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Unleash Your Passion - 4 Steps to Finding Your Perfect Business Idea
Entrepreneurship has its benefits such as: being your own boss, creating your own schedule, and actually making a living doing something you enjoy.
While we love the benefits, let’s consider one of the challenges many new business owners face early on, pinpointing the right business idea.
In this post, we will discuss the 4 steps you need to take in choosing your perfect business idea.
#1 Brain Dump It’s very likely your head is swirling with ideas, so let’s begin with a brain dump. In case you are unfamiliar with the term, brain dumping is the act of dumping (or writing) all the contents of your mind onto paper down.
I suggest you set 3-5 minutes on a timer, grab a pen/ journal and pen and write down all the business ideas you have floating around in your mind.
Do not worry about grammar, neatness or punctuation, as the focus of this exercise is to get it all out of your head. Afterward you come back to it, and provide the organization and structure (if needed).
#2 Self Discovery This next step will require you to dig a little deeper within, to gain a greater understanding of your abilities, character, and desires in order to determine what you’re truly passionate about.
The best ideas usually come from doing what you enjoy most - which is why your personal passions (or hobbies) must be part of the consideration process. Ask Yourself the following questions:
-When I was a kid, what did I want to grow up to be?
-What am I really good at? & What am I not so good at?
-What or where do I enjoy volunteering the most?
-Is there any subject I can talk about all day, and never get tired?
-Professionally, I excel in__________
-If money was no object, I would start….
-What’s my favorite hobby?
-What personal or professional areas do I know a lot about , or have an expertise in?
#3 Connect the Dots As you walk through the exercise, you should see some type of pattern(s) that is beginning to bring your ideas together.
Combine your answers with information from the brain dump and start connecting the dots to begin formulating business ideas.
Using the brain dump format, set a timer for 15-30 minutes, and write down all of your new discoveries. Remember, it’s important to THINK BIG here—and refuse to limit your ideas by what appears to be current limitations!
#4 Research Your final step is to do some research on each of your ideas.
Researching will help to determine if there is actually a market for your idea(s), as well as assist in gaining a general understanding of your potential market.
This will require a few more hours of your time, however you can simplify the process by researching online and/or utilizing the resources at your local library.
Research also involves…..
-Communication: Talk to 3-5 potential customers and inquire if they’d be interested and be willing to pay for your product/service?
-Make Connections: Connect with 3-5 people who are already working in the industry you are considering , and ask questions regarding their start up experiences, as well any pros and cons they’ve uncovered thus far.
- Get Social: Make a post about your business idea (or simple survey), and send it to a few on your list who you think would be interested in it. Monitor the feedback to see what level of interest exist for your idea. If this idea has you interest, very likely others are too—however you do need proof.
Wrap Up With Your WHY? Today’s post will conclude with what I consider to be one of the most important questions:
“Why am I doing this?”
Answer this by thinking about the end result you are looking for, (ex. finances, flexibility with your schedule, and freedom in creativity). What is your why?
This is extremely important, as even if you’re extremely passionate about your idea, the end result has to give you the life you want, or you will find yourself with an impactful business—yet you will be unfulfilled.
Grab the FREE Guide
If you gained value from this post, and you know me—then you know there’s always a deeper dive.
Click on the link below to gain access to your full 14 page guide that will walk you through each of the 4 steps you need to take while clarifying your business idea.
Until Next time,
XOXO,
AJ