Adventures in Business: Searching for the right idea

Last week I wrote about the business lessons I’ve learned in the past year while operating my Etsy shop. If you’ve read it, you know that I learned a lot, and althought my first attempts in business were not a big success, I’m not ready to give up yet. As I’m typing this, reruns of Oprah are running on tv in the backround. I really liked one of the things she said in one of her shows.

“If you know better, you do better” - Oprah Winfrey

I couldn’t agree more. I think all the experiences in our life teach us to know better and to do better. For me, the only way I could do that is to go back to the drawing board.

For the last month I’ve been searching for the right idea. I started analyzing my business and discovered that my current business model is not working for me. I’m no able to produce as much as I’d need to make a profit and keep my store stocked. So, I had to find a new idea that would still entail all the principals of production that were so important to me, and would still excite and motivate me to make it happen. Now that I’ve finally come to a solution that works for me, I’m ready to share some tips that really helped me.

1. Start with an open mind and a notebook. Write down all the ideas you have, be they good or bad, inspiring or not at first. Don’t critize! Write every single idea that comes to mind.

2. Take your best pick. Narrow down the list. I removed the things that didn’t excite me or I didn’t see myself doing in the longrun. Then all the things that didn’t meet my values and principles. Then all the things that weren’t sustainable as a business model. You get the picture.

3. Imagine your dream life and business. For me, that was a part-time business, which enables me to focus on my studies, but also lets me channel my hobbies and creativity into a business that would support my studies. Then I looked at my list again and thought about which of these ideas would help me do that.

4. Pick your top 3 ideas and run the numbers. I think an important part of the process is testing your ideas. Are they viable as a business? Could they provide the living you need? Is there a demand for this type of product/service? Essntially, you are creating a mini business plan for your top 3 ideas, which helps you pick the best one.

5. Listen to your heart. It sounds like a cliche, but, it’s so important to be completely in love with your business idea, to be over the moon excited about making it a reality. So, if the best idea considering the numbers is not it, choose the one that is. You can always improve your business and the numbers, but you have to have the passion from the start.

6. And finally, take your time. All of these steps don’t have to be done in one afternoon. Give yourself time to think about the ideas. Did you know that your brain processes problems even when you’re not thinking about them? Well, give your brain time to process, and you’ll thank it later.

Are any of you starting a business right now or already running one? Do you have useful tips to add to the list above? Leave your thought below! I appreciate every one of them, and I'm sure other readers will, too.