4 min read

How to Choose the Right Business Idea to Make Money

How to Choose the Right Business Idea to Make Money

If you’re considering starting a new business, there’s no shortage of opportunities to make a good living. If you look around long enough, you’ll see plenty of problems that need to be solved, and this my friend, is very good for you and your future!

But how do you decide which opportunities to pursue? 🤔

This can be a huge challenge for solopreneurs wanting to fulfill their hopes and dreams, because if you’re like me, you’ll want to chase every damn idea possible — especially if you think it could be highly profitable. It’s hard to choose when you know most of those ideas are good ones.

Unfortunately we have to realize we can’t do them all and IMHO this sucks.

Today I’d like to share with you some of the methods or questions I use to determine where I should invest my time, money, and energy. Maybe it will help you decide what path to take for yourself.

Let’s start with some basic questions.

Is the idea something you’re passionate about?

Following your passion is not always the best advice for launching a business, but success is almost always tied to how much you love the idea. If your only reason for doing something relates to money or ego, then there’s a very high probability you’ll quit at some point.

In my own life I’ve chased hundreds of potential ideas. The only ones that succeeded were the ones I truly had a passion for.

However there are entrepreneurs who solely do things for monetary gain and do well financially. Maybe you’ll be one of those people with the Midas Touch. For me and many others, it’s just never worked to chase the money.

Is there a real need for what you want to offer?

Obviously you’re not going to make real money (or any) if there isn’t a market for what you’re selling. It’s like the old saying, peace sells but no one’s buying. You gotta have something people are willing to give you money for.

I want to believe everyone in the world will love my new t-shirt brand but the reality might be no one gives a shit about it because it’s just another apparel product. It has to solve a need (in this case, emotional) in order to be successful.

That being said, passion for our idea is not enough. We have to ask ourselves the hardest question to answer… will anyone actually buy it?

Is there a very strong gut feeling you have a winner?

Even though I said above there needs to be a market for what you want to offer, sometimes your target audience isn’t ready for your offering yet or doesn’t even know they need it until you present it to them.

A perfect example was the iPod.

Steve Jobs knew in his gut this little music device would be life changing but there was no real market for the iPod when it was conceived. Of course we all know now just how transformative it was!

There are times you need to ignore the market research or beliefs of others and really trust you gut or intuition.

I’ve followed my instinct on several business ideas that people told me would never work in a million years, yet ended up making a lot of money and became well known brands in their industries.

It can happen for you as well.

Is the idea something you will stick with for 3–5 years?

Statistics prove that on average, it takes at least three years before a business becomes sustainable or profitable. Depending on the business it usually takes longer.

So if you don’t see yourself staying in the game long enough to achieve this milestone, you’ll probably want to reconsider investing in the idea.

The truth is fire-starters always burn out faster than fire-keepers, and unless your goal is building something quickly and turning it over to someone else, you’ll likely become bored and quit, thus wasting precious time and resources.

And while there are solopreneurs who hit financial stability earlier or who create a sellable business sooner, this is extremely rare. Keep that in mind.

Photo by Chandan Chaurasia on Unsplash

In the end I think what it all really boils down to is what feels right in your mind, heart, and soul.

You can do all the research, study all the experts, dig into the marketplace, and ask people what they think, but sometimes it’s just a very convincing feeling. You just know it’s going to work or believe you have to do it.

Follow your heart. That’s what matters.

Because if you don’t do it after feeling that way, you will definitely live with regrets and regrets are a hard bitch to get over. I’d rather deal with failures a thousand times over than hate myself for not doing what felt right.

If you’re struggling today to figure out what business idea to pursue, ask yourself those hard questions. Do the homework and dig deep into your soul for the answers. Then make a decision and then do it. #NoRegrets

Need some help? Feel free to reach out to me.