The first step to making extra money, or starting a side hustle or business, is to have a plan! I have personally come up with ideas in the past that fell off quickly, simply because I should have never started it to begin with! I am going to take you through some questions to ask yourself when coming up with ideas, also provide you with a FREE spreadsheet below that will help you grade multiple ideas, and pick a winner!
Let’s dive in…
Multiple ideas are a good thing
Having multiple ideas is called brainstorming, nothing wrong with that! What is essential, is to weed out and find the ideas that give you the best potential to thrive. Some ideas at first glance may be what you want to run with, but it may not make the most sense. Perhaps the market or audience isn’t there for a topic, but you may be passionate about it, or maybe it’s the other way around! At any rate, the brainstorming step is important to get as many ideas out there as you can.
Do you enjoy the tasks that go with this topic?
Now this is very important, I will give you some examples of an idea that may not be good based on this question alone. When I started my DJ company years ago, what if I was terrified to be in front of people? Better yet, afraid of speaking on a mic in front of hundreds of people. Well, if that’s the case, starting a DJ business, wouldn’t be the answer for me, even if the Wedding market was and is booming. Maybe you want to be like everyone else online and start a “blogging” business, again, if you hate writing or computers, it’s a bad idea.
I like telling people to give it the “10 YEAR TEST”; can you see yourself doing this business in 10 years? If the answer is yes, that is a good start!
Market potential (Keyword research)
So you like the tasks that go along with your idea, so it is a solid idea, right? Well, maybe, now we need to see if there is a market out there, also is there too much of a market out there. Maybe you want to start a blog or business about health and fitness. The only problem with this is how broad it is! Health and fitness is one of the most profitable, but crowded markets. There is a heavy search volume for it, but much more noise and content around this topic. Let’s add a little more to this and say that we want to do a blog about Health and fitness for Dad’s in the “very busy” business industry.
See what we have done? We have narrowed it down further so that we have a market segment we can compete with. The other benefit to this is a very big advantage. If I am a “busy Dad in business” and I come across this topic (blog) somewhere, I will instantly be attracted to it and think, “wow this is for me”.
Just be careful not to go too far! For instance; Health and fitness for busy Dad’s in business that are 30-35 in Florida. If you are aiming to go that specific, again, that can be good for attracting only the right people, but I have eliminated many people by being that specific.
The most important thing to remember in this idea stage is that it doesn’t have to be perfect! You have to take action. You can always adjust the topic, demographic, or idea for products later on.