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If you’re a creator or a multi-passionate person, you have too many business ideas, and you don’t know what to choose, it can cause a lot of confusion and overwhelm, and we end up staying stuck.
We’re living in a time where we have the opportunity to create pretty much any business we want, especially a business that is totally unique to you Here’s how to choose a business when you have too many ideas…
Pros And Cons Of Multiple Businesses
So much business advice tells us to pick one idea and focus on it. As multi-passionate, we can resist this for a long time.
You’re afraid you will miss out on something else if you have to pick one thing.
Or, if you pick one thing, you’ll be locked into something forever, and what if the love and passion for it wear off. Then what do you do?
Either way, you don’t want to restrict yourself. As a result, we often end up standing still or going around in circles.
We might try to build multiple businesses and focus our energy on different things that we enjoy and gives us variety.
There are some up-sides, or pros to creating multiple businesses. It gives us variety, allows us to build different skills, expertise and interests, and spreads the risk. However, you will likely be making less money, the growth of each business will be slower, and life will be more chaotic.
When we try to create multiple things at once, we start to get momentum in one business. Then we shift our focus to the second, and the momentum from the first drops.
Then we get momentum in the second, and we shift back to the first.
Only, we’ve gone back a few steps and have to redo what we’ve already done. Meanwhile, the momentum we created in our second business has dropped again.
So we’re putting in all this effort, only we’re taking two steps forward and one step back.
We spread our energy too thin when we don’t get specific and focused.
How To Choose A Multi-Passionate Business
A muti-passionate with a successful business chooses one thing to build, then the next, then the next.
That’s how you be multi-passionate in business.
You don’t try to build seven things at once.
The thing to remember is, that you’re not picking one thing for eternity. You’re just picking one thing for now.
01 | Make a List
The first thing to do is brainstorm every possible business idea you have.
At this stage, don’t censor or critique. This step is not about determining if an idea will be profitable or enjoyable. It’s about getting it down on paper.
Regarding ideas, try to flesh out each item, not just as something you enjoy, but as what the business could be.
For example, if you’re passionate about fashion, there are several very different businesses you could create out of this. You could create a physical retail store, create an online fashion store, provide a styling service, or an online fashion review bog. Go as broad as you can with as many different variations of business options for each theme or area of interest you have.
02 | Refine By Type
Next, we’re going to narrow down your ideas to the type of business they are.
Identify each business idea as mainly selling physical goods, digital goods or services.
- Physical goods (tangible) – These are products that are physical, and you can hold and touch. You either make these products yourself or purchase them from someone else, and distribute them. They can be sold online or offline with a physical shop presence.
- Digital products or services (intangible) – These are digital or electrical products that can be sold wholly online, so you’re not handling anything. They may include e-books, education programs, downloadable music or videos, ongoing digital subscriptions, software, mobile apps, or digital photos.
- Services (intangible) – These services that require human effort to do work for someone. They rely on a certain level of expertise or exchange of time or knowledge for money.
- They could include professional services such as accounting, coaching or legal services, or services such as cleaning, building or trades.
- Traditionally these are provided offline and face-to-face with your clients, such as a doctor, plumber or electrician.
- Alternatively, with the global online network, we now have, more and more services can be provided remotely or online, using email, zoom or other software for communication. As a services provider, it is now easier to provide your services from anywhere to anyone in the world.
Some may have a combination. For example, a restaurant or retail shop provides physical goods and services. Or, you might want to provide online coaching services as well as face-to-face workshops.
Think about how you might create one area of expertise or interest as different types of business. Use this part of the process to both refine by type and expand your possibilities and options.
03 | Narrow Down By Preference
Now, go through a process to narrow down your ideas.
Cross out the ones that:
- Are money-makers, but you’re not passionate about them. You may have some skills or knowledge in these areas, you know you could do them, and they will make money, but you’re not excited or inspired about the idea.
- You have no knowledge or expertise in. You’re kind of interested and know it could make money. Still, you’ll have to start from scratch with a new qualification, study, or just build a new set of skills. This is something that will take a long time to get going.
- You will get bored with it. These are the ones you know will make money, and you have skills in, but you don’t even have a real passion for them at this stage. this could be a career you’ve been working in. If you’re tired of it, the last thing you want to do is try to build your own business in this area. If you don’t love it now, you will never be able to focus and work consistently on it.
- People won’t pay for it. Start to get objective about the things that might just be a hobby or people will not pay money for. If you’re not sure and you’re super passionate about it, keep it on your list but flag it to do some research later on.
04 | Rank By Enjoyment
Now, rewrite the ones you have in a new list, but score or rank them in order of what you enjoy the most. Don’t just pick the good ideas or the most profitable ones.
Once you have a shortlist of two or three, you could take some time to write out the perfect work day. Consider all the activities you would need to do in this business daily and how much you enjoy each activity. Or how you could do it in a way you do enjoy.
Make sure you consider all the activities associated with these things in the sense of business. Consider the things that you like doing. Think about what will take the most ongoing time and effort in the business and whether there are any that you say a definite no to. And remember, this is not about narrowing down because there are things about business you don’t know yet. Or you’re not sure how certain things will work. It’s about the things you don’t want to be doing that are the primary process of a particular business.
05 | Pick One, Commit, Set A Goal And Get Started
Now it’s time to pick one business idea, commit to going all in and run with it.
- If there’s something you could do right now, what would it be?
- If you care about money, then which one will make money faster?
- If you don’t care about money right now, build what you love the most.
Look for your answer in the overall in the top 2 or 3.
After I went through a process like this, I chose this business providing digital products and online services around personal development, spirituality and online business. These are subjects I am passionate about, and they integrate, and the online process uses a tonne of skills I enjoy. During the process, I narrowed down and removed things I was skilled in and could have created a business in but no longer have a driving passion for. Had I chosen them, there is no way I would have been inspired to make them work.
What About The Other Ideas?
So what about the other ideas?
Set yourself up a notebook or a page in an online app and start writing all your ideas down. Continue to add any more that come to you over time.
But for now, it’s time to find someone you can learn from who has already created a similar business to yours. A mentor.
Start talking to 100 potential customers or clients who want what you want to create. Create conversations with them to find out what they want, what they will pay for and how you can help.
And build your audience.
Set a goal. When you have $X or X clients, your business runs smoothly and only requires ongoing maintenance. At that time, you can start to outsource your work and pursue another idea. Either in or out of business. There’s plenty of time.
The only way you’ll get moving in creating your own business is to pick one and get moving.
If it turns out it’s not quite the right business for you, that’s ok. You’ll still learn heaps about business and yourself for when you finally find your purpose-led business.
The choice is yours…
…Liz Watt