Step 2 Pick One Idea

Updated: Feb 27, 2019

Great you are sure that you really want to start your own business, the next step is carefully choosing the best business idea for you in order to maximize your chance for success. Do you already have an amazing business idea? If so, that is great, you can proceed to the next section. If not, there are a ton of ways to start brainstorming for a good idea. A great start is emailing us for a free list of business ideas.

Some business ideas are simply much more difficult to succeed at than others. And some business ideas are going to be a poor match for you. Choosing your idea is probably the most important decision when starting a business so take your time. You likely have many ideas floating around, but you have to pick one our advise, don't rush. Many people make the mistake to think that to succeed in a big way, a business idea needs to be a brand new concept. But that’s not true!

Think about what is on the market and focus on how you can create something better, cheaper or faster. An ideal business opportunity will be a combination of something you’re interested in, something you’re good at, something the world needs that people will pay for.

There is an endless amount of proven business ideas that have made thousands of entrepreneurs rich in diverse areas you may never have considered. Picking the right business idea is absolutely crucial when starting your business. Put a lot of thoughts into it! Here are a few questions to get you going.

  • Is it something people want?

  • Who else is doing it? Are they successful?

  • How much do you know about this topic?

  • How broad or narrow will your lens on this topic be?

  • How will you differentiate yourself from others in this market?

  • What opportunity will your business address?

  • If this became successful, what would your life look like? Would this be a 100 person company? A single laptop on a beach? Does that fit with your personal goals?

  • Is your business built on products or services?

  • Is your idea unique or will you be entering a highly competitive market?

  • If the idea falls into the latter category, what will be your competitive advantage?

There aren’t perfect answers to many of these questions, but you could easily turn this into a tool to compare ideas. Now that you have answered the question above. Having a solid idea about what you are getting yourself into is the first step to building a successful and profitable business. Generate as many business ideas as possible and then pick the one that’s the best fit for your personality, skills, and the market.

Remember no business particularly a small one can be all things to all people. The more narrowly you can define your target market, the better. This process is known as creating a niche and is key to success for even the biggest companies.

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