I Want to Start my Own Business, But I Can't Decide on an Idea. What Should I do?
Starting your own business can be a daunting task. But what if you can't even decide on an idea? This is a common problem for many people who want to create their careers. It certainly is a question I get asked a lot by my clients. They have many ideas, no idea, a combination of fears, lack of experience, or blocks holding them back.
How do you get started when you need help deciding what idea to pick?
This is one of the most challenging steps in the entrepreneurial journey, but you can do it. You might have too many ideas or none; perhaps you're overthinking every option until you cancel it without ever taking action. Or maybe - like the creative generalists that I see in my coaching practice - you want to do it all, get super excited by all your amazing ideas, but are quickly overwhelmed after that until your ideas die a slow and agonizing death, and you're back to square one.
If any of this applies to you, I want you to know that you're not alone, and there's nothing wrong with you. You're not crazy, delusional, a daydreamer, or procrastinator. You just haven't been shown the right way to find and develop a business idea that is right for you. You're stuck.
Finding a business idea to settle on.
Even the most indecisive or unsure person can find the clarity to start. I know because that's what I help creatives and entrepreneurs do every day. Let me help you get unstuck and move forward: here are five tips to help you figure out which business idea is best for you.
1. Take some time to reflect and brainstorm - Slowing down is not the strongest trait of creatives and entrepreneurs, and indeed not of multi-passionate creatives (creative generalists). We love to start immediately because we have this creative fire that we need to take action and move forward. This is the most crucial reason we must reflect, brainstorm, and give our ideas some room to take shape.
Whether you have too many ideas or need a clearer one, start writing. Take some time to sit down with yourself and write down everything you've ever considered could be a business, any idea you've ever got excited about, no matter how outlandish they may seem. Only discard possibilities once you've written them down and have taken the time to analyze them one by one. Think about what would make each idea successful or why it could fail. Also, ponder how excited you would be and for how long when developing this idea. This will help you narrow down your choices and clarify which ideas to pursue and which ones to put aside for now.
2. Speak with people in the industry - The worst thing you can do with an idea is to keep it to yourself. This doesn't mean you must tell everyone everything about what you want to do (you do want to be careful with your intellectual property), but you must start talking to people. Speak with mentors, advisors, and peers in the industry who could provide insight into what they think of your idea, help you refine it, and ensure it's viable.
This is the start of your market research. Ask for advice and opinions about your different ideas and what could be done to make them successful. Survey people, call businesses doing something similar, and ask them what their business is like, their challenges, and their great successes. This can provide different perspectives that may give you new insights into which idea will work best for you and whether or not you enjoy building a business with that focus. Knowing what we don't want is as valuable as knowing what we do want. Don't be afraid to act on that feeling; I've said no to many ideas I was first super excited about after talking to people in the industries I was looking to enter.
3. Assess the joy and stress factor of each idea - Before you get too excited about any business idea, assess its joy and stress factors. How much time do you need to start up? What kind of return can you expect after investing time, energy, and effort into developing it? Is this something that you're willing to do?
For your answer to these questions to be helpful, you must answer as truthfully and honestly as possible. Reflect on what is crucial for you and what you'd consider a wonderful life and perfect day. Make sure the idea you select fits in with that vision. If you need a lot of free time, it might not be the wisest idea to start a business that requires you to always be on call. Having clarity of what you need to be happy and fulfilled will help you make better decisions, to make them more quickly and with greater confidence.
4. Consider your skills and interests - Following the previous point, when looking for an idea, consider the skills and interests that you have. You don't need to be an expert to pursue a business or career, but it will make life much easier if you can focus on something that you already have some knowledge or experience in or are excited to learn.
Look at what other businesses are doing and see how they've made things work. Ask yourself if you have the suitable skill set and interests to do something similar or if it would require too much of a learning curve to making it worthwhile. Researching this can help provide answers as to what might fit best for you or where there may be potential gaps in the market that need filling. You could be passionate about a particular topic or want to develop specific skills by starting a business around them; anything! What's important here is to ask yourself whether this business would bring you pleasure, fulfillment, and satisfaction over time without boring the hell out of you.
3. Start a project - Don't just sit around and wait for the perfect business idea or opportunity to fall into your lap. Instead, take action by starting one of your projects right away. This doesn't mean you need to quit your day job immediately (although it's not entirely off the cards either). It means working on something small but real at least once a week (bonus points for every additional day) so that you can start getting feedback from your market and build momentum.
By taking small steps over time, you'll gain the clarity you need to know this is the idea you want to go for: are you enjoying yourself? Do you find the process enjoyable? Can you sustain it? Do people buy your product or service (this is the proof of concept you want, even if it's only a few sales or a small amount)?
Whichever idea you select, ensure it resonates with who you are and what you want to create. And always remember that the best way to find out is by getting started. You cannot think yourself into anything. Eventually, you have to go out and do it!
Unsure of the next steps to starting your business?
Many people feel lost when starting their own business. I offer private coaching services to help you get started on the right foot. I'll work with you one-on-one to help you develop an idea, create a plan of action, and start making progress toward your goals.
You'll have the support of a professional coach every step of the way, who will answer any questions and guide you as needed. With my help, you can finally take control of your future and achieve success on your terms.
