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How to choose the right business idea

Small Business Tips

· Startups

Coming up with a new idea is tricky, choosing the right idea is even trickier and then making that business work is one of the hardest things you’ll ever do. So why even start?

If you nail the business idea – one you’re proud of and that makes a difference in the world – it will make you feel alive.

Some days will be stressful, especially when things aren’t going as they should. But when you’re in the flow, there’s no better feeling. To keep going, you’ll need passion and you’ll need to believe in what you do – and that all starts with the right idea.

Which ideas have legs?

It’s time to research your ideas to see which will make it, and which you have to throw out. If none make it, then don’t stress. It’s much better to be patient and choose an idea that genuinely works for you, rather than to choose something that isn’t right. By selecting the latter, you’ll struggle to find the energy to get through the tough times.

Finding your ikigai will make this easier. Borrowed from Japanese culture, the concept of ikigai is a fabulous way to better understand our reason to get out of bed in the morning, our reason for living.

The image below is from The View Inside Me. Marc says that “your ikigai lies at the centre of those interconnecting circles. If you lack in one area, you are missing out on your life’s potential. Not only that, but you are missing out on your chance to live a long and happy life.”

Thinking through the questions above and making a list of everything that lies in the centre of the circles will help you to keep or throw out your ideas.

Take a moment to watch this video from Simon Sinek to understand your company’s ‘why’. He developed the idea of the Golden Circle and why some of the best companies start from ‘why’ they exist rather than ‘what’ they do. Before starting any new project, I always watch this for a dose of inspiration.

How competitive is the landscape? Take a look at Wordtracker to check your ideas have a market, and that the market has search volume. You’ll also be able to tell if your budding business maintains consistent demand throughout the year, or if it’s seasonal, leading to pockets of profit.

When developing a new idea, I also find the business model canvas to be a great option. A full business plan can stifle, but the business model canvas helps me to clarify my ideas.

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