Have you ever thought about starting a new business, had lots of ideas about what you could do, but then couldn’t decide which one to pursue because you liked them all?
Please tell me I’m not the only one!!!
If you’re anything like me, it’s really difficult to see so many opportunities in front of you only to realize you can’t chase every idea that comes to mind.
Believe me. I’ve tried.
Like a dog chasing its tail, it just never works. It only ends up in frustrating exhaustion.
I don’t think failure comes from a lack of passion or possibilities, but from not having enough time, money, energy, or resources to do it all. It’s just not possible.
Unless maybe you’re a unicorn.
. . . 🦄 . . .
At some point, you have to start letting go of the ideas because if you don’t, you’ll probably not end up achieving any of them. Of course, this means you will have to choose something.
But which one?
Trying to decide is another challenge altogether because analysis paralysis often creeps in, causing you to spend days, sometimes years, evaluating every single detail, along with the pros and cons of each idea.
It feels like some sort of damnable eternal misery.
Not that I’m speaking from experience.
I wish I could tell you there’s an easy formula for choosing the right business idea or deciding what to dedicate your time to, but despite all the popular opinions and advice out there, it’s just not that simple.
However, I can ask you a few questions to consider that I believe will help you.
. . . 🙋♂️ . . .
1. What are you obsessed with?
I like what Justin Welch wrote about in his article, Don’t Pick a Niche. Choose an Obsession, because when you’re obsessed with something, you’re way more likely to stick with it no matter what.
This has been true in my own life.
After chasing an endless array of business ideas for decades, the ones that achieved financial success came from my obsessions — ideas and interests that I had to pursue regardless of the outcome.
There’s a good chance you’re thinking of something right now. What is it?
2. What will people pay you for?
If you want to make money from your business, there has to be a market for whatever you’re selling, and the best ideas that do typically solve a difficult problem or fulfill a need for the right audience.
Before all the AI website generators and DIY templates, I made a lot of money designing and launching websites for clients, big and small. I was great at making their lives easier while helping them generate substantial online revenues. My work sold itself.
Remember, it can be a great idea, but if it can’t make money, it’s just a hobby.
3. What is your gut feeling about it?
Even though I said there needs to be a market for what you offer, sometimes the world isn’t ready for your offering yet. Maybe they don’t know they need it until you show it to them.
A perfect example was the iPod.
Steve Jobs knew in his gut this little music device would be life-changing, but there was no real market for the iPod when it was conceived. We all know now just how transformative it was!
Sometimes, you need to ignore market research and trust your gut. If I had ignored my feelings and listened to others, I’d be completely broke.
4. What will you stick with for 3-5 years?
I really hate this one because I’m a fire starter and not a firekeeper.
Statistics show that, on average, it takes at least 3 years for a business to become sustainable or profitable, though it can take much longer.
If you don’t see yourself staying with your business idea long enough because you get bored or lack patience, you should reconsider investing in it; otherwise, you’ll just waste time, money, and resources.
. . . 🔥 . . .
Honestly, we never truly know what will work. Sometimes it’s a gamble.
You can do the research, study the experts, dig into the marketplace, and ask people what they think, but sometimes success just comes down to dumb luck. As Tom Petty sang, “even the losers get lucky sometimes.”
Here’s what I do know.
If you have a strong desire to pursue an idea you believe in 100% AND you think you’ll have deep regrets for never doing it, it’s way better to try and fail than never try at all.
GO FOR IT.
I have seen business ideas that I thought were absolutely stupid make millions of dollars, while others I thought were brilliant make no money at all. It’s a 50-50 shot.
That said, the right business idea is the one you choose and try to make happen.
And if it doesn’t work out, you can always pick another from the list.
🍺 ☕️
Will Work for Beer or Coffee!
We don’t charge a subscription fee for our newsletter, but if you love what we’re about, please consider buying us a drink. This really helps support what we do.
And one way to identify an obsession is to see what you are always looking at on YouTube!