I Have a Business Idea, What Next?

You are here because you are a dreamer. You have a ton of ideas, or maybe just one, that you can’t let go of! I am here to help you hone in and ask some questions to see if this is a dream you want to pursue or if it’s just an idea.

This is where the rubber meets the road. We are going to take your idea and give it the third degree.

We need to gauge if this is an idea for now or an idea for later or an idea for never!

Now before we get started, you need to choose to be honest with yourself through this process. If you lie to yourself then you risk chasing an idea that isn’t right for you!

Let’s dive in…

1. Is this idea going to last?

You know those people that, when they have an idea, they have to go get a fresh, crisp new notebook from Target so they can keep it all in one place. They ignore their partially written in notebooks and even blank ones for a new one?

Yes, that’s me.

This is my confession that in my office I have 10 notebooks with 15 pages filled out in them with THE idea I had.

There is no need for a new notebook but we do need to talk about our track record.

Have you invested time and money into ideas in the past and lost motivation quickly?

I want you to think about it. Why did you quit?

Was it…

  • a lack of passion?
  • a lack of resources?
  • a lack of support?
  • a lack of knowledge?
  • a lack of confidence?

I want you to get REALLY honest with yourself here. We need to determine what held you back so we can overcome it.

I know a few examples of things I’ve invested in but didn’t necessarily finish or make my money back, have commonalities. Those are what we are looking for.

For me, I hate repetitive work such as marketing, especially for other people. I will get bored and dread the scheduling aspect of it. I used to have a few marketing clients and when I shifted to doing more web design a few years ago I slowly dropped all my month-to-month marketing clients.

This shifting freed up my energy and I enjoyed what I did a lot more!

Think about what’s holding you back and write it down. We will come back to it.

2. Is there a market for it?

This one is a little harder to look at. This part is important, we need to see if there are people willing to pay your business for your offering. Not just say “Oh that’s an amazing idea!”

We need to know people will invest in the vision and get onboard.

When thinking of competition in your target market, remember these tips.

  • No competition doesn’t always equal success.
  • Just because a ton of people are doing it doesn’t mean you can’t do it too.

Ask around and have questions with people who are in similar industries. Have open conversations about your idea and get feedback.

This does not include letting the opinions of your unqualified family tell you whether this is a good idea or not. Get unbiased people to weigh in.

Also have conversations with your ideal customers.

For example if you are going to open a mobile boutique in your area, ask a few boutique owners about their experiences. Make it clear how your business will COMPLEMENT theirs not compete.

This is my friend’s mobile boutique and I wanted to show you a visual with the example!

While you are having conversations with people hone in on this ONE thing…

What makes your business unique.

There is nothing new under the sun. That means your idea is not 100% original. If you haven’t read Steal Like an Artist by Austin Kleon go buy it here! He talks about this expertly.

“Every new idea is just a mashup or a remix of one or more previous ideas.”

― Austin Kleon

Think about it, how is your’s remixed?

What makes your business idea different than others.

And don’t use the phrase it’s you.

When you are giving a quick elevator speech about your new business you can’t just say “This mobile boutique is different than the other boutiques in the area because it’s run by me.”

No one is going to want to hear about you, they want to hear about the business and how it will impact THEM.

So the remix of the business could be that you donate proceeds to local charities. You could focus in on the fact that you are mobile and travel for events. You could emphasize that the style of your shop is bohemian which is different than other local businesses.

Once you find your special remix of the original, then you have a good business idea.

3. Am I passionate enough about this?

Sometimes it’s hard to tell if the passion will last. I know I can be that way but I have noticed patterns.

Often I will get on a high high with a new idea. I will be obsessed with it for a few days and talk about it with everyone around me.

Then the passion will dissolve and I will not want to do anything with the idea.

I’ve learned if the idea stays with me or comes back to me then it’s worth pursuing more.

We can’t let small ideas distract us from bigger more personal ones.

What I mean by this is I think we have a calling. For us to fit into our calling requires us to be equipped through different experiences and people to fulfill it.

Sometimes small ideas well executed lead to bigger ideas.

But sometimes when we pursue small ideas they can distract us from what we should really be focusing on.

For example if you have a small idea but it requires a lot of time and for you to learn a lot of skills that are niche specific and not related to where you see your life going in the future, it’s a distraction.

Distractions can be chosen by us to avoid…

  • Fears
  • Disappointments
  • Our own expectations
  • Others’ expectations
  • Beliefs we can’t do it
  • Roadblocks we don’t want to face

Those small ideas executed give us life and experiences that can be built up.

For example, if someone invited you to come to speak at a chamber meeting but you start thinking of all the reasons you can’t do it, you are probably going to look for a distraction to avoid one of the above beliefs.

If you said yes to the meeting you could grow in your limiting beliefs and make networking connections you couldn’t have otherwise. You never know what can come from one meeting with one person.

4. What resources do I have access to?

This one is not a big roadblock but a lot of people see it as bigger than it is.

If you think you can’t start a business because….

  • You don’t know how
  • You don’t have the money
  • You don’t have the support of community

Then we need to talk because all of these can be overcome.

They might be scary to face, but they are worth it especially if you’ve answered all the questions previously and still want to pursue your idea.

Reviewing the Questions

Now let’s check in with ourselves and the big picture.

Is this idea going to last?

Based on my previous experiences I think I might struggle with __________________ but I still want to pursue this idea because I am going to _______________________.

Is there a market for it?

What have I learned about the businesses around me that are similar to what I want to do. What responses have I gotten in regards to my idea? What roadblocks did people make me aware of that I might need to face?

Am I passionate enough about this?

Does my skillset that I’ve acquired through all my experiences prepare me at all for this new business idea? Does my natural giftings align with my idea? Am I letting anything distract me from things that will grow me into the life I want to live? If yes, what is driving the distractions?

What resources do I have access to?

Who and what can I turn to for more information about executing this business idea? What monetary resources do I have access to for this idea? Who is going to emotionally support me through this process?

After looking at these questions and answers, how do you feel? Are you feeling positive about your idea or are you feeling more weary of it?

Looking for a community to bounce your struggles off of and look for advice in? I offer a few things that might help you more personally like our Patreon community of other business women or coaching with me!

Ultimately though, you don’t need those things. They are just here to help if you are needing a few more resources!

My heart is for you to build a business you love and a lifestyle you want to live. Drop a comment down below and tell me which question helped you discover more about yourself?