The 3 Part Framework for Deciding Which Business to Start

Last night I had the opportunity to co-host a Hot Seat webinar and the participant was a talented 16 year old named Andrew.

The Hot Seat is a brainstorming session to help the participant determine how to cut through the clutter of all the business options available to them and take action.

Most participants come with a variety of interests and options and they’re struggling with which business opportunity to pursue.

Sound familiar at all?

We live in the most incredible time to be an entrepreneur. The opportunities seem endless and they kinda are. I’m amazed at all the ways people are earning income online – from selling physical products on online platforms like Amazon and eBay to selling information through books and online courses to coaching and consulting, and much more.

I even interviewed a guy on my podcast that is making money from his love of paper airplanes! (Click here for that episode).

There has never been an easier time to start and build a business. In most cases you can test an idea for very little or even no money. There’s virtually no risk.

Andrew is testing out a variety of things – selling on eBay, making and selling custom pens, and creating CGI graphics. He has the luxury of not needing to make a lot of money so he can test various things all at the same time.

But what if you’re not 16 and need to make a decision on which business model to pursue?

Darren Hardy, the founder of Success Magazine, has a 3 part framework to assess your options. It’s FEP – Fast, Easy and Profitable.

Imagine a scale on which you weigh each opportunity.

Which one is the fastest to get going?

Which one is the easiest to start?

Which one looks to have the most profit potential?

Whichever one scores the highest in each category is the one to pursue first.

Sometimes you also need someone to bounce an idea off of. I’m happy to be that person for you. Feel free to email me at [email protected].

Whatever you do, don’t just stare at your options and do nothing. Take action. Be like Andrew....try something.

I’m here to help.