If you’re like me you’ve got a new idea every 5 minutes. But the truth is, not all ideas are worth pursuing.
There will be some good ones and heaps of really really, bad ones.
So… how do you know what’s good or bad?
Is this a Good Idea or Not?“
Ask yourself… Will it fly?”Pat Flynn
You NEED to know if your idea has any chance of taking off.
I have a bit of a process that I work through before I go any further with an idea. I’ll share it with you now!
Stage 1 – The Idea
- What’s your reasons for starting a business?
- Are you able to commit long-term to the idea
- Does explaining it to somebody objective make sense
- Does it have a commercial side
I’ll explain those points in detail here.
What are you doing this for?
Does it fit with your long term goals?
These are important questions, because if you’re going to do something, you need to do it right. You want to be around for the long haul.
An online business is a long term game, where most of the work is done upfront, so you have more to lose if you get it wrong.
You don’t want to get half way through your new idea, only to discover it’s not what you want to do. Or worse! doesn’t make any money.
The next question is:
Do you have time for this now?
Can you commit, right now, to a long term project for at least 3-5 years
Important: if you already have a bunch of things you’re already doing, then you need to slow down.
An online business it a long term project, not a get rich quick scheme.
Ask yourself the first question again. (What are you doing this for?) Then, finish the things you are working on right now, before starting something new.
If you clear these two questions, the next step would be to tell somebody.
Tell someone about your idea… out LOUD!
Yes, you are reading this correctly.
Telling someone about your idea is really important. Try to explain it to somebody. Sometimes you will quickly realise it makes no sense.
Better still, write your idea down on a piece of paper. Don’t type it somewhere like a note on your phone. Use a good o’l piece of paper.
Carry it around with you. When you meet people, ask them what they think of your idea.
More than likely your idea will change as you get more feedback.
By now 90% of my ideas have blown up and gone down in flames. Crashed and burned Baby!
Check your idea for commercial potential
“A website is a marketing channel, where we put a funnel in back to siphon off the cash.”
Keep in mind the goal is to build a profitable business. Not just a website.
So, NOW the question is…. Will it make money?
Here’s my filter for the best chance of making a buck.
Are you alone with your Idea?
“Is there already somebody/anybody doing it?”
That’s a great check. And I’m very strict with it.
If no one is doing it, there must be a reason! Usually it’s not profitable.
Or the other reason is, you’re the first with a new idea. And again, not ideal for me.
So, if there’s competition, it’s a good thing.
Is a potential competitor doing advertising?
A competitor is proof your idea CAN work
I like to see a competitor for my new idea. I get even more excited if there is a competitor doing Google advertisements. If there’s ad’s, there’s money.
Generally if there’s no competition or no one advertising I’d actually move on to the next idea.
Otherwise Boom! You now have that idea!
If your just starting out, it might be worth having a list of 2-3 of these ideas, because your not finished yet.
We need to take these ideas to Stage 2 of the project. Research!
Loads of boring, but necessary research. More about that in the next post.
If you have any questions, just leave a comment through the contact form. I will leave a reply here is the post, so it can benefit everybody.