Are you struggling to decide which of your new startup concepts to commit to? Don’t worry, you’re not alone. Settling on a new business idea can be a long, confusing process.
You might have quite a few ideas to choose from, and it can be overwhelming with so many factors to consider, like budgets, marketing, practicality – the list goes on.
Narrowing Down Your Startup Ideas
As it is an important decision, you want to be sure you aren’t spreading yourself too thin. You want to be thinking clearly and identifying all perspectives, although it is easy to get stuck in a rut or lost in hypotheticals. To save your mind from becoming startup soup, try the following techniques:
1. Use Brainstorming Apps
News flash: it’s 2020. We are well beyond the days of using sticky notes and whiteboards to brainstorm for important projects. Try using brainstorming software to get a clear picture of your startup concepts. There are endless apps and websites out there designed for organizing ideas efficiently and effectively. Here’s some of the best:
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- Coggle : A brainstorming service popular for its colorful and friendly user interface, Coggle offers highly customizable mind maps and flow charts to help you turn a mess of ideas into a meaningful, connected web. It promotes collaboration with others and offers both free and paid versions depending on your needs.
- Braincat: This is a unique app in the beta stage of development that is designed to sort out ideas and teach you an effective method of thinking. It features a variety of question sets to boost creativity and help you think from multiple angles. At the end of your brainstorming session, Braincat produces outlines and mind maps of your information that can be easily exported and shared with others.
- Mindomo: This website offers a variety of interactive mind maps, outlines, charts, and concept maps for individual or collaborative use.
2. Analyze Each Business Idea
It’s essential to perform an in-depth analysis of a startup idea before you commit to it. Asking the tough questions will help you narrow down your ideas and rule out options that just aren’t practical. Consider all of the following in your analyses:
What is the business mission?
Identify a gap in the market that your startup would fill. Is the business model too broad? Business experts agree that successful companies have a narrow focus and provide excellence in one specific area.
Who is the target audience?
Who will benefit from your company’s product or service? Is it a large portion of the population or a specific, niche demographic? Typically, a balance of both is the most beneficial.
What makes your idea unique?
How is this startup different from other small businesses? The most successful startups have differentiation from the rest of the market.
What are the costs?
Create a basic budget plan to identify the major initial investment required for the business. Make it thorough – most people forget to factor in essential components like insurance, marketing, and SEO.
How will you fund it?
Identify potential funding sources and determine if the cost is in balance with the risk factor.
3. Get Objective Feedback
Even if you feel like you’ve produced the most in-depth and unbiased analysis possible, you are but one mind. It is essential to get an outside perspective, preferably more than one, on your business concepts. The best option is to hire a business consultant who can offer a professional and experienced opinion. However, there are a variety of free options you can try:
- Reddit: As the ultimate online forum collection, Reddit is known for honest responses due to its anonymous nature. Be wary of who is giving the advice when reading responses – asking for credentials never hurts.
- GrowthHub: This is an online community for professionals in marketing, service, sales, and other related industries. If you take the time to engage in the community then you will likely receive sound advice and insight from knowledgable sources.
- com: This site offers a variety of services to assist startups and small business owners, including a Q&A section where you can interact with other business thinkers.
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