So you have your list of possible business ideas, based on a personal inventory of your interests, strengths and passions. And you’ve created your personal mission, vision and goals, summing up what you want out of life. It’s finally time to start narrowing down your list of business ideas to come up with “the one” that best fits all your personal needs and wants.
Creating Your Business Ideas Matrix
Your Business Ideas Matrix compares all of your business ideas against each other with regard to how well they each satisfy and support your personal mission, vision and goals… as well as how they may detract or deter from your ideal life.
Refer back to your answers on the worksheets from Part 1: Research to fill in your Business Ideas Matrix worksheet. We’ll be placing the positive aspects into the “Oh Yeah!” column, and the negative aspects into the “Oh No!” column. Then we’ll look at a few different ways to minimize the Oh No!’s, followed by scoring each business idea to come up with a clear front-runner.
Take some time to really think about your results, especially looking at the sorts of activities that make the hours fly by – and the ones that leave you procrastinating and ashamed of doing so.
These are valuable indicators of what’s going on with you at a deep, base level, and where your greatest – and weakest – skills and interests lie.
Case Study: “Burned to a crisp”
Karen D. had worked for years at a large Call Center, and “burned to a crisp” listening to customer complaints all day. She decided to work from home as a Virtual Assistant instead. Being highly organized with a strong ability to multi-task, she set up shop quickly and put her formidable energy into acquiring clients. However, after an exciting start, she “suddenly ended up” specializing in Help Desk customer service, and was horrified to realize she was right back where she started – dealing with customer complaints and frustrated, angry people; mostly via Live Chat.
She restructured her business based on what she most liked – not what she thought she had the most experience in. She realized that management and team building were her major motivation and source of satisfaction in almost every job she had ever undertaken in a twenty-two year range of job experience. It was her “common denominator.”
Based on that realization, she changed her business model slightly and leveraged the business she had already built up online: Instead of getting rid of her clients, she outsourced the work to other VAs for less than the clients were paying and built up a strong, highly-motivated team.
Karen ended up making a comfortable profit without ever having to man another live Help Desk line. Instead, she focused all her energy on managing her business and creating a “dream team,” rather than trying to perform every task herself. Because she understood her business so well, she was able to tap into what clients really needed, and within two years was making more than she ever had in her previous twenty-two years in the workplace.
Starting A Business 1-2-3
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