I have so many new ideas for my business. How do I figure which ones are the best to pursue?
We always struggle is find of this very basic question. Which is the most profitable business?
Most business owners want their business to grow, and often growth includes consideration of new products or services. Sometimes, though, brainstorming new possibilities interferes with maintaining the core business by distracting the owner from focusing on the issues confronting them. To allow room for new ideas without distraction, it helps to have a system for handling them.
Being an entrepreneur is attractive for many reasons. Some people think about opening a business all their life but never get around to actually doing it.
Then there are people who open one or more businesses, hustle their way through whatever gets thrown their way, and make it with a little bit of luck and lots of ambition.
Then there are the people in between which is where most people are at. You have a million business ideas or maybe just this one nagging idea gaps that just doesn’t seem to go away. The question is where do you start? How do you know whether a business idea is worth pursuing? Entrepreneurship is a gamble. And with the chips stacked against you, it’s difficult to know whether an idea has possibilities.
It’s not just about finding a good idea; its finding an idea worth pursuing.
But, finding that idea, and building a company with that idea in mind, is always a struggle. It almost has to be that way.
For those of us who have a variety of business ideas and want to narrow it down, here are five ways to find out whether your business idea is a yay or a nay.
In lieu of this, try examining the idea using the following five questions:
1. What does this idea have to do with my business mission?
2. Does this idea replace an existing outdated product or service?
3. Will implementing this idea use excess capacity?
4. Who are the customers for the new product or service?
5. What is the value to customers they can’t get anywhere else?
New ideas are best implemented only if they improve business performance in some way such as increasing profits, using excess capacity, or improving customer service for existing customers. Include these in the next update of the company business plan. New ideas build businesses if they are strategically a good fit. Any system that helps analyze ideas will benefit the business owner, so find the strategy that works best for your business.