I have many small business ideas, more than I have time to build, how do I choose?
Perhaps one day they will all be done, perhaps I need to focus on the best? How do I pick which venture to start first? My gut tells me to start with the easiest projects first, and see where they go. Any advice from other ambitious small business owners?
First, think about what you would do for no money, and mark it number one to work on. The rest can come later if you wish, but one thing at a time, because a startup isn't easy to maintain and it takes time to make it successful.
Follow your passion as that will yield the greatest chance of success, although not necessarily the highest short term profitability.
Start with the one where you have the product yourself, and are merely finding sellers, distributors, and venues. Much easier to retain control over the bottom line when you control the product.
I would suggest to go for the business you know the best (e.g. something you have already experience on).
Well...if you have time and Idea, that is good to start your own venture(s), provided the need is Management & funding / Venture Capitalist. All the best.
In my experience you should take up the one which is closest to your heart and you feel the most confident doing it and you feel that you can give it a shape at the earliest with minimal investment. Once you start building it up, it would boost your level of confidence and once it gets going, you can then start focusing on the next and so on...Wish you all the best in your venture!
Hi Jarret, As an entrepreneur and founder of Ideazfirst.com, I too faced the same issue with the time constraints. I just tried with booking domain names of all the ideas, with all the brand names I thought would be suitable. And, then allowed them to move at their own pace.
When your core business is robust, you can keep concentrating on these ideas as you go. Whichever idea starts generating revenues and interests your target customers, you can focus more on that.
An entrepreneur's mind is always flooded with insane ideas! But we goes wrong many a times in thinking that the ideas are wonderful and will make us millions. Try to research on similar and existing business, talk to friends about your idea, run it through mentors and subject experts.
This should eliminate most of the options. If finally, you are left with 2 financially viable ideas, then choose any 1!
You should start with the project you feel more passionate about. for example, my husband loves fashion so we are starting up a company called Urban Fashion fantasies. His motto is if you can think, we can make it. I love the fact that he is passionate in what he do and creates. The good thing about it if the idea is yours no one can make it a success but you because you know how to make it work.
A very good question. Obviously, you are highly capable and highly creative!
I agree that it is a blessing and a curse. However, before launching into a process of determining which one to go after first, I suggest you stand back and assess your list of opportunities.
In my experience with clients who have faced this dilemma there is a lot of angst tied up with this decision and it is best to deal with the angst first. I have found that often there is a common theme that runs through the opportunities and that in fact there usually is equal utility associated with each, which means often it doesn't matter which one you start first as you will gain the same satisfaction from them all. Going through this assessment process to understand this point removes the angst from the situation. This step is achieved by listing the opportunities and looking for common themes. If they are not obvious, chat with a mentor about them. You'll find the themes will drop out quickly.
The next step is to assess each opportunity in terms of:
1. Capital requirement
2. Skill requirement - ie do you need to gain new skills for the opportunity to succeed
3. Market assessment - can you identify the market, do you have access to the market, are there many competitors, what is your unique proposition
I tend to find that a table works well for this step. It then becomes a process of objective assessment of each opportunity and a timetable of what can be achieved in the short, medium and long terms will drop out and the answer presents itself.
Happy to chat
Chase the money - ie which ones will generate the most profit in the least time.
Also go for ones that will not tie you down so you can develop more income streams.
We can all work 24/7 but the clever ones set up models that generate cash from which they only need to manage now and again or can outsource
Eg i created online sites that generate leads that i pass on from which I make 50%
Once the sites are built they just need maintaining or growing - not a 24/7 commitment
The one that allows your hobby to make you money.. see if this helps
Which ones yield the greatest return in the smallest amount of effort ? Easiest projects may not yield the greatest return?
Pick one that comes naturally from your inside and you enjoy it. There is no great idea, but great execution. and great executions comes when you love what you do.
the one that solves the most problems should be the first.
Hi Jarret, I am assuming that you have developed some level of business case for each of your ideas to ascertain overall feasibility and risk/benefit analysis in order to take a well informed decision. Further three things that could help you take a practical decision on which one to choose out of your business ideas is your own Passion to drive results, Skills to deliver differentiated value and Potential (PSP) of your idea to transform into a sustainable and profitable business. All the best with your venture!
Ideas are like opinions and excuses everybody's got a bunch of them. The difference between an idea and a GOOD idea is how your idea/product creates demand or if theres a market for it, or if it is possible. For example, I once had an idea for a flying car, but that docent mean I can implement it. Understand your market and do the research that needs doing and you'll be fine.
I've struggled with this as well. I would go with whichever one you have the most recent, marketable experience with and are feeling the most confident about, not just because its your dream.
I did that 30 years ago and put them in a black leather notebook cover. I frequently reviewed my concepts. One by one they started coming to life. I since then opened 6 businesses an sold most.
You can prioritize them as you see fit. Easy ones are a good start however, don't forget the others. Set them up as future goals and keep them in front of you. I still have me original handwritten papers of concepts in the same leather notebook that i proudly review.
If you truly want to do them all. Me personally would go to the one that will bring in the highest return to enable me to start the others faster no matter how risky it is. I am not at any way telling or suggesting you to do this, it is what I would do personally.
Best of success, Gil