According to business coach Christy Wright, every idea has merit. If you’re uncertain about whether your concepts can evolve into a prosperous business, consider this method:
Take a clean sheet of paper and create a grid with six columns. Label the columns with six S’s: story, skills, strengths, situation, social, and solution. In the rows adjacent to your columns, jot down your ideas. Don’t hold back; write down as many as come to mind. If you’re experiencing difficulty, refer to the categories for inspiration.
After you’ve recorded all your ideas, start moving through the columns and place a check mark beside each idea that aligns with the criteria. If an idea only receives a check for one of the six S’s, it may not be your strongest option. Keep refining until you hone in on around five ideas that attract the highest number of check marks. These are the concepts that merit further investigation.
During her “Business Idea Boot Camp” seminar, Wright guides participants through this technique, providing feedback and then assessing the viability of the top ideas to see how they might fare in the marketplace. Here are six of her most valuable suggestions.
1. Story
Your story encompasses your history, the specifics, and the aspirations of your life that led you to this idea initially. Generate as many ideas from your past experiences as you can. For instance, if your grandmother passed on the finest gingerbread cookie recipe to you and you’re thinking of starting a bakery, you might be onto a winning concept.
2. Skills
This aspect is quite clear-cut. What qualifications or credentials do you possess? What does your educational history look like? If you haven’t finished high school or attended college, that’s alright. You don’t need an MBA to launch a side hustle. We’re aiming to leverage the skills and knowledge you already possess.
3. Strengths
You might naturally excel in painting or have a talent for interior decoration. If you find it difficult to pinpoint your strengths, consult your partner or a close friend. Often, we can be our own harshest critics and overlook our innate abilities.
4. Situation
This may not always yield a clear-cut answer, but it might. Perhaps a local bakery is closing down, allowing you to purchase all their equipment and supplies at a reduced rate. Or maybe with your youngest child heading off to college, this is simply the ideal moment for you to delve into a business venture.
5. Social
This category pertains to your interests. What activities do you delight in during your spare time? What would you continue to pursue even if there were no financial compensation? Be forthcoming with your responses here. While not every hobby will translate to a viable side business, it’s essential to consider all possibilities.
6. Solution
Apply your problem-solving ability to this section. Many of the world’s most thriving enterprises originated from identifying a solution to a commonplace issue.
