How to decide which business ideas to create when you have too many options
At the end of last year, I spent a few days dedicated to reflecting on my first year of business full-time, really feeling out what I loved working on and what I hated working on in my business and the direction I wanted to take thing in in the future.
I set goals and decided on the products and services I wanted to create and went wild in my calendar, blocking out dates for custom site designs, and building products.
Well, I followed my plan perfectly for a grand total of 4 months and then was already exploding with new ideas.
I had a list going of 20+ courses, products, services and free content I wanted to create, and I was thoroughly stuck in analysis paralysis. Darn it!
I weighed the options and kept coming back to square one just as confused as before.
Mariah (the leader of the Accelerator program I'm currently in) came to the rescue with a bunch of questions to evaluate all my ideas against, which quickly eliminated some ideas I had thought were front runners and put other things on my list I hadn't even considered.
So, if you're also struggling with too many business ideas and know full well you cannot complete #allthethings within the time frame of a year, here's what to do.
First, write out a list of all of your ideas and potential projects
What classifies as an idea? Any product or content you'd like to create. (Eg. Courses, workbooks, guides, webinar series, blog posts, YouTube videos, podcasts, etc.)
What classifies as a project? Things like services or other stuff that takes time. (Eg. working with clients 1 on 1, hiring a VA, redesigning your site, etc.)
Have your list? Yes? Okay perfect, on to the next step!
Second, evaluate your ideas against the following questions
- Has my audience specifically asked me for this? Or is it something I want to create that my audience didn't necessarily communicate having an interest in to me?
- In terms of resources and tools, do I have what I need to create this?
- Do I already have all the skills and education I need to create this? Or will I need to take time on learning something first in order to create it?
- How long will this take me to complete? (Ballpark a time estimate of how long it will take you to create the thing.)
- How much will it cost me to create this? What's the initial investment?
- Will this make me money while I work on other stuff? Will it generate passive income?
- What is the max amount I would expect to make off this in one year?
- Will this have any benefits other than just income? (Eg. Authority, SEO, relationship building, list building)
- On a scale of 1 - 10, how excited am I to work on this?
- On a scale of 1 - 10, how naturally does this fit with my brand and would I authentically speak of the thing?
If there's something else important to you that's not listed in these questions, feel free to add another question which allows you to evaluate your ideas against it.
Then, the last step is to start the process of elimination based on your answers. Start crossing out the items that clearly aren't a good fit, that don't feel authentic to your brand or that no one actually asked you for, etc.
From there you should be left with a much smaller list.
Third, arrange your list from highest to lowest priority
And be sure to note beside every item how long they will take to complete.
Lastly, add everything to your calendar
I love GCal for this as you can easily create events spanning days or weeks and move stuff around with a few clicks. Begin placing your projects and ideas on to the calendar until you fill up your year.
There you have it, you've just waded through the confusing sea of options and planned out your year!
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