So, you’ve got this epic idea… or a lot of epic ideas, and you’re not quite sure which one to pick. Don’t worry, you’re not alone at all. Many startup owners face this exact dilemma. Even experienced entrepreneurs sometimes get caught up in the hoopla of picking their next product or service venture. If you are indecisive and find yourself stuck in a rut, not knowing how to choose your next business idea, here are 7 creative ways to help you select the right choice.
1. Luck of the Draw
1. Write down all of your prospective business or product ideas on small pieces of paper. Put them in a hat or bowl and pull one! Commit to sticking to whichever one you actually draw and go for it!
2. Run an Online Survey
Don’t over-think this! Ask other people to think for you :). Running an online survey can be a great idea to gain insight on what others think about your potentially new product or service. Choose the option with the highest votes and you’re on your way to getting the ball rolling.
3. Flip a Coin
So simple, yet so effective, this option works well if you have 2 choices that are neck and neck. Get a coin, each side represents a startup idea. Flip it and see where it lands!
4. Let Employees Pick
If you own a larger company and you’re trying to figure out what your next great product idea will be, consider putting all of your ideas out there and letting your staff choose which one they like the best. After all, they will be the primary personnel working to promote and sell your product. You can send around a questionnaire or even post a whiteboard in a common area like the break room and let everyone vote on which idea they like the best.
5. Social Media Poll
Whether on Facebook, Instagram, or YouTube, ask your friends and followers which idea they like the most. This works surprisingly well for startup owners in the food and beverage industry. Thinking about releasing a new flavor cupcake or trying to pick a name for an exciting beer brew? This poll solves your indecisive issue via the popular opinions of people who might actually be your clients. After you ask your social media audience, go through each comment and tally up those votes- the highest one wins!
6. Battle it Out
Narrow down your top two business ideas… I know this can be challenging! After you’ve picked the best two ideas host a game of chest or checkers, you can also host a video game battle. Play one on one with a friend or family member, or form two teams if you have employees. Each side represents a business idea, whichever side wins is your next business idea!
7. Profit Meter
Choosing a startup idea by popularity is one fun option, but a more practical way to do this may be to pick your next business endeavor by its potential profit. How does this work? Doing market research, find out which idea (out of all the ones that you have) has the highest projection of income. At the end of your findings, choose whichever startup idea has the best potential to make you the most moolah.