In this last instalment of the series “How to Choose the Perfect Business for You”, I’ll outline how you can come up with 3 business ideas that you have a high likelihood of succeeding in.
These ideas are businesses that you can start with little or no money. Once this is done you get to decide which business to start now.
To complete this part of the series, it would be helpful if you could set aside ½ to 1 hour daily for the next 7 days. Do this at a time when it’s quiet and you will have no disturbance – such as early in the morning.
Action Steps
Step 1
On the first day of this exercise, read through the results you got in the exercises outlined in Part 2 and Part 3 of this series. Pick out common themes from these exercises and summarize these themes on a clean sheet of paper.
Step 2
Each day for the next 5 days, read through your summary and ask yourself: “How can I make money doing these things that I do naturally and that I love? How can I turn these items into a successful business?”
Write down everything that comes through during this exercise. It is crucial that you do not leave anything out and that you put it down on paper immediately.
Don’t take the chance that you will remember later. Memory is tricky and you will forget.
Remember, you do not have to be good at this particular business or idea you just have to have it on your list for now. There will come the time to learn about it and become an expert in it.
Do this exercise daily for one week or one full month. The more time you take, the better and more accurate the results will be.
Step 3
At the end of the week or month (depending on how much time you took for step 2 above), go through the information that you created during your daily exercise and pick out ten ideas that appeal to you.
Write these ten ideas out on a clean sheet of paper. Rank them from one to ten, with one being the most appealing and ten being the least appealing (at least for this list).
The top 3 ideas on this list are the ones that you have a high chance of succeeding in.
Step 4
Before you narrow down to one idea, take a break of at least one week. Keep the ranked list aside during this time and forget about it. This will give your mind time to think, evaluate the list and come up with the most feasible idea for you.
Don’t be surprised if you get lots of ideas and information related to the top three ideas in your list. Just make sure that you note these new insights that you are getting in a notebook.
It would be helpful if you keep a notebook and pen handy to note down ideas as they come. Insights rarely last long, especially the ones that come when you’re asleep or doing mindless activities like showering, driving, or housework.
Note ideas down as soon as they come, even if it means waking up at night when you get the ideas.
Step 5
After a week, read through the top ten list once again and re-evaluate your ranking. You may find that the top 3 ideas change, but they could also remain the same.
Once you have the last three ideas, research them until you are sure which one you want to turn into a business first. Listen to your intuition here as it will instinctively guide you to the right choice for you.
You may also find out that some of the ideas can be combined into one business.
For example, when I did this exercise, my top 4 ideas were (in order of priority): writing, speaking, coaching, and training.
The more I thought about them and researched other businesses, the more I realized that these four could be combined into one business.
At that time, there were few coaches in Kenya so it took time before I got enough information from real local coaching businesses.
I also apprenticed part-time in one of the personal development organisations in Kenya to gain experience as this was a new field for me.
It took time (about a year) to complete evaluating the business idea and learning about it from the inside, but the result is a business that fits me to a T.
Winding up
You now have in your hands one of the most powerful tools that any person who is serious about starting a business could have – three business ideas that you could succeed in.
The idea at the top of this list is the one that you will most probably succeed in if you take the time, effort and persistence to research it, start it, and see it through to the end.
I say ‘most probably’ because creating a successful business requires more than just having a great idea. Many people have great business ideas but few follow through or stick to the business during the hard times.
So what next now that you know the business that will work for you?
Getting the idea is the first step. You still have to turn it into a real business and make money out of it. You can do this by yourself or you can take a short cut by using a system that has been tried and tested.
If you’re interested in reducing the time it will take to get from having an idea to having extra money in your wallet or bank, get a copy of my book 12 Weeks to Startup. Scroll to the bottom of this article to find out how you can purchase the book.
When you buy the book, you will also receive additional weekly emails to add onto the lessons in the book. These emails continue for 12 weeks, within which time your business should be up and running.
This article concludes the series on how to choose the perfect business for you. Was the series helpful for you? Please share your results and what worked for you in the Comments section below.
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Click the links below to read the other parts in this series:
How to choose the perfect business for you Part 1 – Elements of a perfect business
How to choose the perfect business for you Part 2 – Conduct a personal analysis
Choosing the perfect business Part 3 – Identify what you’re good at
Image credit: nattavut at www.freedigitalphotos.net
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