CHAPTER 2
Laying Out Your Business Idea

Make your ideas happen.

#CLEVERGIRLSKNOW

WHAT'S IT GONNA BE? BRAINSTORMING YOUR BUSINESS IDEAS

One of the most common comments I hear from aspiring business owners is, "I want to start a side hustle but I'm not sure what to start," or, "I want to grow my business but I'm all out of ideas." Well, every great business starts and grows with ideas, so now we are going to talk about brainstorming your business ideas to help inspire you on your journey. Perhaps you haven't quite figured out what type of side hustle you want to start, or you are trying to come up with new ideas to grow your existing business. Either way, you'll need to learn how to brainstorm effectively.

You've probably had a ton of different business ideas pass through your mind over the years. If you've ever seen a product or service and thought to yourself, "I had that idea first!" well, so have I! There are so many things I see every now and then that I know I definitely thought about as an idea, even if it was for a fleeting moment. (Excuse me while I shed a tear for all the times I could have been a billionaire if only I had pursued the idea.sigh.)

As human beings, what typically happens when an idea comes to mind is:

1. We embrace it and decide to pursue it.
2. We decide we aren't passionate enough about it to pursue it.
3. We almost immediately come up with excuses as to why we can't do it and quickly dismiss it before we even give it a chance. It's too hard, someone else is already doing it, it's too complicated, I don't have the right skill set, I don't have time, and so on.

The truth is, ideas come a dime a dozen, and the only ones that really count are the ones you actually pay attention to, pursue, and try out. This means, if we never made the effort to pursue an idea, we can't cry over what we didn't accomplish because we didn't do anything in the first place. (Excuse me again, while I check myself for those wasted tears I just shed!)

Ideas can come to you randomly, like getting an "aha moment" on how to solve a problem you constantly face but could never find a good solution for. They can come to you in the shower or while you are exercising-two scenarios when you have fewer distractions so your mind has a greater opportunity to get creative. Your ideas can come to you from thinking about the talents and passions you have, or from someone else bringing a problem or opportunity to your attention, or from sitting down for an intentional brainstorming session.

I can relate to all of the above. For me personally, my best ideas come to me in the shower when I'm belting it out loud, completely out of tune, and feeling super-relaxed (Ding! Ding! Ding! That's how the name "Clever Girl Finance" came about!), from my girlfriends telling me, "Hey, girl, you should try out XYZ," and from making time for those aforementioned intentional brainstorming sessions (which I'll cover more in a minute).

One thing to keep in mind is that your business ideas don't have to be tied to your passions. Yes, in many instances, this is the case, and it's great to pursue your passions-but it's also perfectly fine to start a business if it's tied to your skillset or past experiences or if you simply have an interest in it. What's even more important than passion is commitment: having the determination and follow-through to do what it takes to make your business successful.

Once you've put yourself in the mental space where you are ready to start or scale your side hustle, start listening to your flashes of inspiration. Anytime a random idea comes to you, write it down. Even if you don't act on it right away, writing it down will put it on your list of contenders that you can revisit and explore in more detail later on. No matter how long it takes you to get back to these ideas, writing them down is key. I've forgotten so many ideas I've had simply because I didn't write them down. So now, I make sure that whenever an idea comes to me, I write it down, and when I revisit it later, I'm always glad I made a note of it.

How to Intentionally Brainstorm Your Business Ideas

When it comes to brainstorming and fleshing out your business ideas, it's all about ensuring you do it effectively so you can ensure you've done your due diligence before deciding whether to pursue the ideas. Here are a few key steps to help you get started:

• Start by compiling your idea list. You may already have one started, but if not, try to look back through your memories and experiences for any past ideas you've thought of. It's okay for them to be very simple at this stage; you'll make them more detailed as you go through the rest of the brainstorming steps below.
• Go down your idea list one by one. It's a good idea to brainstorm your ideas one by one so you can stay focused without getting confused or overwhelmed. If you haven't already, clearly describe what your ideas are and then select one to brainstorm first before moving on to other ideas.
• Make time. Making time to brainstorm is just as important as making time to actually work on your side hustle. You may only need a single session, or you might need a series of sessions to really get clear on your idea. Take as much time as you need until you feel confident about your idea. Be sure to choose a location with minimal distractions. Get your paper, notebook, or whiteboard. Turn off your phone, get your cup of tea or coffee, light your scented candle. Essentially, create a brainstorming environment where you'll feel most creative.
• Ask yourself questions. Asking questions helps you develop your ideas. Why are you interested in or passionate about this idea? What is the real problem you've identified? How does your initial idea help solve it? Who is your target market? What will you need to execute your idea? Questions like this will really help you get clear on whether or not your idea is something you want to follow through with. If you do decide to pursue the idea, the answers to all of these questions will play a part in the business plan you'll create.
• Do initial research and look at real-life examples. Thanks to the internet, you can pretty much find examples of anything and everything. So, type your business ideas into Google search to see what related solutions are (or aren't) already out there. This simple exercise could even lead you to a fresh set of ideas.
• Ask for feedback. As you fine-tune your idea, don't be shy to ask your friends and family for feedback. I will, however, caution against only seeking feedback from friends and family who you know will see your vision and support you. While these types of friends and family may be eager to give you feedback, be mindful of the fact that their feedback might be biased because they love you and may not want to hurt your feelings. One way to get around this is to simply say you are asking for a friend! Unless you give it away, this approach typically works well. (It also filters out the people who might just be negative because they don't want to see you succeed.) You can also ask your potential future customers or clients what they think of your idea.
• Take a break, and then revisit your idea. Once you've done your initial brainstorming, take a break and come back to review it later. By stepping away and clearing your mind for a while, you might come back to it with some fresh insights or different perspectives that could help you improve your idea.

As you brainstorm, your ideas will become clearer and you'll get a sense of necessary next steps and decisions to make. You can brainstorm solo or with a friend or business partner. Ultimately, your goal is to gain clarity and direction.

Examples of Business Ideas and Popular Niches

Since we are on the topic of ideas, here are some examples of business ideas that can be executed regardless of the industry or niche you are focused on:

• Create and sell physical products or services, e.g., by starting an ecommerce website or opening a brick-and-mortar store.
• Create and sell digital products online, e.g., books, guides, courses, etc.
• Coach, teach, or consult for a fee based on a skill set or expertise you have (credentials may be required depending on the field).
• Become an affiliate for a reputable product or service and get commissions on sales you refer (no pyramid schemes, please!)

In addition, some of the most popular niches to start a side hustle include:

• Health and wellness (e.g., fitness, nutrition)
• Food and beverage (e.g., baking, catering)
• Technology services (e.g., website development, graphic design)
• Beauty and style (e.g., skincare, makeup, hair products, fashion)
• Personal improvement and education (e.g., coaching, consulting, teaching, speaking)

Niches that are typically recession-proof during economic downturns, especially when focused on staples rather than optional luxuries, include:

• Technology and...