer. Go sell both ideas to your ideal clients. See which one takes off faster. See what the market wants!
I have a client who wants to be a job search coach and a leadership coach. There is no reason she can’t start her business doing both services and see which one goes faster. So if she was sitting next to someone who works in a corporation and has employees who want to get promoted, she should tell her about her leadership coaching services. If she is sitting next to someone who is stuck in her job, she should tell her about the job coaching services.
Note: Other “business coaches” will disagree with this. Be careful who you are taking advice from and make sure you go with your gut. You have a purpose to fulfill and there is not specific “right” way to grow your business besides getting out there and taking action.
Don’t feel like you need to narrow it down and pick. When you get started it’s more important to get out there. Start doing it. Start taking action. Put your offers out there and see what the market wants.
My business ideas and markets are always changing. It’s what being an entrepreneur is all about…recognizing what ideas to move forward with, matching that with what the market wants and ultimately, what you are most passionate about. This is basically the story of my life and what I try to do every single day.
Remember, no matter what your business ideas are, it’s all about helping. How can you help a million people?
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