Can’t pick a business idea?

A few days ago I got this email from Leana, a friend of a client.
Shortened it slightly to keep her privacy:

Hey Nataliya.
I'm stuck and can’t start my business because I don't have anything I'm really good at.


I want to focus on something that allows me to give my best to others, but I just don’t know what that is.


I know a little bit about crocheting. A bit about embroidering. A bit about dancing and fitness. I can even cook a decent vegetarian meal, and plan one hell of a trip abroad.


But people don't pay for just "a bit" of knowledge.
Any advice?

when starting a first business, picking the “right idea” can seem almost impossible, cant’ it?

  • You don’t want to make a mistake.
  • You don’t want to commit to something you’ll no longer like.
  • You’re scared to death of choosing wrong…
  • …and not being able to make the kind of money you want.

So in this issue I want to show you a simple, 5 step process for recognizing the right business idea and niche for you.

Something you’ll love doing, and that other people will love too.

But before we dive in, important:

Why most people get stuck finding the right idea

From what I’ve seen working with hundreds of people personally, and thousands in-directly is that most people who can’t find an idea spend too much time thinking, and not enough time experimenting.

But the truth is… you can’t “think your way” into the right business idea, and more than you can fantasize your way to the right life-partner.

You can only really know if something is right for you when you go out there and try it out.

You can spend a lifetime thinking “is this for me”… or a month testing it out, and knowing for sure.

By taking action you’ll get an answer quicker, and will be able to move forward.


Now let me share a simple process you can use if you’re stuck finding the idea for a business you want to focus on:

Step 1: Write down all the options you’re considering

There’s nothing worst than keeping all your doubts and considerations in your head.

Things become bigger, scarier and way more complex in your head than on paper.

And so the easiest way to get started is to stop with the "I don't know what to pick" mindset, and get practical:

You start with making a list of all the different business ideas and niches you’re considering.

That way we’ll know what we’re dealing with, and can begin narrowing down your options.

So your first step is to take a piece of paper and write down all the different business ideas you’re thinking about, or could potentially see yourself doing.

These can be things like:

  • A professional experience you have from your job
  • A life experience from a problem you were able to solve (or example: you managed to reverse hair loss, or heal your acne)
  • A topic you love reading and learning about (for example: if ou can’t get enough of those human design books)
  • A skill you’re interested in developing (for example: video editing, graphic design, etc)
  • A topic your friends and family keep coming to you for help

Jot them all down on a piece of paper. Leave nothing out.


Step 2: Narrow down your top 4-6 options

Now that everything’s out in the open, it’s time to begin narrowing things down.

The process of eliminating what you don’t want to do is always easier than coming up with one thing you do want to do.

So have a look at everything you wrote, and ask yourself:

  • What would I love to talk about and immerse myself in for the next 5 years?
  • What do I see myself giving advice about to others?
  • What topic would I love to learn more about?

Building a successful business takes time, patience and dedication.

And you’ll need to learn a lot and specialize if you aim to become a trusted figure people can go to for help.

So go over the list you wrote in pick 4-6 topics that speak to you the most, and passed the scrutiny of the questions above.

Note:

If you find yourself thinking “but how will I make money from this?” — Stop.

I know people who’ve built 8 figure businesses from teaching others how to build chicken coops.

Trust me when I say this: Any topic can be monetized.


Step 3: Bring your core 4-6 topic to the real world

Now it’s time to get down to business.

Because, remember:

You can “think” and “ponder” your way to the right business idea for years… or you can spend a month trying it out and know immediately.

So now, it’s time you choose a platform you like to use, and begin creating content on the 4-6 topics you chose in step 2.

Choose a platform you use yourself, and content format that speaks to you:

  • Like to write? Choose a text-friendly platform like Twitter or Linkedin.
  • Like to talk? Start a podcast.
  • Like to be on video? Go for reels or Youtube videos.

The type of content you choose should align with you and how you feel comfortable expressing yourself.


Step 4: Collect feedback and data

Now that you’ve started putting things out into the real world, things will start happening.

At this point I want you to open your eyes and ears for 2 types of feedback, or “Data” that will start coming your way.

  • Data type 1: Start noticing what you personally enjoy creating and talking about. Topics that seem like you almost always have something to say about. The “right” topic will feel easier and more interesting to you than others.
  • Data type 2: Start noticing the feedback you get from others: Perhaps some of your posts will get more engagement than others. Perhaps people will begin approaching, asking you questions, or looking for advice. Some might even ask you to elaborate on specific topics.

Step 5: Expand on what works

Once you have some data, start expanding on the topic or topics that work.

At this point you will begin evolving them, diving deeper and finding new things to say.

For example:

Let’s say the topic you chose was “fashion and style”, where you decided to post one picture a day, sharing your daily outfit.

Once you see this topic works, for you, you can begin expanding on it.

Maybe it could be you talking about:

  • How to assemble outfits that look put together
  • How to pick clothes that compliment your shape
  • Where to shop to look like a million bucks (without spending that much)

Any topic can be expended on, and once you do, and love it, you found a match.


Now, what’s next?

Ah! Now comes the fun part.

Once you found the topic you’d love to focus on, you get to begin thinking about business models and monetization:

Exactly how you’re going to profit from your topic.
We’ll talk about that in another issue.


For now, let me know — what’s your chosen niche? and what

See you next week,

Love,
Nataliya.

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