CLASSROOM: Deciding on an Idea

Notes from Chris

Episode 1122

Welcome to the weekly Classroom segment! Last week we talked about different categories of side hustles, specifically identifying the difference between products and services. Before that we looked at where moneymaking ideas come from.

What if you have a lot of ideas? It might sound like a good problem to have ... but of course it’s still a problem, especially if the presence of so many ideas prevents you from making decisions and focusing.

Side Hustle School is designed for busy people who don’t have a lot of time, so if you identify with that description, you know it’s not possible for you to take action on all your ideas.

So … what do you do?

Today I’ll show you a tool I’ve used and recommended for years. I first wrote about it in the book SIDE HUSTLE—so if you’ve read it thereof if you’ve heard me talk about this before, I’ll use all new examples here to keep it fresh.

Here’s how it works…

When you’re starting out, you might struggle with ideas. In the long-term, though, being able to identify potential ideas is rarely a problem. Side hustle success comes from making ideas happen!

In fact, you’ll often have more ideas than you can handle. What do you do if you have two or three different ideas? Should you try them all at once? Should you only pick one?

First, here is some general, all-purpose advice in two parts.

• 1) Get clear on your goals! Make money soon, build an asset, explore a different creative skill? Your idea should connect directly to your goals. For example: long-term mission is different from pay off debt.
• 2) Remove the pressure from the decision. You’re not selecting an idea forever. You’re selecting the right idea for you now.

Next, at the workshops I taught a while back, we used a tool called the Side Hustle Selector. I’m going to show you a stripped-down version here.

When you have more than one idea, consider three variables:

• Feasibility - How confident are you in the ability to begin turning the idea into action in a short period of time?
• Profitability - How confident are you in the potential to make money from this idea, also in a short period of time?
• Motivation - How excited are you about this idea?

If you have two or more ideas, see how they rank in each of these categories.

• * It’s okay to estimate if you’re not sure, this is all about making a back-of-the-napkin evaluation.
• * Looking at the data can often help you decide between competing ideas, or at the very least, reduce the number of options you’re considering.
• * If they’re truly equal, well, just pick one!

In the episode, I’ll give you an example of how this works in the real world, and then an assignment for you to apply this to your own ideas.

Listen to today's Classroom episode to learn more...

 

---

 

THIS WEEK’S ASSIGNMENT:

Pare down your list of ideas by ranking them with the Side Hustle Selector. Eliminate any that aren’t a good fit, and make a decision on which idea you’re going to work on first.

---

 

Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,