Having multiple business ideas is a very common situation that many new and experienced entrepreneurs face quite often. It is a natural occurrence because entrepreneurs tend to be ambitious people who want to do many things. The trick, of course, is to know how to handle this situation correctly.
I'll cover this in detail in the rest of this article, but to give you a small hint, the general rule of thumb is that you must ultimately pick just one business idea. You decide on which idea is best by doing proper business planning, and you go with the business idea that has the best potential, and you are happiest about.
The truth is, that in almost all cases, to make your business a success, you have to choose only one idea, and put all your effort into it. You will find that even if you put all your effort into it, it will still be very difficult. So the more you focus on the single idea, the greater your chances of success will be.
There are a number of criteria that can help you choose which idea is the best to go after. One of the most important ones is your natural instinct (sometimes referred to as the gut reaction). Which of your ideas do you feel would be better?
Being passionate, or very interested in a particular field can give you a very big advantage when you are pursuing your business idea in that area. Being interested in the subject matter will keep you moving forward through the difficult times and the many business challenges you will face along the way. It will also enable you to represent your company in a more natural way because you will be more at home in that environment.
Another practical point to consider is which of the business ideas you can actually do successfully. For example, if one of your ideas requires $100,000 to start, and the other idea requires $5,000 and you have never raised money before, the $5,000 idea may seem more attractive because it is more feasible.
Similarly, if you are not experienced with technology, but one of the ideas requires proficiency in technology, that may be a yellow flag that this is possibly not the right business idea for you unless you can partner with someone who is proficient in technology.
If you have professional experience in a particular field, pursuing a business in that field, can give you a number of advantages because you can leverage the knowledge and experience that you have gathered over the years.
And of course, the opposite of that would be pursuing a business in an area in which you have little or no experience. If you do that, then the first 6-12 months will be largely very expensive learning on your part. And that is something to consider avoiding. For more on how to tell which business idea is best out of many business ideas that you have to choose from, check out my tutorial on business idea validation and on market validation.
If you do not have much experience in the field of one or more of your ideas, it is a good idea to slow down and do some proper business planning and research. Finding potential problems and pitfalls at the planning stage is much cheaper than to run into those pitfalls when you are going full speed and executing your business. The things to plan for are the monetization strategy, understanding of expenses, and understanding of how to build a competitive product within that niche. Also, it takes time to get to understand the precise needs of your target market and what the consumption patterns of your target users are. And last but not least is your marketing plan. You must understand very well how to effectively market to your target consumers.
Here is a video on how to properly plan your business before you start.
The reason you have not been able to choose which business idea to focus on is because you are finding it to be a difficult choice. In this case, a business coach might be able to help you because he or she can bring a fair outside perspective to help you evaluate the situation. A business coach is also good because he or she has a significant amount of experience with businesses of all kinds. If you would like to get my opinion, and have me help you choose which idea to pursue, I can help you with that. Here is a page that explains how you can hire me as a business coach.
If you would like to learn more from me about business ideas and starting a business, there are a few options. First, here is a page with discounts for many of my Udemy courses. The courses are mostly video. If you prefer learning from books, check out all my business and marketing books including my business plan book.
In general, the good-practice things to do are to narrow your ideas down to one idea you are most passionate about, are able to execute, and that has least risk to you. Additionally, if you are trying to do market testing for your ideas and are concerned about someone taking your ideas, we have a full article dedicated to the topic of protecting business ideas.
Article by Alex Genadinik