How to Pick Between Two Business Ideas

Are you stuck between two business ideas or two messages and feeling poke-your-eyes-out overwhelmed? Well, today's video is especially for you. I'm going to give you some practical solutions to get you through to the other side of choosing. So, I’ve talked before about my issue/problem/frustration around niching and how I got to the other side of that. But today, I want to talk to you about something a little bit different: when you're actually stuck between two completely different business ideas or two really opposing messages, and you're really having trouble choosing the avenue to follow. In a previous video, I talked about how niching is much more about marketing and doesn't define who you are. But, it may define you to some extent; for instance, choosing to make candles or choosing to be a health coach - those are pretty different and will alter your path based on what you decide. Sometimes, we have to choose.

Pick Your Passion

That being said, the first thing I want you to consider is this: What are you most passionate about? This may seem like a simple question, but I really want you to put a lot of weight into the fact that you're wanting to build a business that's sustainable -  something that you would enjoy doing for the long run, probably for years and years and years.

You want to do something that is enjoyable to you, that you're passionate about, that utilizes your gifts and strengths, because being an entrepreneur is hard, and there are a lot of challenges along the way.

You want to make sure there's a heart-centred reason that you are in this. Now, let's say you feel both equally passionate about candle-making and health-coaching; you're like "Anna, I love both of those things. I feel equally passionate about both of them." Could you do both at the same time? Yes. And maybe five years down the road, they'd both be profitable businesses. But, with your energy split like that, what you are really doing is slowing yourself down and spreading yourself really thin. Unfortunately, you will begin to see your successes and your results a lot slower because you're so spread out. It's going to be frustrating, and you may not stick with it when you're not making money, when you're not seeing the results. That is why I suggest you pick one to start with. If you get one off the ground and it begins to thrive, and you're leveraging everything and outsourcing, then of course, you can begin the second.

Demand and Profitability

So, how do you pick? If you come to the conclusion that you’re equally passionate about both, I would try to decide which would be the profitable the fastest. Why do I think this is important? Of course, it's nice to have cash flow in our business so that we can invest and the like. But I also believe it really builds momentum for us, reminding us 'Oh! This is something that's working; this is something that I can support my family with.'

Whichever one you can get traction from the fastest would be a good one to start with because, like I said, this journey is hard. Doing the one that you're bound to be the most successful with at first is a good place to start.

You want to find this balance of, 'Where does my passion, my excitement, and my talent meet the world's needs?" Which of these is in higher demand? Which do I think I could see results in the fastest, especially if this is one of your first businesses. Those are two things that I want you to consider - your passion/inspiration/talents and profit.