No idea is a bad idea, says business coach Christy Wright. If you're struggling to figure out if your ideas can become a successful YouEconomy business, try this exercise:
On a blank sheet of paper, draw a six-column grid. At the top of the columns, fill in six S's:History, Skills, Strengths, Situation, Social, and Solution. In the rows to the left of your columns, list your ideas. Now is not the time to be picky; list as many as you can think of. If you're having trouble, use the categories as a guide.
Once you have all of your ideas on paper, start working in the columns and checkmark next to each idea that matches the parameters. If an idea only checks one of the six S's, it's probably not your best bet. Continue this process until you narrow it down to about five ideas that have the most ticks. These are the ones worth exploring.
Related: Christy Wright's Top Tips for Starting a YouEconomy Business
At her Business Idea Boot Camp seminar, Wright walks participants through this process, providing feedback and then executing the best ideas through a test viability to determine their performance in the market.
1. Story
It was your background, the details of your life that first attracted you to this idea. Brainstorm as many ideas as you can from your background. For example, if your grandmother passed down the best gingerbread cookie recipe, then you might be onto something.
2. Skills
It's quite simple. What certifications or credentials do you have? What is your field of study? If you haven't finished high school or attended college, don't worry. Starting a side-gig does not require an MBA. We seek to bring what you already have to market.
3. Strengths
Perhaps you are a natural painter or have an eye for interior design. If you have trouble identifying your strengths, ask your spouse or a close friend. Sometimes we're too hard on ourselves and don't see the things we're naturally good at.
4. Situation
This might not always have an answer, but it could. Maybe a local bakery is closing and you can buy all of their equipment and supplies at wholesale prices. Or maybe your youngest child has just left college and it's just the right time in your life to explore a business opportunity.
5. Social
This category is for your entertainment. What do you like to do in your spare time? What would you continue to do even if you were never paid to do it? Be generous with your answers here. Again, not every hobby holds promise for a side gig, but it's important to explore every opportunity.
6. Solution
Bring your problem-solving skills to this one. Some of the most successful companies in the world started by finding a solution to a daily problem.
