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How to choose the right business idea

So how do you choose the

right business idea

if you haven't got any ideas?

Well, let's start with what we do know – that you want to start a business.
When you decide that this is what you want to do, you can get to work on generating some ideas, so you can wonder no more and actually start a business that suits you.
Follow the next steps to help you pick that one great idea, or a few that you want to investigate further. And if you want a downloadable 3-step pdf to accompany this blog post you can grab it here.

Wait!

I Have A List Of Ideas

If you already have a list of potential ideas and just need help sorting through and picking the right one, click here and get started on narrowing them down.

Hi

I'm Naomi

I started my first business in 2009 (a marketing agency), and I've worked with loads of people just starting up, so I know how confusing this can be right now.

If you have any questions please don't silently panic and get overwhelmed, just reach out and ask.

A word about the times we are in now...

It’s important to not be put off from starting a new business right now. In 2020 tonnes of new businesses started up and are thriving.

It’s all about making sure that you choose the right business idea and knowing how to attract customers.

I started my first business in a recession after being made redundant, and I made over £100k in my first year, and so I know that YOU can do it too!

You just need to be mindful about the type of business you are about to start, and be sure that there is a market for what you are selling.

Throughout this guide and as ideas start forming, always be asking yourself – do people need or want what I am selling? 

So what can you do to choose the right business idea?

Right now, online business is booming, so this is an ideal place to get a slice of the action.

Don’t worry about competing with other businesses or thinking that there isn’t a place for you, because if you’ve got something that people want or need, and you can make it more unique/better/different to what's currently out there, then people will buy from you.

Remember, the dredded might have messed things up a bit, but people still need products and services!

Christmas, birthdays, valentines day, mother’s day, father’s day – they aren’t going anywhere; the market will always be there.

Gardens will always need tending to, essential products will always be essential, hair will always need cutting/dying, clothes will always wear out and new ones bought, children will continue to grow and need new clothes/toys/books, food will always be eaten and people will continue to work.

You get my point, because there’s a huge world out there just waiting for you to take your slice of it, so choose the right business idea and go create something amazing!

Choose the right business idea for you

And don't make this a hasty decision!

When it comes to starting a business it’s really important that you don’t rush in and pick any old idea, or pick something that you are not passionate about. You will spend a lot of time working on your business, and if you aren’t passionate about what you are selling, then you won’t enjoy it and then you’ll struggle to make it a success. Too many people pick the wrong idea and then give up. 

Often people get caught up thinking they should start a business in a particular area because that’s what they trained in, or because their parents/friends/family think they should follow a certain path, and so they build a business in something that they’ve either grown out of or just don’t enjoy. I don’t want that for you! I want you to choose the right business idea – the one that is perfect for you.

lead with your heart

and not your head

As you go through the steps, try and let go of what you think you should do, and lead with your heart instead. It doesn’t mean you turn your back on what you know, but it means doing more of what you love and less of what you don’t.

In just 3 steps, we’re going to get you on the right track, so that you can feel confident and excited to start your business journey. 

Ready to get started?

Step 1

Ask Yourself WHY
You Want To Start A Business?

Really think about it and be totally honest about your reason why you want to do this. You don’t have to tell anyone if you don’t want to, and there’s no right or wrong answer; this is time just for you to reflect about your reason for wanting this. Think about the below examples:

  • Just to earn more money?
  • For a different lifestyle?
  • Because you are fed up with working for people who don't care?
  • That you feel inspired to change the world?
  • Because you have an idea that’s been nagging at you for too long?
  • So that you can do something meaningful with more money?
  • Something else entirely

Write down all the reasons why you want to start a business. And with each reason ask yourself "why do I want to do it for that particular reason?". This will help you dig further and get even clearer on what is really driving this desire, which might even help you to come up with your ideas.

top tip

to help choose the right business idea!

To go one step further, it helps to imagine what the future will look like when you have your successful business. The specifics of the business don't matter just yet – you are looking for the feeling and outcome that being a business owner gives you. There's science behind this!

Close your eyes and imagine your business is already fully established. What does life look like and how does it feel? Are you making more money than you could have wished for? Do you see yourself providing jobs to others? Are you making other people happy? Do you see yourself spending time doing the jobs you want to do and saying no to those you don’t? How much are you enjoying what you do?

When you know why you really want this, and you can visualise what it will look and feel like for you, then an idea will start to form in your mind, and you will have started the process of making it happen.

Step 2

Is There Something That
You Feel Called To Do?

What I mean by this is – do you feel that there’s something that you just really want to do? It might be that you don't need to find the right business idea, as you might have already chosen it without really knowing so.

Has something been nagging at you for a while, or is there an idea that you keep putting off but you know makes sense? Do you have a gut instinct about something? Is there something you feel is your true purpose?

Quite often people know exactly the type of business they are meant to run, it’s just that they’ve not spent the time allowing the idea to ever be a possibility in their lives. Ultimately they’ve just not yet given themselves permission. Is that you?

This is the time now for you to explore that possibility and make it real. You are here for a reason and you are allowed to want something! So if you know exactly what business you really want to start then write it down now, and do the visualisation practice below.

If nothing instantly comes to mind, move straight on to step 3.

also remember

When you think of this business, make sure that you are confident that people will actually need or want what you are selling?

Visualise

your business up and running

With this one great idea in mind, spend some time visualising again, but this time you want to visualise this specific business up and running. Notice how it feels seeing people buying your products or service.

Visualising will help you get clear on how that business feels, and make it easier for you to decide whether that's the idea to move forward with. You'll instinctively know!

Step 3

What Are You Passionate About?

When we create a business in a field that we are truly excited about and interested in, it’s more likely to be successful, and because we know this is true you will:

  • Have the drive and enthusiasm to start working on it
  • Want to spend time nurturing it and growing it
  • Give better customer service and take more care
  • Attract the right customers and employees
  • Become a better employer
  • Enjoy spending time expanding your knowledge and skills
  • Be proud of it
  • Enjoy what you do

You need all of these things for your business to be successful, which is why it's important to spend the time doing these exercises so you can choose the right business idea for you – something you're excited to start.

so what are you passionate about

that you could turn into a business?

Have you already identified the one right idea for you in the step above, or are you still unsure?  Now is the time to really start thinking about some ideas. Use the questions and examples below to help you.

  • Do you have a hobby that you are proficient in (and enjoy) that you can make money with?
  • For example: You love interior design, and you regularly get asked to design for others (you're thinking of setting up an interior design business).
  • Is there one aspect of your career or job that you really enjoy specifically and want to do more of? (Remember – do more of what you love and less of what you don’t)
  • For example: You love helping others by giving advice, and you are the go-to person for help and advice at work (you're thinking of starting a coaching business).

Write down all the ideas you have for a potential business, and why you think they are a good idea. Think about what you are especially good at, really enjoy doing, have a strong desire to do, and make sure it's something that people will actually want to pay for.

the feel good factor

turn your idea into a successful business

Hopefully you've got a few ideas now, and so it's time to visualise each of these ideas as a successful business. It's just like the exercise in Step 1 but getting more specific. 

Notice how it feels with each business up and running. Imagine seeing people buying your products or service. Do you see your products on the shelves of large stores, or are you always fully booked up with clients? Do your clients keep coming back? Are you enjoying your work? Does your work bring you a deep sense of purpose, like you are meant to do this, and provide real value to others?

Notice how you feel about this business and write down some notes afterwards. Do this for each idea and you’ll start to sense what feels right, and hopefully an idea will present itself to you as the one to move forward with.

Getting clear on your idea

How are you feeling now?

By now you should have one clear idea, or a few potential ideas. 

If you have a couple of ideas on your list you can either pick just one of them, or you can start doing further research on both to help make your final decision.

If you have created a long list then you will need to reduce them down to just 1 or 2, by doing the exercise of The Head Vs Heart which can be found in this article.

Do you now have a much clearer idea of the type of business you want to start? Let me know in the comments.

Next steps

validate your idea!

If you are clear on the business you want to start then this is where all the fun begins and you can actually start working on your business. If there’s one piece of advice that you take on board, it’s to validate your idea first! 

You absolutely need to be sure that there is a market for your idea, that you know who your customers are, have figured out your competitive edge, and know exactly what you are selling! By doing this you a building the foundations that will enable your business to thrive.

Too many people miss out this important step and don’t build this foundation for their business, but this results in people trying to start and never getting it off the ground, or failing to ever make any sales. Check out this article which will help you, or get your business up and running quickly with The Simple Start Up Strategy™ course, designed for people just like you.

“Do NOT start working on a website or logo until you have checked that there is definitely a market for your idea”

I want you and your business to thrive, for you to follow your passion, create a purposeful business, and a life that you can proudly look back on and say “I did it!”.

I’m excited for your progress and can’t wait to hear how you get on.

Let me know in the comments which idea you're going to run with, and anything interesting that came up for you in this process. And for tips and more motivation make sure we're connected – I'm @NaomiOnSocial.

here's to your massive success!

ready to get started?

why not take The Simple Start-up Strategy™ course!

Because this step is so important and I want you to make super smart progress, I’ve put together the PERFECT COURSE, which will get you validating your business idea, so you set your business up the RIGHT way.

Once you've built your foundations, a series of easy lessons will walk you through all the start up essentials (naming your business, setting up your emails, budgeting, branding & lots more). And as a bonus there are some great freebies in there too.

The Simple Start Up Strategy™ is achievable, affordable, and it's available now!

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