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How to Choose Which Business Idea to Follow

How to Choose Which Business Idea to Follow

When you're a multi-passionate individual with an entrepreneurial spirit, it can be challenging to choose which direction to head. Statistics show that there are around 582 million entrepreneurs across the world, which means you have plenty of expertise to draw from. If you have many areas of interest or knowledge, you can choose a path and let your passion follow you instead of waiting for your passion for leading you to a choice. You may even find a way to incorporate them all. Here are some ideas for choosing the right business for you.

Make a List

Lists are a significant first step to getting your ideas out of your head and onto paper. In the brainstorming phase, it's better to let your wildest ideas flow without censoring yourself. When you do this, you get a better idea of where your aspirations align.

After you have a rough list of ideas, go back through them and ask yourself some questions:

  • • Which of these ideas am I most drawn toward?
  • • Which ideas have been done or are in an oversaturated market?
  • • Which ideas fulfill a purpose or serve a need for consumers?
  • • Which ideas allow me to use the experience or talent I already have?
  • Do Some Research

    Figuring out some of the questions above may take a little bit of research. Look at companies on social media sites to get an idea of who their customers are and what is being provided. If you're going to sell a physical product, consider details like what your profit margin will be or if your product has the potential for repeat buyers. If your current idea doesn't score high marks in these areas, you may want to rethink it or head in another direction.

    Maybe you're not selling a product but want to provide a service like life coaching. In that case, figure out what other successful coaches are doing to market themselves and reach clients. In addition, you'll need to assess what is unique about your story and where you differ from other guides.

    Find Your Story

    Whether you're selling a product or yourself, you'll need to put together a short, cohesive story that buyers and clients can connect with. The short version of this story is your elevator pitch, but the more extended version will serve as part of your business's mission and purpose. You will include this in your business and marketing plan, but formulating it early can help you make sense of your past and where you're headed. Often, this reflection can pull your experience together so you can gain clarity around your ideas.

    Compelling visuals are also a great way to sell your brand. This starts with your logo. In your socials, make sure to have an engaging banner to really draw in your crowd. This isn't a hard task — a banner creator, often free online, can help you create one easily. Just choose a template and customize it with your logo, colors, preferred fonts, and other design elements.

    Follow the Light

    You may have lots of paths to follow, but it's ok to go toward what excites you most at this moment. Often, this will lead you to places you never knew you would end up. You can also allow for flexibility in your company and adapt to your passions as you go.

    The tips above will get you started on deciding on the idea that's right for you. Remember that a good plan today is better than a perfect plan tomorrow. You don't want to get weighed down by indecision. Look at your inclinations, experience, and market advantages, and choose the best concept that you have right now. Once you're further down the road, you'll be happy you made the decision to get started. Explore That Social Geek for more resources and tips.

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