Today I am answering a question from a listener who has multiple business ideas but doesn't know which one to pursue. In today's episode, I'm sharing how I've used the wrong ideas in the past and reveal the 6-step process I now follow when making decisions.

– Why unique ideas are not always the best ideas—or what people actually want.
– Why starting with the market you intend to sell to and brainstorming (their problems and solutions) is the first step.
– The power of 1:1 client research to gain insight into their problems and what they need.
– The importance of brainstorming for potential solutions to their most pressing problems.
– Why testing your idea is a crucial step in the decision-making process.

Have a question you’d like me to answer on the show? Write in with your question at https://stephtaylor.co/asksteph

Ask Steph: How to Choose Between Multiple Business Ideas

In this episode of “Ask Steph,” I address a common dilemma: having multiple business ideas but not knowing which one to pursue. This question was submitted anonymously, but it's a situation many aspiring entrepreneurs find themselves in. Here's my approach to making this crucial decision, based on my personal experience and professional insights.

A Tale of My Early Business Struggles

A few months after I quit my corporate job, I found myself in a small two-bedroom apartment, surrounded by stacks of shipping boxes. Despite having 20,000 Instagram followers, I struggled to sell more than 100 products a month, each yielding a mere £5 profit. My efforts in Facebook ads and website design didn't translate to increased sales. I realised that this physical product business model was flawed and unsustainable, leading me to close it after a year.

Lessons Learned

1. Business Model and Market Fit: My first business failed because the expenses per unit were too high, and the market size in Australia wasn't sufficient to achieve the necessary scale for profitability.
2. Problem-Solving Over Unique Ideas: Success isn't about having a unique idea but about solving a specific problem for a target audience.

My Process for Choosing Business Ideas

Step 1: Start with the Market

Begin with the audience you want to serve. Identify their problems and needs without thinking about the solutions initially. Brainstorm and list out all potential issues they face.

Step 2: Conduct Research

Arrange Zoom calls with people in your target audience to gain deeper insights into their most pressing problems. Surveys can provide high-level data, but one-on-one conversations reveal detailed, actionable insights.

Step 3: Brainstorm Solutions

Based on your research, brainstorm potential solutions to the most pressing problems. Determine if you have the skills to solve these issues or if you can bring in experts to assist.

Step 4: Choose One Idea to Test

Select an idea to test based on the following criteria:

• Ease of Testing: Choose the idea that can be tested with minimal effort and resources.
• Urgency of Problem: Prioritise ideas that address the most urgent problems for your audience.
• Desire to Deliver: Ensure the idea aligns with what you enjoy doing.
• Vision, Skills, and Market Fit: Assess if the idea aligns with your vision, leverages your skills, and meets market demand.

Step 5: Test the Minimum Viable Version

Launch a minimum viable version of your idea to test its viability. For instance, offer a live workshop instead of a full online course. Validate demand before investing significant time and resources.

Step 6: Refine and Scale

If the test is successful, refine the product based on feedback and start scaling. If it fails, analyse why and decide whether to tweak the idea or move on to the next one.

The Importance of Testing and Iteration

Successful businesses often go through numerous iterations and tests before finding the right formula. The process of experimenting and eliminating what doesn't work is crucial to discovering what does.

Final Thoughts

Choosing between multiple business ideas requires a systematic approach focused on understanding and solving your audience's problems. By following these steps, you can make informed decisions and increase your chances of success.

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