I recently did a poll targeted at aspiring entrepreneurs and simply asked, "What's stopping you?" Not to my surprise, a lot of respondents said that they have so many ideas but don't know which one to choose. This is a common obstacle that aspiring entrepreneurs face. Many times, it's because their mind goes crazy all day about how they can make their financial situation better, that they can see an opportunity almost anywhere. In other words, it comes from desperation. Now, everyone doesn't fall into that category. Perhaps you have a lot of interests and don't know which idea is worth your time and investment. Whatever your reason is, here are three ways to narrow down your business idea:
1. Figure out what you do the best with the least amount of effort.
This is often called your purpose. Every business that you create does not have to be connected to your purpose, but if you are a first-time entrepreneur, loving and being great at what you do can make the journey much easier. Make a list of things that you are good at and put a star next to the ones that you can do with the least amount of effort. Now don't get me wrong, running a business will take A LOT of effort, but if your service or creating your product is something that doesn't put a strain on you, then you can focus you hard efforts on what matters the most - bringing in clients and customers!
2. Think about what other people ask you for help with.
Anything that people need you to do for them can be a business. What do people always come to you for help with? If they didn't have you, they would probably pay someone else for that same task. When people ask you for help with something, they are showing you that you are valuable for that task. It's the thing that they chose you for, over others. Although now you may be giving away the "juice" for free, you can build a plan around offering that service or product as your business.
3. Choose a business with low startup costs.
Nowadays with everyone accessing the internet 24/7, it's easier to build a business with low overhead. Some business ideas require a lot of costs upfront, such as app development, a boutique, or creating a product. However, take smaller steps to lead up to that. Think about how you can turn your business idea into an online business, for example. If some of your ideas absolutely cannot be an online business or if you need lots of start up capital, then maybe that should be business number two or three. There are so many business ideas that require low startup costs, so determine which of your ideas meets this criteria.
FREEBIE! - Check out this great planning tool I've created just for you to help narrow down your business idea!
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