The 15-Point Guide to Picking Your Next Business Idea

Hey founders!

It’s the end of Q3 and we can’t believe it 🫨

And with a new quarter (and new year) just around the corner, let’s talk about something we all face: shiny object syndrome.

You know the feeling… every week, there's a new idea that seems like the one. 

It’s exciting, it’s new. But here’s the truth: chasing every idea that pops up is exhausting. 

It will lead to burnout, wasted time, and businesses that never really take off. 

That’s why it’s so important to have a system in place to evaluate those ideas. Something that balances your passion with some good ol’ logic.

So today, we’re diving into something that can help you do just that — a 15-point checklist that will help you filter through ideas and focus on the ones that have real potential.

Ready? Let’s do it!

You NEED a Checklist

When emotions are high, you will easily get swept up in the excitement of a new idea. Don’t get us wrong—emotions are important. 

Passion fuels your business. But logic keeps you on the right path. 

That’s where a checklist comes in — a filter to separate the ideas worth pursuing from those that are just... well, shiny distractions.

Here’s the deal: This checklist isn’t about stifling creativity; it’s about making sure the energy and resources you pour into an idea are worth it. 

Even if an idea sounds thrilling, if it doesn’t tick all the boxes, it might not be the best path forward.

The Checklist 

1. Will it be fun?

If it ain’t fun, is it even worth doing? 

Fun keeps you motivated. Fun makes the hard work feel less like a grind. Choose an idea that excites you so that you’ll stick with it for the long haul.

2. Do you have experience or expertise in it? 

Your unique skills and experience are your competitive edge. 

Starting a business in an unfamiliar field is risky and can lead to costly mistakes. Leverage what you already know (like past experiences, jobs, hobbyist, etc.) to increase your chances of success.

3. Does it have a bigger mission we are excited about? 

A strong, personal mission will keep you motivated beyond money. 

Don’t get us wrong, making money is GREAT. But if the mission doesn’t excite you… the business might just fizzle. 

4. Can you incorporate your values into it?  

Your business should align with your personal values. 

When your business reflects what you stand for, it feels authentic. It feels real. Customers and employees are drawn to companies with shared values.

5. Can it be its own brand?  

Great businesses are built on strong brands that go beyond a single product or service. 

Think Nike, Costco, Starbucks. Each of these stands on it’s own beyond a single founder, product, or service. 

Your idea should be the same – the potential to stand out and become recognizable. A strong brand opens up opportunities for growth and expansion.

6. What does profit look like?  

Profits might be the single most important metric in a business. Healthy profit margins are key to financial sustainability. 

If your costs eat up most of your revenue, the business simply won’t survive. Your mission is to improve the margins. 

7. Does it cost less than $10K to start?  

Starting lean reduces financial risk and helps you reach profitability faster. 

The best businesses begin with minimal investment.  Keep startup costs low to give your idea a better chance of success.

8. Can you have a $2M exit in 3 years?  

Having potential exit options keeps your future flexible.

Building a business with sellability in mind ensures you’re creating something of real value. Even if you don’t plan to sell, knowing the option is there adds to your security.

9. Could you do this business for 30 years?  

This is the opposite of point 8, but it’s also important to think in decades.

If your business is something you wouldn’t want to stick with for decades, reconsider. A sustainable business is one you can imagine yourself running for a long time.

10. Is it CREATION or COMPETITION? 

Focus on creating something unique rather than just competing in an existing market. 

Creation comes from abundance, while competition often leads to scarcity. Innovate instead of just imitating others.

11. Is there a clear customer acquisition model?

You need a concrete plan for how to attract and retain customers. 

Without a clear acquisition strategy, even the best ideas will struggle. Know your market and how you’ll reach it before diving in.

12. Is there a path to recurring revenue? 

Recurring revenue creates stability and reduces the pressure of constantly chasing new sales. 

Whether through subscriptions, retainers, or memberships, aim for a model that brings consistent income.

13. Do I know who and how to hire for it?

Building the right team is crucial for success. 

If you don’t know how to find or hire the right people, you will struggle to scale. Figure out the talent you need and how to recruit it.

14. Do you have time? Will someone be full time?  

Part-time efforts rarely build full-time businesses. 

Someone needs to be committed full-time to drive growth. Without dedicated time, the business simply can’t reach its full potential.

15. Can it scale beyond the founder team?

A business reliant solely on the founders is hard to scale. 

It should be able to grow and operate without you at the center of everything. Build systems and teams that can take over to scale successfully.

One Big Takeaway: Build with Intention

Phew –– okay that was a lot! It’s an exhaustive and long list on purpose! 

But if you read nothing else, read this: Building a successful business isn’t about jumping on every exciting idea—it’s about choosing the right idea and pursuing it with intention.

When you align your business with these criteria, you're not just chasing shiny objects; you’re building a foundation for something sustainable, scalable, and meaningful. 

So, before you dive into your next venture, ask yourself: Does this idea pass the 15-point checklist test?

If it does, you’re on the path to creating something that not only excites you but has the potential for long-term success.

Questions For The Road

- Which points from this checklist resonate most with you?

- What additional criteria would you add?

- Finalize your list and commit to it. Be honest: Does your current ideas fit the bill?

As you head into the weekend, take some time to craft your own checklist. Map your own way to a sustainable, successful business. 

That’s it for this week! Have a great weekend and we’ll see you on Slack! 

— The Tribe Team